It was only a matter of time before a documentary was made about the Federal Reserve. Their policies have come under scrutiny for their involvement in the global financial woes that has hindered the American economy and worldwide financial markets. An exposé of the government agency is showcased in the levelheaded documentary Money for Nothing. Playing in a very limited release around the country, I highly recommend citizens and avid moviegoers seek this movie.
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Synopsis: MONEY FOR NOTHING is a feature-length documentary about the Federal Reserve – made by a Team of AFI, Sundance, and Academy Award winners – that seeks to unveil America’s central bank and its impact on our economy and our society. Current and former top economists, financial historians, and investors and traders provide unprecedented access and take viewers behind the curtain to debate the future of the world’s most powerful financial institution. Digging beneath the surface of the 2008 crisis, re-examines the past of the early 20th century with the involvement of World War 1 as well as the Feds removing the gold standard in the 1970s thus resulting in shard inflation in the later half of the decade. Volcker saved the day in the late 70’s into the mid 80’s. Greenspan caused some issues by enabling the situation. Interesting fact: A brief 1998 collapse at LTCM of overvalued derivatives was a micro version of the 2008 crisis: over leverage, failed theories, derivatives, and fed bailout. If it happened once, then it could happen again. More than likely, we will face another financial and economic crisis.
Money for Nothing highlights how the Federal Reserve, by keeping interest rates at record lows, assisted in wrecking the economy. “Capitalism doesn’t work well when it s free…and that corrupts the system,” one of the pundits says reminding us we dont have a free market system, just a pro-business one. There’s a difference. Edward Gramlich was worried about a sub-prime lending as his concerns fell on death ears. Many more economics were concerned about the housing bubble. The current issue of Quantitative Easing The conclusion to the documentary is this Financial Speculation isn’t working. What would work is finding what drives long-term growth in America is more sustainable. One of the talking heads directly quotes the iconic 1980’s pop song: “Its money for nothing and chicks for free.”
What made Money for Nothing such an important issue is the need for accountability. As an unelected body continues to make big decisions for America that effect the whole world, who will listen? There is a lot to ponder and the poli-sci geeks and economic nerds have a lot to chew on. It is worth your investment as a hard working, tax paying citizen to see this movie.
Opening this Friday at the Landmark Mayan in Denver. Filmmaker Jim Bruce In Person Fri, September 27 at 7:30pm & Sat, September 28 at 1:45, 4:30 & 7:30pm!)
