The Day the Dollar Falls - VPRO documentary - 2005
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- Опубликовано: 15 сен 2024
- Do we live on a bubble? Is it possible for the heavily indebted American economy to collapse and take all of us down in a free fall with it? Have the days of the dollar been counted? Is it really unimaginable that we will see the time of the Great Depression repeating itself?
VPRO Backlight and Dutch national newspaper NRC Handelsblad present this 'what if' scenario. What if the dollar collapses? Fiction meets facts in this 24 hour scenario. At 9AM a Singapore trader is ordered to sell a large amount of dollars, which sends off the enormous downfall of the dollar. This film shows the results for the world economy every following hour. It ends in Amsterdam, where the only currency accepted by a taxi driver is cigarettes.
History seems to have caught up with this 2005 film, though in slow-motion. The documentary includes interview with analyst Stephen Roach, Andy Xie, Maarten Schinkel, Cees Maas, Rob de Wijk and Kees Vendrik.
Originally broadcasted by VPRO in 2005.
© VPRO Backlight November 2005
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Credits:
Director: Roel van Broekhoven
Script and interviews: Maarten Schinkel (NRC Handelsblad)
Research: Ger Wieberdink/William de Bruijn
Producer: Madeleine Somer/Karin Spiegel/Doke Romeijn/Frank Wiering
English, French and Spanish subtitles: Ericsson.
French and Spanish subtitles are co-funded by European Union.
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This program was aired three years before the economic crisis of 2008, when the scenario suggested in it came very close to become true. And the fundamental problems haven't been fixed.
Many non-Dutch viewers probably don't have a clue who in 2005 this interviewed banker Cees Maas was.
He was a member of the Executive Board of ING.
At that time ING, who's business is retail banking and insurance was the only financial institution in the top 10 of the Fortune Global 500.
In terms of financial revenues it then was the largest financial institution in the world.
The very fact that Maas already knew and publicly recognized the financial world was imbalanced in 2005 and it couldn't go on, gives one a clue that the tale that 'nobody saw it coming' in 2008 told to you by many Wallstreeters was a fairy tale.
ING after 2008 was broken up by the European Commission.
32:43 to 33:10 - comments about U.S. housing bubble
Truly prophetic! (considering this video was made in 2005)
not all Americans live beyond their means.
+Steve Pridemore ..... Brilliant deduction.
+Steve Pridemore California folks like to abuse their credit, but Midwesterners do not! Midwesterners are conservative with their finances. Even Republicans in California waste money like mad too! Republicans of Kansas are better than Republicans in California too. I hate California. People say, 2 party system sucks, but the 2 party system sucks 20 times more in stupid California! Kansas is superior to California. Also, Washington State is superior to California. So it has nothing to do with diversity nor race. All ethnic groups are smarter in Seattle than in lousy LA. Whites in Seattle are smarter than white counterparts in LA. Asians in Seattle are smarter than Asians in LA. Blacks in Seattle are way smarter than blacks in LA. I do not know, seems like this Seattle has smarter folks. Even Seattle gun owners are smarter than LA gun owners, trust me!
+Steve Pridemore Indeed, but as a whole they are.
Get a job
The US has brought this to themselves, by allowing the central banks to print large amounts of money based on hot air. And by allowing large banks to also create large sums of money with the help of fractional reserve banking. All of this will lead to hyperinflation, and in the end we'll have to make payments with anything but paper money.
the quality of this documentary with the "what if scenario" is above anything i've ever seen, well done, great job
I live in the US and our political officers have been bought and paid for by large corporations and the rich. These are people that think they can "survive" a crash and just go elsewhere if (when) this happens. I hear so much about US over consumption. Please believe me that the average person here can't afford to over consume. We are now just forced to overpay. There aren't enough jobs and the jobs that do exist don't pay enough. We are the only western nation with exhorbitant healthcare prices and no national medical plan. Our wages have been stagnant for 30+ years. In order to maximize profits and satisfy their greed, the manufacturers have moved production overseas to take unfair advantage of areas that have cheaper labor and few rules. The wealth disparity has been growing since 1980 (Reagan/Thatcher). We literally have entire cities and towns going broke while or congress gives tax breaks to the people who need them the least. We have a fractional banking system that's based on creating false money (10-1) but demands to be paid by people who are actually making goods and growing things at increasing rates. These same banks are asking for less regulations while they continue to rob the US public and the rest of the world. The big corporations have far too much influence because they literally pay off politicians to NOT fix these problems while the whole world suffers as they continue to steal from everyone. It's really bad but I have to say how much I appreciate VPRO Documentaries. Maybe presentations like this will help motivate people to make the changes necessary. Thanks for posting this.
also noted that as its largest creditor, Beijing has every right “to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets.
Warren Buffett once said that the U.S debt can increase proportionally along with the GDP. The debt is always increasing. This means that the GDP needs to increase as well. This assumption is too leveraged and makes me uncomfortable. This is similar to Warren not preserving enough cash for Berkshire in case there is a crisis. Who is to say that we won't see another 9/11 or Katrina? When debt is always rising. This leaves America vulnerable to even the smallest mishaps let alone another 9/11.
Such a detailed scenario, very strong docu! All Backlight documentaries are by the way...
I love how when this was made the U.S. national debt was just below 8 trillion and today it is over 14 trillion.
The narrator is speaking backwards throughout the entire documentary... now, THAT'S what I call Skill !
Was this movie reedited so it's more up to date? I thought i found a small extra movie about this that was interesting but i can't find it back.
This is by far the best representation of what is to come. (maybe even this year 2013)
And apparently thos who speak/type in English find it difficult to read the subtitles.
03:04 "Could we lose everything that we now assume belongs to us?"
Sorry to say the question isn't answered in this video.
It stops after 24 hrs with a passenger paying a cab driver with cigarettes.
So it's only the first day - as it does say in the name.
The first quote just doesn't belong here.
So just fair warning: if you (like me) wanted to see that analysed - the aftermath of such a day - find something else.
Otherwise a fairly entertaining watch. :)
They're all a bunch of paper shufflers.
That includes Morrocco!
We have all of the OIL, Wood, Water, Gold, Silver, Wheat, Agriculture. As long as we accept your paper money the system will continue to work.
It's happened already.
I hear you. I absolutely agree.
May you find enlightenment in your life and inspire it in others. If each of us managed that, it would have been a life well-spent.
Prophetic in many ways. It is probably best most people don't see this and stick to American Idol.
Very good documentaries, thanks!
You know that people have the power to take the world under their own control and create a stable economy if you just work together.
Saddam started trading oil in Euros rather than Dollars, which is known as the world reserve currency, Since we havent a monopoly on Euros like we do on dollars, did the people losing profits decide to put crosshairs on hussein once again.
If you watched the video on this vlog what he described DID happen last year, and the total supply of Dollars contracted with a huge deleveraging. The Fed and treasury tried to reinflate the bank balance sheets which had collapsed. international shipping which the dutchman talks abut itn this video almost stopped last fall due to lack of dollars. You are even more insulting. BTW, I could not trade in my company 401K not much choice but to hold on, along with most Americans.
24:46 I didn't know Pierce Brosnan could speak Dutch!
It's how we choose to live.
It is one reality out of many possibilities.
Humanity does not have to live like beetle on a turd, we just choose to live our lives that way because we are -far- from enlightenment.
Money = power, but money is an arbitrarily assigned value to any thing we choose to assign value to. That means money means nothing. We just want it to mean something.
it's just money. Really.
Live life, enjoy your family and friends. Be happy, it will serve you better than money.
actually, today, if the citation of read from a congressional hearing is right, today the US is borrowing $5 billion per workingday , no longer only 3 as it is being descripbed din this film 3 years ago....
That wasn't my intention. I'm sorry for offending you.
I care not what name my currency carries, when I got very cheap full healthcare, a cheap sizable house and I go to one of the best schools of the country for free.
I won't have to go to jail for smoking weed, there is hardly any unemployment and my country is not involved in several wars, I think life is pretty good.
great movie
The worst case scenario. Watch this !
Yea it's called a "Reboot" and only the privileged few escape.
So true...
Guess easy for Dutch to produce this sitting comfortably at #8 in the WW trade balance ranking while US is at #190. Some interesting macro financial mechanisms are exposed here though.
Search trade+balance+per+country on wolframalpha
@velvetfog Many people HAVE been telling you, buy silver and gold or land or precious gems the point is hold only enough dollars to pay your bills!
I guess the US had a very nice time back then right.......
It already happened. the date was sept 15 2008. stick "rep Kanjorsky and the 550 billion electronic run on the Banks" into your seach box and watch it being explained what actually happened last fall. After which the stock market collapsed and international shipping all but stopped. The Bailouts are what REFLATED the economy. Funny that it missed you totally. I lost 500K during all of this.
send a link to plapava
VPRO Backlight November 2005
October 2009
that comment brought the hair up on my arms
No need to be uncivil.
Can someone summarize this video for me, please? It's a huge messed up jigsaw puzzle in my brain.
@howudoingbaby , they sure do, and all these vPRO cats can play badass guitar as well, especially Mr. Schinkel ! And you should read his fiction....
This guy ROCKS. And now in the post tahrir era we need critical analysis and out of the box creative thinkers more than ever to help us finding better and fairer ways to do business in the future,
Y can't they reduce the government budget ...its fucking huge and all they do is annoy the shit out of everyone
Is this prophecy on 2018?
If your watching this because of Economics class! :)
Relax its made for Dutch TV
yes, yes,yes and certainly. ordinary americans don't know what's going on, the rich don't care- their money is off-shore and america is going to get what it deserves.
My god, what a throaty language... I was expecting to see some tonsils pop out
Je ziet dit nu al gebeuren.. Binnenkort komt de grote Dollar dump dag...
Uh, dude, I already did that assignment. I just didn't understand what the crap it was talking about at the time.
from Bloomberg and The Shipping News Oct 2008 "The Shipping News Suggests World Economy Is Toast: Mark Gilbert" google that to read the article
ditto
Soon Come. 🤦🏿♂️
erm, no, its in dutch. Chinese has characters...
@lexyota thats what the romans thought too
Luckily the Euro countries have the option to go back to their own currency. When the Dollar collapses they only have gold or silver to fall back on and there is far to little of it to support a country like the usa.
is this chinese?
god save america
@CheeezMaster
especially of english classes.
I dunno. Most Americans can barely speak their own language, let alone Chinese or any other language.
@PlayClaner Yeah brilliant huh
Smile, it's only money :)
good buy Dollar!
Very soon now, people ... You can almost hold your breath. America's new "Messiah" will only make it worse. Raise your hand if you think he will declare Martial Law. *raises paw*
great in hindsight, only peter schiff is awfully wrong as always
This video was posted on 26 of February 2008. How was Peter Schiff wrong?)
And the actual broadcast was from November 2005. Roughly when Alan Greenspan retired, and many were still applauding his skills ...
I can't believe people can be so stupid they didnt even read the dates.
funny lol! these were good, too bad repugs had their asses up in the air for so long they did not expect that swift kick from das boot.
Give us an English version! Hardly anyone speaks Dutch!!!
This documentary was uploaded in 2008
And the dollar hasnt collapsed yet.
end the drug war the real issue being ignored here
Still waiting for the Dollar to Collapse
ഇത്രയുള്ളൂ പണം
hahah "allot"
hahahaha this seriously made my day.....yay for procrastination!
Rubbish
thiz ist bulltshyt