Who Is Saving Whom? The Crisis as a Business Model

"Who is saving whom?" is not just another bank rescue and Euro rescue film. It reveals much more what it is that all the "rescues" hide, right up to the present day tragedy of Greece. The radical alteration of society in Europe. The transformation of private debt into public debt which has been papered over and presented as a "rescue" has not only driven democracy to absurdity, it has shaken societies which consider themselves socialist societies with rule of law to their foundations. No one formulates this better in the film than Mario Draghi, who as a one time vice president of Goldman Sachs and present president of he ECB steers the economies in the Euro area: "The European social model is history". "Saving the Euro will cost a lot of money. That means we will have to take leave of the European social model". For seven years now the rescue is taking place with the help of hundreds of Billions of public money. "Who is saving Whom?" shows the beginnings of this development when after seventy years of relative stability the financial world was deregulated. The financial world immediately used its new freedom to develop those new financial derivatives which today dominate the economy. The film demonstrates the usage of and the enormous danger from derivatives. But it also shows the possibilities of defence, as in Iceland, where international capital was not saved, but rather a redistribution from the top to the bottom took place.