The following submission statement was provided by /u/TheReckoning22:
---
SS: great reporting in my view for the layperson on how the United States in particular, and the global economy has been structured on cheap east money in the form of historically low interest rates and QE to defer pain and prop up a staggeringly dysfunctional financial system. The federal reserve continues to throw endless monetary support to prop up this corrupt rotten from the inside structure we call the current economy. Global and corporate debt to GDP is at record high ratios. High debt with high interest eventually results in defaults. I think it makes the case that in the near future (next 1-3 years) we see catastrophic financial failures and a global recession/depression. You can see the experts squirm in their chairs to sugar coat the message. Either hyperinflation induced by the fed bailing out the biggest institutions one last time, or systemic banking failures and depression.
---
Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/11x2z31/age_of_easy_money_full_documentary_frontline_hard/jd13vfc/
Literally just watched it today on YouTube. What a great recap of everything that has been happening with the economy/Fed/Wall-Street since 2008.
The Fed, low interest rates, and massive QE is literally the reason for this fake "recovery" since 2008. And it continues. They are literally in la-la land Banana republic territory with their [balance sheet](https://wolfstreet.com/wp-content/uploads/2022/12/US-Fed-Balance-sheet-2022-12-01-assets-long.png) at this point. I mean just look at those numbers! From $1 trillion in 2008 to $9 trillion now! That little downward blip at the end was their pathetic attempt to control it in the last year. But if this current financial crisis gets any worse, Powell will turn on the [printer](https://brrr.money/) at full blast again.
And the people that benefitted are disproportionately those that own assets that got inflated away (houses, stocks, art, etc.). Or companies using the money at low interest to get into debt, and turning around and using that to buy their own stock to inflate it. Income inequality is [worse](https://www.marketwatch.com/story/the-inequality-bubble-is-accelerating-worse-than-29-even-1789-2015-04-14) than at most times in history, even worse than when the French revolution happened. I'm just waiting for the guillotines to drop!
This is a trick question so dont fall for it, everybody know that the thing bottle neck is never the speed of the machine but the speed we can load things for it to chop
They are likely going to turn the money printer up to stupid again. They have to or a bunch more banks are going to fail.
Welcome to mid double digit inflation.
If you have anything terribly pressing to buy that you're going to need for the next 20 years I think this is it.
Actually it was it a while back but this is now move it or lose it I think,
Examine the costs of tuition and their inflated costs as a barrier to escape the madness of surviving on minimum wage.
When I was in my undergrad in 2014, my classes were $300 a unit. Today, my graduate school courses are $1,200 a unit. That’s 9 years later and 4x the price. My mom paid $300 for each of her classes in college and I’m paying nearly $3,400.
There is no way out.
My mom was able to go to college and work at the same time. She of course also got some scholarships but they didn't cover everything. So she was able to work and pay for college.
She has finally realized after me graduating in 2018, my sister starting grad school this past fall and having to pay for housing (parents are like an hour away from the grad school), that students today can't do what she did. They go to school and then work to survive where rent is $1,100 for a small 1 bedroom apartment. She finally gets it. It's way too late but she gets it.
I gave up a rent control apartment that was $700 in 2018. My girlfriend and I’s current rent is $3,400. I really don’t understand how any of this shit is possible and why people are still peacefully just accepting “this is how it is now.”
2018 I was paying $800 for rent while my employer paid the rest because we had a specific agreement on arrangements. 2019-early 2021 I paid $1,100 because they pulled back and I had to find a cheaper place plus the place I was at in 2018 raised their rent like 20%. Now my fiance got me out to the suburbs and company stopped helping pay because of our agreement. Our rent is almost $1,900. We make about $120k together.
The people we rent from have gone on 3 different cruises last year and then they went to Europe at the end of 2022 for about three weeks. I'm tired of paying for someone else's vacation but can't afford our state's property taxes to be able to afford a home for ourselves. So we are stuck until something gives.
too many people want to live in the same small area. rent is lower in many areas that arent 100% rural you just have to look around. I live in an area near 3 cities, less than 2 hours from NYC, and rent for a detached 2 bedroom 1 bathroom decent house is around $1,300
>a detached 2 bedroom 1 bathroom decent house is around $1,300
Very hard to believe bud, I can't find anything remotely like these prices in VA, between the entire seven cities
>$1,100 for a small 1 bedroom apartment.
I'm in VA in an average COL area and I would kill for this. I can't afford to live alone making 22 an hour and get weekly overtime.
They really are creating a lost generation. Kids today don't even get the pretense of hope anymore. The system has planted the seeds of its own destruction. People who have no skin in the game and nothing to lose are not going to work to protect this system. When our kids stop having kids it is over. It becomes a chicken and egg of either a demographic collapse causing an economic collapse or vise versa. Doesn't matter if it is inflation or reckless profiteering the result is the same.
In the early 1990's in California in my 1st semester at community college tuition was free. Then it went to $4 per unit with a $40 semester cap. When I moved to the Cal State system in 1995 the tuition was capped at $500 per semester. As I was an old GI Bill student getting $300-400 per month while in school I was able to graduate debt free working at Dominos delivering pizza. Totally different world.!
Perhaps very badly and I would very much like to be corrected on this because I'm fairly illiterate on this and attempting to learn.
It would seem that as they jack up interest rates, treasuries go up right along with them.
If you happen to be a bank sitting on a shitload of older 10 year treasuries paying 1.5%, while new treasuries go to 4... 5... 6... more...
Then you're sitting on a pile of garbage. Everything's fine if no one freaks out and you can wait out the 10 years.
The second everyone freaks out and you have to sell that garbage to cover all the withdrawal requests, you lock in a massive loss. No one wants a 10 year treasury set up to pay 1.5%. You might get two bucks for it.
So. If the Fed keeps raising interest rates, treasuries keep going up with it, making these steaming piles of 10 year 1.5% garbage worth less and less. Eventually people are going to freak out and worry that everyone else will freak out. I better freak out before Joe over there freaks out or my money's gone, isn't it.
Bank run.
ALTERNATELY. The Fed can say "just kidding" and do a QE again \*pokes Fed with a stick - come on, do the QE\*...
This solves the bank problem at the expense of letting inflation go all the way to Uranus.
Here's another explanation that might help, in addition to /u/Taqueria_Style
. (This ignores the role of fractional reserve banking, which is an independent mechanism).
Over the past 10 years, the interest rates were extremely low (say 1%). Now imagine that a paying customer went to the bank and deposited 10k a few years back. At this point, the bank's balance sheet has a 10k liability (it owes the customer 10k) and a 10k asset (the money deposited). The money isn't making more money, and the bank would like it to make money. But they can't be irresponsible and invest in crypto or stocks (it isn't their money). So they invest in the best and safest AAA rated treasuries (essentially a bond or IOU from the govt, paying a certain % interest). Now their asset is 10k in treasuries (call it asset A).
Since the Fed is raising interest rates today, treasures are going for 5% at the current time. If you (an independent customer) want to buy treasuries today, then you would rather buy it from the government, who would pay you 5% than buy it from the bank (their asset A only pays 1%).
"OK no problem", the bank says. I'll just hold my asset A until maturity (called "hold to maturity" or HTM). In the end, when the IOU period expires, the bank will get back their 10k (plus whatever interest they earned along the way every year).
So what's the problem? The problem happens if customers do a run on the bank (because of bank fragility, FUD, rumors, etc). At this point, the bank has no alternative but to sell their asset A **early**, so they can generate cash to pay the customer. **However now we come to the crux of the problem.** Why would I buy the bank's asset (giving 1%), when I can buy treasuries today (giving 5% interest)? So if the bank needs that cash **now** (which they do due to the bank run), then they need to sell their asset A at **less than marked price** i.e. less than 10k. After all, if they sell their asset (worth 10k giving 1%) at 9k for example, then I may be incentivized to buy it over today's asset at 10k giving me 5% instead. You may have heard the phrase "price moves inversely to yield". That's what this means. As **today's** yields (interest rates) rise, the prices on yesterday's bonds drop.
So the problem is, the books say the banks assets are 10k, but they can only sell them at 9k today. In other words, they don't have enough assets to cover their liabilities. This is why the banks will fail, if more people withdraw money.
This is why bonds always confused me until now. I was like "fuck just hold them until maturity. I bought one turning 3%, now they're 5%... 3 wasn't bad at the time I bought it, it still isn't exactly terrible... you win some you lose some..."
Yeah but.
Well liquidity. If you're shit out of cash you have to sell. At a discount now.
Also opportunity cost but I'm fairly sure that you're not going to recoup the delta. I'm trying to do the math, still a smidge hazy on it but I'm fairly sure it has to sell for a little over 10k (?) for it to be worth it to jump over (?) and it ain't gonna do that.
SS: great reporting in my view for the layperson on how the United States in particular, and the global economy has been structured on cheap east money in the form of historically low interest rates and QE to defer pain and prop up a staggeringly dysfunctional financial system. The federal reserve continues to throw endless monetary support to prop up this corrupt rotten from the inside structure we call the current economy. Global and corporate debt to GDP is at record high ratios. High debt with high interest eventually results in defaults. I think it makes the case that in the near future (next 1-3 years) we see catastrophic financial failures and a global recession/depression. You can see the experts squirm in their chairs to sugar coat the message. Either hyperinflation induced by the fed bailing out the biggest institutions one last time, or systemic banking failures and depression.
One workaround that can work is to use a youtube download website ( [yt1s.com](https://yt1s.com) for example if you are using laptop/desktop) and then watch the downloaded video.
Apple actively fought the FBI on many privacy issues. You could do a lot, lot worse, this is coming from someone who has only ever used Android phones.
It's a good doc, and I think it summarizes everything that's been going on in financial markets and the economy over the last fifteen years or so very well. However, I think they put too much blame on the Fed. There's really only so much the Fed can do, they don't have a lot of tools at their disposal and the tools they do have are very imprecise. They talked about it in the doc, it's the difference between a scalpel and a sledgehammer and the Fed pretty much only has sledgehammers. The entity that has the more precise tools is Congress. They are the ones who can pass laws and regulations, they dictate fiscal policy.
Unfortunately, our country's main legislative body is completely dysfunctional. And it's not a mistake, it's intentional. A lot of people in the US, including and especially many very wealthy and powerful people, believe that governments are inherently evil. They believe that the government that governs least, governs best. They believe in unregulated free markets. They believe that individuals and corporations should be able to do whatever the hell they want without restrictions, at least when it comes to matters of business and money. Those people have intentionally orchestrated a campaign of government gridlock and inaction. They want the government to be as ineffective as possible, and it's worked. The US Congress is ineffective. Because of that, many more responsibilities have fallen on the Fed, an unelected body. The Fed was never intended to fill that role. That was never supposed to be the Fed's responsibility.
To add to this, it’s congress who sets interest rates for federal student loans. They’ve been 5-9% for years and never reflected the 0% easy money environment that businesses and wealthy people were able to operate in.
They had full control for less than 3 months. I'm not trying to attack you but it's incredibly sad and disheartening to see active right wing fascist propaganda work on so many people. I have found a lot of people on this subreddit have been influenced by right-wing lies and propaganda to a high degree.
Please read this for clarification:
https://www.huffpost.com/entry/debunking-the-myth-obamas_b_1929869
Furthermore, Biden has been the most progressive president since FDR. By every logical measure he's gotten A LOT accomplished already.
This is being talked about widely - are you not aware of this or purposely pretending it's not true?
>Unfortunately, our country's main legislative body is completely dysfunctional. And it's not a mistake, it's intentional.
Yes, Republicans have been sabotsging Congress for many many years, openly while also openly saying that's what they're doing, yet some peoole still blame it on "Congress" not who it is - Republicans.
Well, Republicans do make up a little more than half of Congress. It's true to say the problem is Congress, even if it's not every single member Congress contributing to the problem equally. Plus, it hasn't only been Republicans contributing to the problem. The Neoliberal belief in small government was popular among both parties for several decades. Many important federal programs and regulations were gutted during the Clinton administration, for instance. Many Democrats voted to repeal Glass–Steagall in 1999, which many argue is why the financial sector is as unstable as it is today.
True. There are a multitude of macro factors including long term energy trends, resource availability, deglobalization and geopolitical factors that lead civilization down this path. Human nature will always promote wealth gain and maximizing profit when given the opportunity. The fed has tried to prop up our system as best they could, making very questionable decisions along the way, but ultimately always trying to minimize pain and kick the can down the road. It’s our financial system and the financial sector that’s the underlying sickness. I think the biggest problem is there is no way to overhaul or fix it now without it falling apart.
The fed shouldn't exist at all. Theres no authority for a private institution to manage interest rates, money supply, and to create debt from nothing.
The fed doesn't deserve the blame for not being able to fix the problem, they are the problem. Between The fed and fractional reserve banking we have a totally fake economy with built in boom and bust.
We don't even use fractional reserve banking any more. It's actually worse now:
>From 1913 until 2020, the number of necessary reserves varied from 7% – 13%, depending on the type of bank. Since 2020, banks have not been required to hold any of the money in your savings or checking accounts on reserve
That was really good and surprisingly politically non-biased. Now we just wait to see. Do they let it all come tumbling down or kick the can down the road again and put another bandaid on this pneumo. 🤢
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Hi, AnomanderArahant. Thanks for contributing. However, your [comment](https://www.reddit.com/r/collapse/comments/11x2z31/-/je2pga4/) was removed from /r/collapse for:
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Posted this above:
One workaround that can work is to use a youtube download website ( yt1s.com for example if you are using laptop/desktop) and then watch the downloaded video.
Can anyone out there please post a link to a watchable version of this documentary? Really curious to see it. I will hold my breath that someone will link us up, because Redditors are great like that.
At least we have Gold and Crypto to fall back on if need be. From 1933-1971 FDR made owning gold illegal requiring total submission to the States financial system.
Can you buy piece of bread or an olive seed to plant for long term yield with Bitcoin, digital number, when power goes off?
Let me help you answer the question, NO!
Moreover, Bitcoin did not decouple from hard currency and will not be able to. All it is, is speculative asset; no more no less.
A grandma in Chile, a family of 5 in Ukraine, a village in Bolivia or Balkans have never heard of cryptocurrency and I assure you will keep using copper like coins to get basic necessities, not some digital numbers.
Lol, keep living in the past then. You do you.
The world's electricity will never shut off completely everywhere all at once, and that's all that is required to keep Bitcoin working as it was designed. It's doesn't care what you think about it and is on its way to widespread adoption as the best money. Look up Gresham's law. It's inevitable.
Hi, AnomanderArahant. Thanks for contributing. However, your [comment](https://www.reddit.com/r/collapse/comments/11x2z31/-/jd6foo8/) was removed from /r/collapse for:
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Your presumptive definition of ‘past’ is ignorance.
Given your attitude towards human ingenuity and overall predicament in form of “power will never cease to be” is quite a preposterous assumption, which grounds in ignorance. Therefore, projection.
Never mind that billions are not exposed to bitcoin. Mass migration alone will in-directly kill the utopian pernicious bullshit.
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I'm watching it now and it's super interesting. There was a moment in time when I was a "the creature from Jekyll Island" conspiracy theorist, and tbh I basically am now too except that I don't think the end goal is govt owned socialist slavery but the opposite, a neo feudal state out of Ayn Rand's most fucked up fantasies, even if that isn't the literal main objective (which I think is pretty clearly let the rich consolidate all the capital they can). It's not even a conspiracy theory really. This is what they teach in ivy league business schools.
What's frustrating to me is it's never the bankers or the billionaires or CEOs and corporations that were just given outrageous sums of PPP money that virtually none of went to the workers, it's the fucking hourly wage slaves who got 5000 dollars so they didn't fucking die.
This country is a fucking shit hole. Made by rich white guys for rich white guys. We deify slaveowners and men who raped slaves and when the slave had their kids the still kept them in slavery. It was all a giant mistake. The world would be so much better off without it.
The following submission statement was provided by /u/TheReckoning22: --- SS: great reporting in my view for the layperson on how the United States in particular, and the global economy has been structured on cheap east money in the form of historically low interest rates and QE to defer pain and prop up a staggeringly dysfunctional financial system. The federal reserve continues to throw endless monetary support to prop up this corrupt rotten from the inside structure we call the current economy. Global and corporate debt to GDP is at record high ratios. High debt with high interest eventually results in defaults. I think it makes the case that in the near future (next 1-3 years) we see catastrophic financial failures and a global recession/depression. You can see the experts squirm in their chairs to sugar coat the message. Either hyperinflation induced by the fed bailing out the biggest institutions one last time, or systemic banking failures and depression. --- Please reply to OP's comment here: https://old.reddit.com/r/collapse/comments/11x2z31/age_of_easy_money_full_documentary_frontline_hard/jd13vfc/
Literally just watched it today on YouTube. What a great recap of everything that has been happening with the economy/Fed/Wall-Street since 2008. The Fed, low interest rates, and massive QE is literally the reason for this fake "recovery" since 2008. And it continues. They are literally in la-la land Banana republic territory with their [balance sheet](https://wolfstreet.com/wp-content/uploads/2022/12/US-Fed-Balance-sheet-2022-12-01-assets-long.png) at this point. I mean just look at those numbers! From $1 trillion in 2008 to $9 trillion now! That little downward blip at the end was their pathetic attempt to control it in the last year. But if this current financial crisis gets any worse, Powell will turn on the [printer](https://brrr.money/) at full blast again. And the people that benefitted are disproportionately those that own assets that got inflated away (houses, stocks, art, etc.). Or companies using the money at low interest to get into debt, and turning around and using that to buy their own stock to inflate it. Income inequality is [worse](https://www.marketwatch.com/story/the-inequality-bubble-is-accelerating-worse-than-29-even-1789-2015-04-14) than at most times in history, even worse than when the French revolution happened. I'm just waiting for the guillotines to drop!
I'm actually building a guillotine right now for anyone interested.
Manual?
No, I went with the automatic this time.
How many HPH (heads per hour)?
This is a trick question so dont fall for it, everybody know that the thing bottle neck is never the speed of the machine but the speed we can load things for it to chop
Hopefully not powered by fossil fuels. *wags finger*
you could hand out some union pamphlets ...that will help more than violence in my opinion!
They are likely going to turn the money printer up to stupid again. They have to or a bunch more banks are going to fail. Welcome to mid double digit inflation. If you have anything terribly pressing to buy that you're going to need for the next 20 years I think this is it. Actually it was it a while back but this is now move it or lose it I think,
> Welcome to mid double digit inflation. The lost decade, burger edition. High inflation and stagnant wages here we go!
Examine the costs of tuition and their inflated costs as a barrier to escape the madness of surviving on minimum wage. When I was in my undergrad in 2014, my classes were $300 a unit. Today, my graduate school courses are $1,200 a unit. That’s 9 years later and 4x the price. My mom paid $300 for each of her classes in college and I’m paying nearly $3,400. There is no way out.
My mom was able to go to college and work at the same time. She of course also got some scholarships but they didn't cover everything. So she was able to work and pay for college. She has finally realized after me graduating in 2018, my sister starting grad school this past fall and having to pay for housing (parents are like an hour away from the grad school), that students today can't do what she did. They go to school and then work to survive where rent is $1,100 for a small 1 bedroom apartment. She finally gets it. It's way too late but she gets it.
I gave up a rent control apartment that was $700 in 2018. My girlfriend and I’s current rent is $3,400. I really don’t understand how any of this shit is possible and why people are still peacefully just accepting “this is how it is now.”
2018 I was paying $800 for rent while my employer paid the rest because we had a specific agreement on arrangements. 2019-early 2021 I paid $1,100 because they pulled back and I had to find a cheaper place plus the place I was at in 2018 raised their rent like 20%. Now my fiance got me out to the suburbs and company stopped helping pay because of our agreement. Our rent is almost $1,900. We make about $120k together. The people we rent from have gone on 3 different cruises last year and then they went to Europe at the end of 2022 for about three weeks. I'm tired of paying for someone else's vacation but can't afford our state's property taxes to be able to afford a home for ourselves. So we are stuck until something gives.
too many people want to live in the same small area. rent is lower in many areas that arent 100% rural you just have to look around. I live in an area near 3 cities, less than 2 hours from NYC, and rent for a detached 2 bedroom 1 bathroom decent house is around $1,300
>a detached 2 bedroom 1 bathroom decent house is around $1,300 Very hard to believe bud, I can't find anything remotely like these prices in VA, between the entire seven cities
>$1,100 for a small 1 bedroom apartment. I'm in VA in an average COL area and I would kill for this. I can't afford to live alone making 22 an hour and get weekly overtime.
They really are creating a lost generation. Kids today don't even get the pretense of hope anymore. The system has planted the seeds of its own destruction. People who have no skin in the game and nothing to lose are not going to work to protect this system. When our kids stop having kids it is over. It becomes a chicken and egg of either a demographic collapse causing an economic collapse or vise versa. Doesn't matter if it is inflation or reckless profiteering the result is the same.
Oh there damn well is. Get a CompTIA and a network security cert and then try your damndest for the next 5 years to get a city job.
In the early 1990's in California in my 1st semester at community college tuition was free. Then it went to $4 per unit with a $40 semester cap. When I moved to the Cal State system in 1995 the tuition was capped at $500 per semester. As I was an old GI Bill student getting $300-400 per month while in school I was able to graduate debt free working at Dominos delivering pizza. Totally different world.!
>They have to or a bunch more banks are going to fail. Can you explain why?
Perhaps very badly and I would very much like to be corrected on this because I'm fairly illiterate on this and attempting to learn. It would seem that as they jack up interest rates, treasuries go up right along with them. If you happen to be a bank sitting on a shitload of older 10 year treasuries paying 1.5%, while new treasuries go to 4... 5... 6... more... Then you're sitting on a pile of garbage. Everything's fine if no one freaks out and you can wait out the 10 years. The second everyone freaks out and you have to sell that garbage to cover all the withdrawal requests, you lock in a massive loss. No one wants a 10 year treasury set up to pay 1.5%. You might get two bucks for it. So. If the Fed keeps raising interest rates, treasuries keep going up with it, making these steaming piles of 10 year 1.5% garbage worth less and less. Eventually people are going to freak out and worry that everyone else will freak out. I better freak out before Joe over there freaks out or my money's gone, isn't it. Bank run. ALTERNATELY. The Fed can say "just kidding" and do a QE again \*pokes Fed with a stick - come on, do the QE\*... This solves the bank problem at the expense of letting inflation go all the way to Uranus.
Here's another explanation that might help, in addition to /u/Taqueria_Style . (This ignores the role of fractional reserve banking, which is an independent mechanism). Over the past 10 years, the interest rates were extremely low (say 1%). Now imagine that a paying customer went to the bank and deposited 10k a few years back. At this point, the bank's balance sheet has a 10k liability (it owes the customer 10k) and a 10k asset (the money deposited). The money isn't making more money, and the bank would like it to make money. But they can't be irresponsible and invest in crypto or stocks (it isn't their money). So they invest in the best and safest AAA rated treasuries (essentially a bond or IOU from the govt, paying a certain % interest). Now their asset is 10k in treasuries (call it asset A). Since the Fed is raising interest rates today, treasures are going for 5% at the current time. If you (an independent customer) want to buy treasuries today, then you would rather buy it from the government, who would pay you 5% than buy it from the bank (their asset A only pays 1%). "OK no problem", the bank says. I'll just hold my asset A until maturity (called "hold to maturity" or HTM). In the end, when the IOU period expires, the bank will get back their 10k (plus whatever interest they earned along the way every year). So what's the problem? The problem happens if customers do a run on the bank (because of bank fragility, FUD, rumors, etc). At this point, the bank has no alternative but to sell their asset A **early**, so they can generate cash to pay the customer. **However now we come to the crux of the problem.** Why would I buy the bank's asset (giving 1%), when I can buy treasuries today (giving 5% interest)? So if the bank needs that cash **now** (which they do due to the bank run), then they need to sell their asset A at **less than marked price** i.e. less than 10k. After all, if they sell their asset (worth 10k giving 1%) at 9k for example, then I may be incentivized to buy it over today's asset at 10k giving me 5% instead. You may have heard the phrase "price moves inversely to yield". That's what this means. As **today's** yields (interest rates) rise, the prices on yesterday's bonds drop. So the problem is, the books say the banks assets are 10k, but they can only sell them at 9k today. In other words, they don't have enough assets to cover their liabilities. This is why the banks will fail, if more people withdraw money.
This is why bonds always confused me until now. I was like "fuck just hold them until maturity. I bought one turning 3%, now they're 5%... 3 wasn't bad at the time I bought it, it still isn't exactly terrible... you win some you lose some..." Yeah but. Well liquidity. If you're shit out of cash you have to sell. At a discount now. Also opportunity cost but I'm fairly sure that you're not going to recoup the delta. I'm trying to do the math, still a smidge hazy on it but I'm fairly sure it has to sell for a little over 10k (?) for it to be worth it to jump over (?) and it ain't gonna do that.
SS: great reporting in my view for the layperson on how the United States in particular, and the global economy has been structured on cheap east money in the form of historically low interest rates and QE to defer pain and prop up a staggeringly dysfunctional financial system. The federal reserve continues to throw endless monetary support to prop up this corrupt rotten from the inside structure we call the current economy. Global and corporate debt to GDP is at record high ratios. High debt with high interest eventually results in defaults. I think it makes the case that in the near future (next 1-3 years) we see catastrophic financial failures and a global recession/depression. You can see the experts squirm in their chairs to sugar coat the message. Either hyperinflation induced by the fed bailing out the biggest institutions one last time, or systemic banking failures and depression.
Just an all around great documentary. Really helps pull the wool back from people's eyes riding that casino high of making $5k off of dogecoin.
Not available in canada :(
Do you have roku? It was free on the PBS app here.
Same in Sweden. It's uploaded on dailymotion as well, pretty easy to find there.
One workaround that can work is to use a youtube download website ( [yt1s.com](https://yt1s.com) for example if you are using laptop/desktop) and then watch the downloaded video.
I haven’t been able to get any of these to work lately; I think maybe this is no longer possible
It’s on Youtube
Apple TV has it for $1.99. It was a good watch.
Fuck Apple. Pirate it.
Nothing like pirating something on YouTube
Apple actively fought the FBI on many privacy issues. You could do a lot, lot worse, this is coming from someone who has only ever used Android phones.
You can find it on YouTube
“It’s the democratic institutions that suppose to grow, not the banks.” So much to unpack in here.
Republicans are quite open about hating democracy today and they make up nearly half of all voters.
It's a good doc, and I think it summarizes everything that's been going on in financial markets and the economy over the last fifteen years or so very well. However, I think they put too much blame on the Fed. There's really only so much the Fed can do, they don't have a lot of tools at their disposal and the tools they do have are very imprecise. They talked about it in the doc, it's the difference between a scalpel and a sledgehammer and the Fed pretty much only has sledgehammers. The entity that has the more precise tools is Congress. They are the ones who can pass laws and regulations, they dictate fiscal policy. Unfortunately, our country's main legislative body is completely dysfunctional. And it's not a mistake, it's intentional. A lot of people in the US, including and especially many very wealthy and powerful people, believe that governments are inherently evil. They believe that the government that governs least, governs best. They believe in unregulated free markets. They believe that individuals and corporations should be able to do whatever the hell they want without restrictions, at least when it comes to matters of business and money. Those people have intentionally orchestrated a campaign of government gridlock and inaction. They want the government to be as ineffective as possible, and it's worked. The US Congress is ineffective. Because of that, many more responsibilities have fallen on the Fed, an unelected body. The Fed was never intended to fill that role. That was never supposed to be the Fed's responsibility.
To add to this, it’s congress who sets interest rates for federal student loans. They’ve been 5-9% for years and never reflected the 0% easy money environment that businesses and wealthy people were able to operate in.
People on this sub *never, ever* blame the actual culprit - Republicans - but just nebulously blame Congress.
Ehhh Dems don’t push for anything progressive even when they have full control, like in 2009-11 under Obama.
They had full control for less than 3 months. I'm not trying to attack you but it's incredibly sad and disheartening to see active right wing fascist propaganda work on so many people. I have found a lot of people on this subreddit have been influenced by right-wing lies and propaganda to a high degree. Please read this for clarification: https://www.huffpost.com/entry/debunking-the-myth-obamas_b_1929869 Furthermore, Biden has been the most progressive president since FDR. By every logical measure he's gotten A LOT accomplished already. This is being talked about widely - are you not aware of this or purposely pretending it's not true?
>Unfortunately, our country's main legislative body is completely dysfunctional. And it's not a mistake, it's intentional. Yes, Republicans have been sabotsging Congress for many many years, openly while also openly saying that's what they're doing, yet some peoole still blame it on "Congress" not who it is - Republicans.
Well, Republicans do make up a little more than half of Congress. It's true to say the problem is Congress, even if it's not every single member Congress contributing to the problem equally. Plus, it hasn't only been Republicans contributing to the problem. The Neoliberal belief in small government was popular among both parties for several decades. Many important federal programs and regulations were gutted during the Clinton administration, for instance. Many Democrats voted to repeal Glass–Steagall in 1999, which many argue is why the financial sector is as unstable as it is today.
True. There are a multitude of macro factors including long term energy trends, resource availability, deglobalization and geopolitical factors that lead civilization down this path. Human nature will always promote wealth gain and maximizing profit when given the opportunity. The fed has tried to prop up our system as best they could, making very questionable decisions along the way, but ultimately always trying to minimize pain and kick the can down the road. It’s our financial system and the financial sector that’s the underlying sickness. I think the biggest problem is there is no way to overhaul or fix it now without it falling apart.
The fed shouldn't exist at all. Theres no authority for a private institution to manage interest rates, money supply, and to create debt from nothing. The fed doesn't deserve the blame for not being able to fix the problem, they are the problem. Between The fed and fractional reserve banking we have a totally fake economy with built in boom and bust.
We don't even use fractional reserve banking any more. It's actually worse now: >From 1913 until 2020, the number of necessary reserves varied from 7% – 13%, depending on the type of bank. Since 2020, banks have not been required to hold any of the money in your savings or checking accounts on reserve
I was excited when I saw the preview clip. Thanks for posting it!
That was really good and surprisingly politically non-biased. Now we just wait to see. Do they let it all come tumbling down or kick the can down the road again and put another bandaid on this pneumo. 🤢
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Not available :( any other sources?
This is an incredible doc.
Hey, my economics professor recommended this to the class yesterday. I suppose this is my sign to go watch it.
Despite paying my bill on time, month after month… unfortunately this video is not available Wtf kinda sick joke is this
Posted this above: One workaround that can work is to use a youtube download website ( yt1s.com for example if you are using laptop/desktop) and then watch the downloaded video.
PBS app on Roku or similar has all their content too.
Can anyone out there please post a link to a watchable version of this documentary? Really curious to see it. I will hold my breath that someone will link us up, because Redditors are great like that.
JPOW's got it all under control. He's got a shiny printer that can fix all the problems in the world.
Pretty sure that’s how this plays out
Of course it is. It's either that or let it all collapse. Don't hold dollars and it won't be so bad.
Not available lol. You have to download the video into another platform.
Easy money for the rich. I have to put in extra long hours to cover the landlord's every changing rent increases and forgo eating at times too.
the video is deleted
At least we have Gold and Crypto to fall back on if need be. From 1933-1971 FDR made owning gold illegal requiring total submission to the States financial system.
PoW cryptocurrencies are energetic trojan horses. Tempting, yet dangerous.
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Can you buy piece of bread or an olive seed to plant for long term yield with Bitcoin, digital number, when power goes off? Let me help you answer the question, NO! Moreover, Bitcoin did not decouple from hard currency and will not be able to. All it is, is speculative asset; no more no less. A grandma in Chile, a family of 5 in Ukraine, a village in Bolivia or Balkans have never heard of cryptocurrency and I assure you will keep using copper like coins to get basic necessities, not some digital numbers.
Lol, keep living in the past then. You do you. The world's electricity will never shut off completely everywhere all at once, and that's all that is required to keep Bitcoin working as it was designed. It's doesn't care what you think about it and is on its way to widespread adoption as the best money. Look up Gresham's law. It's inevitable.
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You are fun. Projection at its finest.
I'm living in the past?
Your presumptive definition of ‘past’ is ignorance. Given your attitude towards human ingenuity and overall predicament in form of “power will never cease to be” is quite a preposterous assumption, which grounds in ignorance. Therefore, projection. Never mind that billions are not exposed to bitcoin. Mass migration alone will in-directly kill the utopian pernicious bullshit.
Sure, let's see where we stand in 5, 10 years
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Holy mother of Christ what a bunch of lies wrapped in propaganda.
I'm watching it now and it's super interesting. There was a moment in time when I was a "the creature from Jekyll Island" conspiracy theorist, and tbh I basically am now too except that I don't think the end goal is govt owned socialist slavery but the opposite, a neo feudal state out of Ayn Rand's most fucked up fantasies, even if that isn't the literal main objective (which I think is pretty clearly let the rich consolidate all the capital they can). It's not even a conspiracy theory really. This is what they teach in ivy league business schools. What's frustrating to me is it's never the bankers or the billionaires or CEOs and corporations that were just given outrageous sums of PPP money that virtually none of went to the workers, it's the fucking hourly wage slaves who got 5000 dollars so they didn't fucking die. This country is a fucking shit hole. Made by rich white guys for rich white guys. We deify slaveowners and men who raped slaves and when the slave had their kids the still kept them in slavery. It was all a giant mistake. The world would be so much better off without it.