Bank rescue, financial crisis – old news? Not at all! Only last week, Mario Draghi, the former vice president of Goldman Sachs International and current president of the European Central Bank (ECB), announced a new gigantic bank saving scheme: The ECB intends to buy unsellable loan securitization from European banks – up to an amount of 500 to 685 billion. €!! This means that we, the tax payers, make the banks a gift worth just about four EU budgets. The amount that the banks are given would cover all EU expenses for four years, and the EU could wave four years of tax income.
Unlimited credit with minimal equity
And all this simply because in the last crisis, those loan obligations became an issue. These so-called asset backed securities (ABS) exist since about the year 2000; they insure loans. In the times before the ABS, the banks had to wait until a loan was reimbursed before they could make a new one. Now, with ABS, loans can be insured right away, and the bank is able to give out new loans immediately. These are then insured again. This enabled the banks to practically award unlimited loans with minimal equity. Draghi longs to return to these times of exploding loans like in the years between 2000 und 2007/2008; also because the banks are sitting on unsellable ABS worth 684 billion Euros. This is why Draghi asked the world's biggest hedge fund „Blackrock" to develop a concept in order to reinstate the trust into loan securitization. And the solution of the hedge funds obviously is optimal for the banks: tax payers have to take over the unsellable derivatives!
From all towns and villages we hear: „Public services are too expensive, we need to cut down". What could be financed here with only a fraction of the gift to banks goes beyond imagination!
Film „Who's saving whom?" without TV
Unfortunately, it is a fact: there is no TV-channel who wants to participate in the film „Who's saving whom?"–all we hear is "bank rescue, financial crisis – old news"! As absurd this sounds when facing reality, it leaves a big gap in the financing of the film. Although two organizations that support films assured their contribution, they only pay if there is already enough money there to start with. Thus, we re-calculated everything in detail and we found: If we manage to collect 168.000 Euro an „Film fund from below", we will get the necessary support without television!
Up to now, thousands of citizens already collected the amount of 160.740 Euro for the film project „Who's saving whom?" I Europe, this is a record for this type of film financing! All that is missing now is 7.259,82 Euro. We're confident that this can be managed! Please accept our apologies that the donation target had to be corrected. It took a long time until we gave up hope that a TV station would support us.
On Wednesday 11.02.2015, at about 8PM, the premiere of „Who's saving whom?" will take place in 150 European cities simultaneously!
Everyone who has contributed to this film becoming reality will receive a DVD in time. This way, everyone could/should plan their opening night. You can plan and prepare this big action together with us already!