New Documentary: Economic Science and the Debt Crisis

How could the world’s leaders and top economists not see the debt crisis coming? What are the underlying causes of this greatest financial crisis since the 1930s? And how can we get out of it?

New documentary by the Swedish public broadcaster SVT is an absolute must watch.

“How is money actually created? That may seem a strange question. This question leads us to the very heart of the debt crisis.”

To get the English subtitles you have to start the video and then left-click on Captions (the left-most button at the right bottom of the video). Most of the interviews are in English.

[youtube height=”HEIGHT” width=”WIDTH”]https://www.youtube.com/watch?v=JtVtHjZcN7s[/youtube]

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“The set of flawed economics doctrines were at the core of creating the crisis.”

Joseph Stiglitz (Columbia University)

“It’s insane to have a model of macroeconomy that excludes banks, money and debt.”

Steve Keen (University of Western Sydney)

“Banks create money, out of thin air.”

Michael Kumhof (IMF)

“When a bank extends a loan, it creates money.”

Dirk Bezemer (University of Groningen)

“When money is created, debt is also created. By definition.”