50 billion euros in Greece, 70 billion euros in Ireland, 40 billion euros in Spain – one Euro-country after another is forced to support its banks with huge sums of money in order to equalize the losses incurred by money worldwide from bad loans. But where do the billions go anyway? Who are the beneficiaries? With this simple question the award-winning business journalist and nonfiction author Harald Schumann travels across Europe and gets surprising answers.
The rescued are not in the poorer Euro states – unlike commonly believed – but mainly in Germany and France. A large part of the money ends up with the creditors of the banks that want to be saved or must be saved. And although these investors have obviously made bad investments, they are – against all logic of the free market economy – protected at the expense of the general public against any losses. Why? Who gets the money? Actually, simple questions, but that regard the core of European identity. Maybe the most passionate film on the banking crisis.
We also recommend the second documentary about the Euro-crisis by Arpad Bondy and Harald Schumann, “The Trail of the Troika”. You can watch here on our channel:
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Director: Arpad Bondy
Script: Harald Schumann, Arpad Bondy
Camera: Axel Schneppat…(read more)
LEARN MORE ABOUT: Bank Failures
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The Secret Bank Bailout documentary, which won the German TV Award in 2013, sheds light on a dark chapter in the history of the global financial crisis. Produced by ZDF, the largest public broadcaster in Germany, the film exposes the secret bailout of banks by the European Central Bank (ECB) and the Federal Reserve System (FRS).
The documentary begins by tracing the roots of the crisis to the US subprime mortgage market and the bursting of the housing bubble. As Lehman Brothers filed for bankruptcy in September 2008, panic spread across the financial markets, leading to the near-collapse of the global banking system. In response, the ECB and the FRS injected massive amounts of liquidity into the banking sector through loans and asset purchases.
However, the film argues that the bailout went far beyond what was publicly disclosed at the time and was carried out in secret, without any democratic oversight or accountability. The ECB and the FRS, the film suggests, acted more as a lender of last resort to the banks than as a regulator, ignoring the risks and moral hazards of such a policy.
The documentary also reveals the complicity of governments and regulators in this secret bailout, highlighting the revolving door between the financial industry and public service. The film points out that many former Goldman Sachs executives, such as Mario Draghi, who later became the head of the ECB, played key roles in the bailout decision-making process.
Moreover, the Secret Bank Bailout documentary presents evidence that the bailout disproportionately favored major banks and financial institutions, leading to increased concentration and power in the financial sector. Small and medium-sized banks, such as local cooperative banks, were left struggling to access credit and faced undue competition from larger banks that benefited from the bailout.
The documentary raises important questions about the integrity and transparency of the global financial system and the role of central banks and governments in regulating it. It also underscores the need for alternative policies that prioritize the interests of ordinary people over those of the financial elite.
In conclusion, the Secret Bank Bailout is a powerful and eye-opening documentary that exposes the inner workings of the global financial system and the role of the ECB and the FRS in bailing out the banks. It is a must-watch for anyone interested in understanding the causes and consequences of the financial crisis and the challenges of creating a fair and sustainable economic system.
WE WOULD BE SO HAPPY WITHOUT BANKS!
Bailouts and moral hazard issues will happen again and again until we tame human greed that triggers every financial crisis.
WHEN ONE PAYS PEANUTS. ONE GETS A MONKIES.
Such a travesty that only 200K people watched this video too isn't it. As I say, Irish, Greeks, Spanish, Cypriots, Portuguese, most of us who lived through those times and those of us who suffered to whatever extent will remember it for the rest of our lives. The others aren't even aware of what actually happened or have been told a lie about the full story of what happened and who really benefitted. Austerity didn't just destroy people's lives, it drove them in a certain direction.
I waited many years to watch something like this. To see it verified by someone who is not Irish, by a German journalist who is honest and very thorough and principled is something to behold. Germany and France etc. would easily have forgotten this, it will live long in the Irish memory, how a small country can be additionally crushed after 2 years of recession already just to make sure absolutely zero investors of any kind lost any money during the IMF 'bailout' negotiations. People's lives were destroyed for years and years. My own father was out of work for 3 years. I emigrated after college due to the lack of jobs(the recession really went on for like 7-8 years for many sectors of the Irish economy). There were cruel vicious things done.
Imagine all the time you were struggling to find a few temping weeks work 60 kilometres commute away to just to get by and pay your rent or during the long periods of unemployment just trying to survive on just 100 euro a week in what was even back then one of the most expensive countries in Europe, wondering if you don't get a bit of temping or seasonal work soon would you not make rent and be evicted, you had this shite on the radio and telly saying how we were such a shameful country, deserved our punishment, we all partied etc. etc. and how we should be grateful to the great German, French govts and the ECB and IMF overlords for their benevolence. They exploited the situation for their own ends, took advantage of political neglect and corruption in Ireland, profiteered from it before the crash, during the crash, and to this day after the crash. Meanwhile budget after budget of cruelty not just against young people of course but against people in even more dire circumstances, the blind, the disabled, the sick, carers etc. Many hospitals had really immoral and inhuman cutbacks too. And the other line, take your medecine or it'll be even worse, they'll do to us what they are doing to the Greeks, look..etc.
The Euro was a mistake and don't think this shit can't or won't happen again and that the more powerful EU leaders wouldn't behave exactly the same way again. If Ireland had the Punt at that time, the crisis would have been really bad like in the 1980s, but we would have recovered a little bit quicker, it would have been a little bit less cruel, and a whole lot less humiliating. Our own politicians are largely to blame for that, for championing the entry into such a system just for cheap credit, but Germany's elites benefitted hugely from 2000. The only difference is that their elites never stopped benefitting, only sooner or later it was at our expense, and Greece's expense, and Spain's expense.
Schaueble is a particularly nasty, vicious, racist and corrupt POS. This guy and his ideological cohorts benefitted hugely from stealing former GDR assets and again 20 years later in Greece. Loves taking bribes off of arms dealers too.
I saw and experienced a lot of poverty and severe deprivation pre 2008 and post 2008, a lot of cold winters without much oil, never went hungry thank God, but poverty impacted us severely due to unemployment in my father's case and later in my case out on my own, homeless too at one point. I dread to think of people in Greece and Cyprus who had things even worse. I don't think it should be forgiven cos we are just expected to forget it and pretend it never happened. France's and Germany's banks and governments and the ECB, IMF etc. , they don't say sorry we made a mistake, or sorry we overdid it a bit even, they say they were right, we all deserved to suffer cos it was our societies' collective faults-as though they all never benefitted from how they all helped create and then exploit the whole situation.
Thanks
Every European should watch this several times over. It shows how fragile our economies are and that many governments dont know how economy works. Ireland made the worst economical mistake in the world.
Germany and Brussels did to small European countries what China is now doing to Africa.
The ECB is there purely to protect Germany – it is corrupt to the core
The start of the great reset ,
Biggest criminal ever are bankers
Germany, be ready for higher taxation!
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A bank lending money without wanting indepth details on the loan. Yet when I try to get a very small loan I have to hand over all my assets as collateral.
Same toilet paper global flush economic napkin
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basically, germany has majority control of the EU and told the ECB that it want all german investors to be paid back, whatever the method or tactic
The creditors YES do plan for the scenario of no repayment because they know bailout will happen
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There is one institution that Always acts according to its shareholders interests, it is called a Central Bank
Ohh gosh we're in trouble
Brilliant outstanding reporting and relevant today in November 2020
And Ireland voted to stay in the EU…. Bunch of mugs
They’re hiding the key point. A FIAT system is inherently flawed. Say a Bank takes a $100 deposit. They don’t lend out that $100, no they are permitted to lend out $1,000. A 10 to 1 ratio. So where does this money come from? They create it out of thin air. The Federal Reserve gives permission to the bank to create that money in the lenders acct. if there was a lack of confidence in the banks then what would destroy them isn’t their debts to other banks, it would be the people trying to withdraw their money. There isn’t any money there. When banks are legally able to lend out 10 times more then they have then they are obviously insolvent. A Ponzi scheme.
This documentary has more than 6 years and interestingly Deutsche Bank is still up and running, huge scandal recently with money laundering from drugs, Fincen files! Disgraceful, our democracy is being mugged out by the finest MOB!
This is such quality content documentary. We are being robbed big time. Thank you Arpad!
This is a big water or windmill taxes are the water or wind but the beneficiaries are well down stream and you cant see them behind the lord coke corporate veil.
Tax havens 9 out of 10 are british cook islands bvi Cayman s . Theres no shortage of capital theres a shortage of will to penetrate the corporate veil.