It does matter who's in government, not so much in the short-term, but if Americans can consistently elect people who are financially responsible and not corrupt, then we can turn this trend around. It will take a long time and Americans aren't known for electing financially educated people into office so it's more likely America will simply collapse under the weight of the stupidity of its people while politicians launder all the money they can through pet projects and wars.
It's a bit annoying and unfortunate. When i was born, the national debt was $2,150 per person. Now it's over $100,000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.
@@Rachadrian Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my Financial advisor are working on a 7 figure ballpark goal, tho this could take till 2025
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
Finding financial advisors like “Sophia Maurine Lanting” who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
As the election has ended it is important to examine the potential impacts of policy modifications on market expansion. Election results can impact the performance of industries, create market volatility, and necessitate adjusting your investment strategy in light of potential constitutional amendments.
In addition, unemployment might rise and the economy could get tougher before Trump's take over, but there are still good investment opportunities right now. My $120k portfolio grew by 60% over the last four months by investing in volatile sectors
I use market research tools, stay up to date on financial news, and interact with my financial advisor on a daily basis. She helps me navigate the market.
Rustbelt resident, son of rustbelt parents, here. Factory towns sprang up out of nowhere, boomed, then deteriorated as the factories moved to other areas, often within the US, or China. Now those towns are left to figure out what to do next. Some have succeeded, like where I live in Pittsburgh, at remaking themselves in new industries. So it is with individuals. In the US, it is relatively easy to get a job, but it is also easy to get laid off. As a software developer and engineer, I had numerous colleagues who started working in a factory, lost their job, retrained, and found a job working with software. Sadly, some of them did not accept that you must continuously upgrade and enhance your skills if you want to remain employed - they eventually were laid off again. The ones that did continue to learn had successful careers. This is how the game is structured. I didn’t set up the rules, and I can’t change them.
Same thing here in Australia. Australians should be the richest people in the world thanks to all the export minerals, instead they've all ended up the most indebted people on the planet due to mortgages to buy a home. In the lowest densely populated country on the planet. It's astounding how govt and the finance sector stole the lot.
same in Canada which was built on resources but with Liberal policies trying to compete in tech and manufacturing which is ridiculous. Housing prices have gone up 20X since the 80's insane.
I thought I was going to hate this guy... man was I wrong. He nailed it! Yes, I know who he is, but had heard his views through 3rd parties never directly from him. Respect! Thank you!❤😂
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
My CFA Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
I lived in a small town in the rust belt and it used to have no less than a fluorescent lamp plant, an engine plant, a foundry, a glassworks, a vacuum tube plant, a gasworks, a picture tube plant, multiple food processing, plants, sawmills, pulp mills, multiple machine shops, and a 400 megawatt coal burning power station.
Thank those elected to what is right and good for you, me and our country for letting AMERICAN JOBS be shipped off to China for lower labor cost. The price went up, the rich opened another bank account and Dad n Jr carpool to their jobs at Mickey D's. The quality took a crap too, so you can buy another 6 months later. And it was just a handful of insanely rich. Labor is a burden to the profit margin and bone us money, not the ones who get the job done so the $ come in.
@@ProxyAuthenticationRequired It is not the want to return to the Model T, it is the want for American products before China was let into the World Trade Organization at which time 50,000 AMERICAN JOBS started going to China. Thank those you pulled the party lever to send the same fools back to the hill to rape America for a few $$ more.
I think the rust belt was booming because everyone in the world had to buy American after the European destruction of world war 2. I don’t think you can fix the rust belt. Other countries cars are better anyway
The arch HERO of the battered and broken sector (the MAJORITY of us) will lie about ANYTHING if it keeps the hero in his MASTER role. He counts on our ignorance and credulity. He's the best example of it so why not? These days are the poster child for a TRAUMATIZED CULTURE which is degenerate dying ameri***a. We will now get what "we" deserve. Hitler is having fun laughing at us from his deep hole...and getting ALIVE again.
Well he gave that Corp tax to the 1 percent of the wealthiest Americans and contributed 7trillion dollars in debt plus a welfare check to the farmers and their u are!
@@bonniebluebell5940 with the amount of sheer stupidity of the people in the states that voted for Trump, I honestly don’t think that is possible. You have the population of entire states *That Cannot Read beyond a fourth grade level* and their math skills are even worse
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2024. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
Gold and Silver are often seen as a safe-haven asset that can protect against inflation and economic uncertainty. But like any investment, it carries risks. To determine if gold is the right investment option for you, an investment advisor can help you weigh the potential benefits and risks of investing in gold. They can also help you create a well-diversified portfolio that includes gold as part of a broader investment strategy. An investment advisor can help you decide how much of your portfolio should be allocated to gold and select other investments that can complement your gold holdings.
Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@annbritton1714 businesses pay taxes, one reason why small businesses struggle. Paying employment taxes can cripple small businesses, if they have to pay state taxes, it's an extra strain.
@@AcmePotatoPackingPocatello Oh how wrong this statement is. The legislation was crafted TOTALLY by Newt Gingrich and the REPUBLICAN House of Representative's. Clinton DID sign it, but just like any bills at that time, it had at least some bi-partisan elements in it.
@@AcmePotatoPackingPocatello - NO, Bill Clinton was pressured by Newt Gingrich and his "Contract with America" to deregulate and Bill could only get his agenda passed if he agreed to support 'De-Regulation'. Look at the candidates, who is always talking about 'the gov't is the problem' Reagan, 'GOP - Get rid of red tape, gov't regulations' Elon Musk.
The even bigger problem is what happened in 1971, there’s a particular graph where productive jobs and financial sector jobs wages were aligned… until they weren’t… and the divergence *just so happens* to begin with when a certain economic decision was taken.
Over 50 years of a Republican finance plan, initiated by Nixon, seriously expanded by Reagan (this is an actual manifesto, written by Lewis Powell), the British Conservatives had their own document during the same period (watch “The Great NHS Heist”) This is an oligarchy institutional finance planned takeover that the Democrats could never control. Business freed itself through political graft in all three branches. The mistakes are not exposing the players, which media cannot do after they were bought up and neutered into infotainment.
@IknowMore-u8p somebody like Bernie would have done it, providing the Congress was also blue - but Americans listened to too much corporate fearmongering and propaganda.
Let me sharing something with you since you all don't know me and why caring President is good for our country! My parents and I were earning roughly $125,000 a month off the stock market while Trump while in office, when Biden took over we lost a few million! Invest, Invest while you're young and retire like me at 55 of age!
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Please how can I liase with such experts? I am seeking for a very effective investment approach for my savings which gradually depreciates in value due to inflation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Tracy Britt Cool Consulting" for about seven years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
Prof Keen you're really speaking to this older millenial who grew up and lived in the Rust Belt (between Youngstown and Pittsburgh), studied economics with bewilderment at the height of the financial crisis and graduated into the lowest part of the subsequent recession understanding he had really graduated into a brave new world where the real education was about to begin. Thank you for sharing your knowledge and information which are so important to get out there into the public consciousness. Please keep up your videos. The new content, addressing Musk's comment about US debt and the rise of Trump here, is very engaging!
Two major theories have been battling in America: Keynesian Economic Theory and the Chicago School Economic Theory propounded by the late economist Milton Friedman.
Yeah. NAFTA was drafted under GHW Bush but he could not get it passed into law mainly because of Democratic opposition. The Democrats were too strongly in favor of workers and unions. Bill Clinton indicated he would support it (sign it into law) and a few Democrats joined the Republicans to pass it in Congress. I do not know if it was modified to "protect" more jobs as part of the passage, but it was a Republican bit of legislation. Textile and clothing factories had been closing in the US for decades though. Manufacturing moved mostly to SE Asia.
"Narcissistic Personality Disorder" describes 90% or more of politicians, I know what/who you're alluding to but like i said, that describes most politicians at home and abroad.
Narcissistic Personality Disorder also describes celebrity-economists who think they're entitled to be taken seriously in fields way outside their areas of expertise.
Good vid. Thumbs up. I think that you've nailed it -- with regard to the economics, as well as the threat posed by one of Trump's foremost character faults, his malignant narcissism. Very insightful, and clearly communicated. So, I had to subscribe.
So, in your opinion Prof Keen, should the US raise tariffs to protect US manufacturing jobs, or is it too late for that, or is it never wise for countries to have tariffs? If you were the economic boss of the USA, what would your policy be to bring back jobs to the Rust Belt? OR, is it the fact that the US citizenry are just not willing to work for peanuts like the Chinese and the rest of Asia or Mexico do? Thanks for your time.
A key to the rust belt, which you do not mention, is that if you draw a circle with a 150 mile radius, and the center point is on the ohio/PA state line, west of Pittsburg. That circle would have encompassed 90% of the population in the USA, back in the early 80's
Vamp refers to a treacherous woman. Kipling used it his 1897 poem, "The Vampire," for a female vampire, or a seductive woman who exploits men. A few decades earlier, the term referred to men who stole or cheated through trickery. You are out of luck if you don't want America run by people who can't admit they made a mistake. Politicians cannot admit they make mistakes; it would ruin their careers! Only if their career already were ruined would they admit they made a mistake.
I agree that it is a horrible trait. However, I find this to be a trait exhibited on both sides. Not just the candidates but all politician, in general, tend to be unrepentant. Those who are are Superfluous amongst their peers. The Harris is just has more decorum about it. They both lose points for subterfuge. Harris gains a point for decorum, but to many Trump gains a point for being genuine. The argument of personality is to subjective mostly when both are not ideal candidates. I did highly enjoy the more objective review of economic policy brought up by the parties. The previous video about the fallacies in Elon Musk's take on government spending was more of a compelling argument to me. I wish more people did deep dive reviews of the potential ramification of each candidate's policies.
No, Democrats in power are Narcissists. Probably a better description of the Republicans is psychopaths. However what Democrats fail to understand is that if a somewhat evil person punches you in the face, they don't get a pass just because they are trying to take the place of a really evil person who didn't punch you in the face yet (Imagine the worldview of someone who doesn't understand why Reaganomics is bad).
@nofybn7794 not genuine in the way of being entirely truthful. I mean he is who he is. Like he isn't hiding his agenda. He has an agenda but it's not hidden.
I agree. And yes, the Musk video was more compelling, but given my personal experience I thought this was worth adding to the mix. And of course politicians in general are narcissistic.
Aside from the great economic insights that alone would have made me subscribed, that "vamp" story itself got me to subscribe. Thank you for the laugh with that relatable story!
without debt, there is no credit and without both a modern work sharing economy that relies on specialists exchanging products with each other in a time-delayed-fashion would be impossible. There is not a flaw of 'too much debt', in reality we got a problem with how money itself exactly works (and once we got that the economy can work out how much debt is actually needed for it to function - on it's own, all by itself, no central bank needed to set interest rates or governments to stimulate the economy). Not even MMT has worked that one out yet afaik - they all miss the 'time'-dimension and what that does to the value of the credit-debt-pair(s) we constantly create and raze. 99.9% are still caught up in metalist thinking about money - which IMHO is just 'advanced barter'.
Steve thanks for the video, do you have a video of yours which explains how banks facilitate loans (the bit about fractional reserves being false) Trying to understand how it actually works to orient myself correctly in these discussions
I have been in the lending business on the mortgage side for decades. All loans funded by a major bank (not sure about the smaller non-Fed insured ones), are NEW dollars created with an approved Fed wire. As long as the lending institution is within lending guidelines, they just do their thing. No one calls the branch to see how much $ is in the vault to make sure the $ is available. It's all new $. Yes, they are required to have reserves, but that is handled in a different lane. Similar to Fed spending & Fed taxes - goes on simultaneously in different lanes. One is not dependent on the other.
@lanadellhatestheclock3325 thanks this honestly clears the whole thing up for me but just so I make sure I understand the new dollars are printed right? Or at least printed at some point?
@@bitpancake That's the case. We have matching electronic entries: dollars in your bank account and an identical sum in your debt to the bank, both created electronically,
It's interesting that your analysis explains the situation without mentioning elites. Their loyalty to themselves and disdain for nations and citizens is why the rust belt was created.
"Banks can't actually lend out reserves". Don't they lend out money based on their reserves from 8 to 10 times that's called fractional reserve lending,
That's another false textbook model. When you do the accounting on it, using my Ravel software (www.patreon.com/ProfSteveKeen), FRB can only work if all loans are in cash. That just isn't the modern world, where banks markup their Assets (Loans) and Liabilities (Deposits) simultaneously on a computer when they make a loan.
Spot on analysis. AI looks like it will become the next act of financialisation, being funded by the finance sector as was the social media boom before it. And lobbyist-funded and think tank-driven politics can't admit these past mistakes. What a mess.
But MAGA still loves him because they care more about what Trump will do to others rather than what he will do for them.. go after immigrants, gays, and trans, media, Democrats, and anyone else they don’t like..
I said to a French girl I was living with once, "how's tricks", and she convinced herself I was calling her a pro and started scowling at me... happens.
Gosh Prof - Your comment about the “vamp” is brilliant & and so funny! I would love to join your courses and level of economic knowledge and apply it to African economies? Is that possible. Especially as most African economies are deemed 3rd world, how can your level of knowledge be practically used and followed to bring an African African country to an improved level. It is desperately needed. Any reply from u would be very much appreciated. Gee your knowledge is out of this world. Thank u 🙏.
Thanks Mimi! Yes, my approach to macroeconomics is applicable to African economies as well as advanced, because it's based on realism. Certainly African countries have special challenges from cases of export dependency and extreme inequality, so those additional issues are important. But they can be covered from my fundamental approach. You can start the signup process at book.stevekeenfree.com/ and avoid some of the marketing (I don't control that, but do let me know if you find it confusing). The course is a lot of fun for me to give, and the class feedback is excellent.
Whatever points he makes are overshadowed by the super cringe story he tells about the woman. I’ve listened to several really good interviews with him in different places but this bit sounds like some trying to score points on a random woman he laid. Everyone knows how the working classes were abandoned in America by the dems and before that the Reagan era republicans.
Big recession in 1982 right when Reagan was at peak power in his first term. He cut taxes and the deficit went through the roof and nothing changed in his second term other then him turning into a born-again free-trader which led to the de-industrialization of USA.
With Trump's re-election, both US stocks and Bitcoin are seeing strong gains. I'm eyeing the potential for more market volatility, but Bitcoin's all-time high is interesting. With inflation and interest rates on the rise, I'm wondering if this is a good time to dive deeper into stocks or focus on crypto for diversification. Any thoughts on balancing both?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience. If you're new to investing or don't have much time, it's best to get advice from an expert.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
‘’Aileen Gertrude Tippy’’ has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
‘Someone’ is ‘pessimistic’? “So the thesis of this book stands or falls with the correctness of the decline rate that Brown gives us. Therefore I have calculated with several different parameters as regards the decline rate, and all point in the same direction. The difference be tween them is a few years at most. Therefore I assume that my thesis is solid, which is that the end of global net oil exports in 2030-2032 (Brown’s scenario) is a best-case scenario. Collapse can, I think, begin in earnest already in 2026, only because of too little diesel exports. Observe that oil exports vanish successively, more and more, not all at once.”? lars-larsen-the-end-of-global-net-oil-exports
@ProfSteveKeen I think ur accounting misses TIME as an important input and what the debt and credit that the economy creates actually is - namely for keeping track of incomplete exchanges of products between prosumers. Say a baker needs a new table and he and a carpenter agree on 50 loafs of bread as exchange value, but the carpenter doesn't want them all at once - the baker takes 50 pieces of paper, writes 'worth 1 loaf of bread' on each and upon delivery of the table hands them to the carpenter. Those are promises, this is a delayed exchange of product that creates debt-credit-pairs out of nothing - Fiat (which we do more universal via business banks these days). But one thing EVERYBODY misses - for HOW LONG are those promises VALID? What does that mean for their exchange value as TIME PASSES? What does that do to the Lower Bound Interest Rate of fiat (which is obviously based on promises)?
Let's assume such a promise based fiat money is based on a pool of debtors that the creditors expect to be able to keep their end of the delayed exchange for say 20 years. So they expect total failure if they would try to retrieve the promised product after that period. If we take the inverse and apply it as a linear value loss it would mean a yearly devaluation of the value of this fiat of 5% of the initial value.. Let's say the banks manage those pools very well and we even get government to make such promises (delivering public goods&services in the future in return for buying resources to provide those goods&services with now).. for how long does ANYONE expect a government, a nation to exist, reliably - INTO THE FUTURE? 20 years? 30? 50? 100? 1000? If we take the inverse of 50 years we get a deprecation of fiat that is 2%.. which is roughly the inflation rate that our central banks aim for. One wonders why.. PS: inflation has 'similar' effects, but not quite (as it affects all denominations of currency, not just currency itself) AND it can't be 'made', it can only be allowed to happen which _to make matters worse_ requires permanent economic growth, which itself requires permanent population growth and/or growth of economic activity.. which both seem to have ceilings. So in the end, we run out of debtors able to take on more debt - by ignoring the time dimension.
My analysis is firmly time-based. I work in systems of differential equations, in contrast to the static algebraic stuff that dominates mainstream economics tuition, and the clumsy difference equations they use when they think they're doing dynamics. The MESSSi model from Tyrone Keynes is the most advanced model based on my work, and it encapsulates all the issues you note here: see appliedmmt.com/
Remember In Trump's first presidency he started a tariff trade war with China? The United States Department of Agriculture had to bailout farmers to the tune of $12 billion in financial aid to agricultural producers most affected by China's retaliatory tariffs. If Trump enacts his promise of 40% tariffs on China and a 10-20% tariffs on all imported goods, will he bailout all the American industries that are affected by retaliatory tariffs this time? Or will he let them fail?
One thing even the professor won't dare touch on is how extensive the power of the banking or financial sector is. They not only have politicians under their thumbs but also control all the media. There's no way any moral individual can breakthrough that and reach high political office.
There’s no control in this reasoning. That is, to argue that manufacturing would have stayed in the US is to ignore the reasons that it shifted to China. How does Keen know that manufacturing wouldn’t have been outcompeted by China, through lower prices and especially because the cost of transportation dramatically fell? He doesn’t. There has to be a corollary in which a country that largely kept its industrial base and succeeded. Could this be Germany? Maybe. But it has to be presented without the assumption that the economic forces of corporations seeking lower manufacturing costs simply doesn’t exist.
Could be NPD, could be BPD, could be Autism, Could be all of them. And yes I remember this from when it happened. However, you are more likely correct about NPD and Trump, I believe many others qualified have actually done the psychoanalysis.
For years, the Democratic Party has cared only about the top 10% of earners…and today that policy came back to bite down hard. I said four years ago that Democrats would never again control the White House, the House, and Senate simultaneously. I stand by that prediction.
I'd say that about the Republicans too. If you look at policy, no one cares about the poor or middle class. Republicans have been offshoring for years.
Zombie Mitchel.... White house, congress, senate, etc., are under tight leash of talmudic Zionist satanists...Obama/Clinton/bush/Cheney and now trump are puppets of luciferians of world satanic forum of Klaus Schwab. Jorge berGOGlio is top member of this satanic mafia too. Pity Christian zionists/catlick zionists. Repent sincerely like Queen Esther &Mordechai of old did. JESUS, our King & God is in control. Hohoho. Hehehe.hahaha.
You have a lived experience with a person with NPD. having these lived experience are important cuz it helps us understand it if we are critcal thinkers. Otherwise, we become blind. Thank you for explaining. Helps me understand why these poor white people voted the way they did. I kept hearing about them being fearful if Kamala Harris won.
Couldn’t agree more and have so for 10 years. But surely both parties are guilty; the democrats for sleep walking but the especially the Republicans. How did Trump’s tax gift to the wealthy help the working class? etc.
The American co moved the jpbs in the 80s because of the American unions greed and decade of strikes...it was a FU to the unions...and corporate greed...killed 2 birds with 1 stone...and now we are faced with the law of unintended consequenses...no manufacturing base there was no con...ying yang
The US is the most bankrupt nation in human history by far, and suffers from plunging productivity and makes less real things proportionately than most countries. In sum, the US is living off a maxed-out credit card while producing relatively little. This will end SO badly. Mathematical certainty.
So what we heard here from the professor, is that be advised politicians and bankers on economic issues and policies, but he miserably failed !? You figure out folks how good he is at his job! Power and Greed cannot be advised!
As debt and poverty rise rapidly with institutionalized inflation (taking money from the poor and giving it to the rich) the historical outcome is chaos, in this case the free world! Another misnomer!
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
It does matter who's in government, not so much in the short-term, but if Americans can consistently elect people who are financially responsible and not corrupt, then we can turn this trend around. It will take a long time and Americans aren't known for electing financially educated people into office so it's more likely America will simply collapse under the weight of the stupidity of its people while politicians launder all the money they can through pet projects and wars.
It's a bit annoying and unfortunate. When i was born, the national debt was $2,150 per person. Now it's over $100,000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.
@@Rachadrian Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my Financial advisor are working on a 7 figure ballpark goal, tho this could take till 2025
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Annette Christine Conte is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
Finding financial advisors like “Sophia Maurine Lanting” who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
As the election has ended it is important to examine the potential impacts of policy modifications on market expansion. Election results can impact the performance of industries, create market volatility, and necessitate adjusting your investment strategy in light of potential constitutional amendments.
In addition, unemployment might rise and the economy could get tougher before Trump's take over, but there are still good investment opportunities right now. My $120k portfolio grew by 60% over the last four months by investing in volatile sectors
How do you go about investing? I'm having difficulties thinking of a plan.
I use market research tools, stay up to date on financial news, and interact with my financial advisor on a daily basis. She helps me navigate the market.
@@williamDonaldson432 How do one go about an advisor?
Rebecca Lynne Buie. There will definitely be more information about her available if you search for her online
Rustbelt resident, son of rustbelt parents, here. Factory towns sprang up out of nowhere, boomed, then deteriorated as the factories moved to other areas, often within the US, or China. Now those towns are left to figure out what to do next. Some have succeeded, like where I live in Pittsburgh, at remaking themselves in new industries. So it is with individuals. In the US, it is relatively easy to get a job, but it is also easy to get laid off. As a software developer and engineer, I had numerous colleagues who started working in a factory, lost their job, retrained, and found a job working with software. Sadly, some of them did not accept that you must continuously upgrade and enhance your skills if you want to remain employed - they eventually were laid off again. The ones that did continue to learn had successful careers. This is how the game is structured. I didn’t set up the rules, and I can’t change them.
Same thing here in Australia. Australians should be the richest people in the world thanks to all the export minerals, instead they've all ended up the most indebted people on the planet due to mortgages to buy a home. In the lowest densely populated country on the planet. It's astounding how govt and the finance sector stole the lot.
Being sold out by their Polticians.Graft and corruption.
Yep. Precisely.
And the extraordinary high wages of the CFMEU members pushing the price of housing up!
Well we did have a mining tax and carbon price for one year in 2012, but the punters did not want it
same in Canada which was built on resources but with Liberal policies trying to compete in tech and manufacturing which is ridiculous. Housing prices have gone up 20X since the 80's insane.
I thought I was going to hate this guy... man was I wrong. He nailed it! Yes, I know who he is, but had heard his views through 3rd parties never directly from him. Respect! Thank you!❤😂
Same!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Could you kindly elaborate on the advisor's background and qualifications?
My CFA Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
The rust belt used to be 26% of GLOBAL gdp. That region was insanely rich in the 1960s.
I lived in a small town in the rust belt and it used to have no less than a fluorescent lamp plant, an engine plant, a foundry, a glassworks, a vacuum tube plant, a gasworks, a picture tube plant, multiple food processing, plants, sawmills, pulp mills, multiple machine shops, and a 400 megawatt coal burning power station.
It wasn't insanely rich. People lived a good life where the wages were in incremented for productivity
Thank those elected to what is right and good for you, me and our country for letting AMERICAN JOBS be shipped off to China for lower labor cost.
The price went up, the rich opened another bank account and Dad n Jr carpool to their jobs at Mickey D's.
The quality took a crap too, so you can buy another 6 months later.
And it was just a handful of insanely rich.
Labor is a burden to the profit margin and bone us money, not the ones who get the job done so the $ come in.
@ProxyAuthenticationRequired 😅😅😅 AI and automation isn't going to be a thing for another 50 years
@@ProxyAuthenticationRequired It is not the want to return to the Model T, it is the want for American products before China was let into the World Trade Organization at which time 50,000 AMERICAN JOBS started going to China.
Thank those you pulled the party lever to send the same fools back to the hill to rape America for a few $$ more.
Here’s the pattern. They do stupid stuff and blame the other guy / party for the mess they caused.
You're Absolutely Correct ❤❤
It's the same in Australia, politicians selling off jobs and closing manufacturing and industrial sector
Only we in the U.S. have a big "jump start" on Australia in that our corporations have been closing manufacturing plants since the mid 1970s.
Greed and stupidity 🙄
In 2016, Trump said he would save the Rust Belt - he didn't then and won't now.
I think the rust belt was booming because everyone in the world had to buy American after the European destruction of world war 2. I don’t think you can fix the rust belt. Other countries cars are better anyway
The arch HERO of the battered and broken sector (the MAJORITY of us) will lie about ANYTHING if it keeps the hero in his MASTER role. He counts on our ignorance and credulity. He's the best example of it so why not? These days are the poster child for a TRAUMATIZED CULTURE which is degenerate dying ameri***a. We will now get what "we" deserve. Hitler is having fun laughing at us from his deep hole...and getting ALIVE again.
He certainly didn't help the coal mining industry which he promised to do. Doubt he'll be able to do anything now.
Well he gave that Corp tax to the 1 percent of the wealthiest Americans and contributed 7trillion dollars in debt plus a welfare check to the farmers and their u are!
Maybe Trump can stop China from dumping steel at low prices on our land.
"What's good for the market isn't necessarily good for industry." My dad used to say this during the Thatcher years. Another ultra narcissist.
Denial is a precurser to disaster😮 for all concerned
A lesson for the ages. We need to revive and restore the West or we are going down. * RENATUS RESURGIS *
@@bonniebluebell5940 with the amount of sheer stupidity of the people in the states that voted for Trump, I honestly don’t think that is possible. You have the population of entire states *That Cannot Read beyond a fourth grade level* and their math skills are even worse
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2024. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
Gold and Silver are often seen as a safe-haven asset that can protect against inflation and economic uncertainty. But like any investment, it carries risks. To determine if gold is the right investment option for you, an investment advisor can help you weigh the potential benefits and risks of investing in gold. They can also help you create a well-diversified portfolio that includes gold as part of a broader investment strategy. An investment advisor can help you decide how much of your portfolio should be allocated to gold and select other investments that can complement your gold holdings.
Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with a financial consultant regulated by the SEC, and started small, but eventually accumulated over $800,000.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
business getting rich doesnt make families getting rich, more money less in hands of majority, thats the biggest problem we have
Along with the tax evasion
@annbritton1714 businesses pay taxes, one reason why small businesses struggle. Paying employment taxes can cripple small businesses, if they have to pay state taxes, it's an extra strain.
If a family owns a business, it can create generational wealth.
Businesses getting rich mean they can hire you.
Nope, the problem is that Banks were allowed to Glass-Steagall repeal
The banks TOLD their bought and paid for politicians to repeal glass stegul. Wright batman is spinning in his grave.
Bill Clinton solely
@@AcmePotatoPackingPocatello Oh how wrong this statement is. The legislation was crafted TOTALLY by Newt Gingrich and the REPUBLICAN House of Representative's. Clinton DID sign it, but just like any bills at that time, it had at least some bi-partisan elements in it.
@@AcmePotatoPackingPocatello - NO, Bill Clinton was pressured by Newt Gingrich and his "Contract with America" to deregulate and Bill could only get his agenda passed if he agreed to support 'De-Regulation'. Look at the candidates, who is always talking about 'the gov't is the problem' Reagan, 'GOP - Get rid of red tape, gov't regulations' Elon Musk.
The even bigger problem is what happened in 1971, there’s a particular graph where productive jobs and financial sector jobs wages were aligned… until they weren’t… and the divergence *just so happens* to begin with when a certain economic decision was taken.
Over 50 years of a Republican finance plan, initiated by Nixon, seriously expanded by Reagan (this is an actual manifesto, written by Lewis Powell), the British Conservatives had their own document during the same period (watch “The Great NHS Heist”) This is an oligarchy institutional finance planned takeover that the Democrats could never control. Business freed itself through political graft in all three branches. The mistakes are not exposing the players, which media cannot do after they were bought up and neutered into infotainment.
@vickijohnson9367 And the fools blame the democratic party for it and not Reaganomics.
@@countfosco1Bingo!!
@@countfosco1 The poor always live by the rich more successfully than government control!!
Maybe someday when we get a Democrat as president he'll do something about it😂
@IknowMore-u8p somebody like Bernie would have done it, providing the Congress was also blue - but Americans listened to too much corporate fearmongering and propaganda.
Let me sharing something with you since you all don't know me and why caring President is good for our country! My parents and I were earning roughly $125,000 a month off the stock market while Trump while in office, when Biden took over we lost a few million! Invest, Invest while you're young and retire like me at 55 of age!
Investing in stocks is planting a tree for your future; with patience, it will bear fruit
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Please how can I liase with such experts? I am seeking for a very effective investment approach for my savings which gradually depreciates in value due to inflation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Tracy Britt Cool Consulting" for about seven years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
Prof Keen you're really speaking to this older millenial who grew up and lived in the Rust Belt (between Youngstown and Pittsburgh), studied economics with bewilderment at the height of the financial crisis and graduated into the lowest part of the subsequent recession understanding he had really graduated into a brave new world where the real education was about to begin.
Thank you for sharing your knowledge and information which are so important to get out there into the public consciousness. Please keep up your videos. The new content, addressing Musk's comment about US debt and the rise of Trump here, is very engaging!
Rust belt is full of people of low intelligence who saw what was happening through decades and didnt move out were capital went away from there
Two major theories have been battling in America: Keynesian Economic Theory and the Chicago School Economic Theory propounded by the late economist Milton Friedman.
Keynes is better for the working class while Austrian/ trickle down works only for the wealthy (capitalists)
I agree with you. I have been saying this for a long time and people refuse to see this!
NAFTA was passed because of Republican support. A month later two fruit of the loom factories closed in my area and moved to Mexico.
Clinton was president and nafta was his crowning achievement.
Yeah. NAFTA was drafted under GHW Bush but he could not get it passed into law mainly because of Democratic opposition. The Democrats were too strongly in favor of workers and unions.
Bill Clinton indicated he would support it (sign it into law) and a few Democrats joined the Republicans to pass it in Congress. I do not know if it was modified to "protect" more jobs as part of the passage, but it was a Republican bit of legislation.
Textile and clothing factories had been closing in the US for decades though. Manufacturing moved mostly to SE Asia.
Bill Clinton signed the NAFTA bill.
@dphillips4351 yes he did but it wouldn't have been passed without overwhelming Republican support
@@ReclinedPhysicisti believe Newt had the votes to override Clinton's veto so it was moot.
Both parties are under the influence of big money!
You’re not wrong
The difference between the Republican and Democrat is like Budweiser and Budweiser lite 😂.
Yeah, and from what my beer-drinking friends tell me about American beers in general...
@@ProfSteveKeen Yes, what Monty Python said about America beer is accurate
"Narcissistic Personality Disorder" describes 90% or more of politicians, I know what/who you're alluding to but like i said, that describes most politicians at home and abroad.
Narcissistic Personality Disorder also describes celebrity-economists who think they're entitled to be taken seriously in fields way outside their areas of expertise.
Good vid. Thumbs up. I think that you've nailed it -- with regard to the economics, as well as the threat posed by one of Trump's foremost character faults, his malignant narcissism. Very insightful, and clearly communicated. So, I had to subscribe.
So, in your opinion Prof Keen, should the US raise tariffs to protect US manufacturing jobs, or is it too late for that, or is it never wise for countries to have tariffs? If you were the economic boss of the USA, what would your policy be to bring back jobs to the Rust Belt? OR, is it the fact that the US citizenry are just not willing to work for peanuts like the Chinese and the rest of Asia or Mexico do? Thanks for your time.
A key to the rust belt, which you do not mention, is that if you draw a circle with a 150 mile radius, and the center point is on the ohio/PA state line, west of Pittsburg. That circle would have encompassed 90% of the population in the USA, back in the early 80's
Vamp refers to a treacherous woman. Kipling used it his 1897 poem, "The Vampire," for a female vampire, or a seductive woman who exploits men. A few decades earlier, the term referred to men who stole or cheated through trickery.
You are out of luck if you don't want America run by people who can't admit they made a mistake. Politicians cannot admit they make mistakes; it would ruin their careers! Only if their career already were ruined would they admit they made a mistake.
I agree that it is a horrible trait. However, I find this to be a trait exhibited on both sides. Not just the candidates but all politician, in general, tend to be unrepentant. Those who are are Superfluous amongst their peers. The Harris is just has more decorum about it. They both lose points for subterfuge. Harris gains a point for decorum, but to many Trump gains a point for being genuine. The argument of personality is to subjective mostly when both are not ideal candidates. I did highly enjoy the more objective review of economic policy brought up by the parties. The previous video about the fallacies in Elon Musk's take on government spending was more of a compelling argument to me. I wish more people did deep dive reviews of the potential ramification of each candidate's policies.
No, Democrats in power are Narcissists. Probably a better description of the Republicans is psychopaths. However what Democrats fail to understand is that if a somewhat evil person punches you in the face, they don't get a pass just because they are trying to take the place of a really evil person who didn't punch you in the face yet (Imagine the worldview of someone who doesn't understand why Reaganomics is bad).
genuine? He's the least genuine.
@nofybn7794 not genuine in the way of being entirely truthful. I mean he is who he is. Like he isn't hiding his agenda. He has an agenda but it's not hidden.
I agree. And yes, the Musk video was more compelling, but given my personal experience I thought this was worth adding to the mix. And of course politicians in general are narcissistic.
I wish this video came out 2 days ago. It would have saved me a lot of money!
Aside from the great economic insights that alone would have made me subscribed, that "vamp" story itself got me to subscribe. Thank you for the laugh with that relatable story!
Thanks! I've dined out on that story for years, so I thought the time was ripe for it to hit social media.
The Rust Belt is also the Opioid Belt. Drugs go along with despair among the Deplorables
Oligarchy is the Rule of Law in America. Uniparty aims to destroy
@@asclepiushermestrismegistu7489
About to change
@@asclepiushermestrismegistu7489"uni party" is making anyone take the drugs.
How do we get the level of private debt down? Other than it seems to me -taxing ? Thoughts?
He explains this in earlier videos. By means of a modern day debt jubilee.
without debt, there is no credit and without both a modern work sharing economy that relies on specialists exchanging products with each other in a time-delayed-fashion would be impossible.
There is not a flaw of 'too much debt', in reality we got a problem with how money itself exactly works (and once we got that the economy can work out how much debt is actually needed for it to function - on it's own, all by itself, no central bank needed to set interest rates or governments to stimulate the economy).
Not even MMT has worked that one out yet afaik - they all miss the 'time'-dimension and what that does to the value of the credit-debt-pair(s) we constantly create and raze. 99.9% are still caught up in metalist thinking about money - which IMHO is just 'advanced barter'.
A person much cleverer than me once said, ‘the only real winner is the voyager probe heading away from earth at 17 kilometres a second’.
Steve thanks for the video, do you have a video of yours which explains how banks facilitate loans (the bit about fractional reserves being false)
Trying to understand how it actually works to orient myself correctly in these discussions
I have been in the lending business on the mortgage side for decades. All loans funded by a major bank (not sure about the smaller non-Fed insured ones), are NEW dollars created with an approved Fed wire. As long as the lending institution is within lending guidelines, they just do their thing. No one calls the branch to see how much $ is in the vault to make sure the $ is available. It's all new $. Yes, they are required to have reserves, but that is handled in a different lane. Similar to Fed spending & Fed taxes - goes on simultaneously in different lanes. One is not dependent on the other.
@lanadellhatestheclock3325 thanks this honestly clears the whole thing up for me but just so I make sure I understand the new dollars are printed right? Or at least printed at some point?
@@CaMt219 I could be wrong but I thought it was all digitally accounted. Digital ledgers. The dollars are not literally printed.
@@bitpancake That's the case. We have matching electronic entries: dollars in your bank account and an identical sum in your debt to the bank, both created electronically,
It's interesting that your analysis explains the situation without mentioning elites. Their loyalty to themselves and disdain for nations and citizens is why the rust belt was created.
"Banks can't actually lend out reserves". Don't they lend out money based on their reserves from 8 to 10 times that's called fractional reserve lending,
Banks don't lend out 'on reserves', they just create loans and the money appears on the computer screen.
That's another false textbook model. When you do the accounting on it, using my Ravel software (www.patreon.com/ProfSteveKeen), FRB can only work if all loans are in cash. That just isn't the modern world, where banks markup their Assets (Loans) and Liabilities (Deposits) simultaneously on a computer when they make a loan.
Spot on analysis. AI looks like it will become the next act of financialisation, being funded by the finance sector as was the social media boom before it. And lobbyist-funded and think tank-driven politics can't admit these past mistakes. What a mess.
The mighty economist wouldn’t be able to run a lemonade stand
There’s one thing certain about Trump (and other populists as well), he will not do anything meaningful for the people who voted for him.
The antidote to populism is giving them the levers of government, it’s akin to watching a barking dog running at top speed finally catching the car.
Watch this space . . . ?
But MAGA still loves him because they care more about what Trump will do to others rather than what he will do for them.. go after immigrants, gays, and trans, media, Democrats, and anyone else they don’t like..
I shared this video all over! Hope others do as well.
This is my first time on this channel, subscribed on the spot!
Thanks for sharing this 🙏
I said to a French girl I was living with once, "how's tricks", and she convinced herself I was calling her a pro and started scowling at me... happens.
Will see !
Thank you Prof. Keen for this brief analysis! 🙏😎🇩🇪
Look at the price of gold over the past 25 years.
Thankyou you have educated me in ways nobody else has ❤
I like these shorter sessions! Sometimes it's a bit hard to follow the 2 hr long zoom videos.
I want someone who doesn’t have to admit a mistake because they’re competent,
Private debt and access to ‘easy’ credit ruined the world
What are the constituent parts of private debt?.
Welcome to a new world more complex than before.
Gosh Prof - Your comment about the “vamp” is brilliant & and so funny!
I would love to join your courses and level of economic knowledge and apply it to African economies? Is that possible. Especially as most African economies are deemed 3rd world, how can your level of knowledge be practically used and followed to bring an African African country to an improved level. It is desperately needed. Any reply from u would be very much appreciated. Gee your knowledge is out of this world. Thank u 🙏.
Thanks Mimi! Yes, my approach to macroeconomics is applicable to African economies as well as advanced, because it's based on realism. Certainly African countries have special challenges from cases of export dependency and extreme inequality, so those additional issues are important. But they can be covered from my fundamental approach.
You can start the signup process at book.stevekeenfree.com/ and avoid some of the marketing (I don't control that, but do let me know if you find it confusing). The course is a lot of fun for me to give, and the class feedback is excellent.
Whatever points he makes are overshadowed by the super cringe story he tells about the woman. I’ve listened to several really good interviews with him in different places but this bit sounds like some trying to score points on a random woman he laid. Everyone knows how the working classes were abandoned in America by the dems and before that the Reagan era republicans.
Big recession in 1982 right when Reagan was at peak power in his first term. He cut taxes and the deficit went through the roof and nothing changed in his second term other then him turning into a born-again free-trader which led to the de-industrialization of USA.
Free trade has been republican orthodoxy during the Regan era tell today.
With Trump's re-election, both US stocks and Bitcoin are seeing strong gains. I'm eyeing the potential for more market volatility, but Bitcoin's all-time high is interesting. With inflation and interest rates on the rise, I'm wondering if this is a good time to dive deeper into stocks or focus on crypto for diversification. Any thoughts on balancing both?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience. If you're new to investing or don't have much time, it's best to get advice from an expert.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
‘’Aileen Gertrude Tippy’’ has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
‘Someone’ is ‘pessimistic’?
“So the thesis of this book stands or falls with the correctness of the decline rate that Brown gives us. Therefore I have calculated with several different parameters as regards the decline rate, and all point in the same direction. The difference be tween them is a few years at most. Therefore I assume that my thesis is solid, which is that the end of global net oil exports in 2030-2032 (Brown’s scenario) is a best-case scenario.
Collapse can, I think, begin in earnest already in 2026, only because of too little diesel exports. Observe that oil exports vanish successively, more and more, not all at once.”?
lars-larsen-the-end-of-global-net-oil-exports
@ProfSteveKeen
I think ur accounting misses TIME as an important input and what the debt and credit that the economy creates actually is - namely for keeping track of incomplete exchanges of products between prosumers.
Say a baker needs a new table and he and a carpenter agree on 50 loafs of bread as exchange value, but the carpenter doesn't want them all at once - the baker takes 50 pieces of paper, writes 'worth 1 loaf of bread' on each and upon delivery of the table hands them to the carpenter.
Those are promises, this is a delayed exchange of product that creates debt-credit-pairs out of nothing - Fiat (which we do more universal via business banks these days).
But one thing EVERYBODY misses - for HOW LONG are those promises VALID?
What does that mean for their exchange value as TIME PASSES?
What does that do to the Lower Bound Interest Rate of fiat (which is obviously based on promises)?
Let's assume such a promise based fiat money is based on a pool of debtors that the creditors expect to be able to keep their end of the delayed exchange for say 20 years. So they expect total failure if they would try to retrieve the promised product after that period.
If we take the inverse and apply it as a linear value loss it would mean a yearly devaluation of the value of this fiat of 5% of the initial value..
Let's say the banks manage those pools very well and we even get government to make such promises (delivering public goods&services in the future in return for buying resources to provide those goods&services with now).. for how long does ANYONE expect a government, a nation to exist, reliably - INTO THE FUTURE? 20 years? 30? 50? 100? 1000?
If we take the inverse of 50 years we get a deprecation of fiat that is 2%.. which is roughly the inflation rate that our central banks aim for.
One wonders why..
PS: inflation has 'similar' effects, but not quite (as it affects all denominations of currency, not just currency itself) AND it can't be 'made', it can only be allowed to happen which _to make matters worse_ requires permanent economic growth, which itself requires permanent population growth and/or growth of economic activity.. which both seem to have ceilings. So in the end, we run out of debtors able to take on more debt - by ignoring the time dimension.
My analysis is firmly time-based. I work in systems of differential equations, in contrast to the static algebraic stuff that dominates mainstream economics tuition, and the clumsy difference equations they use when they think they're doing dynamics. The MESSSi model from Tyrone Keynes is the most advanced model based on my work, and it encapsulates all the issues you note here: see appliedmmt.com/
The vamp story was hilarious!
Professors Keen being a stud in his younger days doesn’t surprise me at all (being a heavy weight lifter, destroying ego’s of romanian chicks etc.)
Remember In Trump's first presidency he started a tariff trade war with China? The United States Department of Agriculture had to bailout farmers to the tune of $12 billion in financial aid to agricultural producers most affected by China's retaliatory tariffs.
If Trump enacts his promise of 40% tariffs on China and a 10-20% tariffs on all imported goods, will he bailout all the American industries that are affected by retaliatory tariffs this time? Or will he let them fail?
Gratitude for your clarity and candor.
I can imagine those very positive aspects of the relationship. Those are good for a while...
Bravo 🎉 👍👍👍
Are they the same economists in 2015 that warned us?
One thing even the professor won't dare touch on is how extensive the power of the banking or financial sector is. They not only have politicians under their thumbs but also control all the media. There's no way any moral individual can breakthrough that and reach high political office.
Oh I do dare to touch it, but I know that's one reason I'll never get invited into the inner sanctum of modern politics.
@@ProfSteveKeen LOL I had no doubt. I am a new follower of your channel, so I don't know the in-&-out of your content yet.
There’s no control in this reasoning. That is, to argue that manufacturing would have stayed in the US is to ignore the reasons that it shifted to China. How does Keen know that manufacturing wouldn’t have been outcompeted by China, through lower prices and especially because the cost of transportation dramatically fell? He doesn’t. There has to be a corollary in which a country that largely kept its industrial base and succeeded. Could this be Germany? Maybe. But it has to be presented without the assumption that the economic forces of corporations seeking lower manufacturing costs simply doesn’t exist.
If you are so knowledgeable about economics tell me a planthat would make factories competitive in the USA. I have one.
yep, return rust bell back, but what about a price of produced in America good will be?
Yeah, he is probably not going to input anything contrary to his personal concerns. Your solution is elegant.
Sense !!
When the idiots are in charge, we all suffer, and people are angery, and vote with anger we all are miserable
Guess who's the next Empire
Bisen helped private debt by student loan forgiveness.
Those student loans are not getting wiped off, the government is covering the cost, so there’s no impact to private debt
Silly but true.
I hope their iPhones start costing $12,000 each.
Could be NPD, could be BPD, could be Autism, Could be all of them. And yes I remember this from when it happened.
However, you are more likely correct about NPD and Trump, I believe many others qualified have actually done the psychoanalysis.
Iswitched from engineering to finance after the Cold War.
For years, the Democratic Party has cared only about the top 10% of earners…and today that policy came back to bite down hard. I said four years ago that Democrats would never again control the White House, the House, and Senate simultaneously. I stand by that prediction.
I'd say that about the Republicans too. If you look at policy, no one cares about the poor or middle class. Republicans have been offshoring for years.
BS, look at republiCONS. tRUMP, MUSK
Zombie Mitchel....
White house, congress, senate, etc., are under tight leash of talmudic Zionist satanists...Obama/Clinton/bush/Cheney and now trump are puppets of luciferians of world satanic forum of Klaus Schwab. Jorge berGOGlio is top member of this satanic mafia too. Pity Christian zionists/catlick zionists. Repent sincerely like Queen Esther &Mordechai of old did. JESUS, our King & God is in control. Hohoho. Hehehe.hahaha.
The Bush and Trump tax cuts went almost entirely to the top few percent.
What did Trump do for workers in his first term ?
Good God, The Republicans are the ones that sold out the working man.
Excuse me it’s not about you!
Please can you do a interview again with Martin North, only alternative media & platforms do get objective facts & truth
you always remind me of Kevin Rudd.
I may try your challenge later, probably I won't cut the percentile though.
Yes Steve, it's the narcissit who can't admit a mistake. And boy have you made some over the year, that you haven't admitted.
I do not recall Biden admitting he had made a mistake, either.
Always tit for tat!!! That's why we're in this mess!!!
You have a lived experience with a person with NPD. having these lived experience are important cuz it helps us understand it if we are critcal thinkers. Otherwise, we become blind.
Thank you for explaining. Helps me understand why these poor white people voted the way they did. I kept hearing about them being fearful if Kamala Harris won.
That's why my ol' son. Spot on 🙃
Couldn’t agree more and have so for 10 years. But surely both parties are guilty; the democrats for sleep walking but the especially the Republicans. How did Trump’s tax gift to the wealthy help the working class? etc.
Sadly I don't qualify..
😂
Funny always blaming china while it was the american companies moving the jobs its the classic con playing the working class
The American co moved the jpbs in the 80s because of the American unions greed and decade of strikes...it was a FU to the unions...and corporate greed...killed 2 birds with 1 stone...and now we are faced with the law of unintended consequenses...no manufacturing base there was no con...ying yang
♥️🖤💚 Reparations For ADOS Matters....Black People Get Ready For American Society's Mess Once Again...👁️👁️
The US is the most bankrupt nation in human history by far, and suffers from plunging productivity and makes less real things proportionately than most countries. In sum, the US is living off a maxed-out credit card while producing relatively little. This will end SO badly. Mathematical certainty.
So what we heard here from the professor, is that be advised politicians and bankers on economic issues and policies, but he miserably failed !? You figure out folks how good he is at his job! Power and Greed cannot be advised!
A UK economist giving advice!? Fix your own house first.
....too late.... unfortunately
As debt and poverty rise rapidly with institutionalized inflation (taking money from the poor and giving it to the rich) the historical outcome is chaos, in this case the free world! Another misnomer!
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Elizabeth stark
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
The idiots that voted for trump and the billionaires are in for a rude awakening. Can wait to watch there bubbles start to POP. Pop pop & pop.
Wow an English teacher economist. You forgot colloquial translations