Love these interviews! A point from the cheap seats: It seems outrageous (!!!) that banks create money/credit that we have to pay compounded interest for fundamentals like our homes. We need to discuss this more. Private banking is becoming increasing dysfunctional from the perspective the the common folk.
You have it backwards: the problem is the banks get to use your $$ to get others to bid against you for the house you want. It’s the same house at 400k vs 600k
The economists don't understand the crisis because don't understand how works the Four Fundamental Variables (4FV). See that video to know more about the 4FV th-cam.com/video/WKKCFwqWLtI/w-d-xo.html&t
i disagree. they are discussing the symptoms of a disease and suggesting ays to relieve the symptoms. the disease is capitalism. American and British strains of capitalism and individualism are particularly aggressive and dangerous pathogens. You must kill the source of the disease to fix the problem.
A good discussion of the causes of the 2008 crisis and the difficulties since with the overhang of private debt. QE has not helped, the zero interest rates have not helped as the consumer is tapped out. The wages are low the debts high the employment options minimal. The extremely high valuations of homes have not helped provide a vibrant innovative society thats productive and creative. All its done is shift the wealth and replace with debt. There needs to be more focus on productive uses of capital and not land speculation.
@@imminenthope3939 The consumerism model has caused much harm to all societies. Such waste and misappropriation of the planets resources, America is at the front of this I agree.
At the end of the video Turner talked about the people who young economist should read. Could I get the spelling on some of the names so I can read them. I'm an aspiring young economist that needs some direction. My primary econ classes move to slowly for me and I need more.
Murray Rothbard, Hayek, Ludwiq Von Mises, go to the mises institute mses.org these guys are explain ecnomics in such a beautiful way and with out maths - you will understand why.
Printing large amounts of money will not create inflation if that money never reaches the real economy as with QE which has zero impact on aggregate demand.
What about the empirical insights of Behavioural Economics & Behavioural Finance? What is the most useful approach [a] to uncertainty and [b] to irrational or sub-optimal behaviours and decision-making in imperfect markets?
I agree with the use of behavioral finance, but unfortunately the reason why I think it's underlooked it's because it's more of a critique of the current economic system and does not offer a new paradigm...
Of course he is. Btw did you understand the Name after Bagehot? Houdrey? Or smth like that. Never heared of him and cannot find anyone with a similar Name.
15:20 Universal Basic Income; milton friedman says we need to drop money from helicopters; John Maynard Kaynes says we should put money in bottles and have people dig them up!
Around minute 32:50, Lord Turner admits "We don't know." If this is taken as true, what is the role of economics? What is the usefulness of economics? The implications arising from "radical uncertainty" and "irrational human beings" are intractable, are not mathematically modellable, . . . and, therefore, are unpredictable?
Two thumbs up for helicopter money! I want a low energy house, I want solar panels, I want an electric car, I want eco-friendly-fair-trade foods, I want to start up a socially responsible business. I have enough demand, I just don't have money.
Anthony Labelle - Investor Vision Aye aye sir! ;D it's so sad that our civilization will only make this stuff available to a fraction of the population, although the benefits seem so obvious *sigh*
This Lord doesn't know what caused the crisis, nor what to do about it. The bankers refused to let the mortgage holders get bailed out, why? Because the entire scheme was to get people to take out mortgages they could never pay back, and then take out multiple naked default swaps against the mortgage being paid back. If the mortgage holder were bailed out, the banks wouldn't be able to collect on their bet, and that would just nullify the entire reason for having the crisis in the first place. You see, it wasn't a crash, it was a bank heist, and Obama helped them cover up their crime, by putting the thieves in key positions in the government. They stole back all the pensions people fought to win in tough negotiation battles. The companies had to pay into those pensions, but now they got most of the money back, and nobody is even complaining about it. It's stunning how domesticated the American citizen has become toward the ruling elite -- dogs behave this way toward their master. People have consumed so much propaganda, they have become comfortably numb.
27 minutes into this and it looks like I am going to go postal if I watch until the end. Turner has proven himself to be ultimately useless, by which I mean unexpectedly ordinary, despite extraordinary intelligence and knowledge. Like so many others, Turner fails because of cowardice.
+economíamatemática It's both, expectations are not always rational (for many markets they are not) + information is not only asymmetric between actors but also highly uncertain.
Why do these conversations continue to ignore the psychology of people. The hypothetical assumptions and theories have caveats like "Humans are always rational". Come on! Delusional may a term that could be applied to many of these theories. People have chief features, or favored sins, or character flaws, or psychological imbalances, or what ever one would like to call them. Dante's inferno, the climbing the mount segment, the Bible addressing the seven deadly sins, the Enneagram pointing out each of us has a chief passion, psychology attempting to identify people with differences, like psychopaths or people they call hoarders. Hoarders or avarice or greed of junk, garbage, money, power. That's only one type. Look at the studies like Dishonesty tape on You tube. How can we address the well fare of all? Complex problem. Needs a broader field of study than finance or the joke that is called economics. Had enough externalities and all people rational yet? I have!
wow. Inside money its central to economic thinking from undergrad books to high level theory. His claim that it has disappear from economic theory is plain wrong.
This guy is just full of it. It is ALL the thing's he has not spoken about. There was a coup that took place through the Federal Reserve, Layer's, and Government Official's. Manufacturing was moved offshore while making it easy at he same time making it easier for people to buy homes that would eventually default. Which did happen by the millions. Be honest and talk about that issue.
Thanks from Ukraine!
Love these interviews! A point from the cheap seats: It seems outrageous (!!!) that banks create money/credit that we have to pay compounded interest for fundamentals like our homes. We need to discuss this more. Private banking is becoming increasing dysfunctional from the perspective the the common folk.
You have it backwards: the problem is the banks get to use your $$ to get others to bid against you for the house you want. It’s the same house at 400k vs 600k
The economists don't understand the crisis because don't understand how works the Four Fundamental Variables (4FV). See that video to know more about the 4FV th-cam.com/video/WKKCFwqWLtI/w-d-xo.html&t
The problem with what you’re saying is that the main owners of the Private Banks are the owners and operators of the Public banks
This is the most definitive thirty five minutes on our economic situation today.
A true snapshot
Worth repeating a few times.
Yes, and I did indeed view it again.
i disagree. they are discussing the symptoms of a disease and suggesting ays to relieve the symptoms. the disease is capitalism. American and British strains of capitalism and individualism are particularly aggressive and dangerous pathogens. You must kill the source of the disease to fix the problem.
A good discussion of the causes of the 2008 crisis and the difficulties since with the overhang of private debt. QE has not helped, the zero interest rates have not helped as the consumer is tapped out. The wages are low the debts high the employment options minimal. The extremely high valuations of homes have not helped provide a vibrant innovative society thats productive and creative. All its done is shift the wealth and replace with debt. There needs to be more focus on productive uses of capital and not land speculation.
American capitalism and individualism is predatory. Americans dont believe in society.
@@imminenthope3939 The consumerism model has caused much harm to all societies. Such waste and misappropriation of the planets resources, America is at the front of this I agree.
I would love to see an interview with Bill Still. Keep the videos coming!
Hello from 2020 haha money printer go BRRR
Great convo! :D
At the end of the video Turner talked about the people who young economist should read. Could I get the spelling on some of the names so I can read them. I'm an aspiring young economist that needs some direction. My primary econ classes move to slowly for me and I need more.
+Jonathan Killian Michael Hudson, Fred Harrison, Henry George, progress.org
Murray Rothbard, Hayek, Ludwiq Von Mises, go to the mises institute mses.org these guys are explain ecnomics in such a beautiful way and with out maths - you will understand why.
Printing large amounts of money will not create inflation if that money never reaches the real economy as with QE which has zero impact on aggregate demand.
This was eyeopening and it just shows again and again that anglo-saxon academia is just a decade or so ahead of our continental universities.
Waht is they econ they Name after Bagehot? Houdrey? Cannot associate any econ with that Name or a similar Name. If you could help me... Thx.
I guess it's Ralph G Hawtrey.
so the good old same old?
What about the empirical insights of Behavioural Economics & Behavioural Finance? What is the most useful approach [a] to uncertainty and [b] to irrational or sub-optimal behaviours and decision-making in imperfect markets?
I agree with the use of behavioral finance, but unfortunately the reason why I think it's underlooked it's because it's more of a critique of the current economic system and does not offer a new paradigm...
So Keen is right :)
Of course he is. Btw did you understand the Name after Bagehot? Houdrey? Or smth like that. Never heared of him and cannot find anyone with a similar Name.
15:20 Universal Basic Income; milton friedman says we need to drop money from helicopters; John Maynard Kaynes says we should put money in bottles and have people dig them up!
Around minute 32:50, Lord Turner admits "We don't know." If this is taken as true, what is the role of economics? What is the usefulness of economics? The implications arising from "radical uncertainty" and "irrational human beings" are intractable, are not mathematically modellable, . . . and, therefore, are unpredictable?
Two thumbs up for helicopter money!
I want a low energy house, I want solar panels, I want an electric car, I want eco-friendly-fair-trade foods, I want to start up a socially responsible business. I have enough demand, I just don't have money.
+Hannes Radke exactly... now shut up serf, and go get scammed.
+Anthony Labelle - Investor Vision j/k
Anthony Labelle - Investor Vision Aye aye sir! ;D it's so sad that our civilization will only make this stuff available to a fraction of the population, although the benefits seem so obvious *sigh*
Anthony, you nailed it. "Now shut up serf and go get scammed".
th-cam.com/video/WKKCFwqWLtI/w-d-xo.html&t See this video to understand how works the Crisis
To sum it up : GREED KILLS 💰💀
This Lord doesn't know what caused the crisis, nor what to do about it. The bankers refused to let the mortgage holders get bailed out, why? Because the entire scheme was to get people to take out mortgages they could never pay back, and then take out multiple naked default swaps against the mortgage being paid back. If the mortgage holder were bailed out, the banks wouldn't be able to collect on their bet, and that would just nullify the entire reason for having the crisis in the first place. You see, it wasn't a crash, it was a bank heist, and Obama helped them cover up their crime, by putting the thieves in key positions in the government. They stole back all the pensions people fought to win in tough negotiation battles. The companies had to pay into those pensions, but now they got most of the money back, and nobody is even complaining about it. It's stunning how domesticated the American citizen has become toward the ruling elite -- dogs behave this way toward their master. People have consumed so much propaganda, they have become comfortably numb.
If Turner doesn't finally work up the courage to discuss land value "tax" (georgism) in this video, I may seriously run amok.
27 minutes into this and it looks like I am going to go postal if I watch until the end. Turner has proven himself to be ultimately useless, by which I mean unexpectedly ordinary, despite extraordinary intelligence and knowledge. Like so many others, Turner fails because of cowardice.
+Nate Blair Excuse my ignorance, I have limited knowledge of Georgism, but why did you put inverted commas on the 'tax' part of LVT?
Because it is not actually a tax in substance. It only a tax in form.
th-cam.com/video/WKKCFwqWLtI/w-d-xo.html&t See this video to understand how works the Crisis
He confuses rational expectations with the perfect and complete information assumption.
+economíamatemática He also confused a chocolate teapot with a flying spaghetti monster.
+economíamatemática It's both, expectations are not always rational (for many markets they are not) + information is not only asymmetric between actors but also highly uncertain.
Milton Friedman does not talk about private debt.
Why do these conversations continue to ignore the psychology of people. The hypothetical assumptions and theories have caveats like "Humans are always rational". Come on! Delusional may a term that could be applied to many of these theories. People have chief features, or favored sins, or character flaws, or psychological imbalances, or what ever one would like to call them. Dante's inferno, the climbing the mount segment, the Bible addressing the seven deadly sins, the Enneagram pointing out each of us has a chief passion, psychology attempting to identify people with differences, like psychopaths or people they call hoarders. Hoarders or avarice or greed of junk, garbage, money, power. That's only one type. Look at the studies like Dishonesty tape on You tube. How can we address the well fare of all? Complex problem. Needs a broader field of study than finance or the joke that is called economics. Had enough externalities and all people rational yet? I have!
He is saying a similar thing @17:42
But you are correct
He didn’t see COVID-19 coming!
wow. Inside money its central to economic thinking from undergrad books to high level theory. His claim that it has disappear from economic theory is plain wrong.
This guy is just full of it. It is ALL the thing's he has not spoken about. There was a coup that took place through the Federal Reserve, Layer's, and Government Official's. Manufacturing was moved offshore while making it easy at he same time making it easier for people to buy homes that would eventually default. Which did happen by the millions. Be honest and talk about that issue.