10 chapters across the catalog
A comedic sketch by Clarke and Dawe deconstructs the circular nature of the European Union debt crisis. The duo explains how broke economies like Germany and France are lending money to other broke economies like Greece and Italy, who cannot pay it back. The sketch concludes that the US economy is only stronger because it is "owned by China."
Rolling Jubilee, Debt Cancellation and Occupy Wall Street
The "Rolling Jubilee" movement, an offshoot of Occupy Wall Street, aims to buy up distressed personal debt and abolish it. The hosts critique the movement's promotional materials and its association with figures like Janeane Garofalo, despite finding the core concept of a debt jubilee interesting.
The economic crisis in Spain is examined, specifically a unique law where citizens remain liable for mortgage debt even after bank repossession. Protests in Madrid and the use of rubber bullets by police are discussed in the context of massive bank bailouts.
Greek political leader Alexis Tsipras challenges the European Union by calling for an international audit of the national debt and a rejection of austerity measures. The inability to form a coalition government in Athens creates significant uncertainty for the future of the Eurozone.
Iceland Debt Forgiveness and Global Banking Stability
Iceland has moved to forgive a significant portion of its population's mortgage debt, a story the hosts claim is being suppressed in the US to prevent similar demands. Unlike Greece, Iceland refused to impose extreme austerity to pay back foreign investors from the UK and Netherlands. The discussion questions the "too big to fail" narrative used to justify bank bailouts.
European Financial Stability Facility, Standard & Poor's Downgrade
Herman Van Rompuy, referred to as Haiku Herman, addresses the credit rating downgrade of the European Financial Stability Facility (EFSF) by Standard & Poor's. Despite the downgrade, Van Rompuy insists the fund remains solid and backed by irrevocable guarantees from member states. The hosts argue that this effectively forces taxpayers in stable countries like Germany and the Netherlands to bail out failing southern European banks.
A comedic audio clip satirizes the circular nature of the European debt crisis, where broke nations lend money to other broke nations. The sketch highlights the absurdity of Germany, France, and Britain bailing out Greece and Italy while their own economies struggle. It concludes that the U.S. dollar remains strong only because the American economy is "owned by China."
International Banking Debt and Federal Reserve Transparency
Analysis of the U.S. national debt reveals that while China is a major creditor, a significant portion of the debt is owed to international private banks. Recent disclosures forced by Bloomberg show the Federal Reserve provided trillions in secret loans to foreign banks like Barclays and Dexia. The hosts argue that the global banking system, rather than foreign governments, is holding the U.S. economy hostage.
National Debt Limits, Fannie Mae and Freddie Mac Bailouts
The U.S. government quietly removed spending limits for the national debt and eliminated bailout caps for Fannie Mae and Freddie Mac. This legislative move, occurring under the cover of the "crotch bomber" news cycle, potentially puts taxpayers on the hook for hundreds of billions in mortgage liabilities. Executive compensation for the CEOs of these entities was also renegotiated to include multi-million dollar packages.
The hosts discuss the true scale of the U.S. deficit, citing a figure of $56 trillion mentioned on Bill Maher's show. They reference the CIA Factbook's debt rankings and mention a $10 million Zimbabwe note sent by a listener. The segment touches on academic arguments in favor of the recent financial bailout.
