Experts are sounding the alarm: the world is caught in a debt trap. The global mountain of debt has increased to more than 300 trillion US dollars. To cancel it out, the Earth’s population would have to work for nothing for three years. Is this a cause for concern?

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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Nouriel Roubini is an economist, a professor in New York, a global economic consultant and an author who, amongst many distinguishing things, was one of those who foresaw the 2008 credit crunch and financial crisis.

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His latest work is called ‘Megathreats’, and it details 10 trends that make it more likely than not that we are heading for a global economic crash of stagnant growth, debt crises and high inflation that will cause decades of dystopian suffering and injustice. No wonder they call him Dr. Doom.
In this episode, Nouriel joins Krishnan to talk about climate change, job-displacing artificial intelligence and our future.

Produced by: Imahn Robertson

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Exposing the Truth of Our Devious Financial System

The second part of 7.30’s economy series is about debt and how Australia’s become the world record holder.

Individually most of us owe a lot of money compared to what we earn, whether it’s stacked up on our credit cards or in our mortgages or other loans.

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Shocking video of the imminent economic collapse and the next Great Depression.

The borrower is the servant of the lender, and one of the primary ways that the elite keep the rest of us subjugated: is through the 244 trillion dollar mountain of global debt that has been accumulated.  Every single day, the benefits of our labor are going to enrich somebody else.  A portion of the taxes that are deducted from your paycheck is used to pay interest on government debt.  A portion of the profits that your company makes probably goes to servicing some form of business debt.  And most Americans are continuously making payments on their mortgages, their auto loans, their credit card balances and their student loan debts.  But most people never stop to think about who is becoming exceedingly wealthy on the other end of these transactions.  Needless to say, it isn’t the 46 percent of the global population that is living on less than 5.50 dollar a day.

The world has never seen anything like this 244 trillion dollar debt ever before, and one of the central themes of Epic Economist youtube channel is that all of this debt will ultimately destroy our society and causing a major economic collapse.  According to the Institute of International Finance, the total amount of global debt is now  “more than three times the size of the global economy”…

Today, we are living in the terminal phase of the biggest debt bubble in the history of the planet.  Every debt bubble eventually ends with horrific economic collapse, and this one will too.

It isn’t an accident that the United States are 22 trillion dollars in debt.  The truth is that the debt-based Federal Reserve is doing exactly what it was originally designed to do.  And no matter what politicians will tell you, we will never have a permanent solution to our debt problem until we get rid of the Federal Reserve.
In 2017, interest on the national debt will be nearly a trillion dollar. That means that close to 1000 billion of our tax dollars will go out the door before our government spends a single penny on the military, on roads, on health care or on anything else. And we continue to pile up debt at a rate of more than 200 million dollar an hour.  According to the Congressional Budget Office, the federal government will add more than a trillion dollars to the national debt once again in 2019…

When economy comes crashing down and a great crisis happens, we are going to have a choice.
We could try to rebuild the fundamentally flawed old system, or we could scrap it and start over with something much better. My hope is that we will finally learn our lesson and discard the debt-based central banking model for good. The reason why I am writing about this so much ahead of time is so that people will actually understand why the coming economic collapse is happening as it unfolds.

If we can get everyone to understand how we are being systematically robbed and cheated, perhaps people will finally get mad enough to do something about it.

COURTESY: The Economic Collapse Blog – http://www.theeconomiccollapseblog.com

Music: CO.AG Music https://www.youtube.com/channel/UCcavSftXHgxLBWwLDm_bNvA

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Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence before making any significant investing decisions.

Winner of the Spear’s Best Business Book Award

Longlisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award

For the past forty years western economies have splurged on debt. Now, as the reality dawns that many debts cannot be repaid, we find ourselves again in crisis. But the oncoming defaults have a time-worn place in our economic history. As with the crises in the 1930s and 1970s, governments will fall, currencies will lose their value, and new systems will emerge. Just as Britain set the terms of the international system in the nineteenth century, and America in the twentieth century, a new system will be set by today’s creditors in China and the Middle East. In the process, rich will be pitted against poor, young against old, public sector workers against taxpayers and one country against another.

In Paper Promises, Economist columnist Philip Coggan helps us to understand the origins of this mess and how it will affect the new global economy by explaining how our attitudes towards debt have changed throughout history, and how they may be about to change again.

A richly original look at the origins of money and how it makes the world go ?round

Niall Ferguson follows the money to tell the human story behind the evolution of our financial system, from its genesis in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. What?s more, Ferguson reveals financial history as the essential backstory behind all history, arguing that the evolution of credit and debt was as important as any technological innovation in the rise of civilization. As Ferguson traces the crisis from ancient Egypt?s Memphis to today?s Chongqing, he offers bold and compelling new insights into the rise? and fall?of not just money but Western power as well.

Do you know that millions of dollars of debt are collected illegally every year? Do you know that it may be possible for you to receive a payment from a debt collector or creditor for legal damages? The Secret World of Debt Collection shows readers how they can reduce their personal debt and possibly win thousands in legal compensation. I wrote this book because it’s only fair that you find out what you’re really up against when it comes to consumer credit, finance, and collections.

Attorney and former debt collections CEO, Mike Cardoza wants you to know that what you might think is an impossible situation is not. Mike Cardoza is the most senior executive from the consumer credit and finance industry to publish such a comprehensive account on the vulnerabilities and shortcomings of American consumer credit and debt collection companies. A former CEO and Executive Vice President in debt collections, he lays bare the economic realities of the U.S. credit and collections system that virtually ensures that millions of dollars of debt are collected illegally every year.

“The book teems with eccentric characters and scenes that made my skin crawl…. Explained simply, read easily, Bad Paper defies expectations. It should also raise quite a few alarms.”-Colin Dwyer, NPR

The Federal Trade Commission receives more complaints about rogue debt collecting than it does about any activity besides identity theft. In Bad Paper, journalist Jake Halpern reveals why. He tells the story of Aaron Siegel, a former banking executive, and Brandon Wilson, a former armed robber, who become partners and go in quest of “paper”-the uncollected debts that are sold off by banks for pennies on the dollar. As Aaron and Brandon learn, the world of consumer debt collection is an unregulated shadowland, where operators often make unwarranted threats and even collect debts that are not theirs.

Introducing an unforgettable cast of characters, Halpern chronicles Aaron and Brandon’s lives as they manage high-pressure call centers, hunt for paper in Las Vegas casinos, and meet in parked cars to sell the social security numbers and account information of unsuspecting consumers. The result is a vital exposé on the cost of a system that compounds the troubles of hardworking Americans and an astonishing feat of storytelling.

An Amazon Best Book of the Month, October 2014: Everyone knows about collections agencies, but how they actually operate is much more interesting than you probably think. Falling somewhere between Glengarry Glen Ross and Mean Streets, Jake Halpern’s Bad Paper introduces us to an economy spanning many shades of gray. Halpern’s book tracks the descent of “paper” (spreadsheets containing the information of millions of debtors and their debts) as it’s sold for pennies on the dollar by banks and credit companies and passed through a network of collectors. Files are often bought and sold multiple times, each transaction stripping away the best remaining prospects as collectors wring paper dry through all manners of persuasion and coercion. Along the way, Halpern encounters first-hand the game’s players, from the financiers at the top of the pyramid to mid-level “brokers” and the ground-level phone-jockeys; these are all hard men within their contexts, as one tale of a Tarantino-grade stand-off over stolen information attests. This book is unexpected, and unexpectedly fun. –Jon Foro

Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case–the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example.

Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults–they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times.

A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.