ความมั่นคงทางการเงินหรือการขาดแคลนดังกล่าว นักคิดชั้นนำพูดถึงสิ่งที่พวกเขารู้สึกว่าเป็นหัวใจสำคัญของปัญหา เนื้อเรื่อง: Joseph Stiglitz, Gillian Tett, David Tuckett, Stephen Kinsella, John Kay, David Weinstein, Steve Keen และ Dirk Bezemer .
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Financial Instability Mini-Documentary
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Financial Instability Mini-Documentary
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ดูวิธีการทำเงินออนไลน์ล่าสุดทั้งหมด: ดูเพิ่มเติมที่นี่
ดูวิธีการทำเงินออนไลน์ล่าสุดทั้งหมด: ดูเพิ่มเติมที่นี่
Credit is saying I'll pay with money I haven't made yet in the course of months or years..u got a crystal ball to know if you will be employed that long?
A brilliant and succinct right wing wrecking crew economic theory expose…
4:56 – "Credit and debt comes out of nothing".
John Blatt showed in 1983 in his book "Dynamic Economic Systems" that a model of a very simple economy (specifically one without private debt) where the entire output of the previous period is available as productive inputs in the current period and all will actually be used for that (i.e. market clearing) could move further from equilibrium if set-up at a position only close to rather than actually at equilibrium.
"Money and goods in my possession is the only thing with value. "
Money exists as a form of credit in most economies– notice how the value of fiat money or currencies can go to zero when an economy implodes.
Check out Steve Keen's lectures on endogenous money creation. Commercial banks can create money out of thin air without the FED. In fact, banks have been creating money since 1500AD – long before central banks existed.
Surely confidence is simply a function of the recent state of the economic cycle, like credit it exaggerates the booms and busts?
Tell people you're going to slash and burn scorch earth the economy with austerity when they've got a heavily debt and un/employment constrained budget is like hang, draw and quartering the confidence faerie.
The people in this video are totally and I mean totally lost. Economics tends toward equilibrium. It may never reach an equilibrium, but will always be moving towards an equilibrium. The problem is the FRAUDULENT fractional reserve banking system (read the "mystery of banking" free online). It is not deregulation that is the problem,, but deregulation in a world where the government (through deposit insurance) guaranteed that you privatize the gains and socialize the losses
"…a credit crisis is always preceded by deregulation…" 5:56
Maybe it is regulation that is the problem. It seems that the government has regulated and allowed the FED to create money. In someways it seems that classical economics makes perfect sense on a broad scale and x does mark a general area not the spot. They did make a good point that the chasing of equilibrium is continuous when the money supply and credit continually increase. We need to continue the talk of why we support a private monetary cartel that contributes to reckless behavior?
A strikingly significant little article from McLuhan writing in the NY Times, 1974. Focussing on the desire for, and necessity of, 'play', and an emphasis on 'the interval' in an electrified market, whipping out all old practices and disciplines, in favour a tendency towards playing the market for sport. A firm description of 'modern' financial behaviours. Highly recommended read:
Google: McLuhan economics – Second link down
I was ranting this sort of theory to my economist friend seven years ago when he was taking accounting economics in college. He kept on that supply demand is really the only driving force and even my Cabinetmaker brain knew better. I asked what about credit then? His answer this is a product of profit from demand over supply. My response…bullshit!
Thank you for the recommendation – I have yes. Keen is significant because he does present concrete proposals, not just soft rhetoric and general complaint. A general austere tone I find can be more satisfying than heavily soundtracked documentaries, even if you are ironically not proposing austerity.
Australia public debt is *tiny* compared to our private debt – that is the real problem.
Australia's private debt level is now at 150% of GDP. Most of the debt comes from our massive housing bubble. Our crash is going to be bigger than the USA's.
There were lots of bubbles under the gold standard. Banks have been creating money out of thin air since 1500. Look up endogenous money creation.
That is why the gold standard was such a stupid idea. It allowed the banks to create money but not the government. A gold standard can only work if the government forbids endogenous money creation and you have a 100% reserve banking system.
Our modern era Capitalism is founded on the act of loading a bunch of guns in ships crewed with desperate men, sailing to the other side of the globe, hiring out as mercenaries while doing recon, then pirating all the spices you can fit in your hold and sailing home. Calculated murder goes to the profit column with mutiny and shipwreck to loses. The system is: Planned Exploitation with Risk glorified. This is the foundation of our economy, best when abstracted into probabilistic modeling.
There is a very… sentimental tone to this video… When I hear Jim Rogers I am amused by this sort of 'clown of the classical american orthodoxy' coming at me with "let the banks fail!". I switch to this video in the hope to find an alternative to contrast that Protestant ethic (in the Weberian sense). What I find is not all that satisfying… They favour an holistic/ecological approach, covering all areas of study.. To build a better model? Would it be better to describe rather than explain?
It's simple: From 1980-2007 1) Productivity has grown (due technology and globalisation) 2) Real wages remained flat for workers 3) Credit was extended to workers to maintain/grow demand 4) Credit growth led to riskier asset speculation and synchronous housing bubbles around world 5) Asset prices dropped, debts remain the same, which chokes off demand 6) Neoclassical economics looks at 1) and thinks there's no way someone could not judge their appropriate debt levels for thirty years.
If you go far enough to the left, you end up in "Austria". Hyman Minsky was close.
i agree with most comments that problems are due to corrupt governments, crony capitalism and fradulent regulation. but they are economists, (as am I) and they said they need to step out ot their boxes…
i like that they said it's one big ponzi scheme… because it is, whole world economy, every single one involving credit.
why? credit, or money creation should be reserved for people, not private banks… allow me to open a bank with 100 $ deposit, in a year I'll make at least a 1.000.000 $
Excellent.
so I guess education is part of it.
ad? this is no advertisement, the video suggests that the economic models of some work on an economy that does not account for debt/credit, or how/way it is created.
None of them mentioned "confidence". In fact, I believe confidence drives everything in economics. Asset prices, inflation, demands, investments. The banking system is appraised by confidence. What is marked-to-model but confidence. What is wallstreet but confidence (or lack of). How do you model confidence? You can't, that is why no one can accurately predict tomorrow. Economics is all forward looking. If there was another 911 event, the market will crash. How can you model that?
Fantastic. I wish videos like this would go viral instead of the "Hayek vs Keynes" crap