The vast majority of politicians, economists, and market commentators believe that the financial crisis is behind us and that we are somewhere on the road to recovery. This is not a view I share. That’s because the policies that we are relying on to get us out of the current economic mess are the same ones that caused it in the first place. Very few of the factors that led to the most severe financial crisis since the Great Depression have gone away, and many new ones have been added to the mix.
Overdose: The Next Financial Crisis is an award winning documentary film that tells the story of the greatest economic crisis of our age – the one that awaits us. The film traces the origins of the financial crisis and explores the eerie similarities with the circumstances we have today.
Among those interviewed are Nobel laureate Vernon Smith and former US Comptroller General David Walker whom we mentioned in the recent article How America Spends $10 Million Per Minute.
Another notable interviewee is Peter Schiff, CEO and Chief Global Strategist at Euro Pacific Capital and author of the bestselling book Crash-proof: How to Profit from the Coming Economic Collapse.
As the clip below shows, Peter was mocked when he predicted the financial crisis back in 2006 and 2007.
As Peter points out, “rather than the recession being resisted, it should really be embraced, because the disease is all this debt financed consumption. The cure is that we stop consuming and start saving and producing again, and that’s a recession, and sometimes medicine tastes bad but you’ve got to swallow it.”