really good interview....it's demeaning and trivializing when the national economy is infantalized for propaganda purposes......the economy of state bears no resemblance too a given "household economy"!!! The ability of a nation to wield it's currency as a function of debt creates the ability for the governing body to meet it's responsibilities. National debt is an important aspect of civil society.
Venezuela is the perfect example of a extreme spendrift state which simply went broker and will take decades to recover a semblance of what used to be...
Reader, how much of every dollar/pound/unit that you pay in taxes goes to Debt Payment? It is a line item in your Gov't budget. For me, it was 25% in 1992. Canada paid off debt in the 90's and dropped that to 12.5%. Do you know what that did? Increased spending LONG TERM. This man is feeding you bs, because he owns bank stock. You do realize that all of that Debt Payment goes to banks, right? Yes you pay taxes to banks because the loans politicians took to buy your parents' votes were NEVER PAID OFF. This liar wants you to give more of your taxes to banks so he wkll reap bigger dividends. Listen to him so you can grow poorer while gets richer.
This "expert" is the naive one. Those in the UK are experience austerity now, because of the consequence of governments actions, lock-downs and "stimulus" spending. The growth of government necessarily leads to increasing austerity, or, more accurately, poverty.
The idea that the people promoting this were suffering from 'naivete' certainly trips my bullshit detector 🤷 ("Oops, we fucked everyone but ourselves (again)" is something that we've gotten pretty tired of hearing, over and over, from our Wall Street overlords🖕)
Apart from an increase in the death rate, austerity is also responsible for a general decrease in life expectancy, increased adult and childhood poverty, the latter producing decrements in educational attainment, health and occupational attainment.
Basically he's banging on like the aging alcoholic in the pub corner about "austerity economics" something that hasn't existed since the great depression.
The only people who agreed with Steve here were the Corbyn led Labour Party who got hammered by The Institution with lies and more lies bringing down the last sliver of hope in UK
Italian total debt is running at...wait for it...666.2% of GDP. Government debt stands at a whopping 2.766 trillion euros and rising. Given the current global stagnation and possible downturn, Italy can cause an existential crisis for the Euro and the European Central Bank.
We have severe global problem with inflation caused by printing and spending billions by the governments. 2023 will be the year of record inflation and probably out of control. The great reset is coming
I do think he is making the same mistake many other economists make and that is to treat everyone as middle class. While actually you have lower class being the majority and upper class having the majority of the wealth. So the people having the wealth of the economy and the people spending and producing the wealth are not the same ones.
The government produces a singular product, currency. To create demand for currency, it mandates taxes and government fees in that currency. This is the linchpin for the economy function. There is more to this but suffice it to say, the average household and businesses cannot create currency.
Ik I’m late but - isn’t the congressional budget just a part of the money creation? What about credit created by private banks and the money eventually made for that?
MMT without the world's reserve currency sounds really, really stupid. According to him, growth only happens with liquidity injections from foreign governments.
If you think they have austerity for economic reasons they, and you, are naive. But austerity is really a political decision to stabilise the ruling capitalist class by weakening the wealth and strength of the popular classes.
Increased death rate is if no concern to nit using austerity proposer . Not transfering this your debt by transferring this yo your child . And his her friends. Pay your debts here and international. And been austere is a faster better way to stop overconsumption so all can be happy aleive that is helping . Nit genocide by a AI system thst finds iits ability to killl in offices family using mobiled not officese switched in but by switching off your monolied and cou . If your there and any family member there is no need for a comms device . The human us, is beside you and talk there , if yourslone for 6hiurs call s friend . The overeating drives a high master exterminatio software , that is estyjwufe where computer is used . The taxation is the system most relied to correct. In the mean time get quickly via waters to your right weight fir height ,. The nhs chart and teams can help you.
If the only alternatives to keep the money supply growing to match the economic turnover are for either the citizens or the government to go into debt, it has to be the government because they can expand the money supply to pay for the most reasonably priced borrowing. But it doesn't make sense for the government to be paying to borrow money at all, when they can just make it for free. There simply have to be effective curbs on the money printing to make it match, without exceeding, the needs of the economy. Putting the banks in charge of regulating the money supply creates a perverse incentive to enrich insiders in the short term, at the expense of economic stability in the long term.
Read : Debt and Investment in the Keen Model: a Reappraisal of Modeling Minsky. His model is wrong, profits go negative this is never heard of and it is necessary to his crisis.
These fools always try to reason their theory in a closed system (domestic only). The us economy participated in a global system, the country needs to be competitive.....i.e. running surpluses. Also the government takes money from me every year (in taxes) this guys arguments are naive. I think kindergartners could explain economics better than these fools.....
3:00 they take the money out of people's bank accounts anyway. Running a deficit means they tax through inflation rather than upfront. Inflation is a tax on the poor and it drives wealth inequality. 5:00 the alternative is to have the poor get poorer and the poor increase in number through inflation. 6:00 private debt has run high on the economic policies which you're advocating. Why should we think more of the same is a solution.
We can also shrink the private debt (to GDP ratio) by letting companies and private households go bankrupt. Schumpeter, creative destruction. Instead he wants to zombify whole economies? No, thanks.
Simpleton thinking by Steve Keen with his idea that a government surplus reduces savings in the private sector. Why ? Because Keen does not know the difference between savings and sectoral balance changes. Savings and balance changes between one sector and another are two entirely separate things. Savings in the private sector Only come people spending less than they a earn. If savings resulted from government deficits then the level of private debt would have decreased over the past ten years of net budget deficits and not increased as it has. The reality is deficits in the government budget are a tax burden that the private sector is forced to pay since the deficits are funded by government borrowing and eventually the bonds they sell to fund deficits mature and have to be paid out by the taxpayer.
Drza Austin i don’t understand why government spending is “good” better not tax the people and let them spend in the economy for what they really need.
Sing loudly drinking housing scheme cider with speakers on BIG BASS Boom THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!! THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!!THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!! ,.REPEAT AND AD LIB TO FADE?
Sing loudly drinking housing scheme cider with speakers on BIG BASS Boom THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!! THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!!THE GIRO,S ,.......THE GIROS.......,.BETTER CASH IT BEFORE IT AUSTERITLY EXPIRO,S TORIES DONT CARE ABOUT THE GLASSCHEQUE BRASSNECKS ,AS LONG AS THEY GET THEIR?,......GIRO CHEQUES!!!!!!!!!!! ,.REPEAT AND AD LIB TO FADE?
Maintain de capital structure and allocate ressource to create sustenable growth, also called inovation, after that the economy can grow rapidly because it use ressources more efficiently and it grow more rapidly than the debt
@@felixbonneau1834 Who's more efficient at allocating resources and innovation; private entrepreneurs and capitalists or political bureaucrats? Both philosophically and historically speaking.
@@dankghoul1438 well, basic research is the foundation for innovation. Even the super rich pharmaceutic industry has a large public funding on drug approvals in the USA, for example. www.ncbi.nlm.nih.gov/pmc/articles/PMC5878010/
Eh, if we circulated it better it’d be fine. You’re quite correct though, the fact people can hoard physical money generation to generation can eventually cause issues.
If you think about it though, the whole world lives on buying and selling debt. It's a huge clusterfuck but you eventually realise that by being stationary, you fall behind. The way to rise is to borrow. And invest in order to be able to lend money to others and collect
Money is gold and is real. Computer credits are not money and are not real. Computer credits and debt are a form of Communism, placing payments in the future, not now, not real. Booms based on fraud and lies, fake computer credits, faith based hope, can never sustain reality. Facebook, Amazon, Netflix, Google, Wall Street are not real. It's all fake.
