The Secret History of the Global Financial Collapse (2010)
Meltdown: The Secret History of the Global Financial Collapse is a compelling documentary series that delves into the cataclysmic events of the 2008 financial crisis. As the world teetered on the brink of economic collapse, this four-part series unravels the intricate web of greed, power, and betrayal that led to the unraveling of global financial systems.
In September 2008, seismic tremors reverberated across the financial landscape. General Motors, once the world’s largest company, crumbled. Washington Mutual, a banking giant, collapsed. And Lehman Brothers, a Wall Street titan, filed for bankruptcy—the largest in history. The shockwaves rippled far beyond American shores, shattering confidence in the very foundations of the international economy.
Terence McKenna, our guide through this labyrinth of intrigue, takes viewers behind the headlines and into the clandestine corridors of world governments and banking institutions. Here are some key aspects of the documentary:
- The Players:
- Geraint Anderson, aka “City Boy,” exposes the dark secrets of high finance, revealing that lying and cheating were par for the course.
- Dick Fuld, the Wall Street predator, watched his Lehman Brothers empire crumble beneath his feet.
- Hank Paulson, as US Treasury Secretary, grappled with crisis after crisis, bailing out Wall Street companies (including his old firm, Goldman Sachs) with trillions of dollars.
- Sheikh Mohammed bin Rashid al-Maktoum, the self-styled CEO of Dubai, Inc., built a real estate empire that turned out to be largely illusory.
- Marcy Kaptur, a Congresswoman from Ohio, became the voice of families devastated by the Great Recession, demanding accountability from the bankers.
- Ordinary Lives Disrupted:
- The documentary weaves in the stories of desperate foreclosed homeowners in California, disillusioned autoworkers in Ontario, and furious French workers who resorted to kidnapping their bosses.
- Trillions were spent rescuing banks and jumpstarting economies, yet recovery remained fragile. The fear of a “double-dip” recession loomed large.
- Unanswered Questions:
- How did it all go so wrong? Who is truly to blame?
- Despite the colossal impact on millions worldwide, only a few small-time players faced consequences. Major banking, regulatory, and government figures remained unconvicted.
Meltdown paints a vivid portrait of the worst economic crisis in a generation. It reveals the hidden battles, backstabbing, and tension that pushed the world perilously close to another Great Depression. As we reflect on this secret history, we grapple with the enduring question: How can we prevent such a catastrophe from happening again?
