From Australian directors Karl Fitzgerald and Gavin Emmanuel, a powerful video on land ownership and the real estate speculation that leads inevitably to booms and busts. Pop it up to full screen for best viewing [it's HD].
The film features incisive comments on California’s Proposition 13, the role of real estate tax breaks in fueling bubbles, serious questions about the presumptions on modern concepts of land ownership [imposed on the globe by the U.S. and Great Britain in the wake of World War I], and much more.
Also featured the observations of economist Michael Hudson, an esnl favorite, of whose website we discovered this very timely documentary.
From the film’s website:
Real Estate 4 Ransom is a documentary about global property speculation and its impact on the economy. Real Estate 4 Ransom considers the changing motivations behind property investment and challenges the notion that the Global Financial Crisis was caused by bank lending alone.
Shot over 5 years, the film focuses an economics lens on many of the big picture issues world politics are grappling to deal with. The 40 min documentary looks at whether genuine freedom has been delivered by the democratic system.
We investigate the inefficiencies of the economic system and the impact this has on potential homeowners and small businesses. The documentary argues that with a simpler tax system, entrepreneurs have a better chance to succeed and the average Australian has a better chance of owning their own home.
What role did real estate play in the crashing of the global economy?