Bought the book it's a very interesting read, more people need to know about the sound theory behind these ideas & the fact that we are being conned all the time by government & MSM over the ideology of austerity & a self-serving political agenda.
I had the pleasure of meeting Ann, bizarrely and coincidentally, in the bedding department of John Lewis Oxford Street last year. I complemented her on these excellent RU-vid vids. I think she was quite flattered. :)
@@jonatkinsonriver1 maybe you do not know what is an exponential function. If an economy is growing every year for the same percentage ( or you have some money in the bank and you have fixed interest), for instance what economist preferred to be good growth 3 %, that is the exponential growth: mathbitsnotebook.com/Algebra1/FunctionGraphs/FNGTypeExponential.html
With are due respect lady, you are not making much sense, how is it possible to just have "jobs", oh someone goes lets give some jobs out, who wants one? What are they going to do?who is going to pay them.???? Oil is the fuel of the modern economy, all the wars over the last 100 years have been related to oil. No-one really knows how long its going to last, if it ran out tomorrow, we are all fucked, every economy in the world. We do not have the current technology to replace it, battery technology is , and will be for the forcible future be the major limitation. So to apply your cure all , give people jobs, how is that going to help current battery technology giving people random jobs, even if they were all given orders to help make a better battery, not one would be able to contribute. Isn't it better to address the issue rather than the consequences?
Banks love to lend because they accumulate more of your hard earned money through interest. Another issue.... High rent rises means that eventually the housing market markets will not make profits. Investments are good in one sense but there are no guarantees in huge profits either. As for climate change its actually a natural phenomena. Co2 is what trees need to sustain the carbon balance. Manufactored pollution is the biggest problem facing humanity. That's where the issues lie and that is what the focus should be on.
I am just about finished reading Ann Pettifor's book. I concur with much of her analysis; however, my own study of economic history raises questions regarding her conclusions that all would have been well if only governments had paid closer attention to the monetary system management measures championed by Keynes. She uses the term "rentier" to apply to financial players in the economic system, which has the unfortunate effect of shifting attention and responsibility from landed interests as a primary driver of income and wealth redistribution. One can reasonably ask whether the power of financial speculators and banking interests would be anything like that we now experience IF rents from all sources were publicly collected and taxes on earned income, on capital goods and on commerce were eliminated. As Henry George explained in the late 19th century, the public collection of rents is not actually taxation; it is a charge for benefits received. Where locations in our towns and cities are concerned, all have some potential annual rental value based on a combination of population density and the quality of publicly-provided infrastructure and amenities. Failure to publicly collect this value leaves to the holder of the location an imputed income stream (or an actual income stream if the location is leased to another party). Market forces capitalize this income stream into a selling price. If the community collects the location rental value, there is nothing to be capitalized. Land prices fall to zero or near to zero. Thus, any individual or business seeking to acquire a location for housing or a building in which to operate would not need to borrow to pay for land. This savings would channel its way through the entire economy, with far less borrowing required in order to bring about productive economic activity. Edward J. Dodson, Director School of Cooperative Individualism www.cooperative-individualism.org
Ive just seen her on sky news saying that a global recession is going to happen because government borrowing is too high. But she is here on this video saying governments should borrow and spend more. Shes a keynesian and dosnt care about balancing the books. and reckless government borrowing and spending is fine until an economic recession where the government then struggles to fund it debt repayments. We need to make sure government spending is in check for when the next crises happens or we will have ever worse austerity than what we have recently have had and it could even see the end of the NHS. If crackpot Mcdonnel and Corbyn get to power we are totally screwed.
Pettifor's main basis of argument is based on faulty assumptions and a misunderstanding of what a gold standard atually is. She has stated previously that " if our monetary system as based on gold we would have to restrict the amount of activity in the economy to the amount of gold in the vaults of the banks." Totally wrong and illustrated as wrong by historical facts. The was no restriction of the amount of activity in the economy when there was a gold standard in most countries and certainly not in the developed countries. Just look at the developments in the first half of the 20th century and after WW2. One has to ask why her belief surfaces to result in in this misconception. I believe the most likely explanation is what commonly is thought about commodity based standards. It's because people and many economists often look at the demand supply mechanism and draw conclusions from it instead of looking at the demand, supply, price mechanism. Nothing in the economy is a matter of demand and supply . Everything is a matter of Demand, Supply, Price. That is the belief that a certain amount of the commodity is required to equate to a certain amount of production. This totally ignores the fact that the tradable value (a relative price) of the commodity changes with an increase of production just as the tradable value of food such as grain changes with an increase or decrease of availability and goes up in a time of dropped production and down in a time of increased production. You can trade fewer carrots to get the same amount of grain if grain is plentiful and get less grain for the same amount of carrots if grain is scarce. These adjustments in the relationship between products and even between money take place al the time. For money we see that in the fluctuating exchange rates and for goods we see that in varying price changes.
