Segments in this Video

Rating Agencies (02:20)


Agencies have become powerful due to a need for financial product pricing. Agencies warned markets of decreasing U.S. reliability after Obama's reelection. Regulators use ratings to decide how much capital to hold against investments, giving them artificial importance.

Challenging the Rating Agency Monopoly (02:47)

New Chinese agency Dagong is disrupting Moody, Standard & Poor, and Fitch. CEO Guan Jianzhong says they have become an ideological system based on American values and are trying to preserve the credit bubble—with serious consequences.

Flawed Federal Monetary Policy (02:19)

Injecting liquidity into U.S. markets led to the financial crisis. Debt and credit relationship stability is built through the rating system. The Chinese Central Bank buys U.S. treasury bonds as safe, liquid assets—but confidence may waver in the dollar.

Rating Agency Business Model (02:40)

U.S. credit agencies collaborated with investment bankers to give complicated financial products artificially high ratings, contributing to the financial crisis. In 2009, the SEC refused Dagong authorization to operate in the U.S. because China refused its regulation.

Currency Market (01:49)

All steps in the production chain have a cost. Virtual fluctuations of a single currency fall back in real production and in national economies. Currencies are exchanged daily on the financial market; participation increases annually.

Online Trading Expo (05:06)

Amateur currency traders gather at Exchange building in Piazza Affari. Saverio Berlinzani explains trading principles, including risks and exchange rate fluctuations. Advertising has increased the Italian market, which has become democratized. Investment banks set purchase prices.

Currency Timing (03:06)

Sacmi CEO Pietro Cassani explains how exporters plan their own sales according to market fluctuations. His company produces machinery on a sales prediction basis, stockpiling goods and shipping when the dollar is favorable.

Oil (02:09)

The oil-Dollar relationship presents a challenge to the global economy. Iran offered to sell oil in Euros and Yuan, resulting in an embargo against it. China does not sell products internationally in Yuan, a soft currency, but in Dollars.

Oil Prices (01:40)

Supply and demand ratio variations are less important than speculation; hear barrel price fluctuations between 2005 and today.

Oil Production in Italy (03:57)

Oil's importance as a raw material causes market anomalies. Drilling began in the Basilicata region without land owner consent and with environmental repercussions. Despite its development status, drilling has not brought more money or jobs to the region.

Drilling Impacts (02:18)

Lawyer Alfonso Fragomeni shows an abandoned oil well outside Calvello. It has polluted a local sulfur spring once used for therapeutic purposes.

The Currency Wars (02:24)

Currency "attacks" can have similar consequences to a military war. In 2003, the Euro threatened the Dollar—contributing to the second Iraq War. In 2011, IMF director Strauss Kahn proposed replacing the Dollar and lost his job.

Defying Economic Logic (03:00)

The Dollar is still the default international currency. Although the U.S. has the greatest debt and China is its greatest beneficiary, the Yuan is worth ten times less. Reassessing the Yuan would give China a comparative advantage against the U.S.

Competing European Union Economic Needs (03:24)

China must invest abroad to avoid frequent reassessment. Europe's single currency has created tension between countries with stronger and weaker economies; Osvaldo Coggiola believes its survival hinges on becoming a German protectorate. Loretta Napoleoni proposes an internal EU devaluation.

Finance and Democracy (03:06)

The ECB advocates discontinuing the welfare state. In Italy and Greece, states are competing with their own businesses and impeding economic growth. Public debt is relatively low in OECD countries, raising questions of saving banks instead of states.

Public Debt Misconceptions (02:20)

Noam Chomsky discusses how lending by German banks contributed to Spain's housing bubble. Bank debt is greater than public debt in advanced countries; financial speculation without production is the real issue.

Addressing Public Debt (02:16)

Napoleoni argues for rolling over Italy's debt payments and abandoning the Euro, rather than selling state property. Austerity measures dismantle the welfare state.

Egyptian Case (02:21)

Berlinzani believes the Fiscal Compact will fail in Italy. Hear how European banks lent too much money to Egypt for modernization in the 19th century, resulting in Egypt becoming a British protectorate.

Credits: Money, Money, Money (00:42)

Credits: Money, Money, Money

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Money, Money, Money

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In the worst global financial crisis since World War II, most countries feel the pressure of a possible downgrading of their sovereign debt rating. Who are the agencies responsible for the ratings that should reflect each country’s reliability and capability to repay its public debt? How reliable are the agencies themselves? What is the role of global monetary policies in the triggering of the so-called “currency wars”? This documentary explores and explains core issues of the global financial crisis, shedding light on hot yet elusive topics such as currency fluctuations, oil price swings, and the new players—such as the Chinese banks and rating agencies—who can impact today’s and tomorrow’s economy.

Length: 51 minutes

Item#: BVL150282

ISBN: 978-1-64347-680-3

Copyright date: ©2012

Closed Captioned

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