53:29The Secret History of the Credit Card uncovers the deceptive techniques and tactics used by banks and financial corporations to get citizens to take on ever more debt, while earning record profits. Penalty fees, defaulting, changing contracts, increasing rates retrospectively---these are some of the ways credit card companies gouge their users, and increase influence. The film shows how such profitability of credit cards began in the 1980s, when the banking industry successfully eliminated the limit on the interest rate a lender can charge a borrower. This deregulation, coupled with real-time tracking of personal financial information, facilitated the widening availability of credit cards. Despite a growing number of consumer complaints, the ability of state and local governments to investigate the credit card companies has virtually been eliminated, due to companies incessant lobbying and litigation that has created a jurisdictional "turf battle."
1:14:02The film is a video essay by Professor Albert Bartlett essentially serving as an introduction to the concept of steady growth and doubling time, by taking us through the impacts and consequences of exponential growth on a finite planet. By making good observations of this impossible growth as applied to fossil-fuel consumption, population and the endless growth of which the global economy requires, this presentation gives us the basic tools to fundamentally understand that we've got a real problem on our hands.
52:2425 Million Pounds details the collapse of Barings Bank in the mid 1990s primarily by a broker called Nick Leeson, who lost £827 million ($1.3 billion) by speculating on futures contracts. The film contextualises the downfall as the history of Barings Bank was one of the oldest and most prestigious merchant banks in Britain, run by the same family for decades with extensive ties to Britain's elites. But in the late 19th century Barings almost went bankrupt after investing heavily in South American bonds, including backing the construction of a sewer system in Buenos Aires. The bank was saved by The Bank of England, but Edward Baring, the head of the bank, was financially ruined and never recovered. This film explores the culture of Barings and of the financial markets during the 1990s, and how Nick Leeson was able to cause another huge loss of money to the bank, this time bankrupting the company. He did this by claiming fictitious profits on the Singapore International Monetary Exchange and using money requested from London as margin payments on fictitious trades to finance his loss-making positions. It's also the profile of a stereotypical corporate psychopath, as Leeson himself explains how he was able to manipulate those around him to achieve his ends and rationalise his actions.
51:54War By Other Means examines the policy of western banks making loans to so-called 'third world' countries, which are then unable to meet the crippling interest charges—debt used as a weapon. The film primarily analyses 'Structural Adjustment Programs,' which are proclaimed to enable countries to compete in the 'global economy,' but have the opposite effect of lowering wages which in turn further transfers the wealth from the poor to the rich.