A look into the global economic system, focusing on the role of debt and Europe’s debt crisis spiraling out of control.
Filmmaker: Laure Delesalle
Debt drives financial markets, creates profit and generates an endless cycle of production and consumption.
Many aspects of modern life revolve around credit. Our homes, cars, schools and government expenditures are financed by borrowing. Debt has become the engine of growth, the lifeblood of the economy. It is a machine that creates more and more debt, day after day.
This debt machine has grown to epic proportions, and now seems to have spiralled out of control. Public debt, the debt held by governments, is soaring.
The Eurozone is having a much harder time than other economies emerging from the crisis of spiraling debt. Why? How can the debt be repaid? And how can we ever get out of the spiral?
This documentary takes viewers on a fascinating journey through the rugged landscape of economics and finance. Fast-paced and dynamic, it recounts the history of sovereign debt from the late Middle Ages to the present day and offers unexpected exit routes to safeguard the Eurozone from future crises.
Caught in the debt spiral
“Government debt is not in itself a problem”, explains Karine Berger, MP, Commission of Finances, French National Assembly.
“Every country has debt. And since we have economic growth with the creation of new wealth every year, debt is ok.
That’s the assumption. The problem is when your debt gets out of control, when it gets so big that you no longer control the process and its growth year after year.”It's a debt machine, yes. When you're on it, it's very hard to get out of it.
BY LEE BUCHHEIT, INTERNATIONAL LAWYER, NEW YORK CITY
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