Governments spent trillions curing the crash. The film says they doubled the dose that caused it.
Overdose was directed by Martin Borgs and is based on Financial Fiasco by Johan Norberg. Norberg narrates. Nigel Farage, Peter Schiff, Gerald Celente and Vernon Smith appear on camera. It ran in over 50 countries.
The argument fits in one line. The 2008 crash came from cheap credit and government backstops. The response to the crash was cheaper credit and larger backstops.
The film walks the setup. Alan Greenspan cutting rates after the dot-com bust and holding them at 1% into 2004. Fannie Mae and Freddie Mac buying paper nobody wanted to hold. Ratings agencies stamping it. Everyone comfortable because someone else had checked.
Then the bailout. Trillions in guarantees that moved private balance sheets onto public ones and left the incentive untouched.
Peter Schiff is on camera describing what he said in 2006 and 2007, and how the room reacted at the time.
The closing section names who breaks next. Greece and Iceland were already visible. The United States was not.
Made in 2010 about the next crisis. Still called the next one.
