The documentary on the debt crisis you just have to watch

11 Dec, 2012 at 17:00 | Posted in Economics | 4 Comments

In this absolutely marvelous new Swedish Television documentary (with English subtitles) on the economic crisis and the responsibility of neoclassical economics in bringing it on, the self-proclaimed emperor of social sciences (and especially its Chicago brand) is shown to be more naked than ever before.

Nobel laureate Robert Lucas answers a question (wind to 19:40) if the level of debt was a problem, by telling us that the high level of debt is not an interesting problem, since,  for a country as a whole, debt and credit always “cancel out.” Unbelievable stupidity even to come from a Chicago economist. Fortunately Dirk Bezemer and Steve Keen are also interviewed and help us sort things out and give a more sensible view on the increasing indebtedness of modern economies.

Added: In case you didn’t know – to get the English subtitles you have to start the video and then left-click on Captions (the left-most  button at the right bottom of the video).


  1. Detta program tycker jag var mycket intressant och väckte många frågor hos mig om hur våra svenska politiker ser på frågan om hushålls skuldsättningar.
    Har frågorna fått någon uppföljning? Det verkar som att nästan ingen har kommenterat eller följt upp programmet.
    Har du skrivit något på svenska på annat ställe?

    (An attempt to an English version:
    I found this program very interesting and it raised many questions about how our Swedish politicians look at the issue of banks and household debts.
    Have the questions received any follow-up? It seems that almost no one has commented or followed the program.
    Have you written anything in Swedish elsewhere?)

  2. Great stuff, thanks! I wish they had gone into the debt jubilee in a bit greater depth, but an excellent overview. Also made me want to buy property in Holland, Spain and Sweden! :-($)

  3. Is that the right version of the film? I couldn’t see any English sub-titles.

    • You have to left-click on caption (the left-most square at the bottom of the video). Maybe some more people don’t know that, so I will add the instruction) Thanx 🙂

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