In Detroit factories have moved overseas to scoop up cheaper labour. Former assembly workers now freeze on the streets after losing their homes. These are the forgotten ghosts of an economic crisis.
More than 15,000 are homeless in the city. “There’s no work in Michigan… all you see is vacant houses,” explains one destitute resident. White papers in windows are a sign of eviction. Bored teens beat up the handicapped homeless. “People have been dying and it has become regular. They freeze. Its just a bunch of chaos, its sad, sad..”
Anton Verstakov (AV Productions)
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USA - Desperate Households
- 23 min 20 sec [9 June 2008]
This year, millions of homes in the US will be repossessed. Wall Street was aware of the risks involved with sub-prime lending but chose to ignore them. No ethics, just money- here is a story of greed and recklessness.
In California, the sub prime crisis has hit homeowners full on. Repossessions have become routine and the foreclosure rate is still accelerating. Neat façades and tidy gardens can’t prevent houses being sold for almost half of what they cost a year ago. Pressed for time and money, owners are torn out of their homes: ‘It’s like leaving your children’ says Rob. He is hoping the bank will accept a quick sale and forgive the loss, but this is unlikely. Most are made to wait until they default on repayment, which wrecks their credit record. Former bankers reveal how low interest rates were meant to boost the economy. Banks looked for ways to make profit despite low rates and chased high-risk mortgages that would pay 8 or 9%, ignoring the consequences for borrowers if prices fell and interest rates rose again: ‘There's no perception of the guy in some tiny little house in Detroit or in Philadelphia or in Stockton who basically might be losing their home.’ Now that the system has failed, banks are less ready to lend money and this impacts on the entire economy. Families lose their homes, businesses fail…Wall Street gambled and the world has to pay.
SBS
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Iraq - Iraq Developments
- 10 min 25 sec [9 June 2008]
Five years on from the invasion, progress in Iraq is slow. Sectarian clashes between the Sunnis and Shiites fuel instability. Can Iraq find the strength it needs to avoid an impending civil war?
“The country will collapse, the conditions of the country will get unstable,” says Iraqi soldier Hamed Mounahi. He feels America has failed to tackle militia groups by withholding military equipment. In the cities, improved security means shops can reopen; yet living conditions remain poor. A lack of education, fuel and food feeds crime. “Youths join the terrorists for small amounts of money and the country suffers,” says businessman Mounaf AlObeidi. Iran has often been accused of fuelling terrorism in the hope of dismantling democracy. “If Iraq falls into civil war, it will be a disaster for all countries because Iraq is a major country in this area,” counters Oraib al Rantawi.
AXIOM, Lennart Berggren
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Cambodia - Scambodia
- 19 min 33 sec [9 June 2008]
Mysterious Collapse of Angkor could hold Key to Civilisation’s Success
At its peak in the 12th century, the Angkor kingdom spread across Cambodia, Thailand, Burma, Laos and Vietnam. Angkor is the largest pre-industrial city known to man. So how did Angkor mysteriously disappear?
It was the size of modern LA, a masterpiece of civil engineering. Forests were stripped and rivers removed to make way for temples, palaces and markets. Then, in a development that has long perplexed archaeologists, Angkor suddenly vanished. Now a recent study by the University of Sydney is re-examining Angkor using radar remote-sensing data from NASA. As archaeologist Damien Evans explains, the team’s findings give a stark warning to Cambodia’s corrupt and greedy rulers, and to modern societies worldwide. ‘We are facing similar issues’, says Evans, ‘The same mistakes are being repeated today’.
ABC Australia
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Afghanistan - A Survivor's Tale
- 23 min 45 sec [9 June 2008]
Internationally acclaimed Photographer Stephen Dupont narrowly escaped a suicide blast in Afghanistan. After 20 years of recording the plight of others, he was now turning the lens on himself.
Just after the explosion, Dupont pulled out his camera and began capturing the chaos. He filmed himself, blood running down his face, as he searched for his lost colleague, not knowing if he was dead or alive. With such media-targeted attacks increasing, what will happen if journalists stop covering conflict-zones? “We wont be able to bring back the message or tell both sides of the story…there’ll be no story to cover".
Stephen Dupont
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