Please have Prof. Michael Hudson on as well. Thank you

An economic model that tells us GDP would only fall by a small amount during a severe ice age that would wipe out humanity is crackers. Thanks for delivering an engrossing 2 hour discussion on such an important subject.

52:15 - Q : 52:50 - 53:00 - David Cameron stopped revenue sharing to local governing & destroyed a public library & declared government can’t even do libraries

This was such a great discussion. You filled in a lot of my gaps. Thanks.

42:05 - Q : 42:45 - 44:10 - 44:50 - 45:05 - Q : Economics classically was investment by capitalizing 45:43 - Compare classical school & neoclassical 46:05 - Continue as long as possible 46:20 - Neoclassical shift to Utility 46:39 -

Great interview, thank you!

07:00 - We are given a fictional model of capitalizing 08:00 - Paul Samuelson taught in college texts 1956 & still taught now 09:00 - The Greater Depression of 2007 09:50 - Mathematics not Myth-o-matics 10:09 - Cyclical with money 10:42 - Ratcheting up over time

@35:00 most countries including the USA already have a debt jubilee policy, it's called the Bankruptcy law. To turn it into an equitable form of personalized jubilee (which is much better stability-wise cf. a global jubilee) you need to convince Congress to make the bankruptcy laws not so punitive to the debtor, since in most cases (95%?) the fraud is with the creditor who had no business lending to someone who could not reasonably be expected to repay. To avoid needless poverty from such tightening of bank prudential requirements the government _must_ provide a living wage job guarantee (since their tax liability is causing the unemployment), so that demand is stabilized but with some supply to match, so not just crass welfare hand-outs (even if JG jobs are for non-profits, they can still add to public purpose such as training to raise general skill levels).

This is a sobering video

54:13 - 54:23 - 54:50 - 55:23 - 55:33 - productive , investing private debt & USA-FED-GOV investing spending Who invented fiber optic cable ? AT&T 58:15 - Q :

@20:00 a little disingenuous of Steve. The "MMT camp," such as it is, are generally people who do _not_ advocate using government issue to increase speculation and bank credit. It is pretty well known that MMT experts tend to favour increasing demand from the base with a job guarantee and infrastructure programs & education & health, which benefit _all industry_ especially _small businesses,_ not hand-outs for already solvent investors. On the credit side, most MMT'ers recommend bank credit standards be tightened, as Steve also advocates, and effective demand regulated through _functionally targeted_ fiscal (Lerner) and the automatic stabilizers.

The reason the economy centres around housing, is because we have got rid of most of the manufacturing sector.

01:40 - 02:06 - 02:14 - 02:29 - 02:39 - book Debunking Economics 2001 & 2011 02:45 - book Can We Avoid Another Financial Crisis 2017 02:57 - book The New Economics : A Manifesto _________ Non equilibrium monetary bio physical economics

58:42 - 58:50 - Neighborhood Policing & Banking 59:22 - 59:50 - 1:00:00 - Some Patrons did not want short-term-thinking bank-minds on their BoDir

@50:55 Krugman's comment makes perfect sense _if_ he is speaking in _real_ terms: give capital not being used to someone who will use it is good all other things considered, but here "capital" means machinery or goods/energy for production, not currency. In this sense "real credit" (lending of real goods) is always good, _ceterus paribus._ But *currency tokens are not real capital,* they are nominal, and they have serious consequences legally for debtors and tax payers, as Steve says, you cannot ignore banks in a monetary system where the tax liabilities cause unemployment _by design._ In a pure real economy (money is only a veil over barter) then the unemployed are utility maximizers. In a monetary economy (currency is both credit & debt and *_not_* a veil) then the unemployed are a serious waste of real resources and bring down overall standard of living. This is what Krugman and his ilk fail to understand, because they were taught not to worry about money, and do not understand state currency is chartalist (an accounting of credit and debts).

Perhaps an unfair criticism of Smith as OIL had not been found at that point so labour was his energy and even the steam engine had not been created , it's man's inability to keep up with developments and put earth before capitalism (money). I have followed your thoughts, Steve Keen, for a number of years, with great interest and am a believer of much of what you say.

I cannot even fathom Rodrigo is asking if global warming is human made in 2021. Oh God I lost so much respect for him. At least he's asking but honestly it's been 40 years since we know anthropogenic climate change is here

@botchedmandala5197

Жыл бұрын

If it is, it's paradigm change time. Of course any shadow of doubt will be clung to, I doubt he will let go of it even if it slaps him in the face repeatedly.

It is an absurd idea to think that government can reduce debt when government does not have the capacity to reduce debt. Government only has laws which can only re allocate debt from one person to another and destroying one person's obligation by placing them on another person or entity. It has no wealth from outside of the existing economy that will reduce debt. They can't produce new money to reduce debt because new money is itself created out of additional debt.

USAPs, ZPE.

Mineral economy - anybody found a way to decarbonise heavy mining and heavy industry yet?! Energy blind statement I’m afraid.

🥇

I have a number of comments regarding what we have to do to meet these climate challenges. I am a friend of Steve's, however, we have different views on how to address climate. I come to it from a background in engineering, political/terrorism analysis, economics/finance, entrepreneurship, and biology. I will send you a contact email. I would like to talk with you.

@Rob-fx2dw

2 жыл бұрын

If you are a friend of Steve Keen and you are astute enough you would have realized that Steve does Not know how to ascertaining what are accurate correct economic facts rather than economics based on false assumption. He is devotee of MMT which is heavily faulted and based on ill conceived ideas which were developed with improper consideration of the sequencing of events, and a poor application of a sense of proportion.

@thomasd2444

2 жыл бұрын

@@Rob-fx2dw - Did you view ProfSteveKeen's KZread lectures of his modeling with Minsky software ?

@Rob-fx2dw

2 жыл бұрын

@@thomasd2444 On first look his modelling may seem correct . But his modelling when scrutinized carefully is just as irrational as his belief that the Federal government deficits are a surplus for the non government sector which is itself a fallacy since it depends on ignoring the fact that the funds for government deficits come from borrowing from either the private sector, foreign entities (like other foreign governments) or from the Federal reserve. It is debt that the non government sector is forced to pay back on maturity of the treasuries that were sold to fund the deficits. He has promised to address those facts but has never come up with any explanation as to why I am not correct. Neither can any other MMT economist explain why that MMT idea Keen repeats is correct when you consider the whole situation of government deficits being funded by borrowing. The same borrowing that the non government sector has to pay back. Could you explain why the government borrowing is irrelevant?

24:36, I think Blackstone, not Blackrock?

Interesting discussion, great guest. Not too technical,just enough. Keen does great critique of imbeciles of neoclassical and conservative environmental economics.

1:32:15 The cooling trend was taking us into the next ice age. Human interference {adding CO2 from fossil fuels} has perhaps postponed the next ice age. I can live with that... 1:33:47 The southern Canadian prairies are equal to Ukrainian lands for wheat productivity. Iowa is known for its corn production, not wheat... For a less pessimistic view, see also : kzread.info/dash/bejne/f6dolJmAdJvgdLQ.html Apologies, Professor Keen, but your belief that climate mitigation techniques are foolproof is naive & dangerous. Our best strategy imho is to make best efforts at adaptation. We may fail, but some small fraction of our present human population will inevitably survive, and with those survivors our species can renew itself.

11:45 - Warning Will Robinson ! Warning ! 12:15 - In 2005 , while preparing for court case in AUS on predatory lending … 14:05 - 14:42 - Debt is ($s) you owe Credit is ($s) per year 15:25 -

@27:00 wtf man? People need homes to live in, and naturally are averse to paying rent to landlords. So it is not "irresponsible" to want a home and sign the mortgage even if your income cannot support mortgage payments. The real value of a house has not risen (cost of materials and construction) it is the speculative price that has rise, just like bitcoin, only nothing real backs bitcoin so it is different in that respect. The home buyer is not the irresponsible one, the speculators, (ir)regulators and bankers are the irresponsible. The currently wanking-like-mad real estate investors will be singing a different tune when only a billionaire or Blackrock can afford to buy a moderate size house built for a working family. Let's hope it never comes to that and housing gets de-commodified instead. There are plenty of other luxury assets investors can put their appetite for risk into.

The comment by Keen at 1:58 'wars courtesy of America's Imperialism". Another badly thought out short sighted statement that has not worn well as witnessed by the situation today in the east of Europe.

It's really annoying having three hosts talking over each other on every single pause.

@thomasd2444

2 жыл бұрын

Were any words of any speakers lost ? If so @ what times? They might be able to type their words as their transcriptions

Gee - it’s almost like the real problem is Capitalism.

Keen's idea of a debt jubilee is just absurd thinking and totally wrong. That is because a financial debt of one person is a financial asset and credit of another and a jubilee would take away the assets that the owner of the lender has. It just illustrates his very poor understanding of the whole situation where he ignores that fact and pretending that there is some simple solution to debt.

@Rob-fx2dw

2 жыл бұрын

@@adamfred It does Not matter that he mentioned just some particlular debt or all of it. It is just the same absurd thinking based on ignorance because just some debt or all debt would be in the same situation - like having a hole in your boat is a problem whether it is a smaller hole or not is bad thing.

When it comes to climate I prefer the work of Patrick Moore and not Steve Keen.

@Herbwise

2 жыл бұрын

So you are a flat earther!

@joefrizzell4432

2 жыл бұрын

@@Herbwise Patrick Moore used to be president of Greenpeace moron

@gg_rider

2 жыл бұрын

@@joefrizzell4432 here's what Greenpeace says FWIW: Patrick Moore often misrepresents himself in the media as an environmental “expert” or even an “environmentalist,” while offering anti-environmental opinions on a wide range of issues and taking a distinctly anti-environmental stance. He also exploits long-gone ties with Greenpeace to sell himself as a speaker and pro-corporate spokesperson, usually taking positions that Greenpeace opposes. Updated March 11, 2019. Patrick Moore Does Not Represent Greenpeace ------- I don't know - not saying this is true -- if this rift is because Greenpeace has maybe gone fully for cynical Neo Marxist Critical Theories, like AOC & Kendi, which have captured *every* worthwhile movement for decades (including the desire to shut down the Vietnam War) and pushed it towards Marxist Revolution via constantly complaining that EVERYTHING is wrong, and supporting selective forms of violence.

@Carutsu

2 жыл бұрын

Of course you do. You listen to the grifter that lets you pretend everything is fine