I found it pretty telling that all the people involved in this project could so easily—and condescendingly—criticize everyone involved (directly or indirectly) in various boom-bust cycles throughout history, but not one could provide a single alternate solution. Sure, some alluded to gauzy notions of a better way forward, but none were brave enough to provide even a single detail of their master plan.
Another annoyance was the direct denunciation of capitalism and free markets, apparently because human nature doesn't produce perfect rationality 100% of the time. Well guess what, folks? You're stuck with us. No matter the system, as much as you want, you cannot remove humans from the equation.
Yes, I could tell that many of the experts being interviewed wanted to propose some sort of utopian economic vision where all individual decision-making would be revoked by the state and replaced by the technocrats in charge (i.e. them), but none had the guts to say it.
So what was the point of the film? It would've been one thing had Terry Jones, et al, simply wanted to convey how wacky boom-bust cycles can be in an informative and entertaining way. Or they could have stated that preventing financial crises was really hard, but thankfully "we have the solution." But all they did was repeatedly allude to a solution that was never offered.
And that's because they don't actually have a solution. They simply wanted to demonize capitalism and the very concept of markets (imperfect, but undeniably superior to any other options). But that argument seemed to be based solely on the fact that these pesky, imperfect humans are involved.
Which is just weird.
When the next bubble bursts it won't be because capitalism is evil. Enough people will have gotten greedy and made poor decisions (as they do), that the market will reset, and ultimately revalue the assets that have become overvalued. That's a market. And any self-professed expert with a PhD who claims he or she could have otherwise priced and maintained all assets perfectly from the start if only we had given them enough power is just a megalomaniac, and a fool.
Another annoyance was the direct denunciation of capitalism and free markets, apparently because human nature doesn't produce perfect rationality 100% of the time. Well guess what, folks? You're stuck with us. No matter the system, as much as you want, you cannot remove humans from the equation.
Yes, I could tell that many of the experts being interviewed wanted to propose some sort of utopian economic vision where all individual decision-making would be revoked by the state and replaced by the technocrats in charge (i.e. them), but none had the guts to say it.
So what was the point of the film? It would've been one thing had Terry Jones, et al, simply wanted to convey how wacky boom-bust cycles can be in an informative and entertaining way. Or they could have stated that preventing financial crises was really hard, but thankfully "we have the solution." But all they did was repeatedly allude to a solution that was never offered.
And that's because they don't actually have a solution. They simply wanted to demonize capitalism and the very concept of markets (imperfect, but undeniably superior to any other options). But that argument seemed to be based solely on the fact that these pesky, imperfect humans are involved.
Which is just weird.
When the next bubble bursts it won't be because capitalism is evil. Enough people will have gotten greedy and made poor decisions (as they do), that the market will reset, and ultimately revalue the assets that have become overvalued. That's a market. And any self-professed expert with a PhD who claims he or she could have otherwise priced and maintained all assets perfectly from the start if only we had given them enough power is just a megalomaniac, and a fool.