Go Meta with Oli Sharpe
Go Meta with Oli Sharpe
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Why neoclassical economics has failed - Book summary of The New Economics by Steve Keen
Steve Keen has been a long term critic of neoclassical economics and in his most recent book, The New Economics he not only gives an overview of the empirical and theoretical ways in which neoclassical economics has failed to be a good model of our political economy, but he also provides some ideas and tools for building a new economics built on a dynamical systems approach. This video gives a brief summary and review of the key ideas in Steve Keen's book.
▬▬ Chapters ▬▬
00:00 - The New Economics
01:00 - Why write a manifesto?
02:48 - Money matters
05:26 - Private banks creating money
13:05 - Neoclassical assumption of redistribution!
15:32 - Energy and the environment
▬▬ Audio visual sources / references ▬▬
Song: Ariadne - All I Need (feat. Karl Killing) [NCS Release]
Music provided by NoCopyrightSounds
Free Download/Stream: ncs.io/a-allineed
Watch: ncs.lnk.to/a-allineedAT/youtube
มุมมอง: 27 851

วีดีโอ

Peter Thiel and the capitalist myth of competitive free markets
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Libertarians try to argue that all government regulations are an unnecessary distortion of free markets and that market competition will keep companies honest. But, this argument is undermined by the evidence of capitalism as it really exists, where real capitalists like Peter Thiel say that "competition is for losers" and instead work hard to create companies that have some kind of monopoly po...
How did Amazon, Spotify and YouTube become so dominant? - Book summary of Chokepoint Capitalism
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In Chokepoint Capitalism, Rebecca Giblin and Cory Doctorow give a compelling account of why so many industries, especially in America, are dominated by just one or a few companies that have a chokepoint hold over their industry. In this 10 minute summary and review of their book I outline their explanation of what is the underlying cause of all of this consolidation and what could be the ways t...
Why full, human level AGI won't happen anytime soon
มุมมอง 376หลายเดือนก่อน
Six reasons why human level AGI isn't likely to be achieved anytime soon. Of course AI tools are going to continue to get better and have huge consequences for our political economy, but in this video I argue that we are unlikely to see the sci-fi style scenario of us developing human level AI systems with the ingenuity and agency that underpin humans' ability to successfully act in the real wo...
Using ChatGPT to make 3D animations using Python in Blender - In what sense does ChatGPT understand?
มุมมอง 9574 หลายเดือนก่อน
I've been using ChatGPT to help me with some 3D models and animations in Blender and thought it might be interesting to show how this works and use this as a context in which to explore the question of whether or not ChatGPT is actually understanding what I am asking it to do. NOTE: The video is not just one take and is edited for narrative clarity and speed. You can download Blender from here:...
The Capitalist Manifesto by Johan Norberg - Book Summary and Critique
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Like Milei's Davos speech, Norberg's book tries to suggest that we should all be more grateful for the benefits we've experienced due to the economic growth from global capitalism. And Norberg depicts the hard work of entrepreneurs under the guidance of market forces as being the driving force for that growth, and so it isn't much of a surprise that Elon Musk enjoyed Norberg's portrayal of the ...
A great title, but not a great book! - Book Summary and Review - Technofeudalism by Yanis Varoufakis
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In Technofeudalism, Yanis Varoufakis claims that the era of capitalism is over as we've entered a new form of political economy in which cloud capital enables the cloudalists to extract excessive rent from both end consumers and the traditional capitalists making goods. Varoufakis is effectively trying to push an evocative metaphor into being a new political economic theory and in this video I ...
YouTube, but everyone speaks every language! + Critique of Milei's Davos speech
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With Milei's Davos speech translated by AI into English, we got a glimpse of what the future of TH-cam could look like. AI auto-translation tools like HeyGen could break down the language barriers between the cultures of the world. If TH-cam adopted this technology it would allow TH-cam to become a global platform where anyone can engage in any of the conversations on TH-cam as if everyone in t...
Book Summary and Review - The Crisis of Democratic Capitalism by Martin Wolf
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Liberal democracy and market capitalism are the symbiotic twins that have formed the engine of success for the liberal societies of the Western world for so long. In his latest book Martin Wolf (Chief Economics Commentator at the Financial Times), argues that they are both in crisis and need to be saved together if we are going to face the metacrisis the world is going through: ecological colla...
Which jobs will AI replace? - Extending an analysis from the IMF
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Using scenarios to predict the near term future of AI. Full blown AGI might take longer than some expect, but that doesn't mean that we wont see radical changes to our political economy soon. This video explores the ideas in an IMF article by Anton Korinek and then expands upon these to develop a grid of plausible scenarios. The goal is to make it easier to keep a clear eye on what is likely to...
Unpacking "The Deficit Myth" by Stephanie Kelton | Modern Monetary Theory (MMT)
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Many people are worried that America is going broke, its government spending too much money. But Modern Monetary Theory (MMT) suggests that this is the wrong way to think about how fiat currencies, like the US dollar, actually work. This video is a book review and summary of The Deficit Myth by Stephanie Kelton in which she explains why the ideas of Modern Monetary Theory suggest that actually ...
Will our kids ever catch up with AI? | Education in the age of AI
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ChatGPT 4 is already better at many deskbound tasks than primary school kids today, so rather than asking when will AI catch up with humans, maybe the correct question is: will our kids ever catch up with AI? It seems very plausible that the rate of improvement of the capabilities of AI will be at least as fast as the speed at which our children become more capable, and if this is the case, the...
Seeking solutions to the metacrisis
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Humanity is facing multiple crises at once. If we tackle them one by one we're at risk of just playing whack-a-mole, plastering over the symptoms rather than addressing the meta level causes of the disease. In this video I argue that we need to seek solutions to the metacrisis. The term "polycrisis" is sometimes used to refer to the many crises our societies are facing at the moment: from clima...
AI is replacing jobs. What can you do?
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Lots of people are wondering what can we do, both individually and collectively, in response to this latest wave of AI tools that is going to automate many jobs. In this short video I give some thoughts on this question in relation to three different timeframes: the next few years; 2 to 5 years and then 5 to 10 years. In the video I strongly suggest that anyone who hasn't had a go at using some...
Avoiding dangerous super AI by regulating meta level agency | ChatGPT and Tesla FSD examples
มุมมอง 301ปีที่แล้ว
How can we continue to develop AI while also avoiding the emergence of dangerous superintelligence? In this video I explain why I think the answer is to regulate the development of meta level agency: the ability to update your highest level goals. And I show why Tesla FSD and ChatGPT (GPT-3 and GPT-4) don't have it. By preventing our AI systems from getting this feature we can avoid or at least...
Escaping Moloch's superintelligence trap
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Which jobs will AI automate? | Reports by OpenAI and Goldman Sachs
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Book Summary and Review | Resisting AI by Dan McQuillan
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Book Summary and Review | Resisting AI by Dan McQuillan
Book Summary and Review | Rebooting AI by Gary Marcus and Ernest Davis
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Book Summary and Review | Rebooting AI by Gary Marcus and Ernest Davis
Non-tech explainer of how ChatGPT works
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Non-tech explainer of how ChatGPT works
Book Review and Summary | What We Owe The Future by William MacAskill
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Book Review and Summary | What We Owe The Future by William MacAskill
Channel Intro - Winter 2023
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Channel Intro - Winter 2023
Book Review and Summary | Four Futures by Peter Frase
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Book Review and Summary | Four Futures by Peter Frase
Solidarity with Ukraine! - We need global solidarity and peace!
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Solidarity with Ukraine! - We need global solidarity and peace!
Antifragile public discussion
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Antifragile public discussion
Using scenarios | How to discuss plans for an uncertain future
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Using scenarios | How to discuss plans for an uncertain future
Book Summary and Review | Antifragile by Nassim Nicholas Taleb
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Book Summary and Review | Antifragile by Nassim Nicholas Taleb
Bitcoin is unsustainable | Explaining why proof of work can't work long term!
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Bitcoin is unsustainable | Explaining why proof of work can't work long term!
Book Review and Summary | The Scout Mindset by Julia Galef
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Book Review and Summary | The Scout Mindset by Julia Galef

ความคิดเห็น

  • @titasdhar4407
    @titasdhar4407 2 ชั่วโมงที่ผ่านมา

    Neo economics has fail because of Deep State.

  • @Atjayvang21
    @Atjayvang21 4 ชั่วโมงที่ผ่านมา

    Edit 2008

    • @Go-Meta
      @Go-Meta 4 ชั่วโมงที่ผ่านมา

      I'm guessing you are referring to which year the global financial crisis started. Even though the main impacts happened in 2008, I think quite a few people consider the 'start' to have happened in 2007: en.wikipedia.org/wiki/2007%E2%80%932008_financial_crisis But, yeah, lots of people refer to it as the 2008 financial crisis.

  • @PravdaSeed.
    @PravdaSeed. 9 ชั่วโมงที่ผ่านมา

    🌀🇨🇳💙🇷🇺🌀 ïsn'† i† pravda tha† ukrainian become piano keyboard 🎹 for NATO composers to play🚽🎹 (zel+en+sky) choseni†e s†yle Symphony of Necropolis, For: Black Rock, 💱 Black S†one,💱 Black Wa†er,💱 In Whi†e House. Wha† A clowns. 👉Moreover Capitalist 🤑System mean: Debtalist and Sanctionists, Without it They Can't survive, 👉This has been Method of the Inquisitors = Dog Barking & biting. Method of the Predator = animals. Mostly copied by Toxic humanoids Who believe in Dog . They have to make more & more Toxicstan. 👉 They are calling it Demonocracy & Republican= Greek o Romanized Abrahamic Nonsense... Predator sss.

  • @zfvr
    @zfvr 10 ชั่วโมงที่ผ่านมา

    Mainstream economists are trolls. They are not even trying to be right.

  • @chrislee176
    @chrislee176 12 ชั่วโมงที่ผ่านมา

    The solution is always more freedom -moral freedom.

  • @chrislee176
    @chrislee176 13 ชั่วโมงที่ผ่านมา

    Of course imposing a violence-backed currency can ‘work’; any slavery can ‘work’ -poorly and for a while, anyway.

  • @ariclocke4566
    @ariclocke4566 19 ชั่วโมงที่ผ่านมา

    This sounds like MMT, which is just the same insane Keynesian economics we’ve disastrously experienced for the last half century, but on crack….with a more overt appeal to authoritarians. (Update) yup, I was right…it’s just crackhead MMT.

    • @uignireddngfiurdsgfiurdse
      @uignireddngfiurdsgfiurdse 16 ชั่วโมงที่ผ่านมา

      If this is the conclusion you have concocted, than arguing with you isn't worth the effort. You are in your own world now, make yourself comfortable.

    • @ariclocke4566
      @ariclocke4566 15 ชั่วโมงที่ผ่านมา

      @ likewise to you my friend. The difference is that I can explain Keynesianism to Keynesians and they agree I understand their position, but they can’t explain my position.

    • @ariclocke4566
      @ariclocke4566 15 ชั่วโมงที่ผ่านมา

      @ wait a minute…the guy literally says in the video that there’s a lot of overlap with MMT. So what exactly did I misunderstand?

    • @willnitschke
      @willnitschke 14 ชั่วโมงที่ผ่านมา

      @@ariclocke4566 You didn't misunderstand anything. It's not clear to me given the contents of the above video if Keen is an MMT ideologist or not. The review definitely put me off bothering reading more of Keen's ideas. What is clear, is Keen has borrowed a lot of talking points from MMT.

  • @chrisk8978
    @chrisk8978 20 ชั่วโมงที่ผ่านมา

    Finally! An analysis of MMT by someone who ACTUALLY understands it! Well done. I’ve read about MMT extensively, including a 400 page anthology of critical reviews. It’s not a unique economic theory. It’s just a description of how (mostly) the US monetary system actually works. The rather radical policy suggestions by some MMT proponents have nothing to do with the theory, per se. Using MMT I can just as easily argue that we need 100 aircraft carriers instead of, or in addition to, a jobs guarantee program, for example. MMT and UBI will become a necessity once AI and robotics displace the majority of our workforce.

    • @Go-Meta
      @Go-Meta 14 ชั่วโมงที่ผ่านมา

      Hi, thank you! And, yes, I agree with this distinction you're making between the MMT description of how money works and the particular policy suggestions that some MMT advocates make. And, I too am not convinced by the idea of a job guarantee, especially in the context of AI's potential impact on the job market. But it's also not clear to me that UBI can be made to work in a sensible way - although I find it a very interesting idea and I like it's simplicity and the agency that it gives to citizens.

  • @anthonydhan
    @anthonydhan วันที่ผ่านมา

    Mr. Sharpe, I believe you may have misunderstood what AI researchers mean when they say “Median Human”. Let’s use the often denigrated measurement for cognitive ability, the IQ test, as an approximation of intelligence or cognitive abilities. Median in IQ by definition takes us to the 50 percentile. In my view, that covers sufficient number of folks to force a severe employment crisis without a major shift in both culture and the political economy. I think a Median Human will not mean that these AI tools can take over higher order function that require judgement and conjecture generation and so significant level of human involvement is still required. To me, this is the skilled AI that can be taught to fly and combat other fighter jets in collaboration with the human as its leader and the software factory that work in collaboration with human software engineers. These scenarios are already well underway as fruitful research and development areas. As an aside, psychologists say that people engaged in skilled trades require above median level of cognitive skills, and higher still if they are running a business and must employ workers. So a Median Human level intelligence would not be enough to replace plumbers and electricians. But could mean that they can do a lot of the work under supervision of a human. However, even this level of AI will mean half the population would become unemployable because a single human with the aid of AI collaborators can produce what took an entire team of people. And obviously this is more than sufficient to require a rethinking of work and how our economy works. And over time, the level of higher order function could reach the level entrusted to humans with bachelor degree equivalent leaving only those folks with the cognitive abilities typically required for graduate level education able to find employment. That may indeed require “Super Intelligence” that may eventually arrive, but we don’t need to get to that level to experience huge employment and cultural crisis when the majority of people cannot be gainfully employed. The solution seems obvious to me. We are getting this backwards. Economy and technology are there to serve human needs and wants. If most humans can stop participating in the Producer side of the economy then a cultural and political shift is required to enable people to continue to receive an allotment of products and services produced by the economy. After all what is the point of production when you don’t make it possible for anyone to consume them?

    • @Go-Meta
      @Go-Meta 14 ชั่วโมงที่ผ่านมา

      Hi Anthony, I think we're mostly agreeing here, even if we are working with a slightly different definition of 'median human'. And I totally agree that we'll see lots of disruption to our political economy long before we get to full blown, human level AGI or superintelligence. And, also I agree that we ought to shift the way our political economy is organised away from today's model, otherwise we'll see a huge rise in inequality. The hard question is how to make that shift, especially when so much of the world's politics seems at times to be moving away from ideas of sharing and towards libertarian individualism. Thanks for the comment.

  • @RichardCorongiu
    @RichardCorongiu วันที่ผ่านมา

    Feudalism looks EXACTLY LIKE communism...just spelt different...self appointed " leaders" stealing from people...the quintessential contradiction. Capitalism ..on the other hand.....looks EXACTLY LIKE....communism...this time you go to university, get a degree in ...I dunno ...HR....Economics, banking...then STEAL stuff off people who clean up your shit and give you fresh water, and roads...

  • @RichardCorongiu
    @RichardCorongiu วันที่ผ่านมา

    I'm working for a company that did this : created a product based on need / requirement...etc. it worked well. They produced spare parts technical backup etc. Now it's changed hands....internationally...south Korea in fact...now...most of our work is warranty...read this as bad product...AND...they don't give a shit...next stop...extinction I guess...same for Boeing, John Deere...now run by accountants and white collar ideologies.....point is...there was no competition to arrive at this point...they did it ...ALL BY THEMSELVES...

  • @RichardCorongiu
    @RichardCorongiu วันที่ผ่านมา

    Economics has always been bullshit. If you hand THE SAME DATA to anyone with a deal science or engineering background ( and as a minimum an Excel spreadsheet) it is certain you will get intelligent analysis and encumbent permutations. 19 century economist don't have enough grey matter to overcome their ideological belief in an infinite planet...its their God. I mean ...in Australia ( at least) ...we listen to these BS ban, economists giving us the daily spell on coal oil and realestate prices...and that's it,..how we can keep consuming !! And the stupid journalists who have bought the fraud forever.,..humans are dumb and dumber.

    • @willnitschke
      @willnitschke 14 ชั่วโมงที่ผ่านมา

      That's as dumb as saying Newton's Law's are BS because you can't use them to determine in advance where a feather will land. 😂

  • @testboga5991
    @testboga5991 วันที่ผ่านมา

    If economics is indeed sufficiently chaotic, we may as well stop predicting anything except the immediate short term future.

    • @Go-Meta
      @Go-Meta วันที่ผ่านมา

      Hi, I think we have to be careful not to see prediction as an all or nothing concept. Most things we care about have some chaotic aspects, but just like with the weather, we get huge benefits from making reasonable predictions of what might happen, even if these predictions are really a range of scenarios with percentage probabilities. And, different timescales have different trends that dominate, so sometimes we can forecast likely long term trends (e.g. climate change) even when precise shorter term details are impossible to predict. I actually made a video about the rational limits to prediction: th-cam.com/video/3JCBugtM5Pk/w-d-xo.html Regarding predictions of economics, my understanding is that the key difference between the kind of view Keen takes and the more traditional view, is whether or not crises are seen to be triggered by external shocks to the system, or whether they are considered to be self-generating from internal dynamics (which is Keen's view).

  • @harlancarraher3526
    @harlancarraher3526 วันที่ผ่านมา

    Paul Krugman?!?!? Are you bleeping serious? What a joke😂

  • @TheMaerli
    @TheMaerli วันที่ผ่านมา

    well explained

    • @Go-Meta
      @Go-Meta วันที่ผ่านมา

      Thank you!

  • @EnneaIsInterested
    @EnneaIsInterested วันที่ผ่านมา

    Will you be reviewing Markets in the Name of Socialism by Johanna Bockman?

    • @Go-Meta
      @Go-Meta วันที่ผ่านมา

      I don't know that book, but I've taken a look and added it to my (all too long!) list of books that I'd like to read. So, thanks for the tip! (obvs unsure if I'll actually have time to review it though 🙂)

  • @user-lv5bt3nt3r
    @user-lv5bt3nt3r วันที่ผ่านมา

    I did two years of economics at university over 30 years ago. My professors were at pains to point out - even then - that the models used in classical economic theory were largely rubbish and rested on multiple assumptions that almost never represented real world conditions. While i found studying economics interesting, i was struck - even then - by the fact that my professors were - almost literally - telling their students this was all nonsense. I went on to switch to Law and became a lawyer, but the baffling thing was that, while working in international finance and financial services, i generally came across two types of people in the big corporates - the ‘analyst’ types, who used all the models and theories to prepare recommendations that generally amounted to no more than gobbledygook dressed up with technical looking pictures and words, and the ‘salesmen’ types, who generally ignored all that and simply went with whatever spiel they needed to use to score a commission. The salesmen were generally more financially successful but, were more likely, on the whole, to blow themselves up, or blowup their customers, sometimes spectacularly. From this i concluded that the ‘classical theory’ stuff is basically insurance - if an analyst used it in their research papers and someone lost money on it, the analyst could point to some gobbledygook in the theory to justify the losses, leaving the customer with little comeback, since the theory was nonsense to start with. The surprising thing though, is that the nonsensical classical theories still have such a strong hold on so many people. Even those who know its all nonsense, dont generally say so publicly. Ps i was in financial services before and during the GFC - 2006-2009. I had deals going for clients with Bear Sterns and lehman brothers, among others, when they both went bust. Long before that id forgotten most of the maths id learned at university for my econ and commerce degree - i always left the numbers in the derivatives contracts to my clients’ PhD maths people around the world. But prior to everything going south it was very obvious - even to me - that disaster was looming. We were doing deal after deal that was leverage on leverage on leverage. Gearing all built on thin air. It was very basic common sense. But, you know, those guy’s don’t listen to their lawyers, because what would we know, right? I always tell people that if you were in financial services and didnt see the GFC coming, you werent in financial services.

  • @wtan1851
    @wtan1851 วันที่ผ่านมา

    I don't want to criticize Keen for he writes simply, and Oli explains simply as well. But most of it can be explained in simpler ways without complicated and boring tables, e.g. if people borrow to speculate on Nvidia and banks are willing to lend to earn more money, then the risk of default is high (it peaks at "Minsky moment") and a chain of defaults, staring with a few bank runs, leads to panic. Since you don't whether your bank will be next (i.e. imperfect info), you rush to withdraw your funds as well, and it spirals down. Most people (economists included) have given up on neoclassical economics over the last two decades; they only appear in useless textbooks and journals. Practical men are not slaves of defunct economists (as Keynes would have it); instead, it is the other way around. Neoclassical economics fails on many counts: equilibrium, cultural desert, lack of political considerations, and absence of institutions. Most developing countries are more keen on the alternative state-led East Asian model.

    • @Go-Meta
      @Go-Meta วันที่ผ่านมา

      Yeah, I do get the sense that Keen (and therefore me in this video too!) is pushing at an open door in terms of critiquing neoclassical economics. But, it's interesting that it is still being taught, unless, of course, it is explicitly being taught as a historical, first approximation that is now superseded. I'm kind of starting to see it like Newton's laws compared to General Relativity (although neoclassical economics may well be more wrong than Newton's laws 🙂 ) The other problem is that politicians and influential capitalists will pick and promote the economics that suits them, rather than the economics that most in the field consider to be the most accurate. So, there is also a contest of narratives and analogies to capture the political minds of voters. And I do not think that economists have yet found the right ways to talk about the latest ideas in economics.

  • @ViceCoin
    @ViceCoin วันที่ผ่านมา

    Most ofWestern GDP is leveraged speculation in stocks and real estate. Industtial output and resource exports are undervalued.

    • @willnitschke
      @willnitschke 14 ชั่วโมงที่ผ่านมา

      GDP is actual production of goods and services. You're confusing it with financial market pricing. 😂

  • @tj92834
    @tj92834 วันที่ผ่านมา

    Keen is really little different from neoclassical economists: he just tries to replace one set of mathematical models and state interventions with a different set. That approach is doomed to failure. Austrian economists were able to predict the 2008 financial crisis and predict future crises. Unlike both neoclassical and Keen, Austrians recognize that quantitative, mathematical modeling of the economy as a dynamical system is impossible in principle. That is also what experts from other disciplines will tell Keen. There are general, qualitative principles that tell you that less government regulation/intervention and a market based monetary system will lead to the best outcomes and that ongoing government intervention leads to a buildup of structural debts that inevitably lead to crises and collapse. But there is little more we can say.

  • @jiggilowjow
    @jiggilowjow 2 วันที่ผ่านมา

    this is absolutely un true. republicans have a very firm understanding that if they give the public thelion share of the money we spend it all up which puts the money right back into their pockets. see democrats are greedy and communist. they think they are supposed to have it all and horde it. leaving a few scraps for us we the pl...which is whats currently happening. see democrats invest everything in their foreign communist options. while republicans know that a healthy public is a superior nation. before you blame the economy, try factoring in 12 out of 16 years democrats reign has done to the world... get your own brain and fill it with actual truth... instead of repeating some rhetoric youve heard or saw some where....

    • @willnitschke
      @willnitschke 2 วันที่ผ่านมา

      You might want to try some capitalization, spelling, correct punctuation and grammar next time.

    • @Leftistattheparty
      @Leftistattheparty 2 วันที่ผ่านมา

      The irony of you telling him to "get your own brain and fill it with actual truth... instead of repeating some rhetoric youve heard or saw some where...." while also saying that Democrats are communists. If you actually talked to communists you would know they hate Democrats for multiple reasons.

    • @willnitschke
      @willnitschke วันที่ผ่านมา

      @@Leftistattheparty The Dem's are closer to Fascists than Communists, in so far as politicians of any class stand for anything, which is not much.

    • @uignireddngfiurdsgfiurdse
      @uignireddngfiurdsgfiurdse 16 ชั่วโมงที่ผ่านมา

      Did your lithium prescription run out this week?

  • @timgerk3262
    @timgerk3262 2 วันที่ผ่านมา

    “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

  • @briskyoungploughboy
    @briskyoungploughboy 2 วันที่ผ่านมา

    The inflation that was happening at the time of this vid was largely greedflation. Economist Elizabeth Weber noted it and was ridiculed but the mockers had to eat their words after corporate profits soared. She did not, however, detail the mechanism that explains why companies became 'greedy'. The mechanism works like this: Covid relief money worked its way up through the economy until it reached the investor class, who used it to bid-up the prices of pre-existing stocks. In order to maintain the value of those stocks once the relief funds stopped, investors demanded their customary (say 8%) return on the new stock price, which was delivered by inflating consumer prices. Governments were disincentivised from addressing this by price controls (as Weber suggested they ought) because state-endorsed private savings schemes (401K and equiv's) and sovereign wealth funds were beneficiaries. This analysis is supported by stats for the relevant variables. The correct procedure would have been for governments to apply a surcharge to corporation tax and top-bracket income tax at the same time as the relief funds were issued to remove that money from the investor class before they could speculate with it. In fact, targetted taxation is *always* the correct foil for inflation rather than interest-rate hikes, though one can see why the collectors of interest-payments might disagree.

  • @TrueNeutral
    @TrueNeutral 2 วันที่ผ่านมา

    cool channel. glad i found it.

  • @zappertxt
    @zappertxt 2 วันที่ผ่านมา

    I think there's one thing missing in your last point about political push-back: there is a growing unease and anger that (I believe) is being turned against governments by the big tech giants who are building these models. I can see a near future where societies lose the power to push back against "corporate leviathans" that are wrestilng governments right now. Another thing is: humans have a tendency to curiosity and boundary pushing... Economic gain doesn't have to be clear for people to wanting to invest more and more in a big intelligence which they think they may get something in return in the future. Even if it isn't money. Faith and longing for the supernatural is a human characteristic too, to cope with death. That's why economic decisions are not entirely rational.

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      I agree this is a risk, which is why we must hold onto and champion democracy and the nation states that we legitimately empower through democracy. We are living through important times.

  • @zappertxt
    @zappertxt 2 วันที่ผ่านมา

    Ok, I see.... instead of full-blown AGI in our smartphones, robots or cars, "we" will have it at Amazon's/Meta's/Alphabet's Headquarters. I've seen this movie too.

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      Actually, I suspect we'll get commoditised, local AI tools in our smartphones in the next few years. It's the only way to make a super low latency chatbot work when the connection isn't always guaranteed (e.g. on the move, outside with a smartphone). Who owns and controls that local AI is, for sure, all up for grabs and no doubt the Big Tech companies will have a story for why we should trust them to be the ones who update it! But I also suspect there will be open source alternatives that are pretty decent enough and have privacy benefits. Indeed, it looks like Facebook/Meta are planning to make sure that's an option so that its rivals don't win that race. But I doubt anyone will have full-blown AGI, even back at headquarters, for a long time.

  • @vivianoosthuizen8990
    @vivianoosthuizen8990 2 วันที่ผ่านมา

    Double entry accounting has no place in modern world. It’s an ancient system that worked for the ancient world only but we have held on to the ridiculous system because those that discovered how to game this also had the power therefore to continue their Ponzi scheme

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      So, what do you suggest we replace it with?

    • @vivianoosthuizen8990
      @vivianoosthuizen8990 2 วันที่ผ่านมา

      Firstly no banks and no taxes. The only think of real value and not relative to anything else is Life in other words time. Using technology to calculate the price of everything based on the time input. The ability to trade your time from your account for what you can afford to . Your time spent on creating or services are transferred to your ledger to use and acquire goods and services. All resources are priced only insofar as the time expenditure of making it available. No other value added which will enable whom ever has the skills to do something useful with a resource to acquire it by only paying for the hours spent to make it available. Only time having value will make everything equitable and all that will make the output of time the product so to speak desirable and in demand is either need as in food water etc or because of the talents and skill applied that added desirability of beauty or pleasure or usefulness. Land is allocated according to it’s use. Only non productive land is used for building on not large cities on riverbanks that is obviously more suitable for agriculture. At birth you are allocated the amount of time as per the life expectancy in your location. Children learn from young age how to add time through service and labour, while their parents authorises payment on their behalf until the age of 18. Etc etc

    • @willnitschke
      @willnitschke 2 วันที่ผ่านมา

      @@vivianoosthuizen8990 That bizarre babbling has nothing to do with a replacement for double-entry bookkeeping, which BTW, is essential to the modern world, now, more than ever.

    • @vivianoosthuizen8990
      @vivianoosthuizen8990 2 วันที่ผ่านมา

      You’re obviously a disciple and not a leader

    • @willnitschke
      @willnitschke วันที่ผ่านมา

      @@vivianoosthuizen8990 If there is such a thing as "the leader of the confused" you're their guy. 😅

  • @vivianoosthuizen8990
    @vivianoosthuizen8990 2 วันที่ผ่านมา

    Economics were always a fairytale told and the gullible swallowing it up. Making USD the world currency is the witch in the fairytale.

  • @lesterchua2677
    @lesterchua2677 2 วันที่ผ่านมา

    When you see “Neo” in front of anything. It is the exact opposite of the suffix.

  • @mnjraman
    @mnjraman 2 วันที่ผ่านมา

    Steve Keen is likely to be one of the posthumous Nobel Laureates in Economics. Who knows, we may not have economies to talk about around the globe -- thanks to the USA, Israel and the rest of the settler colonizers of the Global North!

  • @detectiveofmoneypolitics
    @detectiveofmoneypolitics 2 วันที่ผ่านมา

    Detective of money politics is following this very informative content cheers from VK3GFS and 73s from Frank from Melbourne Australia ❤

  • @tuckerbugeater
    @tuckerbugeater 2 วันที่ผ่านมา

    Steve Keen is more focused on profiting from a small fan base than actually doing something useful.

  • @clarestucki5151
    @clarestucki5151 2 วันที่ผ่านมา

    This is mostly nonsense. Private banks do not and cannot "create money". Fiat money is created by the Fed Res Bank.

    • @willnitschke
      @willnitschke 2 วันที่ผ่านมา

      Well you're 100% nonsense, anyway.

    • @Leftistattheparty
      @Leftistattheparty 2 วันที่ผ่านมา

      If you talk to anyone in the private banking sector they will laugh at you.

    • @uignireddngfiurdsgfiurdse
      @uignireddngfiurdsgfiurdse 16 ชั่วโมงที่ผ่านมา

      If you wish to be proven wrong, consult an actual representative of a central bank. If your local Fed representative is absent, start with the Bank of England Staff Working Paper No. 761 from 2019 by Zoltan Jakab and Michael Kumhof. Or stay in your world of rainbows and unicorns. I don't care. "In the loanable funds model, banks are modelled as resource-trading intermediaries that receive deposits of physical resources from savers before lending them to borrowers. In the financing model, banks are modelled as financial intermediaries whose loans are funded by ex-nihilo creation of ledger-entry deposits that facilitate payments among nonbanks. The financing model predicts larger and faster changes in bank lending and greater real effects of financial shocks. Aggregate bank balance sheets exhibit very high volatility, as predicted by financing models. *Alternative explanations of volatility in physical savings, net securities purchases or asset valuations have almost no support in the data*."

  • @lawrenceemke1866
    @lawrenceemke1866 2 วันที่ผ่านมา

    An underlining assumption is that all situations have a solution. In the real world this does not happen. AGI will require that the tool has the ability to recognize a situation that has no solution, rather than giving up (ending) because the amount of resource limits is reached and end that solution construction. For centuries mathematicians tried to derive Euclid's 5 postulate from the other statements. It was only in the last centuries that the true nature of the situation was discovered. The ability for an AGI will require the ability to recognize this situation. This is beyond our current path to AI. Current AI must always produce a result. I like to think about how knowledge is acquired. In the beginning, for all humans, all knowledge was unknown. It was only with time that man ( building tools ) made in roads into the unknown. What was learned was at the "edge of the unknown". Human knowledge moved from the unknown into the known. Then over time, some of what was learned was forgotten. So we have an edge of knowledge that drifted back into the unknown (probably because things changed and the value of the knowledge diminished, or those who had that knowledge died and their knowledge no longer existed. In category of what is known man was able to see more of the edge of the unknown (seeing things that existed but were unknown). Behind that edge of the unknown is the unknown unknown, for which we have no idea what even exists. Given the limits of the mechanical (i.e. in any form or composition) tools, I do not see AGI will be able to reach into the unknown unknown. This ability into the unknown unknown is true AGI. I am not saying this ability is impossible, it is just not possible within the confines of human limits.

  • @armandoeng
    @armandoeng 2 วันที่ผ่านมา

    Inflation isn't a good measure to see the effects of MMT, but on the values of houses, stocks and other assets, as these are the primary target for all that surplus money, as are the rich people who got those printed money first. When the inflation rises, it is because it is too late, and things got out of control.

    • @Go-Meta
      @Go-Meta 14 ชั่วโมงที่ผ่านมา

      Not wishing to sound too pedantic, but I think your comment makes more sense to me if I read it as saying ".... see the effects of quantitative easing, ... " as MMT in general doesn't specify what kind of deficit spending makes most sense to do. Indeed, I agree that much of the extra money probably did end up in assets held by the rich, and it may have been a much better boost to the economy to spend the extra money in another way. But, having said, my understanding is that the real purpose of quantitative easing is/was to manage the bond markets, to keep them liquid and to make sure there was always a buyer for government debt. So, yes money went "in the top", but I guess it helped fund government spending elsewhere too. To me the interesting thing to note about inflation is that if MMT was completely wrong, in other words if it was necessary to have balanced budgets or surpluses in order to avoid inflation, then how come inflation has come down to around 2% when deficit spending has continued at pace ever since Covid?!

  • @willnitschke
    @willnitschke 2 วันที่ผ่านมา

    To sum this up, straw man economists as all "neo classical" (even though most of who work for government are Keynesians), babble some stupid about double-entry book keeping, as if this is some great insight. Pretend the economics community are confused by how fractional reserve banking works. Steal some stupid ideas from MMT and re-package them... Hopefully the book is not as dumb as you make it sound, but given your review, I'm not inclined to waste my time on it.

  • @a00b00c
    @a00b00c 2 วันที่ผ่านมา

    5:10 - Anti-trust led to the monopolization 9:10 - Return to anti-trust 😢😅😂

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      Urm more like: 5:10 Reinterpreting anti-trust to be focused on 'consumer welfare' -> consolidation -> monopolies. 9:10 Let's return anti-trust to also be looking at keeping healthy competition, not just consumer welfare. I'm afraid your oversimplification removed the whole point from what was being said 🙂

    • @a00b00c
      @a00b00c วันที่ผ่านมา

      @Go-Meta That was partly a joke... But I think there is no simple return to anti-trust as it was 50 years ago. And the fact is it (return, correction) did not happen naturally in 50 years! I do not trust any government. Look at what happens in Europe and especially US now! There is no competition in the power. Officials are bought by private monopolies. Maybe we have passed the point of no-return or are very close. On the other hand I agree some regulation is needed, but not by hands of bureaucracy (at least current). The market and society need to regulate somehow on their own. Anti-trust also needs to be competitive and transparent. You are right, people need more responsible agency, which I think may also be a problem nowadays taking into accound massive propaganda and censorship.

    • @Go-Meta
      @Go-Meta 13 ชั่วโมงที่ผ่านมา

      Yeah, it is a tough one when we have so much regulatory capture and both in USA and UK we have a two party system that seems to operate like a cartel rather than a healthy, competitive market place of political ideas. If the politics has no real competition we can hardly be confident that they will use their powers wisely to ensure healthy competition in and regulation of the markets. But, as per my video "Competition is for losers" we certainly can't trust the capitalists alone to regulate themselves: th-cam.com/video/FssU4lxmJgA/w-d-xo.html And, I worry that too often these days there's a temptation to throw out the baby with the bathwater. There's problems with our democracies, but democracy is the only legitimate game in town for state power. And similarly, there's problems with the market economy, but it is clearly a very creative and effective way to organise certain parts of our political economy. We need both. So, we need to improve both. And, thanks for your further comment, I appreciate it 🙏

  • @lawrenceemke1866
    @lawrenceemke1866 2 วันที่ผ่านมา

    I point to Kurt Godel's incompleteness theorum, applying it to the "decision mechanism" ("what is correct"), that is part of an AI model construction. The decision agent will always be a constrained finite mechanism, requiring an external agent for validation. This will lead to an unending recursive process (as the concept of "infinity", being a "good enough" approximation). This is what happens in the human mind in knowledge acquisition. Together with the "law of diminishing returns" (s-curve) places a limit on the ability to actually achieve ASI Humans have not achieved ASI in their time span because they are limited. Humans are limited tools builders. We build tools. The tools we build "that build tools" will also be limited.. From my point of view, ASI is a fantasy, a part of utopia. The only product that a humans produce, that is not a tool, is another human being. This reminds me of Michael Angelo's painting that pays tribute to the passing of consciousness from God to man.

  • @chadkline4268
    @chadkline4268 2 วันที่ผ่านมา

    People exist in nature, trading freely, without economics. Economics is the facade that a few men can be more fair than freedom by managing all resources. Which only results in grand theft, involuntary servitude, and environmental destruction: the fruits of greed.

    • @willnitschke
      @willnitschke 2 วันที่ผ่านมา

      The world is not driven by greed, so much as envy. Which is likely where you're coming from.

    • @chadkline4268
      @chadkline4268 2 วันที่ผ่านมา

      @@willnitschke well, it is greed at the top, rooted in usury (money for nothing). When you're at the top, envy is not the driving force. The goal is more control+power+security to guard against any losses, and increase what one has .. because there is no other challenge left in life. When a king has conquered to the furthest shore, he wants whatever is on the other side of the ocean. Envy is probably at the level of idolatry, which are the ones utilizing usury to acquire what they cannot yet afford, which is greed. Envy is really just pre-greed, isn't it? Foreplay.

    • @chadkline4268
      @chadkline4268 2 วันที่ผ่านมา

      @@willnitschke maybe we could say envy is a motive to have what you see others with, and greed is the action of acquiring more than you reasonably require for healthy sustenance.

    • @willnitschke
      @willnitschke 2 วันที่ผ่านมา

      @@chadkline4268 *well, it is greed at the top, rooted in usury (money for nothing).* Nope, it's envy not greed. Usury means charging "excessively" for money, not giving it away for free. 😅 Let me explain it to you this way. A Steve Job's type character invents a better mouse trap and he ends up benefiting millions of people. People show their appreciation by purchasing from this guy. The guy becomes a billionaire. Which I'm personally OK with, because he did it fairly and squarely and he did help millions of people after all. However, a vast number of people will describe this guy as 'greedy' because he's so wealthy. The problem there is not greed, but envy.

    • @chadkline4268
      @chadkline4268 2 วันที่ผ่านมา

      @@willnitschke Ok, I take your smiley as a sign of humor 👍 but if you want to understand anything in this world, you always must start at the beginning with fundamentals. If you want to discuss calculus, first we must have essential understandings in basic math, then algebra, geometry, and trigonometry. Only then can we discuss calculus. And the Steve Jobs analogy is really jumping far off into realms that have broken foundations and lack in truth+freedom+integrity. Before I could discuss any of these topics, we would need agreement upon natural law, which as far as the USA is concerned, begins with John Locke and the Declaration of Independence. I mean, I can't whack a smartphone with a sledgehammer and then discuss why the calculator app won't work. If we really care to strive for meaning and honest + practical understanding, we must always begin at the root, and build upon it with integrity to see where things begin to go wrong. Most all things in this world, or material existence for that matter, have a pyramidal structure. Eg: /Electronics+Tech\ /Industry+Transport\ /Mining+Drilling\ / Agrarianism \ / Land + Water \ That's the general idea. We can't increase the top without increasing the bottom, and the bottom can't increase. But we'll die trying. And it applies to not only stages in technology, but also govt/corp structures, law, science, society, etc. In my view, so many things are broken beneath what we see superficially that there is no option left at this time except total global domination+enslavement of the entire planet by any and all means necessary. We can't fix anything properly. We are out on a plank, and it's cracking near the edge of the ship, so we can't walk backwards or forwards at this stage. If we walk backwards, we fall into sharks with a beam of wood, and if we walk forwards, we fall over the end of the plank into the sharks. There's revolution at one end, and enslavement at the other. But both end up with sharks trying to attack or feed off us. The powers are promising endless growth with supercities and meal worms, crickets and locusts for a food supply; and on the other end, I promote disconnecting from the Insanity with sustainable land, Hydrino power, and natural law. Take over the food supply. With the means of defending it. I will not agree that the current powers on earth are sane or a benefit to humanity or earth. Lone individual geniuses are responsible for most all advancements, but govt+financial powers take the credit. I may be delusional for having any hope. I don't see much intelligence with the necessary knowledge to favor any direction decidedly. I think I just have to settle with the view that this is a clown world, that it's impossible to benefit much of anything, and mankind has been too dull for too long, and his future will be under the total control and domination of a few men, within a very artificial environment, under total mind control, and no chance for spiritual knowledge or attainments. Just millennia of ever increasing servitude with maybe some slowly added dystopian activities for the pleasure of those in control. Maybe like the Logan's Run movie. Man will essentially be reduced to the life of farm animals and pets. Zero autonomy. Really, for anyone to discuss these things, they need heaps of knowledge in philosophy, law, chemistry, physics, history, spiritually, English grammar, engineering, various technologies, earth resources, waste, populations, factors of mental+physical health, .. all the essential ingredients that comprise life on earth and human society. And then even if many such people agreed upon a positive sustainable plan, few would understand the reasons for it, and powers would be too selfish to agree to it, and ?? The conclusion would be that you can only let dullness+evil run their course, and if able, understand the causes of this existence and ensure an alternate reality at death of the body. Because whatever conditions bound you here, will bind again if they remain. Not that you wanted to hear all this.

  • @chensun6156
    @chensun6156 2 วันที่ผ่านมา

    Best explanation of social impact of AI I've seen. Thank you so much!

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      That's great to hear, thank you! 🙏

  • @Mikey-b1s
    @Mikey-b1s 2 วันที่ผ่านมา

    2:48 bullshit. Companies create wealth all the time, real wealth. Think Amazon, 25 years ago it didnt exist now it has grown and is worth a fuck ton of money. I think you are just a closet big government Marxist

  • @MysteriousSoulreaper
    @MysteriousSoulreaper 2 วันที่ผ่านมา

    Definitely have to pick this book up. Thanks for the excellent overview.

  • @marcusmoonstein242
    @marcusmoonstein242 2 วันที่ผ่านมา

    When I see that interest on the national debt is now the third largest government expense (after Medicaid and social security) I find it hard to believe that an ever-growing national debt won't become a problem. At some point the interest is going to become the single largest item in the government budget.

    • @Go-Meta
      @Go-Meta 2 วันที่ผ่านมา

      Yeah, I agree it is a worry. But I think MMT would say a couple of things about this: a) MMT is not arguing for a license to spend, spend, spend. You do need to keep a reasonable level of total debt in relation to government receipts and GDP, but: b) aiming for balanced budgets or surpluses is a mistake as it will suck money out of the private sector and reduce the growth rate of the economy and a key instrument to tackle high govt debt is to ensure high levels of growth. So, rather the govt should be doing sensible levels of borrowing to invest in ways that will stimulate growth ... but these have to be credible plans. c) government can and should more actively manage the interest rate that they are spending to service their debt, including allowing the central bank to buy up more govt debt from the market (as Japan has done massively!), as not only can this help shift the market interest rate, but also any interest paid to the central bank comes back to the Treasury as 'profit' (as far as I know) and so effectively takes the interest rate on that debt to zero! So, yes, the trend line is not great, but austerity style, unilateral cutting of spending is not a sensible way to get out of the situation. It is likely to reduce growth, thereby making the debt harder to service! But the mistake many people seem to make is to assume that MMT advocates are simply arguing for massive increases in spending. It's much more nuanced and sensible than that! 🙂

  • @MaxWolf-s9y
    @MaxWolf-s9y 2 วันที่ผ่านมา

    You mention that Varoufakis's idea of "cloud serfs" and "cloudalists" just describes "roles" we all inhabit, rather than defining distinct classes. But traditional class structure has always allowed for some role flexibility (e.g., managers who control others yet still answer to higher-ups). What Varoufakis is highlighting seems to be a unique structural dependency in digital systems, where ownership of data determines power. This could be seen as creating new class tensions worth a more rigorous analysis. You suggest that broad public ownership of stock diminishes class distinctions, but most of the wealth and decision-making power in tech is still concentrated among large shareholders, executives, and venture capitalists, not average pension-holders. This centralisation of data’s wealth-generating potential means that influence over these assets remains deeply imbalanced, even with stock exposure spread across society. Drawing a parallel to traditional media moguls like Murdoch might overlook some key differences. Unlike newspapers, digital tech firms don’t just control content; they control the very infrastructure through which people interact. This allows them to go far beyond traditional media reach by using detailed behavioural data and high-fidelity influencing. It’s not merely influence but also control over the space where agency is exercised, which seems to reshape user autonomy on an unprecedented scale. You argue that tech firms’ ability to avoid profit pressures is more about finance than digital. While financial speculation is certainly part of it, the exponential growth unique to tech firms, driven by network effects and data monopolies, sets them apart. Traditional businesses don’t have this same advantage, which indicates that the phenomenon is tied more closely to digital economics than just financial strategies. You mention that these technologies would be equally exploitative in socialist or communist settings, but class distinctions might differ greatly within those frameworks. For example, socialist structures could theoretically facilitate a more equitable redistribution of data ownership, suggesting that political economy remains essential to shaping technology’s impact. You acknowledge that “big data” represents a new kind of asset, but you downplay its potential to create new class tensions. Varoufakis’s argument seems to be that big data is collectively created but centralised in ownership, forming a new frontier of exploitation. This idea of everyone “labouring” by generating data for free while ownership remains highly restricted does seem like a critical point to explore further. All in all, these points reflect how digital capitalism has transformed, if not intensified, traditional class structures in nuanced ways. Dismissing these shifts as mere roles might miss how data control has centralised power in unprecedented ways.

  • @koltoncrane3099
    @koltoncrane3099 2 วันที่ผ่านมา

    Classic ideas like supply and demand not actually working in economics is real, but it’s not that it doesn’t work. Just look at videos discussing the spoofing of gold. Some foreign central banks maybe does future contracts and then cancels at the last minute. Did you know the bank of international settlements I think have some gold component or may help manage gold. If central banks are privately owned and if the bank of international settlements is privately owned and actually had Englands monarch as a shareholder up to the year 2000 September 11 it’s like of course if you’re a billionaire and want to continue using fiat currency along with your government you may simply manage demand or supply. If you’re a central bank and can have off sheet liabilities like normal banks and it’s not reported and if you’re a central bank and you literally create new currency out of thin air what’s stopping them from buying or selling future options to manage price? Yes individuals or companies would go bankrupt doing that but if you’re a central bank you just keep creating new Monopoly money for your game or task. Also if the federal reserve is never audited no one will ever know,

  • @Ningleoid
    @Ningleoid 2 วันที่ผ่านมา

    excellent, thank you

  • @Smithistory
    @Smithistory 2 วันที่ผ่านมา

    Business owners don't like competition? Isn't that the point of talking about competition in capitalism? Also I feel like a lot of times capitalist is used interchangeably with business owner and supporter of capitalism, whereas this video points out correctly that business owners are not necessarily supporters of capitalism, especially the competition aspect of capitalism. And this shouldn't be a surprise to anyone who has beyond a middle school understanding of capitalism/market economies.

  • @krcalder
    @krcalder 2 วันที่ผ่านมา

    Richard Koo used to a central banker at the Federal Reserve Bank of New York. He introduced me to the central banker’s “flow of funds”. Richard Koo shows the graph central bankers use and it’s the flow of funds within the economy, which sums to zero (32-34 mins.). th-cam.com/video/8YTyJzmiHGk/w-d-xo.html You can clearly see the zero sum nature of the monetary system. You can see how, as one thing goes up, another thing goes down. Before the Japanese financial crisis in 1991, the Government moved into surplus as the corporate sector was going more and more negative. A Government surplus sucks money out of the private sector. A Government deficit pushes money into the private sector. It’s the zero sum nature of the monetary system I could only understand the central banker’s flow of funds after I had grasped the basic principles of MMT. Private banks create the money supply. www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf Money and debt come into existence together and disappear together like matter and anti-matter. Bank loans create money and debt repayments to banks destroy money. Bank loans create 97% of the money supply Banks create money and debt at the same time. This is the zero sum nature of the monetary system. This is why it behaves in ways that you often don’t expect.

  • @davianoinglesias5030
    @davianoinglesias5030 2 วันที่ผ่านมา

    The dollar is a leader currency, other Currencies will always do what it does. For that reason the US will never face the consequences of it's frivolous spending since there will be no competitors to replace the dollar

  • @joerobinson3225
    @joerobinson3225 2 วันที่ผ่านมา

    Thank you for the great video. I appreciate the info very much, as it’s presented in a calm manner and with good backup data. I don’t know how I feel about all this. As an American, I’m concerned about the profligate military spending, both from a financial position, as well from humanitarian grounds. I believe that military spending is inherently inflationary as the goods are produced using tax dollars, but cannot be bought by the economic markets at large. FYI, I also believe that words are important, and the political, fiscal, and monetary lingo is jingoistic and not meant to inform, but to confuse. The prefixes like “neo-“ is emblematic. You don’t know what the user stands for, nor what he means. Again, thank you.