Saturday, July 21, 2012

Fraud: The Cause of the Great Recession

A new documentary about the cause of the financial meltdown of 2008 and the resulting recession has been produced by amagifilms.The title of the film is Fraud. It correctly cites our fractional reserve banking system supported by central banking as the primary culprit.

"fraud. why the great recession" (official version) from amagifilms on Vimeo.

The producer's synopsis is as follows:
Free markets are not to be blamed for the Great Recession. On the contrary, its origins rest upon the deep government and central bank intervention in the economy. Through fraudulent mechanisms, this causes recurrent boom and bust cycles: bad policies create phases of irrational exuberance, which are then followed by economic recessions, a result that every citizen ends up suffering from.
The film features brilliant monetary scholars such as Jesus Huerta de Soto and Philipp Bagus. I watched it during my flight back from the government and economics seminar at which I lectured and this documentary is tremendous. It provides a clear, solid, and concise explanation of how our economic mess occurred.

Note Bene: It is a Spanish production with a lot of Spanish dialogue, so much of the film uses English subtitles, but do not let that scare you. This is an important document.

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