Once upon a time financial literacy involved little more than individuals hitting up their local bank manager for a mortgage. These days the global financial system is a confusing web of interconnected elements: shares, derivatives, energy and taxes. Hot Money is a documentary that aims to demystify this complex subject matter.
Susan Kucera directs this film, which stars former NATO Supreme Commander, Wesley Clark. He is joined by his returned serviceman/activist son, Wes Clark Jr. The pair discuss climate change and the impacts on future generations (including their family). It could be seen as a kind of sequel to An Inconvenient Truth.
The other part of this documentary sees interviews with economics experts, journalists, farmers and survivors of natural disasters such as the California wildfires and flooding in the U.S. The latter events have left swathes of properties uninsurable. It could mean we are on the verge of another collapse not unlike the Global Financial Crisis.
The economists offer some interesting insights into the Global Financial System. They describe how it takes three dollars of debt to make a single dollar of growth for America’s Gross Domestic Product (GDP). It was not that long ago in history where those amounts were roughly equal. They also consider how real wages have stagnated and standards of living have decreased, even though tax rates are less than the 1950s’ highs.
These topics had the potential to be very dry but the Clarks are colourful speakers and they interview knowledgeable people. There are also some great New Yorker cartoons from Kaamran Hafeez. Humanitarian and activist, Jeff Bridges (Crazy Heart) who serves as the film’s Executive Producer makes a cameo. He was also a victim of the bushfires but states he had the privilege to rebuild where others had lost everything they own.
The presentation is not balanced insofar as it describes the impact of climate change and has dire predictions for the future. The most frightening claim is that in 30 years there could be 1 billion displaced people due to climate change. Earth is going to hell in a handbasket and this film wakes us up to the urgency of the problem. It is only through learning about these things that we may have an opportunity to consider solutions.
Hot Money is ultimately a prescient film. As the world has grappled with bad storms, fires and flooding it serves as a timely reminder of the issues we will face in the future. Hot Money covers a lot of ground – some topics better than others – to lift the veil on the shadow banking world and its links with food and energy supplies. You will watch it and want to know more and more.
THREE AND A HALF STARS (OUT OF FIVE)
Hot Money is screening as part of the Transitions Film Festival. For more information head HERE.
