Steve Keen and Warren Mosler are perhaps two of the most insightful men on the planet regarding economics. It is a shame that they are not listened to more.
so hard to find a proper explanation of the money system, yet steve consistently spells it out pretty clearly. for those of you who come to see this information just realise that most people have no idea what money is as opposed to currency
16:37 - Q : so what about the ' ' invisible hand ' ' ? 17:43 - Q : what do living neoclassical economists believe ? Mythical barter 18:22 - You can blame Adam Smith for that 18:52 - Adam Smith did say humans truck & Barter but humans did NOT begin ________ as exchange cultures . Instead we began as GIFT Societies 19:10 - . book Creating Economic Order: Record-Keeping, Standardization, & The Development of Accounting In The Ancient Near East by Michael Hudson & Cornelia Wunsch . book Debt: The First 5,000 Years by David Graeber 21:08 - Q : 26:43 - Q : Driving force (for moving money) competition ? .29:55 - Q : Austerity
Putting some parts, together, I would deduce that the banking sector would push the public opinion to ask that governments cut public deficits. That way all debt would be private (and add revenue to the finance sector)
Hey Steve Keen, If Primitive Societies Began As Gifting Societies… …that became credit-exchange societies, why not integrate monetary Gifting for both the individual and enterprise, into the credit/debt system….and in exchange for that Gifting their agreement not to de-stabilize such a rational and ethical system? That way you’re continually discouraging irrational, anti-social and unethical behavior and continually enabling and encouraging freedom, prosperity and graciousness for all in the economic system….which we of necessity have to interact with continually throughout the day and our entire lives. That kind of continually positive experience could raise both the rationality and sense of ethics of the entire species. Ah, graciousness. The all too unconscious concept and experience behind all worthwhile human progress and every paradigm change as well. Wisdomics-Gracenomics, the New Integrative Economic Theory For a Prosperous, Rational and Ethical Future
Steve. Canada had three prime ministers who ran surpluses. Liberal Jean Chrétien in the late 90s ending 2004 when Liberal Paul Martin ran surpluses until he lost power to Conservative Steve Harper who continued the surpluses until the crash in 2007 and then Harper again briefly in 2014-15. The current Liberal PM Trudeau has run deficits since he came into power and is getting roasted almost daily by the conservative Pierre Poilievre who has a new leader, Erin O’Toole who is promising to balance the budget if he gets power.
I need to analyze what he says a bit more in order to form my own arguments with what he says, but talking to other people, I kinda totally know what he means by the cognitive dissonance people have with certain economic ideas. In another talk a prof talks about “the tyrany of metaphor”
He explains it - in its entirety : very well : remarkable concision - very digestible : I say entirety - but myriad things flow from it - 4O,OOO in USA (Usury Sucking Armageddon) can't feel their heads - they're dead from lack of healthcare *R > G*
8 років тому
It is a debt problem, obvious is obvious, but will the world listen?
Sorry, Steve. A lot of good stuff in there but I can't agree that your 'two ways of creating money' , at about 11:30 , adequately inform this otherwise pretty darn good discussion. The way Steve puts it, either the banks create more debt (bad), or the government deficit spends (spends more than the collect in taxes..... but, from where do they get it to spend?) . A deficit means the government receives less in taxes than it spends, but in today's modern monetary economies, ALL governments MUST fill the deficit gap with public debt. That is the legal/operational paradigm that drives public debt higher. So, unless Steve Keen is secretly embracing, and by this comment promoting, public money creation, there is no money created simply by deficit spending. Public debt expansion to fund a deficit is merely another use of the existing money supply, with the difference being the tool the government uses to acquire its revenues. Government cannot spend without EQUAL revenues. That's the RULE that you're ignoring here, Steve. . Only if the government re-acquires its "power' to issues the money, through public money administration 'seigniorage' can the government do what Steve is implying. And the only way for seigniorage "gain" to show up on the revenue side of the government's budget is through reform to our system of money ..... no matter where we live. For the Money System Common.
The Government borrows to meet any deficit. This borrowing is added to the outstanding Govt Debt. Borrowing is facilitated by issuing bonds (nicknamed "Gilts" in the UK). www.economicshelp.org/blog/627/economics/who-lends-the-government-money/
""The Government borrows to meet any deficit."" Thanks. Exactly my point. Borrows, what? What can the Guv borrow? Answer: Only already existing money. So, Steve 's claim that Guv deficits are creating new monies, rather than they are borrowing existing monies, is off base. = without factual support. UNLESS, again, Steve was embracing Lord Adair Turner's "monetary financing" of deficits, in which case, seigniorage "gain" would accrue to the Guv's budget revenue, and INDEED new monies WOULD be created. But Dr. Keen is not that far advanced yet in his thinking. NEWS for Dr. Keen. ALL Guv spending, whether taxed or borrowed as a source to its budget, is merely, and no more than, an additional turn of monetary velocity(V) for every money-unit spent. The money supply exists. The Guv "uses" it again(V), in support of increased economic production. All Guv spending advantages us all. Guv is the good guy here, Steve. Velocity are US. Thanks. For the Money System Common.
Also, from your "Economics HELP" link ""Since 2008, The Bank of England has purchased 25% of government gilt holdings. This means a significant proportion of UK debt is being financed by Bank of England.."" Sorry, wrong. The public debt is being financed by the original purchaser of the issuance. THEY have given the government their money and thus 'financed' its operations.Almost EVERY Guv Bond is a marketable security bought and sold 24 / 7. When the CB 'purchases' a GILT (?) or Bond, they merely swap CB reserves to the bank last holding the paper. Even if they swapped 'money', it is a swap, it is an open-market transaction that does NOTHING to finance the government - or add ANYTHING to the economy, TYVM.. So the Economic HELP people need a little help on that point. Thanks.
every economist over complicate it- if your 5yo and spend all your pocket money and the raid your sisters piggy bank you will end up in trouble -if your a family living off credit cards or over spending it will end badly - or a government printing money running deficits you will eventually go broke - always only been 1 way to go broke to much debt
The government can run / support a deficit without printing money or borrowing it or increasing taxes. It simply debits one account at the Reserve Bank and Credits another. It takes place on a computer screen not a printing press. The Reserve Banks does print money but it doesn't do it to support deficits - it does so to replace previously destroyed money and to facilitate peoples need for cash for transactions purposes.
tdunster2011 The (privately held) Federal Reserve is due interest the moment it prints money. The gov't is in a deficit from the get go. It's a giant Ponzi scheme that employs or keeps employed throngs of economists inventing as many rationalizing perspectives as possible. Fairy tales ...fractured fairy tales (my favorite cartoon from Bullwinkle).
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
Steve Keen and Warren Mosler are perhaps two of the most insightful men on the planet regarding economics. It is a shame that they are not listened to more.
so hard to find a proper explanation of the money system, yet steve consistently spells it out pretty clearly. for those of you who come to see this information just realise that most people have no idea what money is as opposed to currency
Steve Keen is worth pretty much every other economist in the world combined, what he says actually makes sense.
10:31 best explanation of the paradox of thrift i have ever heard combined with the fact that the gov is not a house hold and sectoral balances
16:37 - Q : so what about the ' ' invisible hand ' ' ?
17:43 - Q : what do living neoclassical economists believe ? Mythical barter
18:22 - You can blame Adam Smith for that
18:52 - Adam Smith did say humans truck & Barter but humans did NOT begin
________ as exchange cultures . Instead we began as GIFT Societies
19:10 -
.
book Creating Economic Order: Record-Keeping, Standardization, & The
Development of Accounting In The Ancient Near East
by Michael Hudson & Cornelia Wunsch
.
book Debt: The First 5,000 Years by David Graeber
21:08 - Q :
26:43 - Q : Driving force (for moving money) competition ?
.29:55 - Q : Austerity
“Banks always profit by creating more debt” wow!
This information is very important
Great information ❤
Putting some parts, together, I would deduce that the banking sector would push the public opinion to ask that governments cut public deficits. That way all debt would be private (and add revenue to the finance sector)
This is also what I'm thinking. I'm sure that a lot of top executives know Steve and his models, but I don't think they care tbh.
Hey Steve Keen, If Primitive Societies Began As Gifting Societies…
…that became credit-exchange societies, why not integrate monetary Gifting for both the individual and enterprise, into the credit/debt system….and in exchange for that Gifting their agreement not to de-stabilize such a rational and ethical system?
That way you’re continually discouraging irrational, anti-social and unethical behavior and continually enabling and encouraging freedom, prosperity and graciousness for all in the economic system….which we of necessity have to interact with continually throughout the day and our entire lives. That kind of continually positive experience could raise both the rationality and sense of ethics of the entire species.
Ah, graciousness. The all too unconscious concept and experience behind all worthwhile human progress and every paradigm change as well.
Wisdomics-Gracenomics, the New Integrative Economic Theory For a Prosperous, Rational and Ethical Future
The concept of a bank is crazy. Have one dollar lend out 10 and charge interest?
Steve. Canada had three prime ministers who ran surpluses. Liberal Jean Chrétien in the late 90s ending 2004 when Liberal Paul Martin ran surpluses until he lost power to Conservative Steve Harper who continued the surpluses until the crash in 2007 and then Harper again briefly in 2014-15. The current Liberal PM Trudeau has run deficits since he came into power and is getting roasted almost daily by the conservative Pierre Poilievre who has a new leader, Erin O’Toole who is promising to balance the budget if he gets power.
I need to analyze what he says a bit more in order to form my own arguments with what he says, but talking to other people, I kinda totally know what he means by the cognitive dissonance people have with certain economic ideas. In another talk a prof talks about “the tyrany of metaphor”
He is right, it restricts creativity and growth
9:51
Ouch!My head hurts.
He explains it - in its entirety : very well : remarkable concision - very digestible : I say entirety - but myriad things flow from it - 4O,OOO in USA (Usury Sucking Armageddon) can't feel their heads - they're dead from lack of healthcare *R > G*
It is a debt problem, obvious is obvious, but will the world listen?
Why is it? That we hear you but do not listen. As is evidenced in the comments
Sorry, Steve. A lot of good stuff in there but I can't agree that your 'two ways of creating money' , at about 11:30 , adequately inform this otherwise pretty darn good discussion.
The way Steve puts it, either the banks create more debt (bad), or the government deficit spends (spends more than the collect in taxes..... but, from where do they get it to spend?)
.
A deficit means the government receives less in taxes than it spends, but in today's modern monetary economies, ALL governments MUST fill the deficit gap with public debt. That is the legal/operational paradigm that drives public debt higher. So, unless Steve Keen is secretly embracing, and by this comment promoting, public money creation, there is no money created simply by deficit spending.
Public debt expansion to fund a deficit is merely another use of the existing money supply, with the difference being the tool the government uses to acquire its revenues. Government cannot spend without EQUAL revenues. That's the RULE that you're ignoring here, Steve.
.
Only if the government re-acquires its "power' to issues the money, through public money administration 'seigniorage' can the government do what Steve is implying. And the only way for seigniorage "gain" to show up on the revenue side of the government's budget is through reform to our system of money ..... no matter where we live.
For the Money System Common.
The Government borrows to meet any deficit. This borrowing is added to the outstanding Govt Debt. Borrowing is facilitated by issuing bonds (nicknamed "Gilts" in the UK).
www.economicshelp.org/blog/627/economics/who-lends-the-government-money/
""The Government borrows to meet any deficit.""
Thanks. Exactly my point.
Borrows, what? What can the Guv borrow?
Answer: Only already existing money. So, Steve 's claim that Guv deficits are creating new monies, rather than they are borrowing existing monies, is off base. = without factual support.
UNLESS, again, Steve was embracing Lord Adair Turner's "monetary financing" of deficits, in which case, seigniorage "gain" would accrue to the Guv's budget revenue, and INDEED new monies WOULD be created.
But Dr. Keen is not that far advanced yet in his thinking.
NEWS for Dr. Keen. ALL Guv spending, whether taxed or borrowed as a source to its budget, is merely, and no more than, an additional turn of monetary velocity(V) for every money-unit spent.
The money supply exists. The Guv "uses" it again(V), in support of increased economic production. All Guv spending advantages us all. Guv is the good guy here, Steve.
Velocity are US.
Thanks.
For the Money System Common.
Also, from your "Economics HELP" link
""Since 2008, The Bank of England has purchased 25% of government gilt
holdings. This means a significant proportion of UK debt is being
financed by Bank of England..""
Sorry, wrong.
The public debt is being financed by the original purchaser of the issuance. THEY have given the government their money and thus 'financed' its operations.Almost EVERY Guv Bond is a marketable security bought and sold 24 / 7.
When the CB 'purchases' a GILT (?) or Bond, they merely swap CB reserves to the bank last holding the paper. Even if they swapped 'money', it is a swap, it is an open-market transaction that does NOTHING to finance the government - or add ANYTHING to the economy, TYVM..
So the Economic HELP people need a little help on that point.
Thanks.
joe bongiovanni And where did the CB reserves which were used to buy the Bonds come from?
joe bongiovanni The Bonds (effectively a loan to the government) are bought by the same commercial banks which create money by issuing loans...
read michael hudson's " j as in junk economics " on his take of economist delusional thinking.
every economist over complicate it- if your 5yo and spend all your pocket money and the raid your sisters piggy bank you will end up in trouble -if your a family living off credit cards or over spending it will end badly - or a government printing money running deficits you will eventually go broke - always only been 1 way to go broke to much debt
The government can run / support a deficit without printing money or borrowing it or increasing taxes. It simply debits one account at the Reserve Bank and Credits another. It takes place on a computer screen not a printing press. The Reserve Banks does print money but it doesn't do it to support deficits - it does so to replace previously destroyed money and to facilitate peoples need for cash for transactions purposes.
tdunster2011 The (privately held) Federal Reserve is due interest the moment it prints money. The gov't is in a deficit from the get go. It's a giant Ponzi scheme that employs or keeps employed throngs of economists inventing as many rationalizing perspectives as possible. Fairy tales ...fractured fairy tales (my favorite cartoon from Bullwinkle).
This professors theories are full of contradictions and errors. I suggest researching the Austrian School. You'll find some valid arguments there.
No
Oh god. Go away you freak. Austrians are a pack of monarchists posing as capitalists. They think gold is money. They're stupid.