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The world in the debt trap ARTE

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Published on May 31, 2023

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Households, businesses, municipalities, states: all over the planet, debt is exploding. Through testimonies and insights from economists, a close-up on a scourge that threatens individual destinies as much as global economic stability. The planet is addicted to debt and easy money. For fifteen years, the bill has continued to increase – a situation that has worsened further with the Covid-19 pandemic and the war in Ukraine. Estimated at 31 trillion dollars worldwide, debt spares no one, not individuals, businesses, municipalities or states. In Dubai, after the setback caused by the subprime crisis of 2008, The World project, a gigantic tourist complex built on artificial islands, owed its temporary salvation only to the bailout granted by the Emir of Abu Dhabi. In Argentina, a country shaken by eight successive bankruptcies in its history, several tens of thousands of people living in the Villa 31 shantytown in Buenos Aires feel abandoned by the public authorities. Due to a lack of municipal investment, they have no access to running water or electricity, as Martha Mamani Condori, a resident, testifies. In Duisburg, the most indebted city in Germany, Frank Wendler, a singer and entrepreneur, has been struggling for several years to get back on its feet after a heavy tax adjustment. The municipality should get out of its rut thanks to the windfall provided by China, which has invested in river infrastructure as part of its new Silk Road. In the United States, Annita Husband, a mother in debt, spent several grueling months in a debtors' prison in Mississippi for writing several fraudulent checks... Colossal Debt How do debts arise and what are their consequences, both for borrowers and creditors? How can we overcome the colossal debt of states, businesses and households? To try to answer these questions, Rudolph Herzog (A Ticket to Space) draws on examples and testimonies collected from all four corners of the planet, as well as on the insights of economists and finance specialists, recalling the usefulness of debts when they support opportune investments for the future. Documentary by Rudolph Herzog (Germany, 2022, 1h24mn) Available until 06/11/2026 #Debts #Finances #Arte Subscribe to the ARTE channel / @arte Follow us on social media! Facebook: / artetv Twitter: / artefr Instagram: / artefr

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