How the rich get richer - Money in the world economy | DW Documentary
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Published 2017-07-05
For years, the world’s central banks have been pursuing a policy of cheap money. The first and foremost is the ECB (European Central Bank), which buys bad stocks and bonds to save banks, tries to fuel economic growth and props up states that are in debt. But what relieves state budgets to the tune of hundreds of billions annoys savers: interest rates are close to zero.
The fiscal policies of the central banks are causing an uncontrolled global deluge of money. Experts are warning of new bubbles. In real estate, for example: it’s not just in German cities that prices are shooting up. In London, a one-bed apartment can easily cost more than a million Euro. More and more money is moving away from the real economy and into the speculative field. Highly complex financial bets are taking place in the global casino - gambling without checks and balances. The winners are set from the start: in Germany and around the world, the rich just get richer. Professor Max Otte says: "This flood of money has caused a dangerous redistribution. Those who have, get more." But with low interest rates, any money in savings accounts just melts away. Those with debts can be happy. But big companies that want to swallow up others are also happy: they can borrow cheap money for their acquisitions. Coupled with the liberalization of the financial markets, money deals have become detached from the real economy. But it’s not just the banks that need a constant source of new, cheap money today. So do states. They need it to keep a grip on their mountains of debt. It’s a kind of snowball system. What happens to our money? Is a new crisis looming? The film 'The Money Deluge' casts a new and surprising light on our money in these times of zero interest rates.
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All Comments (20)
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We need a new documentary on this topic post corona virus.
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Omg why isn't DW docs blowing up big time ? ! ? ! Its coverage of finance and environment and nearly all other issues it covers is mind blowing. It's way better than BBC. Keep up the good work !
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It’s scary how accurate this video is for 5 years ago
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We need an updated version of this.
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As a teacher I have to wonder why we don’t teach basic money management in school
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"Honesty is less profitable than dishonesty." - Plato
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We need an updated version for this.
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I've only just come across your channel. The quality and consistency of documentaries is outstanding. Thank you.
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'It can't go on forever' - four years later and no end in sight ....
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Never underestimate people's greed. I'm honestly absolutely disgusted by this
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Best documentaries. Great job DW!
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Thanks for posting
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“Money is too important to be left for banks alone” Indeed !
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"I sincerely believe that banking establishments are more dangerous than standing armies." Thomas Jefferson 1816
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Please make more documentaries like this or even write a book i will buy it😭 this documentary is splendid!
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DW have great documentaries, please don't change!
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An updated version, post corona would be very very interesting. Fed printed more money in 1 year than it did in last 10 years.
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I have watched this documentary thrice just because I thought it was the best ever... Thanks so much for this lesson
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Great documentary, thank you for the work!
