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Money was flowing out
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The Spider's Web: Britain's Second Empire

Money was flowing out, and this decreased the value of the pound

Money was flowing out, and this decreased the value of the pound

Full Transcript

00:00:01.000 --> 00:00:02.828
Money was flowing out,
00:00:02.828 --> 00:00:06.337
and this decreased the value of the pound.
Duration
7 seconds
Views
33
Timestamp in Movie
00:41:04
Uploaded
Oct 30, 2025
Genres
documentary
Production
N/A

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Movie Summary

How Britain transformed from an imperial power to a financial power.
Britain realized that it too could support the value - The Spider's Web: Britain's Second Empire 00:12
Britain realized that it too could support the value
But just as in the United States, - The Spider's Web: Britain's Second Empire 00:07
But just as in the United States,
- The British banks today, just as in the 19th century, - The Spider's Web: Britain's Second Empire 00:09
- The British banks today, just as in the 19th century,
They put their money into real estate speculation, - The Spider's Web: Britain's Second Empire 00:09
They put their money into real estate speculation,
So the financialization - The Spider's Web: Britain's Second Empire 00:26
So the financialization
- [Narrator] With the silent backing of the United States, - The Spider's Web: Britain's Second Empire 00:08
- [Narrator] With the silent backing of the United States,
And before long, the offshore system developed - The Spider's Web: Britain's Second Empire 00:09
And before long, the offshore system developed
Few were aware how this market functioned. - The Spider's Web: Britain's Second Empire 00:06
Few were aware how this market functioned.
In 1986, economist John Christensen - The Spider's Web: Britain's Second Empire 00:08
In 1986, economist John Christensen
He applied for a position at the Jersey office - The Spider's Web: Britain's Second Empire 00:07
He applied for a position at the Jersey office
- At Deloitte Touche, I was working - The Spider's Web: Britain's Second Empire 00:09
- At Deloitte Touche, I was working
I went offshore specifically to work in that area, - The Spider's Web: Britain's Second Empire 00:12
I went offshore specifically to work in that area,
That way, I could see, from working - The Spider's Web: Britain's Second Empire 00:11
That way, I could see, from working
I had complete access to all the client files. - The Spider's Web: Britain's Second Empire 00:06
I had complete access to all the client files.
And over the course of my period of working - The Spider's Web: Britain's Second Empire 00:13
And over the course of my period of working
There was some insider traders, some market rigging, - The Spider's Web: Britain's Second Empire 00:17
There was some insider traders, some market rigging,
This is what the clients were doing. - The Spider's Web: Britain's Second Empire 00:05
This is what the clients were doing.
(solemn music) - The Spider's Web: Britain's Second Empire 00:13
(solemn music)
They were all involved in some kind of tax dodging or worse. - The Spider's Web: Britain's Second Empire 00:06
They were all involved in some kind of tax dodging or worse.
- I met with Carl Levin, who used to be my senator. - The Spider's Web: Britain's Second Empire 00:07
- I met with Carl Levin, who used to be my senator.