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918,674 Views • Dec 14, 2023 • Click to toggle off description
Will private individuals, companies and even entire nations at some point collapse under the weight of this debt mountain? The film looks for the stories behind the debts to discover what can be done to address the problem. In Argentina, for example: Over the past 200 years, the country has faced bankruptcy eight times.
In the United States, people are punished for their poverty. Annita Husband was detained for months in a debtors’ prison in the state of Mississippi. Her fate is just one extreme example from a society in which more and more people in debt find themselves in a hopeless situation and lose their freedom.
But debts per se aren’t a bad thing, insists economist Christoph Trebesch. Particularly when the borrowed capital is used for sensible investments, debts make sense. But there are plenty of negative stories. One standout example of the credit-fueled hubris is the project "The World”, artificial islands off the coast of Dubai that, seen from the air, resemble a map of the world. Luxury properties built on the islands were designed as resorts for the super-rich. But the project ground to a halt in the financial crisis of 2008. Since then, the wind and the sea have blurred the outlines of some of the islands.
The film explores the question: what are the consequences of debts - for both debtors and creditors? And what sort of solutions might be on hand to deal with the gigantic volume of debt taken on by nations, companies and private households?
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Views : 918,674
Genre: Education
Date of upload: Dec 14, 2023 ^^
Rating : 4.602 (1,145/10,365 LTDR)
RYD date created : 2024-05-15T21:14:40.980719Z
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YouTube Comments - 1,836 Comments
Top Comments of this video!! :3
Let me rephrase "To settle the debt - everybody has to work for three and a half years"...so that the billionaires can kick back and relax.
1.1K |
"...to get recklessly into dept." Wall Street did this in 2008, the government bailed them out, and none of them said a thing about "moral hazard".
79 |
No one can afford to buy their first property at 19 years old. Unless they're born into wealth or experienced a windfall. That woman is clearly oblivious to the advantages she's been handed.
306 |
So long as Debt remains as a profit model for financial institutions, corporate traders and manipulators of this systemically broken system. No one will ever be free.
190 |
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
- Henry Ford
250 |
Anita’s story is like a dystopian nightmare we only thought existed in sci-fi movies.
107 |
This is criminal to make poverty a crime. People fall on hard times and clearly cannot get out of the cycle. The woman with rental property has no idea how punitive life can be and the suffering other humans go through.
4 |
11:52 yes, a century ago Argentina was one of the richiest countries in the world. But poverty was even worse at those times! We had literacy rates which were not the ones of a "rich" country. GDP per capita doesn't mean every person has that much money for themselves.
114 |
Greed and extreme opulence are behind this madness
30 |
When it comes to DW doc, I stop by, move on and always come back again to watch it. Why because it provokes thoughts that wants me to go back and watch it. And they are always good with their doc.
26 |
I recently went through bankrupty after being under debt-service for 13 years. I was using credit to supplement lack of income, and cost of living. I don't live lavishily or do much of anything.
Debt and military spending are the US's only means of income. The more available credit/debt the less you have to pay people. The credit supplements their income, and locks them into an endless slavery. Not permitted to save or do anything, as their paychecks are always already spent.
I'm no longer making debt payments, but I'm still precariously living check to check. Incurious people claim it's entirely my fault as if I hadn't considered or tried for years to fix my situation.
I appericate stories lile this. I hear them often. Many Americans go into debt simply using credit to pay for utilities, groceries, or housing gaps. They dont' qualify for public assistance even though they barely make enough for housing, or less than enough. It's a sick world.
96 |
The real debt is the maintenance on all the things we've built. Collapse begins when we don't have enough energy to maintain society.
50 |
Mississippi, Iran, Egypt... Why am I not surprised Mississippi is in the list of worst states to be a human?
87 |
Those riches from Dubai don't impress me at all.
6 |
Mississippi's debtor prisons provide bonded labor, which is slavery. Many restitution centers and other parts of the justice system are owned by private, for-profit firms. Their goal is maximum exploitation, not reform nor education. People often resist arrest because once in the (in)justice system, it is hard to get out as fines and fees pile up.
68 |
How many people went into debt for garbage designed to become obsolete?
But economists do not talk about planned obsolescence and the depreciation of durable consumer goods.
When have you heard an economist say that accounting/finance should be mandatory in the schools?
27 |
Every country in the world seems to be deeply in debt. Who exactly are they in debt to? Who has the kind of resources to lend trillions of dollars?
107 |
You may not be interested in debt, but debt is interested in you. Even if you are a net saver/investor, financial collapse can wipe you out.
27 |
The global monetary system was designed to be debt based. Growing debt is foundational. Every dollar, Euro, Yen, Pound is first borrowed into existence then interest is applied. The most sinister part of this system is that the interest owed has to be borrowed into existence which in turn adds more debt and interest. If people understood that principle they would understand that debt has to be created constantly to keep the economies afloat. As the debt grows so the money supply while the supply of good and services do not change which causes the price inflation what we all get to suffer through. This documentary is a nice attempt at bringing attention to something that everyone knows all too well but it doesn't even get close to the real reasons why debt is created for the sake of keeping economies and governments afloat. We should ask ourselves, why nations have to borrow their national currencies from their own central bank with interest? This is a trick question of course, national central banks are all privately owned, operated and for profit businesses.
117 |
@dion789
4 months ago
The woman on the farm really rubbed me the wrong way. She bought her first properties at 19 years old, which sounds like she inherited stuff or just got it from her parents. No way a 19 year old worked her way up to that yet. And then she goes and tells other people, like Anita with children and a paralysed husband, that they need to be more disciplined and fix their problems themselves. Nice words from a woman who got handed a starting point ahead of most people.
859 |