Human civilization is headed toward an economic crisis | Steve Keen and Lex Fridman

แชร์
ฝัง

ความคิดเห็น • 1.2K

  • @Noticegiven
    @Noticegiven 2 ปีที่แล้ว +766

    I love how people say we are "headed towards" a debt collapse or econ crisis. We are already in it. The amount of denial in people is insane.

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว +21

      This guy is a big proponent of government spending much more. He is an MMT supporter.

    • @fuckTrump-v7j
      @fuckTrump-v7j 2 ปีที่แล้ว +46

      It's just like the beginning of the movie Interstellar, where everyone is clearly living through the beginning stages of the appocalypse, but it's happening gradually enough that no one really seems to fully grasp the severity.

    • @zaiux
      @zaiux 2 ปีที่แล้ว +10

      Watch the documentary "hypernomalization" and understand why and how

    • @thst_bot5368
      @thst_bot5368 2 ปีที่แล้ว

      @@soulfuzz368
      If you set yourself up right, you too will be a proponent of MMT. We all just saw where the money goes when the print it off. They did too. The games on. Make the lies work for you to find truth.

    • @caseywhite3150
      @caseywhite3150 2 ปีที่แล้ว +25

      Yeah I work 45 hours a week here in CA, make 16.50 and it would cost 110 % of my income I could not rent a house here. Gas is TWICE as much and food around 30% more.
      Yet I do have what I need thanks to my family pulling together and me helping them as well. I am blessed by Christ ☦️
      But the indicators along with the amount of vomit politicians worldwide is frightening.

  • @withoutlimits16
    @withoutlimits16 2 ปีที่แล้ว +399

    I’ve been following Keen for years. So glad he’s finally getting an audience like this. Did my master’s thesis on private debt purely because of him, and it helped me land my dream job. He’s also super responsive to email and questions. Brilliant mind.

    • @RoyArrowood
      @RoyArrowood 2 ปีที่แล้ว +8

      @Frank Arrietta farms lol

    • @RILEYLEIFSON_UTAH
      @RILEYLEIFSON_UTAH 2 ปีที่แล้ว +12

      @@RoyArrowood Arms.

    • @pebblepod30
      @pebblepod30 2 ปีที่แล้ว

      @Frank Arrietta
      What the hell does that have to do with the social problem of private debt?
      That's a bit like going to China & asking a surgeon "which people are the best candidates to make money from stealing organs? That's what your job is about, right? Right?"
      The question of why financial elites getting past govts to swap FEDERAL SOVEREIGN CURRENCY govt so called "debt" (which no member of the public now or in the future ever has to pay back for its own sake) for private comerical banking debt (which must pay back soon with unpredictable & now large interest added)..........that is the issue of his thesis i gather, or something like that.
      Not at all like studying for making a selfish investment decision - sure go ahead but its a different topic.

    • @cloongeorgy7553
      @cloongeorgy7553 2 ปีที่แล้ว +1

      @@RILEYLEIFSON_UTAH Rms

    • @mikajortikka3223
      @mikajortikka3223 2 ปีที่แล้ว +9

      @@RILEYLEIFSON_UTAH sarms

  • @hlf_coder6272
    @hlf_coder6272 2 ปีที่แล้ว +132

    If the American people ever allow private banks to control the issue of their currency first by inflation then by deflation the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered - Thomas Jefferson

    • @digitalsamurai42
      @digitalsamurai42 2 ปีที่แล้ว +2

      Time to find new land and establish a new country... Again

    • @xrunner55
      @xrunner55 2 ปีที่แล้ว

      Jefferson had to be bailed out by John Adams. Its how we got the Library of Congress

    • @bennyboy2023
      @bennyboy2023 2 ปีที่แล้ว +2

      This is literally occurring now

    • @marywest6844
      @marywest6844 2 ปีที่แล้ว +1

      Which Jew comedian used to say ," another sucker born every minute"? Maybe he knew something too.

    • @lejitthewastelandprince8550
      @lejitthewastelandprince8550 2 ปีที่แล้ว

      Kinda like when the conquered & enslaved people woke up homeless & deprived of wealth & freedom?

  • @DrakeRose
    @DrakeRose 2 ปีที่แล้ว +181

    Headed toward? We're already in it!
    I remember in my area, 20 years ago, there were large houses for anyone with a pulse. No income, no job? Approved! NINJA loans.
    Now people my age fantasize about having enough money to live in a van.

    • @ConsciousnessExplored
      @ConsciousnessExplored 2 ปีที่แล้ว +27

      Learn to code

    • @dragospahontu
      @dragospahontu 2 ปีที่แล้ว +23

      @@ConsciousnessExplored hahahaaaaaaaaa

    • @AdrianRozic1
      @AdrianRozic1 2 ปีที่แล้ว +7

      Its also the loan duration, my grandfather paid of his house in 19 years, if I buy it now its min 28y loan with the same terms

    • @tanner9072
      @tanner9072 2 ปีที่แล้ว +9

      How did those NINJA loans work out for everyone?

    • @justsayin3600
      @justsayin3600 2 ปีที่แล้ว

      Now imagine what you experience exponentially on a global scale.

  • @imacmill
    @imacmill 2 ปีที่แล้ว +109

    Let's be clear with the language of the video title: The world is not 'headed towards' an economic crisis, but rather it is being expertly and deliberately steered in that direction.

    • @marywest6844
      @marywest6844 2 ปีที่แล้ว

      I think so too. Just so the banks and lenders swoop in getting assets to their mates for a song. Like a set up. Just because people overextend themselves. There is book Princes of the Yen, written by person who lived in Japan. It is said the same what I call scam is set up now.

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว +4

      I agree with this but I think this guy’s solutions have their own equally disastrous outcomes.

    • @Luke_Stoltenberg
      @Luke_Stoltenberg 2 ปีที่แล้ว +16

      You overestimate the intelligence of the people steering the ship

    • @imacmill
      @imacmill 2 ปีที่แล้ว +4

      @@Luke_Stoltenberg You underestimate their intelligence.

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว +1

      @@weignerleigner3037 I agree with the first sentence but disaster is not inevitable. The internet always makes things seem worse, life is good.

  • @SCHDH77
    @SCHDH77 2 ปีที่แล้ว +100

    This is the kind of analysis I wish I was taught years ago. Thank you Lex.

    • @haniamritdas4725
      @haniamritdas4725 2 ปีที่แล้ว +1

      I wish the economists had been taught it years ago as well

    • @simrdownmon6431
      @simrdownmon6431 2 ปีที่แล้ว

      If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

    • @andresgarciacastro1783
      @andresgarciacastro1783 6 หลายเดือนก่อน

      @@simrdownmon6431 If deflation occurs and wages stay the same, spending may not increase, because you will pospone your purchases, since the item will be cheaper next month, etc... So you basicly buy the TV/computer/etc, later.

  • @WildcatWarrior15
    @WildcatWarrior15 2 ปีที่แล้ว +142

    Anyone else old enough to remember the same "doom and gloom" predictions being made in 2008? it is human nature to be scared in turbulent times. It's important to remember that civilization may be in a tough spot, but we are resilient. We are awful at creating utopia, but we are excellent at keeping everything barely together.

    • @trevc63
      @trevc63 2 ปีที่แล้ว +10

      I love that last sentence, gonna ponder on it and perhaps borrow, cheers!

    • @neonronin69
      @neonronin69 2 ปีที่แล้ว +7

      Wow some smidge of positivity love to see it

    • @aldoraine1400
      @aldoraine1400 2 ปีที่แล้ว +5

      Exactly, we all survived 2008. The fact is, everywhere I go it’s tons of people out buying spending spending spending lines in every store/restaurant. Something you only see if a booming economy. Times are not tough, people aren’t having to scrim and save. Deposable income
      Is still so high

    • @digitalsamurai42
      @digitalsamurai42 2 ปีที่แล้ว +3

      We'll survive but our way of life will change to something foreign to us. Are we antifragile enough mentally to handle it here in USA?

    • @KentonBenfield
      @KentonBenfield 2 ปีที่แล้ว +35

      @@aldoraine1400 "Exactly, we all survived 2008." Survivorship Bias. Yes, WE all did, because we are all alive here to say that now; but many quite simply did not survive, or if they did, they lost much that might unrecoverable. And past survival is no guarantee of future survival.

  • @peppers1616
    @peppers1616 2 ปีที่แล้ว +119

    I think we'all also get out of this. Gotta find ways to stay positive and enjoy life. There's no point in losing your mind over shit you can't control

    • @tangyocean8423
      @tangyocean8423 2 ปีที่แล้ว +10

      @@rodneylake2 yea it'll work out when the WEF has there way

    • @digitalsamurai42
      @digitalsamurai42 2 ปีที่แล้ว +9

      Farmers in Netherlands think there is something they can do about it. Why don't you?

    • @CG-rb4xo
      @CG-rb4xo 2 ปีที่แล้ว +7

      Nah. This is different. All crashes have been leading to this one. Sure, we will recover financially, but our systems of government and economy will never be the same. Hold on tight.

    • @Userhfdryjjgddf
      @Userhfdryjjgddf 2 ปีที่แล้ว +8

      Everyone sais they can't do nothing about it. First. Stop voting Democrat, 2nd. Own lots of food, water, silver and ammo. 3rd. Have a plan for what you will do to best protect yourself and family when SHTF. 4th. If you live in a major metropolitan area. GTFO as fast as possible. The crime wave is coming and it won't be pretty.

    • @tangyocean8423
      @tangyocean8423 2 ปีที่แล้ว

      They have planned this since the end of world war 2... Only ends in revolution

  • @odinviken
    @odinviken 2 ปีที่แล้ว +82

    The Economy is theoretical. The consequences are real. Humanity have created an unconscious system beating the hell out of conscious beings.

    • @michaelallen3304
      @michaelallen3304 2 ปีที่แล้ว

      Physical forces used to control the economy. Anymore most of the economy is controlled by theoretical forces. This is obviously a bad thing.

    • @marcodallolio9746
      @marcodallolio9746 2 ปีที่แล้ว +4

      Yeah, you can call that unconscious drive civilization. We've been doing its bidding and bearing its discontents for 10k+ years now

    • @odinviken
      @odinviken 2 ปีที่แล้ว

      @@marcodallolio9746 It is the identification of the various unconscious theoretical frameworks that can lead us to altering the current trajectory that we currently are riding on.

    • @Silverfirefly1
      @Silverfirefly1 2 ปีที่แล้ว +1

      Like any self harming it's ultimately two things: misplaced self loathing and a desire just to feel something - a cry for help.
      If humanity believes that it deserves its fate and acts accordingly then that is ultimately self fulfilling and true, exactly as true as if talking to a teen and for similar reasons.

  • @thejuice3819
    @thejuice3819 2 ปีที่แล้ว +212

    This was a great video. Dude broke it down perfectly. Speculation has literally put death to all financial markets and the ppl in charge aren't stupid not to see it. So you have to ask yourself why did they let it happen?

    • @JJAMES80
      @JJAMES80 2 ปีที่แล้ว +61

      all intentional my friend

    • @mysterioanonymous3206
      @mysterioanonymous3206 2 ปีที่แล้ว +31

      Because they knew it was going to blow, so they're all scrambling to grab what they can while the party lasts.

    • @foodank_atr817
      @foodank_atr817 2 ปีที่แล้ว +66

      When the system collapses everyone will be so desperate to attain the old way of life (modern convenience and comfort) instead of the widespread 3rd world conditions that will arise, they will readily accept the new total control system of electronic currency and monitoring so everyone can have their behavior controlled by digital currency manipulation.
      Cash is the last bastion of true freedom because I can buy something from you and no one else has to be involved. Money for goods and service. One to one and we're done.
      Digital currencies are open to all kinds of outside manipulation, not to mention the eventual unreliability of man made power grids. Even the 'blessed' Blockchain nft shit is vulnerable because someone ELSE owns the servers all your wealth is on. Someone else owns the power grid by which it's transmitted. And there's no way for one person to give another money for exchange without other elements being involved, with some sort of process fee, or the utilities use AGAIN. Some trail is there.

    • @neisanland2503
      @neisanland2503 2 ปีที่แล้ว +16

      they let it happen because they make money off it. thats the only way. if they were at risk to lose it all they wouldn't do it

    • @constantin58
      @constantin58 2 ปีที่แล้ว +7

      personal gain

  • @temperancepress2230
    @temperancepress2230 2 ปีที่แล้ว +139

    Superb analysis. This guy really gets how humans work, and the fact that economics is really just a sub-discipline of psychology

    • @iananderson8288
      @iananderson8288 2 ปีที่แล้ว +4

      It’s simply a value system that incentivizes behavior

    • @woogieboogie3889
      @woogieboogie3889 2 ปีที่แล้ว +4

      I don't think needing food has anything to do with your psychology, or a place to live or protection of some sort. Not agreeing with the whole psychology thing. In some ways yes but the core of economics has nothing to do with our psychology.

    • @kNowFixx
      @kNowFixx 2 ปีที่แล้ว +14

      @@woogieboogie3889 "I don't think needing food has anything to do with your psychology" so let me get this straight; you don't think that needing food is going to influence how people behave in day to day life & how they think? Lol.

    • @woogieboogie3889
      @woogieboogie3889 2 ปีที่แล้ว

      Brainless single celled organisms seek out nutrients, calories, energy sources. Your need for energy is not psychologically based. Your biological need for energy may cause a secondary effect in your psychology but that's not it's source. You buying a pink purse wouldn't even be a purely psychological purchase. It's most likely some abstract sophisticated mating technique to make one's self appear to be more feminine thus more attractive to a masculine suitor. Pond scum doesn't have a personality but it pursues most of the same things you do fundamentally. So go "LOL" somewhere else child.

    • @jeremy-pj1zx
      @jeremy-pj1zx 2 ปีที่แล้ว +1

      psychologys a sub-discipline of economics

  • @jensenswang8135
    @jensenswang8135 2 ปีที่แล้ว +20

    Such a brilliant podcast - Steve Keen one of only a handful of people I could listen to for hours.

    • @infotechsailor
      @infotechsailor 2 ปีที่แล้ว

      He gives Paul krugman a pass on his psychotic beliefs that pervade western banking and economics academia

    • @michaelbuselli336
      @michaelbuselli336 2 ปีที่แล้ว +1

      Lol your handle

    • @simrdownmon6431
      @simrdownmon6431 2 ปีที่แล้ว +3

      I have to question everything he said because If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

    • @michaelbuselli336
      @michaelbuselli336 2 ปีที่แล้ว

      @@simrdownmon6431 depends on where you are in the economic hierarchy. Both deflation and inflation can be good or bad depending on where the individuals socioeconomic situation

    • @jensenswang8135
      @jensenswang8135 2 ปีที่แล้ว

      @@simrdownmon6431 you probably need to do a lot more research i.e go through the years worth of his lectures if they still exist on TH-cam - if not reach out to him and ask him a question he'll reply most likely.

  • @matthewryan2060
    @matthewryan2060 2 ปีที่แล้ว +94

    As a species, I think we deserve whatever fate we end up with because we never do anything about it. We all see the problem but can’t consolidate to act against it so were doomed to fail. Americans make fun of the French for cowardice but at least they killed their own leaders when they acted against the interests of its people. Perhaps we could learn something there.

    • @garycarder4363
      @garycarder4363 2 ปีที่แล้ว +4

      Might be time to break the power grid

    • @stan5936
      @stan5936 2 ปีที่แล้ว +17

      The French revolution was a net negative for the French people. Gandhi's Indian revolution is by far the most positive revolution maybe the only one.

    • @lubricustheslippery5028
      @lubricustheslippery5028 2 ปีที่แล้ว +5

      We are evolved to work as individuals not a species so it may be biological impossible. Then the economy is the least of my worries, money is just some virtuall stuff we have invented. Climate change, food production, war, power/democracy , and distribution is real problems.

    • @AK-Kessler0907
      @AK-Kessler0907 2 ปีที่แล้ว +16

      People are too comfortable, Matt.
      They come home tired from their job, wanna watch something on TV, take their pills and go to sleep.
      Society truly is a scam.

    • @matthewryan2060
      @matthewryan2060 2 ปีที่แล้ว +9

      @@stan5936 100% agree Stan. Just can’t imagine that kind of dedication to solidarity in today’s society unless it’s cancelling someone that said a bad word 20 years ago.

  • @robertmccance1280
    @robertmccance1280 2 ปีที่แล้ว +10

    Fascinating interview… it feels somewhat that the political divide/ economic theory has us all fighting to see “how big our jail cell is going to be”. What is rarely expressed is the division of this “wealth” and whether or not this debt crisis will once again be “shared”disproportionately to the ones least able to cope with it. Keep these up Lex, truly learning out of these interviews.

  • @gtkingly8127
    @gtkingly8127 2 ปีที่แล้ว +21

    always asks about paul krugman IM FUCKING CRYING this shit is so good lex man your content is truly inspiring in every single way possible something no teacher or school ever even got close to installing inside of me thank you for the content 100/10

  • @newdawnforall6264
    @newdawnforall6264 2 ปีที่แล้ว +20

    I met Steve in Quito Ecuador when he was visiting the universities there. His lecture was way over my head, but the basic concept makes perfect sense.

    • @erastvandoren
      @erastvandoren 2 ปีที่แล้ว

      Nope. His concepts are nonsense.

    • @newdawnforall6264
      @newdawnforall6264 2 ปีที่แล้ว

      @@erastvandoren glad that such a revered expert has given such a clear and well considered opion. 😂

    • @erastvandoren
      @erastvandoren 2 ปีที่แล้ว

      @@newdawnforall6264 Marx has been obsolete since 1871. His theory is basically the same as classical economics, which is based on manual labor as the only factor of production. We know this assumption is wrong.

    • @newdawnforall6264
      @newdawnforall6264 2 ปีที่แล้ว

      @@erastvandoren in my experience of him, this is not his main point. At all. After neeti fhin and sitting in his lecture and listening to his other interviews I have never heard him mention this. He talks about where debt is accumulated and where tax money is used to alleviate it and where it is not and how we may escape this spiral. But anyway I shall listen out for what you are taking about. Never heard it fro him

  • @giorgioblack
    @giorgioblack 2 ปีที่แล้ว +5

    Glad we've got guys like Steve Keen and Jaden Smith talking about the political and economic state of the world.

  • @securethebag1613
    @securethebag1613 2 ปีที่แล้ว +11

    This is what happens when you make a whole bunch of shit that isn't worth anything, worth something. I'm thinking 90% of the people in the US are one missed payment from losing everything

  • @rick15666
    @rick15666 2 ปีที่แล้ว +42

    Maaan I understood like 3% of that. I had no idea Lex was so well versed in macroeconomic finance, to the point where he’s ‘pushing back’ on a couple points the guest made, but his pushbacks were warranted and made sense, guest had to work at it a bit to address each valid challenge. Anyway, 3%.

    • @johnshaw8327
      @johnshaw8327 2 ปีที่แล้ว +2

      Me 1% !!!!

    • @casewojo6186
      @casewojo6186 2 ปีที่แล้ว +1

      You didn’t see him looking at his notes? You’re smarter than you think. I don’t think Lex is very smart nor dumb.

    • @123prestolee
      @123prestolee 2 ปีที่แล้ว +1

      ‘About’ not ‘like’.ffs.

    • @MarioSanchez-ze2wq
      @MarioSanchez-ze2wq 2 ปีที่แล้ว

      I feel the same as you---3%. 97% 0ver my ancient senile head. The nice thing about the content of the video is the seed planted to learn more. I lived 2008. Countrywide offered me 460k. I told the youngster I only needed 350k. The following weeks BoA bought CW out. I should have taken the money and put some in a bank account. So much for buying Apple stock at a $1.00 a share. C'est la vie!!!

    • @nuvisionprinting
      @nuvisionprinting 2 ปีที่แล้ว +1

      Been listening to Prof Keen for at least a decade, it all made sense to me, but he is getting a lot better at getting his points across!
      I have to call out lex here. He was well and truly out of his depth, the push backs were entry level & basic to things that were already clearly answered, it can be seen by how his push back almost comes across as deflection.

  • @v11a03
    @v11a03 2 ปีที่แล้ว +23

    Oh Americans... Don't you understand that like 80% of the world is in constant crisis. Appreciate what you have.

    • @squadwipesyt3639
      @squadwipesyt3639 2 ปีที่แล้ว +1

      I love how people act like human civilization being in crisis due to mismanagement of resources is supposed to be somehow okay. Like what we're doing as a whole is just something we should appreciate because we have material things instead of living in harmony with nature. Not that we can actually stop what's about to happen, we just kind of have to deal with it. 80% of the world is in constant crisis because that's the bed we made for ourself as a society, but it doesn't mean that it's somehow okay. And how you equate this as purely an American problem when the entire world (or 80% as you claim, which at that majority is basically the whole planet) is suffering because of "what we have". Although in the grand scheme of the universe none of this actually matters, it's just the end of our time here albeit our own doing.

    • @westerncanadian4249
      @westerncanadian4249 2 ปีที่แล้ว +1

      It worse in other parts of the world thus Americans should let their country’s economy go to shit, good thinking bud

    • @v11a03
      @v11a03 2 ปีที่แล้ว

      @@westerncanadian4249 I didn't say that. I didn't say anything other than what my post contains. And it literally says nothing about Americans should let their economy go to shit.

    • @v11a03
      @v11a03 2 ปีที่แล้ว

      @@squadwipesyt3639 i just find it funny and ironic that no matter how good people live they will still complain. It's not just about Americans, Americans aren't the problem at all. The problem are false values, which bring no harmony to life, but do the opposite. Like the modern idea of successful life which is very materialistic.

    • @squadwipesyt3639
      @squadwipesyt3639 2 ปีที่แล้ว

      @@v11a03 sounds like you think the grass is greener on the other side.

  • @tiananman
    @tiananman 2 ปีที่แล้ว +8

    the gold standard wasn't zero inflation.
    The supply of gold expands by about 1% per year. That's not far off from the Fed's goal of 2%.
    If 2% is the goal, you can get there with a currency backstopped by a basket of commodities to hit a mix of 2%. It's not remotely as hard as trying to manage the inflation rate of an entirely de-pegged fiat currency.
    But of course, a de-pegged currency is unconstrained, and the ghouls who run the government and central banks can spend as much as they want on whatever they want without any one pumping the brakes. Ergo: prison, military, spying and control gets funded, inflation soars, the rich prosper, and everyone else gets it in the shorts.

    • @tiananman
      @tiananman 2 ปีที่แล้ว

      @jekennedy108 volatile priced in what? dollars? the supply of gold is remarkably stable, unlike every fiat currency. It also has the benefit of existing.

    • @tiananman
      @tiananman 2 ปีที่แล้ว +1

      @jekennedy108 the US dollar has seen about 40% of its units created in the past 2 years. There is no commodity on earth with a track record that comes close to this kind of increase.
      So you look at the price of gold (in dollars) and see gold volatility, when really you're seeing dollar volatility. Gold is just snitching on the dollar.

  • @1nfty-
    @1nfty- 2 ปีที่แล้ว +25

    Steve Keen restored the brain cells i lost on the Richard Wolff podcast

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว +5

      They have a lot of overlap in policy preferences. Both are big proponents of MMT.

    • @erastvandoren
      @erastvandoren 2 ปีที่แล้ว +1

      Nope, you lost the last remaining cell

    • @1nfty-
      @1nfty- 2 ปีที่แล้ว

      @@erastvandoren nah im good thanks though

  • @thejuice3819
    @thejuice3819 2 ปีที่แล้ว +14

    Lex you should interview Steve Saretzky and the guys on his podcast. Excellent financial source. They try their best not to get into conspiracy and speculate on why Central banks have been doing what they've been but they at least acknowledge there's something weird happening globally financially

  • @dreu4092
    @dreu4092 2 ปีที่แล้ว +6

    I'm to high to follow the convo completely, but this sounds serious folks!

  • @elaishh3533
    @elaishh3533 2 ปีที่แล้ว +14

    First video I’ve actually slowed down to .75

  • @fhailywalid
    @fhailywalid 2 ปีที่แล้ว +7

    We are not headed towards it... it is already started and we are in it.

    • @Chris-vr8cd
      @Chris-vr8cd 2 ปีที่แล้ว

      time to prepare for death

  • @chaffeecityusa1129
    @chaffeecityusa1129 2 ปีที่แล้ว +31

    At the start of c 19 when the market was super volatile, I started asking everyone I knew with political and wall street ties pretty in depth questions about this. All roads led to this being a huge pyramid scheme that will eventually collapse. I honestly can't believe it hasn't yet. Scary times.

    • @scottdenn5545
      @scottdenn5545 2 ปีที่แล้ว +4

      Sooo..... you are 122 years old 🤔😎?

    • @lostinbravado
      @lostinbravado 2 ปีที่แล้ว +8

      It's a big circle of IOU's that won't meet it's end until finally, no one can pay. The reason it hasn't collapsed yet is because we haven't entirely exhausted every avenue to keep this extremely sick system alive. Considering how high the cost is to maintain it, one has to wonder how long it has left before terminal collapse.

    • @rick15666
      @rick15666 2 ปีที่แล้ว +1

      @@lostinbravado my concern is all the IOU’s to China…. especially considering they’re goin through a thang over there at the moment boarding up prominent bank buildings, shuttin shit down.

    • @PoeLemic
      @PoeLemic 2 ปีที่แล้ว

      @@rick15666 We can just decide not to pay China. That's an option too.

    • @JosephusAurelius
      @JosephusAurelius 2 ปีที่แล้ว

      @@lostinbravado what is an iou?

  • @VideoJunkee
    @VideoJunkee 2 ปีที่แล้ว +2

    “Headed towards?”
    We’re here. We’re just sliding off the cliff and waiting for the *splat*

  • @sandwichrtist4556
    @sandwichrtist4556 2 ปีที่แล้ว +11

    Lex, this makes it the 6th or 7th guest in a row who appears visibly annoyed by the constant interruptions.

    • @Hysteresis11
      @Hysteresis11 2 ปีที่แล้ว +6

      Too fvckin' bad for them.😉

    • @jimfoster2909
      @jimfoster2909 2 ปีที่แล้ว +3

      It is annoying

  • @jamestom2510
    @jamestom2510 2 ปีที่แล้ว +5

    Hey Lex great interview, kind of is over my head, but can you arrange an interview with Peter Zeihan please?

    • @riccardo-964
      @riccardo-964 11 หลายเดือนก่อน

      I'd like to see a table with his predictions over what actually happened as well.

  • @jasonthompson5624
    @jasonthompson5624 2 ปีที่แล้ว +10

    Guest Recommendation- Lyn Alden

  • @123Coffs
    @123Coffs 2 ปีที่แล้ว +32

    The main financial issue today is that the price of buying a home is so high. So high that it’s almost unattainable. We are forced to work our entire lives just to try and put a roof over our heads. Imagine a life where we each live in a tiny home that costs at most $50,000. That would solve a lot of problems!!! Quality of life would shoot up big time.

    • @beansmayne4581
      @beansmayne4581 2 ปีที่แล้ว +2

      Almost? Milk is up to 5$ a gal ... we fucked bud

    • @BrandonJohnson-bx1ht
      @BrandonJohnson-bx1ht 2 ปีที่แล้ว +7

      That’s not the problem, but rather a symptom of the problematic financial system most are suffering within right now.
      I used to think capitalism and cooperations were the best thing to ever happen to people.
      Times do indeed change though when you hear BlackRock state that they want to become American’s landlord and millennials don’t really even want to buy a house because we like to rent.

    • @jamisonmunn9215
      @jamisonmunn9215 2 ปีที่แล้ว +5

      This is a government issue as well. The laws need to change. Corporations should not be allowed to buy homes and apartments, offices maybe but not homes. That alone would cut prices probably 50%. If we need to go further individuals should only be able to own two homes.

    • @chrishart8548
      @chrishart8548 2 ปีที่แล้ว +2

      @@BrandonJohnson-bx1ht we don't really see the point in ownership. We won't even be here that long the house will outlast us 3 lifetimes over. I why do we need to leave a house to our children. To date very few people have inherited a house when the need it. It's not like your parents die the same time you move out at 23 etc. And we don't even plan on staying in the same place. A job for life just isn't a thing anymore.

    • @papapiers1588
      @papapiers1588 2 ปีที่แล้ว +1

      Most people in Europe rent their homes. In fact here in UK home ownership is only around 25%. Rental market is always and has always been an option.

  • @DrRussPhd
    @DrRussPhd 2 ปีที่แล้ว +5

    Restore Glass-Steagal and regulate the casino on Wall Street. And jail Wall Street CEOs when they break the law.

  • @bradleyjohnson6107
    @bradleyjohnson6107 2 ปีที่แล้ว +61

    I love it when egg heads talk about economics like some scientific force of nature when it’s increasingly clear that it’s just a human invention that can be changed and manipulated by whoever’s in charge as long as the natural resources and personnel are there to carry out whatever is desired…good or bad

    • @lucamigliavacca
      @lucamigliavacca 2 ปีที่แล้ว +10

      Doesn’t work like that chief

    • @aaronjapo
      @aaronjapo 2 ปีที่แล้ว +8

      Not so much that it "doesn't work like that" - it just doesn't work at all.

    • @Hysteresis11
      @Hysteresis11 2 ปีที่แล้ว +6

      Its modeling human behavior and related attributes, not some shapeless force directing human behavior.

    • @Dapryor
      @Dapryor 2 ปีที่แล้ว +1

      I’m genuinely curious what beliefs you have that make you think that is accurate.

    • @roycekimmel
      @roycekimmel 2 ปีที่แล้ว +1

      Scarcity and incentive can be manipulated artificially. Those being two major economic driver's. Look at the Federal Reserve, US Treasury, and the myriad of options from a monetary and fiscal policy standpoint. There are economic systems where there is less intervention from government, etc. But we in the US don't really apply those concepts. I would recommend looking at literature by von Mises and Hayek, like the "Road to Serfdom".

  • @theakountant8444
    @theakountant8444 2 ปีที่แล้ว +17

    I love a lot of what Keen said, some great insight. The one thing I disagree with, that makes no sense to me, is the idea that "some" inflation is good. The idea that humans will consume substantially less if prices are falling just doesn't hold true. Anyone who has bought a flat-screen TV in their life did so knowing that prices for it were going down over time. Same thing with smart phones. The cell phone I bought 5 years ago for several hundred dollars, now can be purchased for $50 in the discount phone aisle. Similar specs and quality. We know the prices of some things will fall, but our need/want to consume still exists. This theory that some inflation is good really seems driven by an ideology that government intervention in markets is always a good thing. It's an excuse for governments to print and spend.

    • @unclestinky6388
      @unclestinky6388 2 ปีที่แล้ว +4

      The notion that money should lose purchasing power is cruel, and an economic gimmick at that. Transactions are necessary, but the only proper way to create transactions is to provide a good or service people want at a price people are willing to pay. The short term cruel gimmick of making people's money lose value is not the way to create transactions for long term prosperity.

    • @simrdownmon6431
      @simrdownmon6431 2 ปีที่แล้ว +2

      You're 100% correct. If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

    • @TheMccarthy327
      @TheMccarthy327 2 ปีที่แล้ว

      Um ever heard of Williams Jennings Bryan…. He lost 3 straight elections on that idea of that information is bad hahahaha you got it wrong buddy go read up on his dumbass you find him to be ya buddy

    • @toddjohnson7572
      @toddjohnson7572 2 ปีที่แล้ว +1

      You can't compare inflation to regular TVs falling in relational price or same with regular cell phones which are no longer "wow" items. This is conceptually different. Looking at Blu Ray is easier as to why. Blu Ray coming out was LAUGHABLY expensive. But it still sold. Wealthy people bought them and middle-class people who were fans of such thing or couldn't handle their money. But everyone wasn't expected to get them. But the price fell once they made it catch on. More made, less cost. This isn't An Economy deflating, this is an individual product's price Lowering due to mass consumption/production. You Know tons of people want to buy it but it's too expensive? Lower price, but make more to make up for it -- which is good, because you control that market for said type of product. Completely different concept.
      Inflation is how much a $ is "worth" in general in the MARKET. How much it will get you among All products, and more importantly, Services. A good measurement would be A collection of products/services that are stable in price and are already mass consumed.
      A LITTLE bit of inflation is good, because it keeps people from hoarding their money. It makes them want to do something with it -- which expands the economy. I buy products & services, it helps keep/grow jobs. Or I invest with it and not let it sit under my mattress because it'll beat inflation -- that'll help keep/grow jobs to the economy. If there was never any inflation at all -- why do I need to do anything with it? No harm to me. I'm not going to have any motivation. You want to nudge them along. That's why. But at a slow enough pace it's not going to jostle things among the people and they can adjust along, over time.

    • @andrewbaker9710
      @andrewbaker9710 2 ปีที่แล้ว

      Your example about the new phone and TV isn’t necessarily replicable across the board because both the labour and the technology that replaces what you buy at any point isn’t the same as a non durable good (food for example where advances in food are engineered over a much longer period of time and prices are subject to seasonality and meteorological phenomena like the recent floods along the east coast of Australia and heat waves/fires in Europe) nor housing (which is constrained by the location of works done and supply of labour) - both of which sit higher in terms of the hierarchy of needs and you’d argue that prices of discretionary items you’d want to rise more than non-discretionary items. Discretionary items like consumer electronics are being replaced with significantly better iterations over time but the current tech still warrants use given that it provides a lot more utility than technology from say 2002. I could buy a laptop from 20 years ago very cheaply but it’s utility today vs say a new laptop would be very limited.
      One of the questions to ask really should be “what are we willing to pay more for over time and how much by? What on the flip side would we want to pay less for?”.
      Services for example are vastly more expensive now than they used to be (especially healthcare regardless of location) as is the cost of construction/land which has seen orders of magnitude less in terms of gains in productivity.
      Also - in the developed world we consume incredibly inefficiently (where the most egregious is that households in America expend more energy on refrigeration than African households expend on all consumption) and in many ways we would actually want to consume less especially in terms of energy and materials that end up in landfill after little or no use but the price signals in energy markets often break in such a way where financial markets and the physical world are at odds (eg the cost of spot Brent crude oil going negative in April 2020 futures contracts whilst being upwards of $120 USD a barrel in March 2022 when Russia invaded Ukraine). If we could get a lot more out of what we buy then a higher price would be warranted.
      What would also be better is if there were a circular economy where reuse of materials as a resource rather than waste is the first resort rather than producing new materials (obviously depends on energy required for both processes). But there are many examples of things we can do that are both energy efficient and that put downward pressure on prices (eg textile waste reuse in ceramics manufacturing or agrivoltaics in agricultural regions with low annual rainfall and high land temperatures to both increase crop yields by decreasing average land temperatures as well as extracting the free energy available).

  • @karlxu1548
    @karlxu1548 2 ปีที่แล้ว

    9:51 huddle philosophy
    Who is the person referred here?
    I cannot find a clear answer through simple googling.

  • @TheFatController.
    @TheFatController. 2 ปีที่แล้ว +7

    Great guest, he saw the problems in 2008 ahead of everyone else. I guess economics is very boring to most people though, and they use this as a way to pull the wool over our eyes.

    • @BasslineHeavy
      @BasslineHeavy 2 ปีที่แล้ว

      I find economics terrifying lol

  • @mikestaub
    @mikestaub 2 ปีที่แล้ว +20

    Fantastic conversation. This guy gets it.

    • @simrdownmon6431
      @simrdownmon6431 2 ปีที่แล้ว +3

      I have to question everything he said because If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

    • @mikestaub
      @mikestaub 2 ปีที่แล้ว +1

      @@simrdownmon6431 Perhaps because wages are a derivative of labor market participation? Assuming the market is free, employers will have to raise wages to keep workers, as we see today. But yes, everyone should be suspect, and ideas must stand on their own.

  • @MasterYodaaa
    @MasterYodaaa 2 ปีที่แล้ว +27

    Lex you do incredible work. Keep it up brother!

  • @gadgetjunkies2166
    @gadgetjunkies2166 2 ปีที่แล้ว +1

    Here is my question: not all private debt is lent by banks. A lot of it is resold to the markets, hence counts as 0 supply according to the argument… How much of the 170% of GDP is truly a net supply?

  • @billyalexander5645
    @billyalexander5645 2 ปีที่แล้ว +5

    Bring it on! I wanna see some shit go down!

    • @7501dan
      @7501dan 2 ปีที่แล้ว +3

      You say that now my friend. May all be well with you in times to come

  • @PrescottValley
    @PrescottValley 2 ปีที่แล้ว +4

    "Humanity is headed to an economic crisis"
    We are already in it. But thanks for letting us know what we already know.

  • @IbHustln
    @IbHustln 2 ปีที่แล้ว +9

    How has Michael Burry not made an appearance on the Lex Fridman Experience??

    • @Frexican54
      @Frexican54 2 ปีที่แล้ว +2

      I don't think he likes to do interviews. There's a video of him doing a lecture to some students at a college from 10 years ago, and thats about it as far of videos of him talking on TH-cam.

    • @bullmeatt
      @bullmeatt 2 ปีที่แล้ว +2

      yep he doesnt like to be interviewed. he makes tweets and deletes them within hours, thats about it.

    • @financialeducation4433
      @financialeducation4433 2 ปีที่แล้ว +1

      We want Burry

  • @stephenbell8337
    @stephenbell8337 2 ปีที่แล้ว +4

    Would be a good question for the supposed sentient AI.

  • @Mike-ps1rc
    @Mike-ps1rc 2 ปีที่แล้ว +5

    I enjoyed listening to how he would pronounce GDP as "Geiy Dei Peiy" 😆..albeit, brilliant conversation

  • @jsblastoff
    @jsblastoff 2 ปีที่แล้ว +2

    "Allow me to explain to you the reason for our economic woes, but first I need to sip my cocacola and aquafina"😂

  • @mk-gd1gi
    @mk-gd1gi 2 ปีที่แล้ว +8

    It’s nice to see that the ‘intellectual dark web’ boys are finally catching up to reality..

  • @aarongood7532
    @aarongood7532 2 ปีที่แล้ว +2

    If I understand correctly, this method that banks use of lending out money that doesn't actually exist is called fractional reserve banking.

    • @TheAdamAdy
      @TheAdamAdy ปีที่แล้ว

      Yeah except when the bank goes bust, it gets a bailout from taxpayers. Thats not normal.

  • @bigdebo7289
    @bigdebo7289 2 ปีที่แล้ว +6

    So this is what Alfred does after the dark knight rises

    • @JJAMES80
      @JJAMES80 2 ปีที่แล้ว +1

      🤣

  • @vladimirofsvalbard9477
    @vladimirofsvalbard9477 2 ปีที่แล้ว +1

    Something that most people are completely unaware of, but have already experienced; an economic crisis of age/labor.
    Inflation wasn't the primary reason that an economic crisis ensued post-Covid. It was largely because you had a workforce of professionals that was compromised of the most competent men and women aged between 50 and 65.
    The recession in 2020 saw the early retirement of tens of millions of Americans. They had a choice: be laid off or put on furlough with insurance benefits OR claim early retirement with their 401k or pension.
    Those people then retired from their initial careers; taking up side hobbies and gig work to stay busy.
    THIS is why these people still show up as employed or part of the labor participation rate.
    They are officially retired, but they are doing side work and NOT old enough to claim Social Security payments.
    We have a massive competency crisis ON TOP of a labor shortage and this is precisely why. How do you think people were paying CA$H for homes down in Florida?
    The last of the baby boomers and oldest of Gen X retiring with a wealth of money in their retirement accounts; there's you answer.

  • @chrisvassallo2372
    @chrisvassallo2372 2 ปีที่แล้ว +9

    The one problem mentioned but not solved in keen's body of knowledge is the fact that throughout history the increase in money supply always ends in total catastrophe. The Silvio Gesell experiment only lasted a short while and it was in line with the MMT model adopted later by the rest of the world, we've now learned these experiments take time to collapse, now decades later that the world is on the brink of monitory system collapse. The world will inevitably go back to basics to redraft the entire monitory system from zero. Bitcoin is the one and only liferaft monitory system available and no economist should ignore the most important invention of our time. The Fiat monitory system is just like a huge castle built on sand, there is a point when the whole thing just collapses and that's the point we're at today.

    • @NewRSM1994
      @NewRSM1994 2 ปีที่แล้ว +5

      The whole ,,digital,, currency is just another Grift...

    • @jghifiversveiws8729
      @jghifiversveiws8729 ปีที่แล้ว +1

      Throughout whose history, if we're talking about US history then the volume of the money supply has never been more irrelevant.

  • @OrcasPurpose
    @OrcasPurpose 2 ปีที่แล้ว +1

    Good stuff! Going to watch the whole talk! I’m getting schooled! Thanks Lex!

  • @Tdr-jv2nc
    @Tdr-jv2nc 2 ปีที่แล้ว +4

    People are getting angrier. Even where I work everyone now has a much shorter fuse. You can sense something awful is coming

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว +3

      I’ve noticed this too. People think I’m weird because I am almost always happy.

    • @alexchavez3383
      @alexchavez3383 7 หลายเดือนก่อน

      ​@@soulfuzz368you should have seen US subway stations and actual terrorist bombings in the 70s

    • @soulfuzz368
      @soulfuzz368 7 หลายเดือนก่อน

      @@alexchavez3383 why?

  • @JamesWilliams-jf3hd
    @JamesWilliams-jf3hd 2 ปีที่แล้ว +1

    One thing I’ve realized a lot about our species and fellow Americans - we whine and complain a lot. “Woe is me 😭 “ Always blaming others for our own misery. Stop being WEAK. And do something about your misfortune and circumstances. Period.

  • @1MinuteFlipDoc
    @1MinuteFlipDoc 2 ปีที่แล้ว +4

    Economics is generally regarded as a social science, although some critics of the field argue that economics falls short of the definition of a science for a number of reasons, including a lack of testable hypotheses, lack of consensus, and inherent political overtones.
    Gotta love economics, psychology, and women's studies!!

    • @JorgeGomez-kt3oq
      @JorgeGomez-kt3oq 2 ปีที่แล้ว +1

      I have seen this copied by like 20 different users, these bots are getting out of hand

  • @damianjames0
    @damianjames0 2 ปีที่แล้ว +1

    Great episode! Amazing insights.
    Lex, I think a conversation with Mark Blyth would be a great addition to these conversations.

  • @julieta203
    @julieta203 2 ปีที่แล้ว +2

    I believe Mr Keen has been saying this his entire adult life

  • @sirennoir258
    @sirennoir258 2 ปีที่แล้ว +2

    Human Civilization is always on the precipice of economic crisis. No society last forever. I'm sure Rome had crisis, France, sri Lanka, Mesopotamia, etc. Every society that ever existed is one natural disaster away from losing everything. It is what it is.

  • @LukeDickerson1993
    @LukeDickerson1993 2 ปีที่แล้ว +12

    If a fixed money supply causes a ~23% unemployment rate maybe we should measure our society's prosperity not by % employed but by % of ppl with food, water, shelter, electricity, internet, medical access, leisure spending ect.

    • @unclestinky6388
      @unclestinky6388 2 ปีที่แล้ว

      You are correct. Employment is not the goal, prosperity is the goal. Employment is a means to the goal.

  • @WingsOfADream1
    @WingsOfADream1 2 ปีที่แล้ว +1

    this guy knows his shit, I always get so tangled up dealing with the FEDs system I forget you can theorize about other systems and that other systems do exist they just don't really exist as the FEDs privatization is like the cancer that became dominant means of exchange.
    9:38 - 10:48 also you can see Lex's bias on full blast here, instead of going deeper on the topics of a medium of exchange having a shelf life he clearly dislikes the idea .
    you can tell this guest is extremely well read and quite a gift

    • @selfreli7325
      @selfreli7325 2 ปีที่แล้ว

      *Probably because he's well off. What do rich people do with their money? Sit on it and just move it around. Imagine if your a millionaire or billionaire and you actually have to do something productive with your money in the real economy, not wallstreet. Not a very good feeling.*

  • @AtmanGoldenAge
    @AtmanGoldenAge 2 ปีที่แล้ว +3

    My friend Steve. Congrats for the show with Lex. We need to get that knowledge out.

  • @MattttG3
    @MattttG3 2 ปีที่แล้ว +2

    I am so grateful that I am 29 year old male that didn’t go to college . I currebtly am working a full time job and a part time job now too but I have zero debt whatsoever and since covid hit, i actually used that time to build my nonestient credit .
    I still am in rough shape but seriously, i have no idea how i would honestly feel knowing i have school loans that are getting taken out regardless of if i can afford to live off the remainder.
    And no, i really don’t feel sorry for the majority that do have college payments . Most i went to school with were not even smarter than me but wanted to put on an image so they went to the “best” school they could to get clout. Most got degrees in liberal arts and useless drivel 😂
    I don’t know how many of them will ever own their own homes though. Honestly, so many of them are screwed and I actually do feel bad 😞 I just wish people could think more for themselves , it’s so wild how far down we have fallen

  • @Lilbiscuit284
    @Lilbiscuit284 2 ปีที่แล้ว +3

    Read Creature from Jekyll island. It will explain why we are in the shape we are and have been many times before.

    • @simonjohnson1381
      @simonjohnson1381 2 ปีที่แล้ว +1

      Yes, then “Confessions of an economic hit man “ then “they own it all, including you” then “Fruit from a poisonous tree” by M Stamper

  • @BryanChance
    @BryanChance 2 ปีที่แล้ว

    At 10:20, "The government is not the only money creator..." - the governent does not create money at all. The federal reserve creates it and the government borrows. The federal reserve is a privately ownes central bank

  • @mrhead8175
    @mrhead8175 2 ปีที่แล้ว +6

    End fractional reserve banking

    • @repCanada
      @repCanada 2 ปีที่แล้ว

      Actually the US eliminated reserve requirements when COVID-19, I don't think that is what you were hoping for when you said end fractional reserve banking since now they can lend/create even more money than before... careful what you wish for

  • @postscript5549
    @postscript5549 2 ปีที่แล้ว

    Interesting and informative. I need to listen again later as I only understood 90%.

  • @BenjaminRonlund
    @BenjaminRonlund 2 ปีที่แล้ว +16

    I'm really interested in what they are saying but their level of thinking is way above mine. I feel like Lex needs to ask "can you explain that more simply, I know what you are talking about but you can just explain that for people at home?".

    • @JaxShrimp88
      @JaxShrimp88 2 ปีที่แล้ว +10

      The best way to learn is to jump into what you don’t know.. humans are incredible creatures capable of learning incredible things.. you can do it.

    • @nighthawk7151
      @nighthawk7151 2 ปีที่แล้ว +1

      Agreed 100%. Without any prior knowledge in what their talking about and without any explanation you simply can't watch this. Unbearable.

    • @Edwin-wn7wd
      @Edwin-wn7wd 2 ปีที่แล้ว +3

      I enjoy that not everything is handed to us. Perhaps I'd agree with you if this were purely entertainment.

    • @rebel107
      @rebel107 2 ปีที่แล้ว +1

      I think he was picking his battles, and playing more interviewer as opposed to back and forth. I believe he did it intuitively to allow the conversation to flow.

    • @zoli11
      @zoli11 2 ปีที่แล้ว +1

      I like it though, keeps the mind active. Joe Rogan is the guy for the dumbed down version. But really this wasn't too crazy difficult either, just look up the 3-4 technical terms he used and you'll be able to follow along.

  • @keithj6251
    @keithj6251 2 ปีที่แล้ว

    I couldn't comprehend paying down debt and liquidating to do it yet owing more than before? Can someone explain?

  • @jludovico12345
    @jludovico12345 2 ปีที่แล้ว +10

    I'm curious, has Keen ever implemented his theories in a real-world business case, and what were the results?

    • @andreasv9472
      @andreasv9472 2 ปีที่แล้ว +8

      He is talking about macroeconomics, that is not something you do in a business, but rather in a country's fiscal policies and regulations.

    • @NickHeathcliff
      @NickHeathcliff 2 ปีที่แล้ว +2

      Part of the problem with these large scale economic theories is that it is impossible to say how they will work out before they are implemented.

    • @jludovico12345
      @jludovico12345 2 ปีที่แล้ว

      @@NickHeathcliff I think it is reasonable to observe that socialism has failed and to assume that it will continue to fail. I admit that Lex and Keen are both smart guys, but that doesn't mean their ideas will work. Keen might just have too big of an ego to admit that the theories he's held for so long are flawed. I'm not trying to be personal but socialism has really bad consequences. And it isn't just something we can turn on and then turn off quickly. I believe it will ruin the lives of at least 3 generations before we can reverse the effects.

    • @jludovico12345
      @jludovico12345 2 ปีที่แล้ว

      @@andreasv9472 OK, then, has he implemented or influenced policy anywhere and what were the results?

    • @007SuperSoldier
      @007SuperSoldier 2 ปีที่แล้ว

      @@jludovico12345 Yes. He’s describing how the banking/financial system has worked for more than a century. Coincidentally we (the western world) happen to enjoy the highest standards of living in the history of mankind. So, I’d say pretty well tested.

  • @carboncapitalist-climateec9944
    @carboncapitalist-climateec9944 2 ปีที่แล้ว +1

    What's does this mean?
    ''Credit which is annual change in debt''
    ''Credit plays no role in aggregate demand''

  • @CuShorts
    @CuShorts 2 ปีที่แล้ว +29

    Krugman has literally been wrong about everything lmao

    • @altsak840
      @altsak840 2 ปีที่แล้ว

      That's the view the economic illiterates have.

    • @jackreacher.
      @jackreacher. 2 ปีที่แล้ว

      The New York Times is your go to panacea?

    • @bigj3086
      @bigj3086 2 ปีที่แล้ว +2

      Everything? That's why he is not commenting on TH-cam videos. What's your idea?

  • @dumbcat
    @dumbcat 2 ปีที่แล้ว

    but what should we do to protect ourselves?

  • @ctb1977
    @ctb1977 2 ปีที่แล้ว +6

    For more optimistic economists you should look at Japanification. Japan has a debt to GDP ratio of 260%, Japanification is the theory that the US and other developed countries will end up like Japan, go through a period of heavy inflation, then deflation, then stagnation.
    Imo stagnation isn't a bad thing, it simply means low growth, but also low volatility.
    Also I would've asked this guy whether he thinks modern monetary theory could be a solution to this problem

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว

      He is a big MMT proponent for sure, he wants absolutely everybody working and producing. I’m skeptical

  • @TheHamsterfist
    @TheHamsterfist 2 ปีที่แล้ว

    I can't help but wonder how similar in reality something like heloc loans is to margin debts.

  • @PhamVans
    @PhamVans 2 ปีที่แล้ว +3

    I commend Mr. Freidman for attempting to understand economic issues with private debt. I know it must be hard to come back to earth when you're sitting up their in the digital clouds.

    • @bmizzle7630
      @bmizzle7630 2 ปีที่แล้ว +3

      up there* in the digital clouds. We knew what you were trying to say.

    • @AM-tw5rv
      @AM-tw5rv 2 ปีที่แล้ว

      @@bmizzle7630 foreal 😂

  • @lovev9904
    @lovev9904 2 ปีที่แล้ว +1

    Thank you Lex!!!! 🥰

  • @austinZen8800
    @austinZen8800 2 ปีที่แล้ว +7

    isn't there an interview / interviewee exactly like this every 5 years since 1950 incorrectly predicting the future?

  • @niallconradpriv
    @niallconradpriv 2 ปีที่แล้ว +1

    I just love how he says “mhm Okay?”

  • @noooname2568
    @noooname2568 2 ปีที่แล้ว +6

    We’ve been saying this every decade we’ve been heading towards some kinda downfall. Only difference is we now have multiple media sources telling us this which makes it seem more real.
    But yeah bring on the calamity 🤟

    • @josephbenjamin2934
      @josephbenjamin2934 2 ปีที่แล้ว

      Eventually we’ll end up manifesting it. The propagation of ideas is so widespread, as you said, now that it seems inevitable sooner or later.

  • @erichaynes7502
    @erichaynes7502 2 ปีที่แล้ว +2

    George Carlin was right "It's ALL Bullshit". I got tired of it all and moved overseas. Now I have 4 bills a month instead of 12.. life is so much better this way.

    • @thomasthemarstrain2141
      @thomasthemarstrain2141 2 ปีที่แล้ว

      What do you mean?

    • @erichaynes7502
      @erichaynes7502 2 ปีที่แล้ว +2

      @@thomasthemarstrain2141 What I mean is don't listen to these fools, don't let money ruin your life, take charge of your life and do what you want, not what other people want.

  • @Clubrat
    @Clubrat 2 ปีที่แล้ว +4

    A "debt jubilee" would be like feeding the life stock and food reserves to the wolves. Think about all the people who has worked their ass off to pay back their debt (as everyone should). What this guy is suggesting is giving those people the middle finger while giving a free ride to everyone else.... Morally bankrupt.

    • @NickMart1985
      @NickMart1985 2 ปีที่แล้ว

      Jubilees are mistaken as boon to debtors. They are not. This man hasnt thought this through.

    • @Clubrat
      @Clubrat 2 ปีที่แล้ว +1

      @Amy Wade Debt doesn’t have continual life. That’s the whole point of bankruptcy. If you can’t pay it back, the lender unfortunately takes a loss.
      The problem is that in this system currency=debt and the corrupt banks and governments won’t allow a proper restructuring. Sure it won’t be the best of times but rolling bailouts of Wall Street and bankrupt people/companies will only exacerbate the problems.

  • @J123Tilley
    @J123Tilley 2 ปีที่แล้ว

    Lex reminds me of Marlon Brando, something about the way he talks. I thought I would Google Marlon and this quote popped up, I think it sums up our world perfectly.
    In the United States we think we have at our disposal virtually everything-and I emphasize the word “think.” We have big houses and cars, good medical treatment, jets, trains and monorails; we have computers, good communications, many comforts and conveniences. But where have they gotten us? We have an abundance of material things, but a successful society produces happy people, and I think we produce more miserable people than almost anyplace on earth. I’ve traveled all over the world, and I’ve never seen people who are quite as unhappy as they are in the United States. We have plenty, but we have nothing, and we always want more. In the pursuit of material success as our culture measures it, we have given up everything. We have lost the capacity to produce people who are joyful. The pursuit of the material has become our reason for living, not enjoyment of living itself

  • @Truth_Hurts528
    @Truth_Hurts528 2 ปีที่แล้ว +4

    Krugman the man who predicted the coming "Biden boom"

  • @equalscash9388
    @equalscash9388 2 ปีที่แล้ว

    10:49 wtf happened here?

  • @BodyByBenSLC
    @BodyByBenSLC 2 ปีที่แล้ว +3

    Steve Keen is the man. Him, Mark Blyth, Stephanie Cleyton, Peter Zeihan, David Grayber. Really changed how I see the world. Sorry if I misspelled a name.

    • @soulfuzz368
      @soulfuzz368 2 ปีที่แล้ว

      Arbeit Macht Frei

  • @nickhoffman4039
    @nickhoffman4039 2 ปีที่แล้ว

    Lex's podcast is on another level.

  • @SerDunk
    @SerDunk 2 ปีที่แล้ว +11

    Trying..just trying to grasp what is being talked about 😅 Economics is so alien to me. Hence, my near empty bank account.

    • @RiftVaulter
      @RiftVaulter 2 ปีที่แล้ว +4

      Economics =/=personal finances lol.

    • @DDCrp
      @DDCrp 2 ปีที่แล้ว

      Lol- Keen is a great person to start with

    • @aaronjapo
      @aaronjapo 2 ปีที่แล้ว +1

      I hear economics is like monopoly. Passing "go" akin to the steady paycheck to be consumed on your trip around the board. Most of us aspire to nothing more than that life. But the game is won or lost in building your empire bigger than the other players, to the point they can't live in your world.

  • @choopa1670
    @choopa1670 2 ปีที่แล้ว

    Great to see Steve keen on lex. 👍🏽

  • @good-questions
    @good-questions 2 ปีที่แล้ว +6

    Me: sees clip, knows it will be super interesting, clicks.
    Also me: realizes my current mental state cannot handle this conversation before the clip even starts. Added to watch later…. Can’t handle it today. And I wouldn’t be surprised if that in and of itself is part of what the conversation is about.

    • @JohnDoe-yq9rt
      @JohnDoe-yq9rt 2 ปีที่แล้ว

      go back to reddit ffs

    • @rawbmar1166
      @rawbmar1166 2 ปีที่แล้ว +3

      You need to be a whole lot stronger right now or you're dooming yourself in the near future. Weaklings will not survive the implosion of society.

    • @good-questions
      @good-questions 2 ปีที่แล้ว

      @@rawbmar1166 lmao ok guy, so categorical and arbitrary. was one moment. your parameters are probably just as wrong as anybody's for what is weak and what is strong.

  • @benlamprecht6414
    @benlamprecht6414 2 ปีที่แล้ว

    Excellent clip. Thanks

  • @np4029
    @np4029 2 ปีที่แล้ว +5

    Steve Keen is so close to being right for once he can taste it.

  • @baizhanghuaihai2298
    @baizhanghuaihai2298 2 ปีที่แล้ว +1

    Never underestimate human desperation for meaning and hope. People will do almost any heinous thing to preserve the twin delusions of meaning and hope.

  • @cacophonic7
    @cacophonic7 2 ปีที่แล้ว +3

    We have been heading towards economic disaster for the last 45+ years according to experts*.

  • @samcerulean1412
    @samcerulean1412 2 ปีที่แล้ว +1

    Yes a Manufactured Socio-economic crisis, this really started when the US came off the Gold standard in 1971. This is the same time that the Club of Rome started beating the Climate emergency drum which is relevant.
    But essentially the World Bank and the BIS have created debt entrapment for a lot of developing countries, and in the near future they are going to create debt-consolidation plans for these countries, but it will require that their economies switch to CBDC's and companies are heavily ESG Rates. CBDC's will create a Bretton woods 3.0 finacial system, and each time it's worst than the previous.
    This is the New World order and the WHO and the UN are also doing their best to centralize power in a centralized governmental structure. It's very obvious to see and it's irrefutable that's it's happening. China, Russia and India are well aware of this and that's why they are pushing foward with their BRICS trading block.

  • @jacksongodsey6517
    @jacksongodsey6517 2 ปีที่แล้ว +3

    love how he says "GDP" with that accent

    • @misterpants
      @misterpants 2 ปีที่แล้ว +2

      Jay Day Pay!

    • @KG-ii2yx
      @KG-ii2yx 2 ปีที่แล้ว

      @@misterpants ayyee mayytee hows goin mayyyte

  • @neutraltakes2134
    @neutraltakes2134 2 ปีที่แล้ว

    Lex is awkward at asking questions, but his guests are so good and he doesn't fail to let them shine. Good podcast

  • @weirdshibainu
    @weirdshibainu 2 ปีที่แล้ว +7

    Krugman "politically reasonable?" What a joke. He predicted the stock market would plunge if Trump was elected...based on nothing more than his personal animus.

    • @dolphin069
      @dolphin069 2 ปีที่แล้ว

      He politely called him a charlatan.

  • @jeeefthegreat7555
    @jeeefthegreat7555 6 หลายเดือนก่อน +2

    The crisis is listening to Lex sleep talking.

    • @coimbralaw
      @coimbralaw 6 หลายเดือนก่อน

      😂😂😂 he’s insufferable, isn’t he

  • @llibmukred5906
    @llibmukred5906 2 ปีที่แล้ว +5

    The future is going to be a combination of Mad Max and Waterworld.

    • @brawndo8726
      @brawndo8726 2 ปีที่แล้ว +3

      Wad Wax?

    • @KrikZ32
      @KrikZ32 2 ปีที่แล้ว +2

      a real apocalypse will be nowhere near that interesting

  • @lavenderlilacproductions
    @lavenderlilacproductions 2 ปีที่แล้ว

    It would be fun to get Lex, Steve Keen, Donald Boudreaux and Ben Bernanke together to talk it out.