So 10 years on and this still seems incredibly relevant.

@Szalur89

11 ай бұрын

⁶

Well said, "workers of the world unite, you have nothing to lose but your chains"

Let Me explain. Austerity = Taking money out of the economy. Spending = Putting money into the economy

@cyrusol

3 жыл бұрын

Bankruptcy = spending too much

@maxentirunos

3 жыл бұрын

@@cyrusol Bankrupty : leaving societies and CEO keeping their taxes

@cyrusol

3 жыл бұрын

@@maxentirunos Wrong.

@ArthurWuYeah211

3 жыл бұрын

its big brain time

@ep5019

2 жыл бұрын

yes but the spending isn't money you actually have

This is a very clear and convincing account of why and how austerity is dangerous. I appreciate if you could allow me to put this video with Japanese subtitles on KZread.

@rodrigodias3000

6 ай бұрын

Can't you just add the subtitles to this video?

Best economic explanation that I have ever seen! t's obvious that we have to turn around the tax loopholes for the rich. Maybe not back to Eisenhower levels, but somewhere in-between

@junkersintutus4282

6 жыл бұрын

More like back to Lenin levels.

@movement2contact

4 жыл бұрын

@@junkersintutus4282 No, thanks... No, no, no...

@Sobepome

4 жыл бұрын

@@movement2contact you say that, but if you don't put it back up to eisenhower levels it's what will happen. sometimes the taxes just come in the form of torches and pitchforks, but they always come.

@danisrusski6297

4 жыл бұрын

Cap income over 10 million at 90% tax

@anthonytwohill9726

4 жыл бұрын

Simple. 10 or more tax brackets, zero incentives and loopholes for any persons or businesses. Until we all understand that an individual is taxed more punitively than a business, nothing will change.

Dr. Blyth, brilliant, well done. Great explanation. I'll send this on.

Oh my god. This makes me realize what I was actually hearing in the radio following the crisis. "Nedskæringer, nedskæringer"... they were playing us for fools.

@danisrusski6297

4 жыл бұрын

They were, and they still are. Us Norwegians suffered the same as you did in Denmark, and we were among the least impacted countries

What an incredible breakdown. Marl Blyth is my PATRONUS

Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊

Austerity Farmer: Oh no, the soil is depleted! I'll just sell my tractor and cows to cover costs until the soil recovers. Keynesian Farmer: Oh no! The soil is depleted! I'll take out a quick loan to buy some fertilizer, and use my profits to pay the bank back. Socialist Farmer: Oh no! The soil is depleted. Maybe I shouldn't exploit the soil this much. I'll cooperate with my fellow farmers to help get through this. Fascist Farmer: Oh no! The soil is depleted! I'll just rally my farm hands, and have then take some farm land next door for me.

@nathansmith8157

5 жыл бұрын

Stealing this. Sorry.

@christophmahler

4 жыл бұрын

The model looks plausible at first glance - especially in regards to *Keynesian* public spending and the *historicity* of the German, _nationalistic_ *'Agrarian* *League'* - but is flawed down to the core. Isolated *'subsistence* *farming'* would simply lead to starvation in case of poor harvests and once commercial farming in a _global_ _economy_ has built up debt, it's likely to default, sell the land and move to the city - since food prices are only going up if there is not enough food production or rampant overpopulation, close to _starvation_ . The notion of a 'socialist farmer' is outright _deceptive_ and it's reasoning sounds like an _'environmentalist_ _commune'_ that rather sells over-priced 'courses on self-discovery' than mere food. During LENIN's 'New Economic Policy' soviet farmers were producing as 'laissez-fair' _anarchists_ , according to _demand_ without state intervention - under the *collectivization* by STALIN or Mao, the *'planned* *economy'* *by* *the* *state* , they were _exploited_ in favour of _foreign_ _currency_ _reserves_ - until they _starved_ . Austerity brings people back to square one of *'subsistence* *farming'* - _if_ they can pay the _land_ _tax_ - otherwise they would default and move to the city, possibly joining the military (fascism, imperialism). Keynesian public spending depends on public funds - if states are in debt and lack income because they 'bailed out' their banks and businesses in the real economy are too poor - or *'off-shored'* to emerging countries (as increasingly in Western societies) - _there_ _will_ _be_ _no_ _stimulus_ by the state - as in Greece. That is why *'fascism'* *is* *not* *a* *choice* , *but* *a* *matter* *of* *circumstance* . "(...) as your father and mine, foolish Perses, used to sail on shipboard because he lacked sufficient livelihood. And one day he came to this very place, crossing over a great stretch of sea; he left Aeolian Cyme and fled, not from riches and substance, but from wretched poverty which Zeus lays upon men, and he settled near Helicon in a miserable hamlet, Ascra, which is bad in winter, sultry in summer, and good at no time." (Hesiod. 'Works and Days'.)

@lukestclair8027

4 жыл бұрын

@B. Greene You can't use the logic of the analogy to justify your ideology...

@junkersintutus4282

4 жыл бұрын

@@lukestclair8027 Rational planning is the only way to eliminate scarcity.

@llouvera

2 жыл бұрын

nice!

we love you Mark. We need you in Australia. Please come here and start a new political party.

LOVE THIS. THANKS.

Great video & so easy to understand that even politicians can understand.

@owlblocksdavid4955

5 жыл бұрын

Too bad he's fundamentally wrong.

@antediluvianatheist5262

4 жыл бұрын

@@owlblocksdavid4955 Too bad that some rando on the internet can't provide any evidence that the world renown economist is wrong. So i guess they get ignored.

That was incredibly informative mark

What a wonderful video, really enjoyed it a lot : D

Great video! I am just starting the book today. I see this video is more from a UK/USA perspective, about governments that spend most money on services. My interest is more in Eastern Europe, where governments spend half on services and give half to corrupt oligarchs. "Austerity" in Eastern Europe (so far) means cutting the services without cutting the oligarch gifts.

The book was great!!

The Irony abounds as we are on the precipice of a new cycle of the same thing.

@doktormcnasty

4 жыл бұрын

Precipice now crossed.

@markw999

4 жыл бұрын

Funny how this cycle keeps repeating. Would love to see some of these lefty professor-think tank types address that. LOL. Of course they won't.

@spencedelic

3 жыл бұрын

@@markw999 Mainstream economists don’t even understand what’s going on

This man is awesome!

Such a great video

Published in September 2010 ... I wish I had seen this video back then (I had never heard of Mark Blyth.).

Well said!

Very good explanation and props!

@oku6d7cb

8 жыл бұрын

Thanks!

This aged very well. Austerity proved to be a disaster. Yet I fear that with recessions looming in 2022 and going into 2023, the UK and other governments are going to repeat these same mistakes. Like the BS sandwich that keeps on giving, screwing the poorest in our societies and increasing inequality.

good video. i would just like to add that governments that issue their own currency never need to borrow in order to spend.

@owlblocksdavid4955

5 жыл бұрын

They just need to inflate their currency. Inflation being "the tax that no one voted for, but that everyone has to pay". There is no such thing as a free lunch.

@llyrghmnghyll

4 жыл бұрын

@@owlblocksdavid4955 No one is looking for a free lunch. Inflation is a tax on lenders and as most of the population suffering at this point are borrowers it's a pretty safe temporary tax.

This kinda brings up the need to discuss sound monetary policy along with government finances. As long as central banks counterfeit money to cover up missing deposits, governments will have little intention to cut both spending & taxes.

This is basically Keynesian Economics, their are two ways to to reel in the debt, borrow money so that you can earn more revenue, or cut expense. Politicians are basically saying that there is no way for them to raise more revenue, so they must cut expenses. Mark is saying that, no you can still raise revenue. This is a very simplistic analogy, but the main kicker is that everyone is going to be paying no matter what because in the end the bankers made off with all the cash.

@lushfauna you do know Ron Paul is for Austerity right?

he said something to think about that class warfare allways ends badly, like the French Rev.the poor were suffering and the noble lived the good life with out a worry that is until the poor showed up at the gates with axes and pich forks. People can say that would never happen here but those that forget history will repeat it and all through history that is what happened our own U.S.A. was created this way.

How exactly?

^smart man.

See also 'Shock Doctrine'.

I don't know what do you think about when you say that but most people here are against the killing from both sides of the conflict i wonder what does that have to do with the economic dialogue we are having .

It's simply to put emphasis on important point.

I'm not saying that quantitative easing is working! Q: Where does money to spend come from? A: The budget which, in the UK is given annually. Q:where does austerity take the money to ? A: I don't know

I come back to this 10 years later and the summary mark gives at the end "..this is class politics, and it usually ends badly..." present day and Donal Trump recently ended his presidency of USA.

>Where austerity takes the money to Into the pockets of corporations. They just sit on the cash. >Money is not value We give it value.

To the point.

Pretty much summed up the catalyst for the rising tide of global populism in the next couple of years

@AntiNeoFascist you took the words out of my mouth, seems like no one considers cutting money from "defense" and corporate welfare

So, reading between the lines, what he's saying is that, if things keep going in the way they're headed, we'll be seeing blood in the gated communities before too long.

@pillmuncher67

4 жыл бұрын

As he always says: the Hamptons are not a defensible position.

You also need to know, that according to professor Warren at Harvard Law, the laws in the US are written for the very people that caused this crisis, the bankers and the Fed and so on.

Right and the problem is, one way or another, we are being asked to pay off debts which have a leveraged, not true, value. The real problem is leveraged value and derivatives of it. The solution was to unwind the leveraged value and the derivatives and only pay back the true value--the value of the collateral. Govts did not demand this when they bailed out the financial industry and that's why we are where we are.

Just how did they make it wealthy ? and how is that applicable to every where else ? That's the answer i seek

Show it to them

One thing I didn't understand. At 3:17, you talked about the economy craters is everyone pays down debt at the same time. But wouldn't one person's payment of debt be another person's revenue? Or is it because goods and services aren't being made and consumed, but debt is just being paid? Please excuse my ignorance, I'm an artist, not an economist!

@DavidAKZ

2 ай бұрын

well, it is a debt based system. If there was no debt, there would be no money. so the economic system requires continual expansion (gdp) of debt to be 'positive'. If people and corporations start making payments and stop borrowing , the economic system would contract and the ordinary person would experience deflation - falling prices as a result. However deflation to the economic system is like sunlight to a vampire.

that is a beautiful use of a common known logic fallacy by logicians alike. so the fallacy goes like this, if i stand up during a baseball game i see better, but it doest follow then there fore if we all stood up during a baseball game we all see better. god damn that was good.

@nthperson

9 жыл бұрын

Right. So, as a defense against the known boom to bust character of our economy, I should do all I can to save my earnings, invest it in a diversified manner to minimize loss due to inflation, and certainly make sure I am debt free, especially when everyone else is jumping into asset markets driven by a speculative fever. Economists will hope the majority of people behave with less concern for the long term.

there is only one cure: get democracy. do business in public, subject to scrutiny and public acceptance. democracy does lead to socialism. good.

@geraldjohnson7435

3 жыл бұрын

And how long does socialism last before they (power hungry individuals) implement mao level of fascism.

Austerity policies a new study suggests has caused 120,000 deaths. The paper found that there were 45,000 more deaths in the first four years of Tory-led efficiencies than would have been expected if funding had stayed at pre-election levels. On this trajectory that could rise to nearly 200,000 excess deaths by the end of 2020, even with the extra funding that has been earmarked for public sector services this year. The paper identified that mortality rates in the UK had declined steadily from 2001 to 2010, but this reversed sharply with the death rate growing again after austerity came in. From this reversal the authors identified that 45,368 extra deaths occurred between 2010 and 2014, than would have been expected, although it stops short of calling them "avoidable". Based on those trends it predicted the next five years - from 2015 to 2020 - would account for 152,141 deaths - 100 a day - findings which one of the authors likened to “economic murder”. The study, published in BMJ Open today, estimated that to return death rates to their pre-2010 levels spending would need to increase by £25.3bn. Per capita public health spending between 2001 and 2010 increased by 3.8 per cent a year, but in the first four years of the Coalition, increases were just 0.41 per cent, researchers from University College London found. In social care the annual budget increase collapsed from 2.20 per cent annually, to a decrease of 1.57 per cent. The researchers found this coincided with death rates which had decreased by around 0.77 per cent a year to 2010, beginning to increase again by 0.87 per cent a year. And the majority of those were people reliant on social care, the paper says: “This is most likely because social care experienced greater relative spending constraints than healthcare." It also notes that a drop in nurse numbers may have accounted for 10 per cent of deaths, concluding: "We have found that spending constraints since 2010, especially public expenditure on social care, may have produced a substantial mortality gap in England.” The papers’ senior author and a researcher at UCL, Dr Ben Maruthappu, said this trend is seen elsewhere. “When you look at Portugal and other countries that have gone through austerity measures, they have found that health care provision gets worse and health care outcomes get worse,” he told The Independent. One of his co-author’s, Professor Lawrence King of the Applied Health Research Unit at Cambridge University, said "It is now very clear that austerity does not promote growth or reduce deficits - it is bad economics, but good class politics," he said. "This study shows it is also a public health disaster. It is not an exaggeration to call it economic murder.”

Your first statement is true and i don't see your point from saying it . I live in Egypt so i am not familiar with the DC metro area may be you can explain theoretically why government spending makes counties rich given this 1-The government can only get money either by printing it ,which causes inflation and in a way a tax on everyone owning cash, or it can tax people the whole idea about spending cuts is that people spend their money better than the government 2-Debt is the cause of problems

l wish this man was my ecconomics teacher when l was at school. all l learnt was Adam Smith and his 'invisible hand'. yes, it sounded creepy then and l was right.

So what's the alternative to austerity?

@antediluvianatheist5262

4 жыл бұрын

Not doing these things. Breton-Woods didn't work over the long term, but it was done to stop the rise of fascists, by preventing what lead to WW1 and WW2. They got rid of that. Oh look. Fascists.

@someperson5506

4 жыл бұрын

During the Great Depression, the US government increased public spending. Bridges and other large construction projects gave people jobs which brought more money into the economy, and sped uptake end of the Depression. Public spending helps in crises. In theory the debt would be paid back after, but we frequently don't pay it back when times are good. Also, higher taxes on the rich are an option. Many of the bankers who caused the crisis received millions in bonuses from their companies a year or two later. They didn't feel the consequences. Higher taxes would hit the people who caused the problem, rather than those who'd already been hurt by it.

I get it what i don't get is where did the government get the money in the first place ?

@DOHC2L Who do you think is paying for all of those tarp bailouts????????

please clarify how did they make Washington Dc very wealthy because it sounds like they used the tax money for the state for one part only (I am not sure i just guessed that from what you said) Inflation is not logical why do you print money in the first place ? If you want to redistribute wealth just do it in a clear way inflation does it in a very chaotic way (taking value from those with cash without those from property)

@DOHC2L it IS responsible for the surge in the deficit the past two years and attendant increase in the debt, which the GOP has glommed onto as their reason why the debt that *their* policies have actually done the most to create is suddenly a "crisis" which must be addressed with austerity measures.

Ron Paul 2012!

Well money is not value and you can't print value and where does money to spend come from and where austerity takes the money to ?

And Egypt needs to stop subsidizing the rich by fuel subsides and start providing basic services like clear water and electricity , the food subsides are kind of in between

Good one - Spending other peoples money is too easy - Governments do it all the time and even arrogantly crow about it being good !!

He's an eloquent critic of austerity, but I've never heard what his alternative would actually be.

@Pletzmutz

3 жыл бұрын

Well, he is arguing not to do something (austerity) which is, you know, the alternative to doing something. He also implies some further measures in this. Taxing those who have the money and got us into our current predicament and giving it back to people who contribute to our society and economy, preferably giving them greater equity as well. Unlike the rich, poor people actually spend a big part of their added income which will stimulate the economy a lot more. And if we had a more democratic approach to our economy we might see very different decisionmaking that doesn't have the pitfalls of shareholder value maximization.

@DrewofAnd

3 жыл бұрын

@@Pletzmutz arguing not to do something is not the same as providing an alternative. We tried spending our way out of a crisis in the 1970s and that led to the UK needing an IMF bailout. And the Labour government at the time had to introduce austerity anyway.

Main mistake was not defaulting and taking over than banks, while locking up culprits, instead of bailing them out with fat check at the end Luckily my country laws and mechanisms didn't allow for it to happen in the first place

This video translated to Portuguese has over 135k views: /watch?v=E1Kzp5EVUWg Congrats to Brown University and Mark Blyth.

True, but the economy (and society) works a whole lot better when debt is a thing.

Government contractors have made the area around Washington DC very wealthy. That's government spending. It's so wealthy that it's taxed more by Virginia so that they can send the tax dollars to pooer areas of the state. Inflation is natural. I'm more worried about jobs than inflation. Hyper inflation in the US isn't going to happen. Debt is only a problem if you can't repay it. Plenty of people have mortages, which is debt, and live fine. Last thing Egypt needs to do is cut services

When too many ideas emerge from a cretive meeting and the atory suffers.

The logic Keynes used to describe the "fallacy of composition" is flawed for the reason that Keynes discounted the role of land markets in developed countries. Thus, he also failed to see that although most taxes impose a heavy deadweight loss on the production of goods and services, the public collection of the rent of land imposes a zero deadweight loss. Moreover, the taxation of rent has the potential to bring down the cost of land which then makes its way through the economy, removing a primary source of inflation. Thus, the taxation of rent of land (and land-like assets, such as the broadcast spectrum and even take-off and landing slots at airports) allows the reduction in taxation of earned income streams, capital goods and commerce, with the great positive effect of the elimination of so-called business cycles. Removing the land price component from an economy reduces the dependence on credit in both the private and public sectors.

and they make us pay the bill!

Government debt is mostly owned by wealthy people and the interest paid on it is a form of welfare for the wealthy. It's so safe that people pay governments (aka negative interest rates) for the privilege of owning it! Government deficits are simply the national accounting identity balances of private and foreign net saving desires (aka de-leveraging). Mass unemployment is a sign government deficits are too low, increasing them stabilises the economy at higher income levels and pay off debts!

Bankers have always been greedy and you can't explain a variable with a constant. What is different is their debt got unloaded on the public. That was because of their political clout. What is different is not banker's greed, what is different is the private banking system's size and political influence.

Yes, that would make sense. But the banks don't like that because they would lose real money. They want you to pay for their lost money.

I learned nothing of this at school. School lacks a lot of vital information about the world.

@clos4672 Underemployment, underpay, overtaxation, overcharging and rent seeking acquisitive crony capitalism aka neo-feudalism if not Imperialistic debt slavery are what keeps the people impoverished.

@antediluvianatheist5262

4 жыл бұрын

AKA: Capitalism.

the cure is democracy. when power is shared, wealth will be widely distributed. when power is narrowly held, wealth will be too. aristotle and madison were agreed on this principle. it's just that madison wanted the rich to rule, and designed his constitution to make that easy. good design, 4 of the first 5 presidents were plantation plutocrats, and the rich continue to rule right down to today. oligarchy is oligarchy, and it makes little difference if it is elective oligarchy, because politicians in office are powerful, and soon are wealthy. how to get democracy? funny you should ask- madison thought of that, too. he left citizen initiative out of the constitution. i told you he wanted the rich to rule. it needs revolution to change the constitution from below. madison thought of that, too. but he figured the 'mob' were too gormless to be a threat. he was right about that, too.

What makes them more greedy than you or me? I don't see where you are getting that assumption, beyond the observation that they are trying to get the best deal as possible for themselves. But that's what everyone does. So again, why are "bankers" greedier than anyone else?

This ain't complicated at all.No demand. No reason to supply. No reason to supply no reason to hire. No reason to hire crisis gets worse.

Bankers are the greediest of people.

Things are bad, yes, and no answer from Marc Blyth.

Doesn't it kind of depend on what you're cutting? This is the same type of mistake of looking just at aggregate demand without understanding the richness of the data behind that aggregate. How about we start with eliminating govt subsidies, govt loans to corporations, tax credits, special projects, etc. I mean in the US, Ron Paul has talked about eliminating 1 trillion dollars in one year. Seems excessively harsh, except this is equivalent to 2006 level spending. Not exactly the stoneage.

we need to fix the problem in the world thats a fact! what do u propose?

The crash of 2008. I want to know where the money went. It didn't just disappear. Where did it go because we want it back.

@tarzeesays1201

9 жыл бұрын

Jews.

@JohnDoe-zu2tz

8 жыл бұрын

It was only numbers on a sheet of paper, backed by debt that would never be paid. It was fake money. If you want the money back, we are going to have to rebuild the economy honestly, not through more financial gambling.

@tarzeesays1201

8 жыл бұрын

John Doe That is anti-Semitic.

@JohnDoe-zu2tz

8 жыл бұрын

BOB FRYE And out of left-field!"

@heliotropezzz333

7 жыл бұрын

As I understand it, the money never existed. The banks got carried away gambling with "money" they didn't have - fantasy money, (in this video, he refers to it more politely as I.O.U.s) in the hope that the gamble would pay off, but they couldn't all win and once many started losing big time, time after time, banks started to get cold feet and stop lending to each other and call in debts. That's when the whole phoney edifice collapsed like a souffle, which is full of hot air, collapses when the oven door is opened too early. Moral. Banks should not be allowed to gamble with money they don't have and in my opinion they shouldn't be allowed to gamble people's savings either. Governments have imposed some rules on them, that they need back up funds before gambling, but they've not gone as far as to stop them from gambling and or to separate retail from wholesale banking. When the banks collapsed we the taxpayer bailed them out, or rather the government did it with taxpayer's money and that was to save people's savings but also to save the banks which are essential to allow capitalism to function. Without them the system collapses. Scary.

Corporations are not going to invest in anything unless they see they can make a profit. You realize that government spending is the reason the DC metro area has the richest counties in terms of median income in the country?

Well how do you think money is created in the federal banking system. And compare it to the private banking system where there is a difference. The main difference is private banks cannot create money expansion without the reseve acting first. And private banks cannot print money at all as currency or data.!! The Fed can and does both with congress urging it to do so.

its an insult that bankers earn millions in bonuses when it was them who caused the crisis!

Austerity will bring a version of the "Tragedy of the Commons" problem that conservatives use to argue against liberal policies, especially where benefits and social safety net programs are concerned.

I am not saying a agree with the French revolution, but I understand.

Class Warfare is ON...Austerity is really Bailout #2.

Once again government contracts. The government would SPEND and buy weapons and other items from businesses.

lol all the major EU countries that took "austerity" measures cut the rate of increase in spending, which is very similar to the US sequester. All those govts spent more this year than they did the last. How do people think that debt is good for the poor? Where does the govt get the money to fund programs even when its in debt? Obviously the banks. QE is just printed money that buys bonds from banks. Thats why bankers are getting rich. Its the monetary policy.

Come on, even those at the Univ of Chicago economics department (which I was accepted to but did not attend) has some sense of a resultant state of welfare that is very contrary to the current world. You can't root for theoretical market perfection which clearly can't be perfect in reality -- the only hopeful experimental ground for Friedman was the US, and we've seen its economy fail in the last three years.

Well it is not about commenting about my country it is about calling the people of my country savage animals and by the way i didn't comment on your country we were discussing an economic idea called Austerity not the USA

@DOHC2L His discussion of "debt" has little to do with the fiscal debt of the United States. It's got to do with the collective debt that has been amassed by delinquent financial instruments. The government, who has so wisely chosen to pour tax money into that collective debt, hasn't necessarily increased fiscal debt or trade deficits as much, but it's clearly made the have-nots less off.

The balance sheet of the world is terribly difficult to accurately discern. It may be many trillions in debt. Or there may be no interplanetary lenders.

@smygskytt1712

5 жыл бұрын

Planet earth can not be in debt to itself, there must always be a creditor for every debtor.

@pillmuncher67

4 жыл бұрын

Everyone's debt is someone else's asset. Debts and assets always sum up to zero. It's a math thing.

austerity= robin hood in reverse!

Many people advocates for Austerity throughout the year but when any crisis occurs they just hide inside the cave. Ultimately the Keynesians come up as the savior. And the cycle repeats :-)

@mrstraightforward KZread is viewed world-wide. Not everyone speaks English.

That does not create money in the way the government creates it. When a private institution multiplies the flow of money by lending it there is no new money created without creation of a tangible associated asset. When the government creates money they create it without creating tangible assets and they get first use of the money before the rest of the community does. You are ignoring the fact that private lending requires a depositor to create goods/services before the multiplication happens.

Thks & request an update. Hmmmmmm .... you from the brown university right. Wellllllllllllll, you need a sun-tan then ;)

The next time the bank's may be to big to save what then financial Armageddon

Uh so what's austerity again?

@patrickp2836

8 жыл бұрын

+Some Guy Basically cutting government spending while in a recession. It seems crazy that a government should of coarse do that in a recession. But as he explains it doesn't work, because for every dollar the government cuts it cuts 7 from the economy this is why Japan, Ireland and Greece can't pay down their debts. What actually needs to happen is Government spends more thus creating jobs which stabilizes labor and consumerism But, then cut and tax more when you are in a boom in order to pay down the debt.. Well the political process gets sort of in the way right. no one wants to see their taxes go up after living in a depression right? So the responsible adults so to speak aren't going to be elected suggesting that.. Thus. Our politicians become ideologs spouting debunked theories like trickle down or the laffer curve. depressions and wars will happen eventually. At least you tried to listen haha.

@momoneymoproblemz

8 жыл бұрын

+Patrick P fuk man why are us in the bottom so ignorant about these things.. thanks for clearing it up.

@patrickp2836

8 жыл бұрын

Some Guy Most people don't want to live in truth. Unfortunately, it means most people are going to be miserable most of their lives. Always question if your thoughts and beliefs are true and avoid trying to hear what you want.

@aninditafarzana2773

7 жыл бұрын

google Australian economics

@DarthCipient

7 жыл бұрын

It's basically a party with drugs, booze and hookers that only the rich were invited to. Then the poor are told they'll have to pay for it.