With the recent global financial crisis, governments across the world promised decisive action -- the biggest financial stimulus packages in history, along with gargantuan bail-outs of corporations and floods of money into private banks and investment firms. But what crazed logic is this: propping up bad debt with…more bad debt? Overdose reviews the happenings of the bail-outs over these years, showing how dangerous the situation continues as a burst bubble is re-inflated globally. What happens next?
Money is a new form of slavery and is only distinguishable from the old slavery simply by the fact that it is impersonal--that there is no human relation between master and slave. Debt in government, corporate and household has reached astronomical proportions. Where does all this money come from? How could there be that much money to lend? The answer is that there isn’t...
We have not just been living through a global recession, but what amounts to the largest coordinated, economic crime in recent history. Now, having barely survived a complete collapse of the financial system, the global economy is tottering on the brink. We’ve reached the limits of what our desires demand of the planet and what it can deliver. But, by looking to past failed civilisations, can we learn what not to do with our future? Like the ancient Mayans, we’re reaching peak everything -- oil, land, population, climate, food and water and the question is whether we can manage the change. But as we embark on a quest for re-building a sustainable economy and a sustainable planet, is this crisis the wake-up call we desperately need to have? Do we need to turn eco-warriors into eco-capitalists and launch the next great bubble -- a Green Bubble?
In September 2008 when the American economy was on the verge of melting down, the then-Secretary of the Treasury Henry Paulson, his former protégé John Thain (CEO of Merrill Lynch), and Ken Lewis (CEO, President, and Chairman of the Bank of America) secretly cut a deal to merge Bank of America and Merrill Lynch -- in the midst of stock collapse; a rocky merger; the worst fourth-quarter losses in at least 17 years; a stockholder revolt and an urgent need to raise more capital despite a $45 billion "bail-out" from the federal government...