This channel features records of seminars, panel discussions and debates organised by the Cambridge Society for Economic Pluralism (CSEP) .
CSEP is run by a dedicated group of students united by the belief that progress in the discipline of economics will be driven by an increasingly interdisciplinary approach and a pluralist platform in the 21st century. CSEP aims to enrich the understanding of economic thought within the Cambridge community and promote alternative views on conventional economic thought as well as current affairs in an innovative discussion format.
This is bizarre. You need a Phd to understand that the Fed kept interest rates artificially low during this decade in order to keep the stock market and the economy afloat. Inflation is still happening despite the Feds efforts to "control" it.
You do know that this is Marxism? The same politics and economic theory that has ravage China, USSR, Venezuela etc. It's amazing how little people learn from history.
Omfg did this mf just quote Marx? I am hearing a whole lot of excuses for top down control of investment. This is all fear mongering of the unknown. You cannot simply will technological advancement into being by just throwing money at it. There has been minimal development in solar/wind etc despite the massive amounts of money thrown at the industry. The reason? Government picks the winners. Nuclear is the answer and yet we are wasting our time on these inflexible sources of energy. Why are we doing this? The fossil fuel industry knows they will always be needed as backup with the current green energy model. So they throw funding at the r3t@rd politicians who follow the laser pointer.
Who are you screaming at and why? He mentioned Marx because it was relevant to what was being discussed. Have you heard of "The Devil!" OmG Satan is mentioned in the bible!?!? Why is SaTan being mentioned!?!? That's your reaction? You seem like a reasonable person so I am going to help you with your frustrations. Look up these stock tickers using Google or whatever you prefer to use. NLR, GRID, URA. These are power companies that you and everyone else can currently invest in on the stock market. There are more. Want Wind Power? WNDY and FAN are wind power ETFs. Sorry, what were you screeching about government funding being wasted on useless projects? The government is not funding these. Your beloved free market economy is. These are groups of publicly listed companies listed on the stock exchange. Any other pointless things you obviously know nothing about that you want to yell about? Calm down and verify your assumptions before trying to attack people when you're clearly clueless about the subject. The guy you're screaming about is actually incredibly knowledgeable about economics. You might learn something from him if you're willing to stop getting triggered by things you are absurdly wrong and upset about. Have a great weekend
I agree , measurements are wacko. Canada is considered a rich country as an example but it's a shithole from coast to coast , rubbish and depressing construction that looks worse than 3rd world.
Coming back to this in July 2024. MMT was right again and the Fed wrong. There was no recession, unemployment stays low, no drop in consumption even. There was very little pain... and yet inflation has been low and stable (3-3.5%) for a year now. Inflation expectations are falling, and as of July 2024 the Fed is discussing a rate CUT this year. I suppose some could argue the Fed rate hike staved off bad times/they got it just right and maybe but given everything else Wray said....seems he was prob right about it not being necessary at all.
The most dangerous thing here is that this word salad convoluted half thinking sounds logical enough to fool people who don't know better. These ideas don't stack up against, history or reality. At its core it's another swing and the socialism / communism argument of government control over key elements of life and production. NEVER in the history of anything has that ended well. This theory has so many holes and flaws it's hard to even know where to begin. Please... If you listen to this go listen to Mises or Austrian economic theories to get a different view. It'll be clear how little sense MMT makes once other economic theories are explained.
Agreed. It is totally confused set of ideas that when scrutinised conflict with each other and are in denial of the historical facts. These MMT pushers just can't accept historical facts or even present realities as explained by the very institutions who create new money.
Your criticism would be more useful if you’re able to identify specific topics that he discussed in this talk and then explain how his interpretation of those topics is factually or conceptually incorrect. Just stating on the whole that some theory has so many holes and flaws without identifying any is not helpful for any discussion.
Just because you don't understand it doesn't mean it's complicated. I will explain this incredibly basically. Fiat means faith or by decree right? You don't need gold when you have faith or are operating by decree right? Even the Bible makes these claims clearly. So this is not a new assumption. The dollar serves as the thing everyone is placing their faith in. As long as the world needs dollars, the United States can't run out of money because it will remain in demand globally. Do you understand now? It's supply and demand based on the assumption that people prefer stability and comfort over chaos and anarchy. We don't need a gold standard because we have global trade which requires dollars to function. If that collapses then your dollars being worthless would be the least of your concerns. The dollar has intrinsic value. It keeps the world from collapsing. That's as intrinsic as you can possibly get. That's MMT. Gold will not be able to replace that for multiple reasons that have been proven by history. The United States functions around ensuring the rest of the world continues to accept dollars. This has been demonstrated by using the carrot and the stick for decades now. Why do you think our military is so large and spread all over the globe? This has been commonly understood knowledge since Smedley Butler. This isn't new. This is how the world functions and will for the foreseeable future. These things were understood before the dollar became the global currency. "War is a racket" is about specifically this and that was before WW2. Gold doesn't work. Free trade and the military ensuring free trade continues do work.
@@ThatonedudeCR12956 Firstly You just can't expect people to follow what you say without evidence yet you have not provided any. You have just parroted what someone told you without examination of the facts. Your explanation that FIAT is a decree does not put any value into the money. You have provided No evidence to support that view and nobody else including Mosler, Kelton, Randall Wray or other MMTers have not. The fact is the evidence that it does not is clear to any rational person who looks at the historical evidence of fiat money which failed to have any value at all despite it being fiat money. E.G. Zimbabwe, the Weir republic , Hungary. All of those countries were able to supply more money but their money became worthless. Fiat money that was worthless is common enough in history tp show you are wrong. You would be extremely foolish to argue against historical fact without any other overriding facts from that time. Where is your evidence? Where is intrinsic value in fiat money ? There is none and if it was possible anyone could create valuable money by decreeing it to be worth something. You say it was so but fail to acknowledge that other currencies have been world reserve currencies and lost that status because they could not provide enough backing in gold or precious metals just as the U.S. dollar gained world reserve status because England with the pound did not provide enough backing in gold to hold its status as a world reserve currency during the 1944 Bretton Woods agreement so the U.S. dollar was chosen from that very reason with its agreement to back the money with gold. You can see that very guarantee to exchange the money for gold on the old U.S. dollar notes.
If we continue on this course, the interest on the debt will exceed revenues. When we have to deal with the consequences of that, I wonder what MMT advocates will say.
@@acgrizzle7530 Totally wrong. All of the debt has to be paid back because it is treasury securities that funded it and they all mature in time. If they didn't mature then nobodoy would have bought them as an investment.
Ironically, had Biden continued with Trump's plan of building the Keystone pipeline, it would have fit right into MMT. The reason is that Keystone would have created high paying jobs and resolved the supply side inflation caused by oil supply line disruptions. In addition, parts of the oil pipeline can be fed underground meaning that you can achieve dual land use unlike that of wind and solar farms.
The anecdote what he said about the 1st korean president Lee is one of the most well known fake news about him. It is disappointong that a reputable scholar like Chang still habitually use the anecdote in public speech all the time without a doubt.
Having watched all this I dont think the idea that you just spend what you like is reasonable I would change the idea though to roughly 1: Governments should have debts as the counter is the private sector has credits which is good 2: This figure might be sustainable up to maybe 300% of GDP there is some upper limit but its a bit fuzzy 3: You can't go from 100% debt to 300% overnight it would take decades (least you want a collapse) so yeah maybe the government could run a 5% nominal deficit for 50 years in a growth environment of 2% taking debt from 100% of GDP to 250% However I don't think the above which is more reasonable turns people on as it says your normal deficit spending of 3% maybe you can up it to 5% as that additional 2% isn't really life changing in the way some people hope MMT means you could run 10% deficits
Unemployment is close to zero The headline Unemployment includes people who are very temporarily unemployed So in the US or UK when you see Unemployment is 4% what that should day is. Thise who have been unemployed from 1 day to 6 months is 4% If you look at the more reasonable measure which is employment percentage for those unemployed for 6+ months the figure is around 1% That is to say the MAJORITY of Unemployment are those moving between jobs so even if someone is unemployed for just 2 weeks they show up in that 4% unemployed It's like a bath tub 4% is the water level Every day some people lose their jobs that is the tap filling up the bath tub And every day some unemployed get jobs that is like the plug reducing the water level
is the intro song chosen in order to set the tone of the talk? because in a way the world has been all topsy-turvy in the recent years, everything is going kind of "gangnam-style" ;-)
While I am very unhappy about the genocide in Palestine, I don't think it's intentional. It's just not in his wheelhouse. In a sense, the Israeli occupation is a problem of the past, it's just a form of "traditional" colonialism. I don't think there is much to discuss about it from the economic perspective or from a perspective of a recent change.
How can Wray start a lecture on "Money Theory" without first defining "money?" Wray's final comments about the dangers of private finance scare the hell out of me. He does not understand how private finance should work in order to make valid criticisms of the existing system. He wants to substitute nationalized (legalized) counterfeiting for Bank counterfeiting. He does not understand the problems caused by fractional reserve banking and monetary expansion (whatever the source.) His proposals would decimate the market if fully implemented. Scary stuff.
Inflation is the imposition of liabilities on society by those with the power to set and/or raise prices. It requires an ever-increasing transfer of assets from members of society to those who impose the liabilities and set the prices. When central banks signal the private banks to raise interest rates additional liabilities are imposed on society and more assets are transferred to those setting the higher interest rates. Thus in addition to the factors fuelling inflation, the means of combatting it ALSO actually increase both inflation and inequality because you facilitate the transfer of wealth to those able to set higher prices and interest rates. Society then has to find a way to meet the two sets of additional liabilities which is easy for those receiving the assets but not for those on fixed incomes or lower wages. They have no trouble meeting the higher liabilities because they have our assets available. There is no rule or law that says prices must go up when supply is diminished and demand remains the same or even climbs. We used to call that profiteering.
Chick is like her books are written. Thats fine and not surprising. Stockhammer is often terribly wrong. => You need no financial markets ( in certain models) bc there is no uncertainty and therefore no need to hold any money. What? So the only reason to hold money is uncertainty?? Sorry, but Nooo!
