'Default' Is A Decent Movie About The '97 Crisis

Just caught the Korean movie, 'Default' which looks back on the actions taken during the Asian Financial Crisis of 1997. The reviews of the movie were good but I found some of the plotlines irrelevant and complicated the story.

Some takeaways from the movie:

• crises will happen again and again. You have to be prepared - whether to exploit or just to stay afloat.
• the system is setup so that the rich get richer and the poor get poorer. This is explained when Korea chose not to declare bankruptcy but forgave the debt of their large corporations.

The movie highlighted the similarities between the AFC and the 2007 financial crisis. Lax lending leads to bad debts leads to crisis. Powerful people negotiate their own interests so that they are better off while sticking it to the ordinary guy who is left footing the bill.

Another interesting bit about the movie is that it seems to confirm what was written in 'Confessions of an Economic Hitman' about the IMF.

Overall, Default is more of a documentary-movie than the typical entertainment movie. Not much entertainment but it does set you thinking.