Swedish economic historian Johan Norberg walks through the wreckage of the 2008 crash, from foreclosed subdivisions to the ruins of Iceland's banking sector, arguing that the crisis was not a failure of free markets but a failure of decades of government intervention. He traces the story back to Alan Greenspan's low interest rates, the political push to expand mortgage lending through Fannie Mae and Freddie Mac, and the moral hazard created when banks learned that losses would always be socialized. Economists and policy figures appear on camera to defend and dispute this reading, and archival news footage tracks the bailouts, bank runs, and stock collapses as they happened in real time. Norberg's real target is what came after the crash: bigger bailouts, more debt, and government guarantees that he argues have only made the financial system more fragile than it was in 2007. The film's warning is blunt, that the next crisis is already being built by the response to the last one.