“We lived in a bubble, in a dream, and this dream and bubble is bursting,” economist and author Nouriel Roubini says in the film. The film draws on two years of reporting and interviews with prominent financial players, leading economic thinkers, current and former top-level Fed insiders, members of Congress and the Biden administration, and people impacted by the country’s economic policies.
Published March 9, 2023 at 4:05 PM PST
Premieres Tuesday, March 14, 2023 at 9 p.m. on KPBS TV / PBS App
"As the threat of recession looms around the world and inflation remains high, this March, FRONTLINE will premiere "Age of Easy Money" — a two-hour special from the award-winning documentary team behind "Amazon Empire: The Rise and Reign of Jeff Bezos" and "The Facebook Dilemma." Producers James Jacoby and Anya Bourg chart the American economy’s tumultuous course since the Great Recession, the current uncertainty and fragility, and the role of the Federal Reserve.
The two-hour special investigates the Fed’s epic economic experiment to revive the economy with what has been called an “easy money” policy, and the far-reaching and unintended consequences - including a widening gap between Main Street and Wall Street. With the Fed now pulling back on its “easy money” policy, the country and the world may be entering a new economic era.
FRONTLINE "Age of Easy Money" - Preview
“We lived in a bubble, in a dream, and this dream and bubble is bursting,” economist and author Nouriel Roubini says in the film. The film draws on two years of reporting and interviews with prominent financial players, leading economic thinkers, current and former top-level Fed insiders, members of Congress and the Biden administration, and people impacted by the country’s economic policies.
It reveals what led to the Fed’s recent decisions to hike interest rates at a historic pace, and shows the ongoing effects — economic anxiety, fears of recession, concerns about public and private debt, and uncertainty about what comes after the age of easy money.
“One of the things about the age of easy money that is so diabolical, is that we're all in it, right? We're all part of this Faustian bargain of pretending that there's something wonderful happening in the real economy, when really it's just Wall Street going up. But we all kind of want the market to go up, because we're in it, with our pension funds, and with our 401Ks,” says Rana Faroohar, author and associate editor at the Financial Times. “We are 100% entering an entirely new economic era.”
With inflation still high and economic uncertainty ongoing, "Age of Easy Money" is a comprehensive and timely examination of how we reached this precarious moment and the role of the institution at the heart of America’s economy.
Watch On Your Schedule:
This film will be available to watch in full at pbs.org/frontline and in the PBS App starting March 14, 2023, at 7/6c. It will premiere on PBS stations, and on FRONTLINE’s YouTube channel at 9/8c.
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Posted: 19 hours ago
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30 December 2022
Roubini: Renowned economist Nouriel Roubini was nicknamed “Dr. Doom,” until his prediction of the 2008 housing crisis and Great Recession came true
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Posted: 22 hours ago
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'Dr. Doom' Nouriel Roubini Has a Gloomy View for 2023
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'Nouriel Roubini, chief economist at Atlas Capital, made his name calling the financial crisis of 2007-09, earning the moniker of Dr. Doom.
He finds a lot to be gloomy about now too. He sees a global economic and financial crisis on the horizon, sparked by a debt bubble and accompanied by stagflation.
Here are some of the most colorful quotes from his writings and comments this year.
“Center-right governments have persistently cut taxes without also cutting spending, while center-left governments have spent generously on social programs that aren’t fully funded with sufficient higher taxes.”
✓ “There will be a hard landing – a deep, protracted recession – on top of a severe financial crisis. As asset bubbles burst, debt-servicing ratios spike, and inflation-adjusted incomes fall across households, corporations, and governments, the economic crisis and the financial crash will feed on each other.”
✓ “Once the inflation genie gets out of the bottle – which is what will happen when central banks abandon the fight [i.e. interest-rate increases] in the face of the looming economic and financial crash – nominal and real borrowing costs will surge. The mother of all stagflationary debt crises can be postponed, not avoided.”
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Twitter, November 19. https://twitter.com/Nouriel/status/1593841338981974016
“Crypto[currencies] = Concealed, Corrupt, Criminals, Crooks, Con Men, Carnival-barkers, Cult, Crappy, @cz_binance = melting down pyramid scheme = collapsing Ponzi scheme = Mother Of All Bank Runs = collapsing House of Cards = Suckers’ Shitcoins Shitshow.”
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Project Syndicate, November 15
“Central banks are in both a stagflation trap and a debt trap. Amid negative aggregate supply shocks that reduce growth and increase inflation, they are damned if they do and damned if they don’t. If they increase interest rates enough to bring inflation down to 2%, they will cause a severe economic hard landing. And if they don’t – attempting instead to protect growth and jobs – they will be left increasingly far behind the curve, leading to a de-anchoring of inflation expectations and a wage-price spiral.”
“Most forward-looking indicators of economic activity in advanced economies point to a sharp slowdown that will grow even worse with monetary-policy tightening. A hard landing by year’s end should be regarded as the baseline scenario.”
“There are early signs that the Great Moderation has given way to the Great Stagflation, which will be characterized by instability and a confluence of slow-motion negative supply shocks.”
“U.S. and global equities have not yet fully priced in even a mild and short hard landing. Equities will fall by about 30% in a mild recession, and by 40% or more in the severe stagflationary debt crisis that I have predicted for the global economy.… The crisis is here.”
“Today, we face supply shocks in a context of much higher debt levels, implying that we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis.”
“Though the current global situation confronts us with many questions, there is no real riddle to solve. Things will get much worse before they get better.”"
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