Recorded this in December, and got Terri to edit it then, and was hoping to get it out before the next recession... but I didn't want to release it until after the "Hitler's Socialism" and "Stick to Tanks" videos, for obvious reasons. And while I did use several sources for this video, the main one I'd recommend is Murray Rothbard's "America's Great Depression" which explains the causes of recessions and depressions amazingly well. Great book. Also for books on basic economics, I'd recommend Hazlitt's "Economics in One Lesson", and after that Thomas Sowell's "Basic Economics". I've been following the current 'historic' economic situation, so if you'd like me to talk about it, let me know. Cheers!

@tdebog2965

4 жыл бұрын

Cigar Stream?

@LibertarianLeninistRants

4 жыл бұрын

Yeah, anyone who reads this - please don't read the books he mentioned and think you understood economics. You just barely scrapped at the topic and you only encountered a very narrow branch out of the broad variaty of economic theories. Don't fall into the trap of just believing one economic theory before you got into many more. Sadly thats what you will also learn in universities, mainstream economics has only a few competing theories out of a wide range, all of them neoclassical because the classical ones have some...implications that maybe some people don't want you to understand. Anyway, additionally to what TIK says, I recommend Prof. Richard Wolff's video series on Marxism and Anwar Shaikhs video series on his new interpretation of the classical school (or just read his book "Capitalism").

@QuizmasterLaw

4 жыл бұрын

Stick to tanks: Just make certain they are made of GOLD! haha great video!

@man1699

4 жыл бұрын

None would have believed in the last month of 2019 that the economy would crash not 3 full months later. None could have dreamed that a virus would be the start of such a thing. Few men even considered the possibility that the economy could crash in 2020. And yet here we are, and slowly the currency is regaining its purchasing power. (guess the inspiration)

@PhillyPhanVinny

4 жыл бұрын

TIK, I liked the video. But I'm gonna say again as I said in one of your past videos I don't think it is right saying the Great Depression in the US lasted until 1945. 1941 or 1942 is from what I have seen the absolute latest it can be said until the US got back to 1929 levels. Look at US GDP rates from 1929-1945 here: www.thebalance.com/us-gdp-by-year-3305543 By 1934 the US GDP was going up a great amount year over year again. And during WW2 the US GDP was going close to a insane 20% each year. GDP matters a lot but I know GDP is not the be all end all though so I also looked at unemployment rates here: www.thebalance.com/unemployment-rate-by-year-3305506 US unemployment levels had gotten back to 1929-30 levels by 1942-43. So judging by those 2 metrics I don't think it is correct saying the depression lasted until 1945. I'm more then welcome to hear if you have another opinion on this though. I wanted to find US salary rates from 1929-45 but was not able to find a good source on that. Also, I do 100% believe you are correct that the policies of both Hover and FDR made the depression of 1929 last longer then it needed to.

Very different from what my public school history classes said, "the stock market crashed, that's what started the Great Depression", and they left it at that. Getting older and realizing that things are far more nuance in reality I've always wanted to learn about these big events more in depth than a single paragraph could convey. Thanks for the video.

@z3r0_35

Жыл бұрын

And there's a reason they gave you such an oversimplified explanation. The economic ideas of Maynard Keynes are still held as sacrosanct by statists the world over, and they can never, ever, admit to being in the wrong if they want to maintain the system they currently control.

@f__kyoudegenerates

Жыл бұрын

What's scary is most people never grow. The vast majority of adults have a childs mind.

@wugy07

Жыл бұрын

@@z3r0_35 13 years ago I never heard anybody talking about this. Nowadays I hear Keynes and Hayek mentioned far more frequently. This change in rhetoric is crucial to change the consequence of peddling the same poor policy of endless spending and endless growth.

@andrewhinson4323

Жыл бұрын

"far more nuanced." Its actually just plain incorrect. Thats like having decades of misuse of funds, failure to properly maintain and repair levies, only to have a massive hurricane break your levies and flood New Orleans and then say "a hurricane destroyed New Orleans and caused the levies to fail!"

@YlL-ji2sl

Жыл бұрын

There is no economic school that supports Hayek's overinvestment theory. Even Friedman said that its contradicted by the evidence and believed it to be wrong. Could that be the reason why you didn't heard of it at school?

Gotta love knowing that consumers have to bail certain people out and getting nothing out of it in the long run

@TheImperatorKnight

4 жыл бұрын

It's horrifying that it's happening, and that there's a large portion of society (socialists) who actively support this

@gsacelm7753

4 жыл бұрын

@@TheImperatorKnight I do think though that you should use, eh, different terminology though. Socialism is now synonymous with Marxism, and the activities that you mentioned (Austrian Business Cycle gang anyone?) are not *only* being pursued on the Left. The Great Depression for example was initially the result of the Fed during a Republican admin and Hoover's handling of it. edit: i.e Statism I see some people use that.

@DankstaTV

4 жыл бұрын

@@TheImperatorKnight What definition of "socialism" are you using? Please explain why people interested in worker ownership of the means of production would be interested in theft by printing press? Taxing capital and redistributing it to the workers is restitution for theft carried out by the State, which then redistributed that stolen purchasing power to the capital sector, as you described. "Wealth redistribution," as the Right uses the term, is a capitalist band-aid on a capitalist problem. Socialists want to democratize the capital sector.

@DankstaTV

4 жыл бұрын

@@TheImperatorKnight To give you an idea of how absurd this is, here's an article that I (a socialist) found by a guy (presumably not a socialist) claiming that you (certainly not a socialist) are a socialist. www.newsandtimes.com/politics/2017/12/adam-smith-and-the-importance-of-limited-central-banks-to-capitalism/ He thinks you're a socialist for opposing central banks, you probably think he's a socialist for liking them, and I think that neither one of you are socialists. I think the Right just uses the word "socialism" to mean "thing the State does that I don't like."

@CorrectCrusader

3 жыл бұрын

@@gsacelm7753 Keynesian-ism?

"noooo you can't destroy the value of our currency" "haha money printer go brrrrr"

@Cloud_Seeker

4 жыл бұрын

Ofc you can destroy the value of a currency. The value is just a arbitrary number at the end of the day. Spain did that with all the Gold they got from the Inca.

@salt_factory7566

4 жыл бұрын

I've been waiting for someone to post that meme in TIK's comment section

@yaythereal

4 жыл бұрын

BRRRRRRRRRR

@castor3020

4 жыл бұрын

@@Cloud_Seeker Ah yes, because its just a regular day when you find massive amounts of gold and silver just lying next to one of the biggest gold vein's in the world. Juuust a regular day.

@DankstaTV

4 жыл бұрын

@@castor3020 Or Mansa Musa rolls through. Or on the other hand, what if the Phillipines decides to outlaw child labor and a bunch of their gold miners get laid off?

Man thank TIK i have learned about a recession or depression and causes more then i have in Schools thank again for make good vids and not "Sticking to Tanks".

@TheImperatorKnight

4 жыл бұрын

When I was in college, I was taught that spending money would get nations out of recessions, and that's why the British government was so bad during the Great Depression because they didn't spend enough... I literally couldn't have been taught more wrong than that. There's a difference between school and education. Here you get educated, not schooled. Keep questioning things!

@goodman4966

4 жыл бұрын

@@TheImperatorKnight I will TIK! thank you again

@glhmedic

4 жыл бұрын

Apparently you missed grammar and spelling in school

@nickh-i9846

4 жыл бұрын

@@Edax_Royeaux The reason why we are taught about the importance of saving is because we are taught outdated lesons. With the war on saving being what it is saving sounds like a bad deal. But You should still save. There exist high interest savings accounts that offer around 2% per year. Remember the goal of saving is to build enough capital to actually be able to invest and to be able to diversify that investment. Stocks, gold, real estate, small business, cash, those sort of things. Don't let anyone trick you into not saving money.

@nickh-i9846

4 жыл бұрын

@@Edax_Royeaux I agree stocks are where you will see most of your growth and if you are disciplined you should be alright going with a stock heavy cash light plan. But to get to the point were you can put together a healthy stock portfolio you need a decent amount of cash. (I don't do mutual funds, but that is more of a personal thing) So having stocks and cash at the same time is just part of my strategy. However; I would have never got to where I was today without saving. Sure you will in theory lose money saving since real inflation is actually higher than the bs 2% they tell us. But if you are working you are still accruing capital. That is capital that you can invest in stocks, real estate and gold. You can then leverage your real estate to get more gold and stocks. Like right now would be a great time to do so, because gold and stocks are cheap and interest rates are low, it's risky sure but if you are in for the long term you can eat some risk. Bottom line you need money to make money and the government will get their due, either through taxes or through inflation. We all need to start somewhere so don't skimp on saving, even if it is a lame savings account that is technically only breaking even with inflation.

Oh, my God!!! It is the History of the last 80 years of my country, Argentina, related in 39 minutes ....... that's why I now live in Italy. Great video, I congratulate you !!!!!!!

@TheImperatorKnight

4 жыл бұрын

Thank you! Sometimes it's best to get out, although unfortunately Italy (and the rest of the western world) may shortly follow Argentina... Best to start preparing for that if you can

@jussim.konttinen4981

4 жыл бұрын

@Ornate Orator I've been happy with MasterCard's contactless payment. So far, the euro area has experienced low inflation. Should the situation change, I would switch to other currencies.

@Centrodemasa

3 жыл бұрын

Italy??......No way!!!......Cheers from Chile.

@Centrodemasa

3 жыл бұрын

@@TheImperatorKnight I think the real explanation for recession/depression is Capitalism itself, in same way we can find the answer what Nietzsche wrote many years ago, The Will to Power, Capitalism as a system needs confrontation and chaos all the time. Without Governments and Central Banks is not possible run any war. There are some misconceptions about “Free Market” from TIK, because, we have never lived in a “Free Market”. "Free Market" is an ilusion.

@MillenniumRP

3 жыл бұрын

@@Centrodemasa Is it really capitalism that relies on chaos? We, humans, are naturally irrational in nature which is why I believe ideologies like socialism and anarco capitalism rely too much on idealic beliefs and can easily lead to dystopian societies.

I live outside Nashville Tennessee. A real estate agent friend told me that in the last 5 years, investment companies have bought nearly 50% of the homes on the market. It is driving up the price and they turn around and rent them. The average person is priced out of the market. What happens when the bubble burst? The companies will dump their investment and move on or file bankruptcy, destroying the housing market for home owners who paid for overpriced homes.

@Inspector-Chisholm

4 жыл бұрын

Tragedy. Unfortunately it's been happening in the UK for years.

@LuckySoaringTiger

4 жыл бұрын

In Germany when Corporations buy housing they do a lot uncessary, unwanted upgrading and increase the rent for this "adden value". Since People can not move easily or afford own housing because they need to be mobile dor the Job Market they have to pay. A second trick is that the landlord can order services for the tenant to maintain the property but which the tenant has to pay 100%, such as gardening, snow removal or such. So some have their own Service company and so make an additional profit. Eg. Snow removal in a year without any snow 3000 Euros.

@freetrailer4poor

2 жыл бұрын

Small time investors are to blame. They buy on debt. They might own 5 homes. They sell one and get a loan on another. 5 years goes by. They sell it and get another loan. Use debt to buy inflation increasing assets and you will be rich.

@seththomas9105

Жыл бұрын

@@freetrailer4poor Until bubble and machine go BRRRRRRRRRR.

A recession? Several economic factors. A depression? Not having the time to watch as much Tik as you would like.

When I went to stay with my aunt in the USA back in 1978, she showed me a whole load of silver rings- which she said had been made from melted down silver coinage during WW2. What I did not ask her was at what point she acquired the rings- be it in Germany or in Latvia. It was most likely in Germany. Basically, this sort of thing- and cigarettes, especially became the currency for many.

@TheImperatorKnight

4 жыл бұрын

Yes, as I mentioned in the Courland video, local fishermen would sail soldiers and civilians out of the pocket, but only if paid in hard money (gold and silver). They understood that the currency supply was either inflating away or was about to be rendered worthless once the Soviets took over

@NickRatnieks

4 жыл бұрын

@@TheImperatorKnight They may have been made early on during the Soviet occupation- I should have asked more about them. I just remember they looked like Viking rings- quite attractive in a very simple way.

@NickRatnieks

4 жыл бұрын

@@Edax_Royeaux I was with an old Latvian friend today- he is now 92 and I mentioned my aunt's rings. He said they were popular with women and were made from 5 Lats coins which were made of nearly solid silver. As he said to me, to get them off someone you would have to cut their fingers off. Here is the coin- minted for only three years. He said he has a few of them- the coins, that is. en.wikipedia.org/wiki/5_lats_coin

@NickRatnieks

4 жыл бұрын

@@Edax_Royeaux You misunderstood- my friend was talking about theft by others- it was safer this way. If you had family that was involved in the Exodus from Latvia- as described by TIK in his series on the Courland campaign you would see how useful turning coins into rings might be- it was a terrible time.

@frankmueller2781

2 жыл бұрын

@@Edax_Royeaux Both the Soviets snd the NS Germans would sometimes recall monies made in hard currency, much like FDR did with gold in the U.S. Many people converted their gold into jewelry in order to keep it. And in Latvia, gloves are common and would conceal the rings, just a long sleeved shirt would hide a bracelet. Also the concept of "wearable wealth" has been common around the Baltic since what we call "Viking times." You and I disagreed with the efficacy of choice, (I too would prefer coin) but it's cultural norm to them.

Stick to banks.

@TheImperatorKnight

4 жыл бұрын

Haha that deserves a heart

@raystargazer7468

11 ай бұрын

:))

@British_monarchist

6 ай бұрын

@@TheImperatorKnightplease do more economics tik. I miss these kinds of videos. I still have so many questions and you are a great teacher

The Central Banks need to stick to tanks. Wait...

@metal87power

4 жыл бұрын

We need to stick the tanks at central banks.

@QuizmasterLaw

4 жыл бұрын

it rhymes so it must be true!

@DankstaTV

4 жыл бұрын

I mean, the value of fiat currency DOES come from the fact that you have to pay your taxes in it, soooo....

@QuizmasterLaw

4 жыл бұрын

@@DankstaTV We have known money is a positive and not natural phenomenon since at least Aristotle. Money is only valuable because You value it.

@DankstaTV

4 жыл бұрын

@@QuizmasterLaw Hence why central banks need tanks.

Having your girlfriend run off with your bestfriend, your beloved pet of many years dying and being made redundant for the fourth time can certainly create depression. 😉👍

@Swift-mr5zi

4 жыл бұрын

I feel bad I laughed at this

@localbod

4 жыл бұрын

Don't feel bad, just enjoy the moment. 😉

@twentyrothmans7308

4 жыл бұрын

My wife ran away with my best friend. How I miss him.

@zackone6829

3 жыл бұрын

Hi, hope things got better!

@TheUniquename002

3 жыл бұрын

I hope you found a new job, best friend and girlfriend. Not sure if you want to replace the pet but good luck anyway 👍

I was actually planning on donating to your patreon and asking you about how the great depression happened with the q&a's, I'm glad to see you talk about this!

@TheImperatorKnight

4 жыл бұрын

I will probably do videos on the Great Recession at some point in the future. Not yet, but I will. It impacts all the countries involved in WW2, and actually explains a lot of things

@benevolentnick1

4 жыл бұрын

If you do you must mention montague. Governor of bank of england. And this vid..... dude this eco 101 if that. Financilation of markets is over 60% it is this ratio that makes your take on productive economies as below par

@vulgoalias4050

Жыл бұрын

Is this still under consideration?

People trying to discuss history in general - and military history in particular - frequently refer to _"war chests"_ when they want to sound impressively erudite.....Where do "war chests" come from? And how are they filled? One word: _Economics_ -- If you don't understand economics......... . . . . . . . . .......you don't get to have _tanks._

@TheMajorActual

4 жыл бұрын

The corollary being, geniuses also study personnel policy, and how it interfaces with economics and finance.

@TheMajorActual

4 жыл бұрын

@@Edax_Royeaux **laughsinGerman**

@TheMajorActual

4 жыл бұрын

@@Edax_Royeaux **laughsharderinJapanese**

@deriznohappehquite

4 жыл бұрын

The Major why have nomadic people’s historically been able to conquer settler peoples? Because they were much more wealthy per capita.

@TheMajorActual

4 жыл бұрын

@@deriznohappehquite That depends entirely on how you measure wealth. The idea that all wealth is equivalent for the purposes of quantification is a wholly assumed artifact of fiat currency. As a simple example, it doesn't matter how much cash you have, how new your car is, or how nice your home is -- if I hold means of force-enablment that are superior to what you can call on, I will have your things if I choose to take them. As a modern example, review ISILs seizure of Mosul: they took the second largest city in Iraq, defended by two fully mechanized divisions armed with U.S. gear, with 800 douche-canoes in Toyota Tacoma's....It wasn't that ISIL was so much better, more warlike, or wealthier in cash, but because those divisions had zero motivation to fight. More than money is required to build an army -- you need it, but understanding comparative expenditure is just as important.

40min video uploaded 8min ago, already 5 dislikes. Someone got triggered.

@TheImperatorKnight

4 жыл бұрын

People don't like it when I talk about non-military history, even though understanding the concepts in this video will explain why the German economy (as well as some others) in WW2 was self-imploding

@maciejniedzielski7496

4 жыл бұрын

@@TheImperatorKnight 👍

@fascistnationalistmovement8055

4 жыл бұрын

The guys who wear little hats. Cheers.

@Raskolnikov70

4 жыл бұрын

I'm sure it was the crowd that also thinks their "blogging" supported by Patreon and GoFundMe accounts is somehow part of a productive economy that provides value.

@TheImperatorKnight

4 жыл бұрын

"I'm sure it was the crowd that also thinks their "blogging" supported by Patreon and GoFundMe accounts is somehow part of a productive economy that provides value." If people are paying for a service, then they're providing value to the consumer.

Just here to say if you find yourself disagreeing with TIK here you are entitled to your opinion. State economics and labour markets are more complex than under 40-minute video and there are good reasons for having a minimum wage and unemployment tariff payments. Go read his sources, try thinking about them with an intelligent approach and please, I urge you, try to imagine that you might be wrong about some things and there might be value found in other peoples points of view.

@TheImperatorKnight

4 жыл бұрын

Thank you. In this case, they only have to read the books I listed in the description and pinned comment (3 in total, and the Rothbard one if nothing else). I do hope my critics are willing to give the opposing view a chance, even if they still end up disagreeing

@TheImperatorKnight

4 жыл бұрын

"I think that minimum wages are necessary Becouse we can't thrust employers to invest the money that they obtain by reducing wages" That's not how that works. As I explained, wages go down during a recession, but purchasing power goes up. Secondly, minimum wage actually hurts the workers, as you can see here kzread.info/dash/bejne/YpqnuKtsddC7nrQ.html "Employers in time of crisis would try to save as much money as possible in case they must close their activity" Yes, and saving is what allows growth. Think about it. If you have no money, how do you start a business? If you have a million dollars/pounds/euros or whatever, then it'll be easier to start a business. If employers are cutting back, then they're saving - which they then can use to start up businesses or invest in other businesses which grown an economy. But as I said in the video, the 'crisis' you're referring to is the recession which was caused by government manipulation. If that didn't happen, you wouldn't have everything in a crisis at the same time. "Also the idea that if an employee isn't satisfied with is pay, he should go and search a new job, is based on the assumption that there is a job that would give him a better pay witch in most countries isn't a reality." Or he could set up his own business, create wealth for his community, and receive the benefits of doing that. The problem is that he doesn't realize that he has the ability to create wealth. He thinks he must work for someone else. That's because there's a difference between education and schooling. He was schooled, not educated. He doesn't know how to reach his own potential. "Also are you sure that the gold standard is a solid standard Becouse gold can be found, lost etc in this way changing his value." There's a very small amount of inflation with gold as a result of more being dug out of the ground. The difference is that gold can be used for things other than currency, which counteracts it, and the inflation is ridiculously low. That's why there are sometimes periods of deflation with gold. "I think that the government should set some limitations in the field of economy or else things would go like in Africa, rich of natural resources, but with governments to weak or corrupt to make their citizens benefit from them." Africa is poor because their governments have control over their citizens. If they freed up their own economy, they'd boom, just like Europe did when they abolished serfdom and slavery in the Classical Liberal era.

@BrorealeK

4 жыл бұрын

You're living in a fantasy world if you think any of what you said hasn't been tried before with disastrous consequences. This is getting delusional.

@luckeranty4253

4 жыл бұрын

@@TheImperatorKnight Hello. In your answer above you talked about what would happen if the people in Africa would be freeed, i agree with your point and i would add to it. It seems like morality is a requirement for economic success. I live in Hungary its a post communist country, but we still have a huge tax burden, basicly above 40%income tax, and an invisible income tax, the company has to pay a tax for every employes salary. This is around the same amunt of money as the regular income tax, and after this the company has to pay a tax after its own profits, and on top of all this every purchase comes with a 27%tax in its price, and regulations are uncountable. So its not a free economy, but this tiny shiver of freedom, and the illusion of morality pulled this country out of the hellhole it was.

@plaguebomb2712

3 жыл бұрын

Why tf should I consider myself wrong when this is a historian bsing on the internet

Regarding benefits in the UK: I went on to a Universal Credit calculator - which in general is harsher than the previous system of offering separate benefits - to see what would happen if I was a single mother who worked 16 hours a week with 10 children. I would receive over £40,000/year - This isn't clickbait, it's genuinely true!

@TheImperatorKnight

4 жыл бұрын

I don't have the time right now to verify this, but if that's correct, that's hilariously ridiculous

@gavnonadoroge3092

3 жыл бұрын

try raising 10 children on £40,000/year

Three things that a mandatory quarantine can't stop -the actual disease -people breaking quarantine -TIK putting out videos

@samuelgroen6783

4 жыл бұрын

HELP, the TIKorona virus is spreading.

@Retard634

4 жыл бұрын

quarantines work if you weld the sick in their apartments

@TheImperatorKnight

4 жыл бұрын

"quarantines work if you weld the sick in their apartments" Yeah, I was telling my friends about China last night and they couldn't believe it. Nor could they believe that they have concentration camps and are harvesting organs from their prisoners. Socialism certainly sounds appealing

@Anthony-jo7up

4 жыл бұрын

@@TheImperatorKnight You don't want to be burned alive because they suspect you of being infected and ran out of room in the hospitals? Clearly you've been brainwashed by oppressive capitalism!

@tonynewman3631

4 жыл бұрын

@@TheImperatorKnight At least the socialists have tanks 😜

14:13 Toilet paper.. The only paper currency that will mater on the doomsday.

@panzerofthelake506

3 жыл бұрын

You can obviously do without toilet paper if it's the end of the world

@roxybot9840

3 жыл бұрын

Hedge your bets, invest in corn cobs

@thedukeofdeathpt6262

23 күн бұрын

@@panzerofthelake506 r/whoosh

I'm watching this on March 10th, 2023, and the Silicon Valley bank has just collapsed.

Hi TIK, I'm starting to like the new design for the thumbnail. It's simple, easy to read, and give the general idea about the subject. Keep up the good work.

@TheImperatorKnight

4 жыл бұрын

Thank you! Terri made these recent thumbnails, so I'll let her know you like them. Cheers!

This brought a tear to my eye (from laughing) 4:00 "This process of printing currency has been know by various names such as QE, dollar intervention or COUNTERFEITING" Its funny because its true

One thing not mentioned in your presentation was the banks didn’t need to print money with the lower interest rates. The fractional reserve banking system actually creates money by the banks loaning out money to dissavers. The more loans are issued, more money is created on paper. If a central bank is printing money in this situation, the inflation will likely accelerate.

TIK : what causes a recession ? me : he is speaking of 1929 or it sounds like present situation

@TheImperatorKnight

4 жыл бұрын

All recessions/depressions have the same cause. The specific details will be different (e.g. we have a virus to contend with right now, which is making things worse) but they all have the same central cause. If the State Central Bank wasn't issuing currency and manipulating interest rates etc, then our current virus crisis probably wouldn't have destroyed the economy (it would have had an impact, but nothing like what we're seeing now).

@nukclear2741

4 жыл бұрын

It doesn't seem to have effected here all that much. But I am not paying attention to the news as the panic is hitting the store I work at hard.

@TheKlink

4 жыл бұрын

History doesn't repeat itself, but it sure does rhyme.

@rickmoreno6858

4 жыл бұрын

@@TheImperatorKnight I disagree @Tik. This was going to happen. The Fed is evil and by Law has No place in the US, Woodrow Wilson, was purchased, and Promised to be President, then on the night of dec 23 1913, he ILLEGALLY PASSED, WITHOUT CONGRESSIONAL APPROVAL! no laws shall be passed without 2/3 of Congressional Approval, under the constitution of the united states!

@davidtuttle7556

4 жыл бұрын

@@TheImperatorKnight when listening to this video in some respects i felt i was hearing the voice of William F. Buckley or Glenn Beck but without the negative racial undertones. IMO you are a true classic economic free market conservative. The Weraboos and socialists and communists can all stuff it. KUDOS from the US.

Hi Tik. I had always a poor understanding of the real reasons of inflation and its aftermath. Thanks for making it understandable.

Definitely talk more about current events like the current depression and the great reset

@TheImperatorKnight

3 жыл бұрын

It's something I've considered, but not sure if the majority of my audience would want that. Many are still plugged in to the Matrix, and when I mentioned the "Great Reset" in a more recent video, I was called a "conspiracy theorist" despite showing the video of Klaus, and despite the fact that Prince Charles is also in the same video saying the same thing... So not sure if my audience is ready for me venturing into topics like that

@bigvinnie3

3 жыл бұрын

@@TheImperatorKnight I just don't get how some people who otherwise seem so smart can be so dense. I mean they're literally spelling out what they want to do on stage and on camera and people say "nah that's not true or he didn't mean it that way". I bet a depressingly similar amount of people said the same thing about the soviets or Nazis in the 1920s and 30s respectively. The way the world works the best is when people are allowed to live and do business as they see fit without government intervention(except in cases of violence or theft). But for some reason there's a good chunk of people who don't feel that way for some reason and want to try control and or steal from people and that's just immoral.

@BroadHobbyProjects

2 жыл бұрын

@@TheImperatorKnight After Boris Johnson almost petted his big op moonshot book after the big meeting end of May 2020 it got me digging. That was when the pandemic ceased to be exist in my eyes. The government conducting randomised antigen tests all over the UK and has (the second test in every major city) figures ranging from the from 7-17% (17% being London) who had the virus already. Which gave them the figure of around 6-11 million had likely had the virus by end of May 2020. Then there was talk of jabs, health passports, digital payments, stricter societal controls. It all felt like a global blanket power grab. All having the grubby little goblin fingers of Klaus Schwab all over it, along with many like Henry Kissenger who headed a NSCIA meeting in the USA mid 2019 that said China is predicted to replace the US globally by 2040 in everything and it terrified the elites. So the idea was suggested to align westerners to become more like the Chinese. Very Orwellian government, social credit systems, removing the rights and freedoms of the individual. Domestic dramas to keep the population watching eachother with suspicion. Etc Kind of crazy. Tech is the big tool this will be implemented, which brings us to Klaus Schwab and his conveniently timed future ideal. I could go further into such darker subjects on this topic but sadly many will assume it's conspiracy territory. But I say Boris Johnsons father, Stanley Johnson, have a look at what books he's written over the last few decades. Honestly mate, now more than ever doing a articulated video on the Orwellian path we are all being herded onto may be the last chance you could do so before certain thought police kick in your door. Great video as always.

@destubae3271

2 жыл бұрын

@@TheImperatorKnight I'd be very interested in this. just link their yt account if anyone calls you a conspiracy theorist

Having considered several works of Austrian economics, this echoes my own thoughts on our current economic predicament

I think this channel is going to became my favorite channel. TIK thanks for all your work.

A year has passed. I did not know about TIK then but now I have lots of great videos to watch with no waiting time. TIK if you are reading this - thank you for your work. You are a rare voice of logic in this, unfortunately, socialistic western world. I come from Poland (live in UK) where we had a communist “vaccine” applied and I notice that there are very few people here that understands where government intervention leads. I hope your work will improve this and we will all find ourselves in a free-market country.

Government and banks are always at fault...the consumer always pays the price

@TheImperatorKnight

4 жыл бұрын

Correct!

@warrenlehmkuhleii8472

4 жыл бұрын

We quite literally pay the price.

Thank you so much for the information. I started paying attention to the austrian school after an answer you posted on a comment I made a year or so. I appreciate your effort and the economics lessons here, a lot. Have a nice day. Please, keep the good work.

I live in Croatia, we have recession all the time, thousands of companies dissolved, but even more appeared out of corpses of the old ones, only thing that saves us is influx of foreign currency every year from our tourism, which is substantial. Thx.

Please continue talking about economics. I love your history videos keep them up, but please also start talking about the current economic situation. Your explanations are clear and useful. Thank you!

Great job, All of your video are informative and interesting to watch. I love the history videos, but these are extremly useful in explaining our modern world. More people need to see "public vs private", this video falls under the same category, the best on youtube in terms of quality of information and knowledge. If you reading this Tik, thank you for all the amazing work you have done. I look forward to the ongoing Stalingrad series which is superb, like all the battlestorm videos. Keep up the great work and stay safe in these dark times. Best wishes

@TheImperatorKnight

4 жыл бұрын

Yes, this and the Public vs Private video do help make sense of the current world we're living in. Sadly, most people don't watch these videos. However, I still want to produce them in the hope that some people will listen and learn, and then be able to make better decisions, that have real positive effects on the world. Perhaps I'm being too hopeful Cheers!,

All you need to know about economics and finance is that when government pokes at it (by interventions) then Economics will sooner or later poke you right back. Every action has an equal and opposite reaction. So best leave it all alone. Just leaves keeping spending/ taxation right down and maintaining the financial balance of foreign trade.

15:15 “People will start using currency as wallpaper... y’know, for their walls” How else do you usually use wallpaper, TIK?

@TheImperatorKnight

4 жыл бұрын

Well, if you lived in Leningrad during WW2, you'd eat it

@DeadlycheesePeople

4 жыл бұрын

toilet paper if you like

This video is one of the best on the topic out there, congrats. Should be viewed/used in high school and university economics curricula, to understand how money printing works and what the boom/bust cycle is.

The problem with the "contribute to society" argument is that in some people's eyes, they owe nothing to society because society owes THEM. So hard economic facts don't kick in before that paradigm shift. If politics rewards people for not working, and it puts politicians IN power, than the lesson in economics doesn't matter anyways. This is really the hurdle: Ideals sound much better than economic realities. If economics mattered at all to idealists than half the world wouldn't be tied up in socialist/over-regulated squalor. These people go from one vague cliche or fake factoid to another, and when even the world around them crumbles, the press and politicians convince them that it's still capitalism to blame.

@TheImperatorKnight

4 жыл бұрын

That's right. Having been a socialist and used to think that society did owe me, I can attest that it's a hard thing to do. But the harsh truth is that society (e.g. the State, which steals off people) doesn't owe anything to anybody but itself. Therefore you have to go out in the world and do something with your life in order to achieve anything. And once people realize that they can actually create wealth, and that everything is on their shoulders, it opens up doors they never realized existed

@Raskolnikov70

4 жыл бұрын

Wait.... are you saying that my masters' degree in Deconstructionist Feminst Dance Therapy doesn't contribute to society? I spent 11 years in college and racked up $200,000 in student loans so that I could give back, and now you want ME to pay for it?!?!?

@jonathanp1621

4 жыл бұрын

@@TheImperatorKnight What exactly do you mean with 'society doesn't owe you anything'? Doesn't society owe you the opportunity to create wealth, for example by making education readily available?

@Talashaoriginal

4 жыл бұрын

@@TheImperatorKnight Seems to me you were just short sighted and egoistic, and you simply grow out of it.

@Spartan322

4 жыл бұрын

@@jonathanp1621 Society doesn't owe anyone anything because its not society making the first move, society (or the economy) only pays for what it finds worth value, if it finds the education valuable then it will pay voluntarily, however if it does not regard the education worth value it will refuse to pay in. Society has no requirement to pay you for effort or ethic, its only regard is equitable value transfers, which are generally determined by the individual foremost. That's why you have to find value to give to the economy, not to desire for the economy to give you value. (which is suppose to leave us humbled in understanding our role for the society, this is also why on a separate case I actually oppose other government forced monopolies like IP laws)

Even though I studied economics before, now, thanks to your latest videos I want to re-read that thick heavy book. Also, I am sending this video to people who panic because they lack knowledge. You simply explain everything very well. Thanks

Well, this is great. You have some talent to explain things en you have a comprehensive opinion or better said facts.. I watched your videos and came acros this kind of videos.. I didnt expect it but I was suprised you made this intelligent ''college''.. Keep going on.. YOU KNOW YOURE AWSOME and WISE. Greetings from your neighbouring country overseas =)

Well Done. You explained some things I just hadn't taken the time to think through like negative interest and the effect ob low rates to some. It makes sense. And, within economics, you got to the banks (not tanks).

So, to avoid getting messed up by economics we need something long-lasting, easily divisible, convenient to store and, ideally, useful even if it can't be used as currency to use instead of money. Hot take: Toilet paper.

@toastytoast9800

Жыл бұрын

paper bills could be used as tp as well

Actually, in 1921 the government did do something: it reduced spending. Therefore reducing the damage it was doing to the economy and allowing it to recover.

One correction on the how log an egg lasts. If the egg is unwashed it will last months. If you wash the bloom air is allow to enter into the egg and it spoils quickly. You can wash them and coat them with mineral oil and they will last for months also.

If only we had a digital unconfiscatable decentralized finite currency....

@bigvinnie3

3 жыл бұрын

bitcoin baby or gold if you hide it. But i got in to bitcoin last year and its great etherum is another great one if you want a more affordable crypto.

@plaguebomb2712

3 жыл бұрын

Hey have your portfolio halved

@plaguebomb2712

3 жыл бұрын

@Justinikus the audacity of him to record this trash when usd:gbp was rising is truly amazing

@bik3r230

2 жыл бұрын

So much for it being unconfiscatable considering that the pipeline hackers got all their money taken by the US government

@trippybruh1592

2 жыл бұрын

I remember reading something how one of the unconstitutional US agencies "claim" they coud track Monero transactions.

Hi TIK thanks for making this video. I disagree with you on this for these reasons though: --The main purpose of a central bank is to keep the currency stable. --Interest rates are changed, and money is printed primarily to control inflation/deflation. (This would not be necessary with a gold backed currency, but a gold backed currency limits governments and central backs reactions to crisis like the great depression.) In your example: --When interest rates are low people are more likely to invest in shares of companies and more likely to buy goods as you say --The capital goods industries would get more direct investment in times of low interest rates. --Inflation is not just caused by the printing press. Increased demand and a shortage in supply of goods etc does as well. --The capital goods industries and the consumer sector employ the consumers, if they have to cut back, they get rid of staff, those staff consume less further dropping consumer goods prices and causing more job losses. This is where I disagree most with you, a recession can lead to a cycle of deflation, job loss and a shrinking economy. This is why the inflation target is 2 percent. --Many economists believe that the great depression lasted so long because the government did not go far enough to stimulate the economy. And we have not had a prolonged depression since we abandoned the gold standard. Source: Essentials of economics by John Sloman and Dean Garratt.

@goldreserve

3 жыл бұрын

TIK doesn't understand a lot of key points. No mention of the gold standard, money velocity, liquidity, stagflation and reflation, the deflation doom vortex. No mention of world reserve currency or central banks having debt in foreign currency. There can be no stimulus on the gold standard unless the government has net assets.

This seems more relevant now than in 2020. Where today we are experiencing the effects of printing money (quantitative easing) through inflation.

People already getting angry at TIK doing economics, even though its a great and informed video...

@patmos09

4 жыл бұрын

Day1Memer it’s not the same as his older historical content, which was more analytical and had less stretches where he repeats himself rambling his interpretation of the situation. I agree with him on pretty much everything economically speaking, there are a few issues to be sure, but you’d have to be delusional to not see the difference between these videos and the ones that made him. People like his “dumb ration” video because it’s concise and demonstrative. People don’t disagree with his politics, they just don’t want to hear him go on and on about the same points as nauseam while he waffles that all detractors are socialists. It’s truly weird and it’s starting to get old.

@TheImperatorKnight

4 жыл бұрын

At some point they might realize that these videos actually serve a purpose. They will reinforce what I'm going to be saying in future military history and non-military history videos. Explaining why the British struggled to finance the war, or why the Third Reich economy was imploding, and thus massively weakening their military situation, and the impact Roosevelt's centralization had on the economy of the USA

@patmos09

4 жыл бұрын

And yes I’m posting this before watching because I’m gonna wait for other’s opinions before I decide to commit to the video. You preach to the choir too much and the choir will get bored.

@TheImperatorKnight

4 жыл бұрын

"And yes I’m posting this before watching because I’m gonna wait for other’s opinions before I decide to commit to the video. You preach to the choir too much and the choir will get bored." Value is subjective. Some will like this video, some will dislike it. The only way to know if this video is truly good or bad is to watch it yourself. This is supported by several sources, especially Rothbard's "America's Great Depression" which is a great book. And as you'll hear, some of things I'm saying in this video are supported by current events...

@patmos09

4 жыл бұрын

TIK all due respect you aren’t actually turning in to what is being said. I’m not saying you are wrong , I’ve said multiple times I, and many others, agree with you. It’s that the presentation is substantially less concise and refined. That’s were the frustration is. It’s getting really tiresome especially when you rant about your “enemies”. That hitler video could have been half the length easily without losing any value, and I say that meaning that you could easily do that because you’ve been that refined in the past- I’m holding you to the standard you’ve set. Personally I feel that who spend a long time ranting about their critics and pushing a persecution complex actually do pretty poorly. I say this as a fan and I’m sure there is a lot of great content in this video. It’s a question of brevity.

This was amazing! Thank you for your extensive work. Real education right here.

I have heard that the Soviet Union experienced a drought in 1946 which would have it to collapse. If this is true, just prolonging the war a year would have caused their defeat.

@ivanamrki

3 жыл бұрын

Their defeat?

This guy has a better understanding of the economic system than most actual economists.

Very informative, and makes it easier to explain these complex topics to friends after internalising the information. What about Brown's counter investments to balance the economy. Surely some government intervention is better than none when presented with collapse. Is there a proper way of planning an economy?

What causes a recession? Knowing the cost of everything but never knowing it's value.

Newsflash, Recessions and depressions existed long before central banks. They were called Panics in the U.S.. Just because TIK knows some military history doesn't make him an economist. Especially not one who doesn't have to deal with or actually have to explain the real world. The number of people who post all these fawning comments demonstant an inability to think for for oneselves and just follow.

@BroadHobbyProjects

2 жыл бұрын

Ironically that's why he shares them. There is a financial reset coming that'll be the biggest forced societal change in centuries, yet no one is talking about it or if they do they are labeled fear mongers or conspiracists. The more who speak up about how society workings and how it f**ks them the better. The general public are shockingly stupid, they look on the news, a paper or god forbid social media and they will take whatever is fed to them as gospel.

Thank you, TIK. This was actually easy to follow and digest. Economics is something I'll probably always stay humble about, so genuine question for anyone: is a lesson to take away from this "It's better to just let the bubble pop early"?

two years on ,and we are following the classic crash ,perfectly . Lot of people dont realise whats about to happen ,they think its bad now ,give it 12 months !

TIK, I love your stuff, and think your work is as close as we've gotten to understanding the reality of what happened in the German-Soviet conflict as a part of the Second World War. I also have to say I'm in general agreement with a lot of what you say here. However, one question immediately springs to mind. If you pin your currency to a precious metal, or any commodity for that matter, how do you deal with a situation in which the overall value of your economy changes out of proportion to the supply of the precious metal. In particular, how do you deal with an economy growing in value much faster than the precious metal supply to which you have pinned your currency?

@BlindGus

4 жыл бұрын

That was the problem with metal based currencies. They were unstable. A workable solution would be a currency based on several different assets under constant changes in order to keep the value of the currency stable, while using actual market indicators.

@ericvantassell6809

2 жыл бұрын

@@BlindGus oh be serious

You have a lot of amazing videos but this one is your best so far, at least that I’ve seen. Thanks for the great work and information.

@TheImperatorKnight

3 жыл бұрын

Glad you liked it! Sadly not a lot of other people did, as few people decided to watch it ☹️

Hi Tik, as someone who is studying intermediate and advanced economics in post secondary I have very much enjoyed your recent videos on economics and politics rather than "stick to tanks". However I feel there is a fatal flaw in the reasoning for this argument. Firstly, interest rate changes have drastic impacts on the economy, and central banks rarely make such changes. They instead tend to rely on Open Market Operations to make subtle changes, where they change the level of currency in the market by buying and selling bonds without printing money. We are seeing massive changes now in interest rates due to market crashed and people/business's expectations. Secondly, the largest oversight is the labor supply market. You are correct in your assumptions that as interest rates decrease, people make purchases (buying a car on loan, or mortgages due to them being "cheaper" as a result of the lower interest rates), which then businesses see as higher demand and therefore supply more, which leads to the capital goods market. However, as these businesses produce more, they buy more supplies, which requires suppliers to spend more on labor. This is either done by hiring more workers or paying workers more to keep them there, as the value of the worker is now worth more because their output is in higher demand. This effect is seen in all businesses (ex stores hiring another cashier, companies hiring scientists for R&D, etc) this in turn puts more money in the people's pockets which offsets the inflation. This is why nations have a natural rate of inflation, because for countries to see a rise in their Real GDP (GDP adjusted for inflation) they also see an accompanying inflation. Im probably too late for anyone to read this but keep up the good work.

@TheImperatorKnight

4 жыл бұрын

Inflation is created by one thing and one thing only - the fractional reserve banking system. You cannot have inflation if the currency supply remains the same. If there's 10 people with £100, even if you doubled or halved the number of people, you'd still only have a total of £1000 in the economy and thus no inflation. Only by printing more cash or adding digits to a screen can cause inflation. As I said, we all have a personal interest rate. The market (buyers and sellers) have their own interest rates, and they collectively determine what they are. But when a central state bank dictates what interest rates are, they artificially make them higher or lower than what the marker (the people) want. For example, I've been saving for years because I personally am a saver. I only spend if I have to. No matter how low interest rates go, I'll never take out debt again, and I'm only going to spend if I need to, or buy gold and silver to protect my wealth against inflation. So they can drive rates into negative territory all they like (which they are about to do, it seems), but that's not going to change my habits. My personal interest rate remains high, regardless of the central bank. But because interest rates are so artificially low right now, this is causing manipulations in the market. I'm pulling most of my cash out of the system. Others are getting into tons of debt that they may not otherwise be in. Corporations thrive on debt. But now the system is crashing, those manipulations are about to bite the people and businesses that went along with the central bank's policies. That's why heavily debted corporations and people are now in trouble, but I'm fine. Those who were smart with their money will be fine. Those who weren't, won't be. And that's rightly so. Let the bad businesses fail!

@BigHenFor

4 жыл бұрын

@@TheImperatorKnight What impact do you think that the domination of the political process by corporate and plutocratic interests has in creating fiscal policies? What do you think about the statement that Neoliberalism has been socialism for the rich, and Capitalism for everyone else?

@herodionusdiogenes2381

4 жыл бұрын

@@TheImperatorKnight Thanks for the reply. Using the same analogy, 10 people with 100$ each. If the population was halved, there would be inflation if each person now had 200$ because the real value of each dollar would now drop. You are correct that currency supply impacts inflation, Open Market Operations affect the supply of money. Imagine the example of the person storing money under their mattress, while that money exists, it is not circulating in the economy. The same happens when the federal reserve uses Open Market Operations, they take the money from the economy to artificially impact the supply of money. Lastly, one of the largest causes of recessions is consumer/business expectations. This is how the great Depression began, with people foreseeing a collapse and creating a run on the banks. The point of low interest rates is to stimulate investment in the economy which impacts peoples expectations. As people invest, and businesses now have money to expand, the money continues to circulate which revitalizes the economy. This is made under the assumption that its market investment, the market will only invest in businesses that should be invested in, and ones that cannot sustain them selves will not see investment, I agree, let bad businesses fail. And for savings, as you said you save, you should be fine, however this falls into game theory. If everyone spends/invests, the money continues to circulate and the economy is fine, however if everyone saves their money then the economy would crash. I'm not trying to criticize you, I just constantly play devil's advocate to all sides.

Bravo TIK! People have no idea how they are being robbed all day everyday. You make von Mises smile. End the Fed!

Good and necessary video - thank you. We solve this by pulling down the national banks and hinder politicians from meddling in the economy.

@sedargames8161

2 жыл бұрын

But politicians have nothing to do with the central bank. What a stupid proposition.

@zbj4240

10 ай бұрын

@@sedargames8161 What a misinformed comment.

The government creating massive economic bubbles that are not liquidated but instead burst. My favorite Economist personally is Austrian Ludwig von mises. Absolute genius and he can perfectly explain why the state fucks over the free market but someone who is absolutely amazing at explaining why people will blame free market instead of the government is Ron Paul I absolutely love Ron Paul oh and Peter Schiff is pretty good

@TheImperatorKnight

4 жыл бұрын

I agree with everything you said. Add Murray Rothbard to the list of greats though :)

@anthonyvigil7567

4 жыл бұрын

TIK he is awesome too. And hoppe. Wow you know your stuff. That’s awesome. Now I understand why you liked my comment agreeing that yes Hitler was a socialist a few months ago and almost a year ago you liked my comment where I said “holy crap Benito Mussolini sounds exactly like modern day American Democrats when he was a socialist” and you replied “and the people in the labor party here in Britain as well” that is great 👍 i’m so glad a true capitalist is so popular with great content.

@CorrectCrusader

3 жыл бұрын

@@TheImperatorKnight Thomas Sowell aswell

From this video, there is nothing I can do personally about these massive shifts in markets and the global economy as a whole. All I can do is try and survive.

@TheImperatorKnight

2 жыл бұрын

True, but at least you're aware about what's happening, which will help you survive

I have a dump question. What about the people that aren't able to really output. Example someone in a wheelchair or who lost their arms. I'm personally fine with a portion of my wages to relief those who can't help output goods is that cool or not? However those who use it to not output themselves really pisses me off and I know a few who are doing this. I work retail I work 14 to 15 hours a day to keep shelves full. I see many people taking tones of stuff and using government help to pay for them and myself I can't stock up or anything and instead am forced to cut back on my food intake and increase my work output. It really sucks but I''ll keep those damn shelves full even if I have to work 24 hour shifts. I'm a EMRT as well so if it gets worse I'll be going to the fire department to help out if they get overwhelmed I really hope I don't need to.

@DankstaTV

4 жыл бұрын

The people on government assistance aren't the ones who took the biggest chunk of your money; they're just the most visible. Inflating the currency to prop up the capital sector is where your money got stolen, and the capital sector got the big bulk of that. The guy you should be mad at is the already-rich one running away with your big notes, not the waiter who just lost his job and found one of your coins on the ground.

What Causes a Depression... this does.

On the point of a "Fair" wage and minimum wage. A person with a disability might be unable to contribute to society or very little. How in your world view does this person sustain themselves. In your words those that don't produce have no value to society. But you also don't want these people to starve. How can someone who doesn't produce not starve within the framework you present and advocate for.

@arturocevallossoto5203

4 жыл бұрын

We sustain parasites all the time. They're called "children".

@benevolentnick1

4 жыл бұрын

A just society honors and respects the elderly cares for the infirm educates the young and give the rest hope and prosperity. And you miss velocity of an economy.

This is one of your best videos at explaining things economic so far.

And with no central ban prices never change, the economy grows naturally, there are never price shoks or job losses and a market driven utopia will lead us to paradise.

'"They had a good ride, but now they're being brought back down to everyone's level. So they can moan about it, but the reality is that this is where they should be." ....

More financial videos please, ive watched this one at least 10 times

Thanks a lot for the video and the references! Please continue making such videos :)

Ownership of gold and silver is often made illegal to shore up counterfeit currency.

Good video TIK. I always considered myself closer to Chicago school of economics and thought of the Austrian school as intellectually lazy and outright extremist in the opposition of the state of some Austrians but the more I learn about government failure, economics, and the history of government, the more I understand why the Austrian school is “intellectual lazy.” Pretty much the government always fucks shit up. At this point I don’t even bother looking into pros and cons of government regulations on the economy. It isn’t intellectual lazy to think government = bad, it’s just a result of being jaded as fuck. 99% of the time they’re just distorting the market and we don’t notice or care because it’s a small distortion.

@TheImperatorKnight

4 жыл бұрын

Chicago School is pretty good! Their monetary theories are incorrect, but the rest is great, and I love reading Sowell. The Austrians have got it spot on though. They saw this current crisis from a mile away, which is why we're all calm right now (we're better prepared than most)

My definition of the Minimum Wage is...the least amount of money that can entice a person who can DO the job to DO the job...lol

@benholroyd5221

4 жыл бұрын

The problem is, is that the West has standards, I can't pay a child slave a pittance to extract toxic metals from circuit boards over an open fire. That means the rest of the world can undercut us, so wages can 'sustainably' fall below the level which people can feed themselves. Also with something like wheat, if you have a glut prices go down, farmers can't make money so they either switch to another crop or go bust. The same dynamic doesn't really exist in the job market, people can switch jobs, but you can't cull extra unneeded workers. Finally, you need money to survive, you can't opt out of working if you don't like the wage, this puts it in a similar class to utilities, where governments routinely step in to set prices etc. I suppose you could pay benefits to people to make up the wage difference, but then you have people complaining about taxes etc. Much better to hide it away in company bottom lines where people don't notice it so much.

@benholroyd5221

4 жыл бұрын

@Nuclear Confusion Yes. So then the solution becomes not engaging with these (poor) countries with lax labour laws. But then these countries don't have the infrastructure to compete on anything but price, so you are harming the very poorest in society. Corruption is a problem so you can't use the state to funnel aid to those in need, and even a lot of charity work ends up impacting local economies. I know it's fashionable to blame this all on the corrupt rich, but there aren't easy answers, thats why no one agrees on what the correct answer is. Not that I'm defending this particular example, I don't think companies should be in the business of being moral arbiters, deciding whats right and wrong. thats the role of society and the state who should pass laws.

@benholroyd5221

3 жыл бұрын

@Pragmaticist who are these 'they' with the AC and the clean water and electricity? You're quoting a reply responding to the Congo. Do they have AC? Running water? Electricity? My prior message mentions child labourers extracting toxic metals. Do they have AC, running water, electricity? What planet are you on? And why does any of that require an ad hominem? And after all that you still haven't suggest any of the 'easy' answers.

@benholroyd5221

3 жыл бұрын

@Pragmaticist And my point was A) the minimum wage that can entice someone to do a job could be well below a rate required for survival, especially for us in the west because we are competing against countries without labour laws. B) Large companies can be, and are vilified for exploiting/giving jobs to, those people in the developing world. C) I take your point that exporting jobs to the developing world leads to development, but as I covered in my first reply, the child sorting through electronics by hand doesn't have aircon, or running water. they aren't benefiting from globalisation, and they show how low the minimum wage that someone will do something for really is, which is what started this whole discussion. you can't reasonably take a laissez faire attitude to minimum wage, when theres children working (and dying) for pennies per day. You make this out to be 'simple' when its not. theres people working, and still starving. theres people in the west, with western labour laws competing against developing countries without those laws. and theres developing countries who we need to give jobs to, to help them rise out of poverty, but we also need to ensure we aren't exploiting them. What do you do about plastic recycling? do you export it to Vietnam where they can make some money out of it and develop their economy? or are we literally just dumping our rubbish on them? wheres the simple answer? there isn't one, because the world isn't simple. PS in 2020 are you seriously suggesting that developing countries build out gas infrastructure?

20:50 Technically speaking, there's no such thing as "fair value" or "actual value". Value is always relative, so these terms mean nothing. What something is "valued" is up to the individual at that time. What it gets sold at isn't even its "value", just the price for a certain house at a certain time in a certain place, negotiated between a certain buyer and a certain seller. -An (Austrian) Economist

At the end, to be sure, I would certainly enjoy for you to talk about today's recession and it's parallels to WW2 - and the lessons we should have learned! We have had previous depressions, why do we refuse to learn from history?

I'm at the part where you're telling me that I have to produce more in order to earn more. If, as you say, the salaries in the capital industries are far higher than they should be during a boom time, being propped up by money stolen from "consumers" (not the word "workers," I note) by inflation, would it not also be fair to redistribute some of that stolen purchasing power back to consumers/workers by taxing the capital sector to fund social support systems? Would it be fair to have tax increases on capital accompany rate cuts, assuming the revenue will be spent on social support? The unfairness you describe at the end is exactly what is stolen by the capital sector through inflation. If you're upset about people living in nicer houses than they should, start with the mansions.

@DankstaTV

4 жыл бұрын

​@Ornate Orator "DankstaTV He was never upset about people having nicer houses, how did you reach that conclusion?" See 34:24. He goes on at length about poor people on unemployment receiving things they didn't earn, but has remarkably little moral condemnation for the people who benefit from the printing press theft described at the beginning of the video. He mostly seems interested in blaming voters for allowing it to happen. "Also this entire issue only occurs because the government gets involved with the central bank do begin with" I'm not disputing that. I'm talking about how to get back the purchasing power that was stolen when the central bank did its meddling in the first place. The idea that the workers should have to continue to suffer in poverty while the thieves in the capital sector "suffer" by having to sell or timeshare one of their three vacation houses is ludicrous.

@DankstaTV

3 жыл бұрын

@Pragmaticist "Except only Gov't can create inflation" Yes, for the benefit of the capital sector, as was explained in the video. I don't feel the need to read the rest of your reply.

@shorewall

3 жыл бұрын

@@DankstaTV Instead of taxing capital along with lowering the interest rate and printing money, why not just don't lower the interest rate and don't print more money. There is no need for taxing capital if you don't engage in the behaviors that overvalue capital in the first place.

@DankstaTV

3 жыл бұрын

@@shorewall If it were possible to go back in time and raise interest rates, then it would no longer be necessary to tax capital in the present. If interest rates stay high in the future, there will be no future need to tax capital.

@Zarastro54

3 жыл бұрын

@Pragmaticist "This assertion is not true, workers are not in poverty of else they would leave to an better paying job. You are making the evil assumption that humans who self interests by their will to life are victims. This is not true." The workers in East Asian sweatshops beg to differ...

2022 - hyper inflation creating monopoly scheme

I like your economic videos as well as your videos on military history. I'd be interested to hear what you think of the current economic downturn.

Thanks for simplifying this for me it. Sad though cause we know government will always interfere even if it’s just for optics.

There seemed to be a suggestion in there that when workers take, say, a 10% pay cut that employers will employ 10% more people. Wont employers just pocket the 10%? For example, in the USA the entire productivity increase over the last 30 years has gone to the owners of capital, because labour pricing power has been reduced.

@kakwa

4 жыл бұрын

If there is no incentive to hire, like a need for more production, it's unlikely an employer will get more workers, even if his workforce willingly accepts pay cuts. The reason is quite simple: when an employer hires more people, it tends to decrease productivity as managing 20 people is harder than managing 10. Also wages are not purely a free market construct, it's also a social construct. If you have a small group of big companies, they can reach agreements to pay workers less, it has been seen for example with tech companies in the bay area (en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_Litigation). Pay gaps between people of different gender/origin also comes to mind. A free market partially exists and influence wages, yes. But wages, and how much we value work, is also a social construct which can be influence, up and down, through various means.

@vojtasks

2 жыл бұрын

This is completely false :-D. I mean, how can you believe this. If it was the case then you can start any company anytime and have like 50% of profit :-D . This is a common myth already debunked multiple times on YT see here kzread.info/dash/bejne/iZh1m7yEYKvWmNI.html

Makes perfect sense. I've always been happy for a lower salary than others as it's obvious who's going to be kept on when times get hard. In the longer term, I've usually come off best.

@TheImperatorKnight

4 жыл бұрын

Yep! Sometimes it's worth playing it safe. University professors are about to be very upset, since they're in a bubble (tuition fees have gone up astronomically over the past decade or two due to government manipulations and currency supplies)

@Cyprian96

4 жыл бұрын

@@TheImperatorKnight well in the u.s. maybe, not so much in europe

@deriznohappehquite

4 жыл бұрын

TIK in the US, the government gives out almost no interest loans to artificially prop up demand for college. These loans are being irresponsibly given to children who do not usually understand the cost of the loans they are taking out, or the value of the education they are investing in. It’s not uncommon to see people in six figures of debt with a worthless degree.

It was very simple for me to follow along in the video, thank you for keeping it simple Tik!

I think in the US the Bureau of Engraving and Printing is the outfit that prints fiat currency. The Federal Reserve Bank does not have a printing press but only grants loans to the politicians at interest and then the US Gov. tells the Bureau of Engraving and Printing to print or create computer bit representations of the fiat currency. The Fed does not print fiat currency as best I understand.

this is going to age VERY well

@thefrenchareharlequins2743

3 жыл бұрын

Aged like fine Scotch

So true TIK - Real live example: Single mother, x2 kids, council property newly built (value

@TheImperatorKnight

3 жыл бұрын

Absolutely, I couldn't agree more. The rest of the population has to be forced into slavery to support a selfish individual who chose to get into the position she did knowing that the State would enforce everyone in the collective to comply with her promiscuity. The worst part about it though is how so many people will defend her or the State for creating this situation in the first place - blaming us "selfish" people for calling out the BS. It's pure insanity

@zackone6829

3 жыл бұрын

@@TheImperatorKnight Thank you TIK for all the work you put in. It is insane how ppl are also resistant to logic and factual debate. Thanks again TIK!

@felixfiedler4982

3 жыл бұрын

@@zackone6829 The Reason for this is that the top 10% of the society, by income, have a lower effective tax-rate than the rest. Back in the 50s and 60s the rich ppl had to pay up to 70, 80 and 90% of their income. In the 80s Republicans startet to campaign against taxes and Reagan started to cut income taxes. The Income tax from loans a little bit, but especially the taxes on capital like rents, profits or interests. The taxes on consumption are steady or rising. If you have low income you can maybe afford your standard of living. Like you said. But it's very hard to make some savings. If you get a higher income because you are a manager (managers nowadays often decide about their own loans and most of them think they deserve a lot more money) or have your own company, you can save money. Put it into Wallstreet, Buildings, Land. Your income will rise and with the lower taxes on capital income your taxrate will fall. In the next years your income will grow faster and faster. You should read Emmanuel Saez & Gabriel Zucman "the triumph of injustice" Its pretty easy to understand. And if you have more time - Thomas Piketty Capital in the 21st Century. Its about the distribution of wealth.

@zackone6829

3 жыл бұрын

@@felixfiedler4982 thanks Felix, willcheck it out :)

@CriftPro

3 жыл бұрын

@@zackone6829 Check wealth distribution graphs..

Very good video! It covers the basics perfectly. Even if this is too simplistic to understand modern economics properly, it would help if everyone was taught about it in school.

This is one of my most favorite videos ever. Very simple to understand how all this government manipulation works.

First a 5 hour video on nazi ideology and now a video on economic crises. You are totally dissuading me from making my own KZread channel bye covering all the topics that interest me. 🙈 Good job man 🙂

@TheImperatorKnight

4 жыл бұрын

"You are totally dissuading me from making my own KZread channel bye covering all the topics that interest me." Haha you should do it anyway. Come up with your own versions, either in agreement or in disagreement with mine. Present a different perspective. Present additional information, or condense the information already given. Don't be put off by what I'm doing :)

@lilleparber

4 жыл бұрын

TIK Well to be honest, you aren’t really dissuading me, it was just a way of complimenting you for your great work. Your videos are in fact very inspiring and I really ought to start my own channel. I am just blown away by how tailored, a lot of your content seems to be, to my interest.

Yes, more economic videos please. Current timeframe. Something about how the looming recession was coming anyway and that the black swan from Asia is just an infection in an already open wound. (Interesting to note that the sex workers in Adelaide Australia are complaining of reduced business because of bad economic times.)

@TheImperatorKnight

4 жыл бұрын

Definitely! The economy was already declining last year, way before the virus came along. The virus is making things worse, and might be the pin that popped the stock market bubble, but it's masking the underlying state-manipulations in the economy.

The U.S. Gov. says you're wrong. I Believe YOU!!!!!!!!!!!!!!

QE is wrong term for lending money from the central bank. Crediting is the correct one. QE is when CB directly buys stocks or bonds on the market with printed money.

IS THIS GONNA BE THE AUSTRIAN BUSINESS CYCLE!!!!!!!! I'M SO EXCITED!!!!

@kalu19991

4 жыл бұрын

I hope so, but most probabily rich corporations fet bailed out, same as before.

@nathanashley2693

4 жыл бұрын

down under the chattering classes have never even head of the Austrian school and the mob is starting to demand their particular industries are "nationalised" I hate to say it but I think communism will be the ultimate winer

@Swift-mr5zi

4 жыл бұрын

@@nathanashley2693 Communism is literally logically impossible pal don't worry about it.

@nathanashley2693

4 жыл бұрын

@@Swift-mr5zi i agree communism's 'logically' impossible... its the illogical behaviour that has me worried. there's going to massive amounts of centrally planned govt interventions in markets throughout the world one way or another. love ur optimism 'its a force multiplier' Gen H Norman Schwarzkoph

@Swift-mr5zi

4 жыл бұрын

@@nathanashley2693 Aha oh no, you misunderstood....I'm black pilled asf and I'm certain we'll see increased state intervention over the course of my adulthood, just not communism (as in a stateless moneyless society). Just gotta focus on making the world a better place in whatever field we choose, be a good man and look after our friends and family...all we can do.

I would disagree with this video I am unqualified to explain my own position so I’d recommend economics explained video on the Japanese economy

30:14 just started this on Audible today! Great first opener, especially points about how without scarcity and efficency. Looking really jumping into it in the coming days!

I agree with your baseline proposition of inflationary outcomes of National Banks interventionism, however, I beleive the true causes of the Boom-Bust cycle is not purely monetary (like Friedman seems to suggest). I am more poised to think that ultimately it resolves around malinivestments as Hayek suggested; yes, malinvestments can be the result of monetary intervensionism by central banks (which ultimately distorts the price signals in markets), however, they can also arise from state interventionism (many economist suggested that in the early 1920s the US federal gov subsidized agricultural production (which was initially incentivized during WW1 to boost the war effort) thus generating the seed of the 1929 bubble. Additionally, Minsky suggested that even without interventionism, the natural tendency of players in a market system to eliminate inefficiency and promote local stabiltiy (...see the rise of corporationa i.e. Amazon), can in the long run, generate systemic finacial instabilty due to the erroneous risk-reward perception from investors and a fragile system. In other words, yes central banks have been the main culprit, however, states, and private investors share some of the burden too (through excessive debt/leverage). Recently I've watched some lectures from Prof Andrew Lo who uses evolitionary theory to explain the function of finacial markets (and the Boom-Bust cycle)...I suggest you to take a look at it. When are you going to make a History of Economics series of videos? It seems to me that all people debating in your comments think economics stops at Keynes, Marx, and Mises. Probably it would not hurt to take a look at Rothbard, Minsky, the Post-Kensyan (MMTers like Piquet or Kelton) and of course Hayek...

@PockyFiend

Жыл бұрын

Actually, it would be better to start with classical economics (Adam Smith, etc.).

TIK giving Economic lessons? I am interested...

@TheImperatorKnight

4 жыл бұрын

I hope I didn't disappoint

@Undead38055

4 жыл бұрын

@@TheImperatorKnight thanks for this. This'll definitely help in my economics class :3

@Toxic-hd1ck

4 жыл бұрын

@@TheImperatorKnight No way! I think it was a great vid Keep up the great historical, political and economic content and dont let youself get beaten down by all the haters

Is there anything similar to a boom-bust-cycle in a completely free economy, even if just on a micro scale?

@Spartan322

4 жыл бұрын

I would say most certainly not since there is no transferring of economic success (or demand) from one business sector to another, which a boom/bust cycle requires, instead individual industries succeed and fail based on consumer demand which is way less predictable and way more variable, in a sense its even harder to predict a natural economy simply being decentralized. (and there are no targets for success leading to the expense of another target) If you don't subsidize one group at the cost of another, I don't see how you could find a definitive boom/bust cycle.

@brettmcclain9289

4 жыл бұрын

If there is 100% reserve than banks can’t do any credit boom. If the banks are unregulated they will not be 100% reserve and banks will create credit expansions until they go broke and have a bank run constantly. They would be small and the boom period would be very short and the payment for the expansion would be very hard on the people who started it.

@benholroyd5221

4 жыл бұрын

Is there any such thing as a completely free economy? Pre 20th century economies were pretty laissez faire and they still had boom and busts. Plus our current predicament (corona virus) will most probably lead to a recession. I dont think a free economy would prevent that happening.

@Spartan322

4 жыл бұрын

@@benholroyd5221 It is possible, it sort of existed before the Victorian age in areas with Merchant Republics and in England, however with the centralization of governments and the formation of government economic oversight following between the Renaissance to the Napoleonic wars, you started seeing more and more governments embracing a form of economic intervention, since then almost no government has been true laissez-faire, even when governments resorted to short-term laissez-faire-like policies, they did not abolish regulations and business interventions, they just cut back and toned them down to be hard to notice. The Pre-20s (generally starting from Andrew Jackson's presidency) US and the first half of Interwar Germany were perfect examples of half attempts at laissez-faire, however government systems and regulations did still exist, and the banks were still mostly operated at government discretion. A true permanent laissez-faire government would only barely operate in any regard on its own and would do very little at any time. (and would take decades to establish any capability to enforce its will upon the economy if it suddenly did go interventionist) They'd also probably have less "democratic" processes involved as giving people the ability to vote means they'll most certainly eventually vote for someone to print money for them.

@benholroyd5221

4 жыл бұрын

@@Spartan322 agreed. I feel you could fall into a 'no true Scotsman' argument pretty quickly though. Some things are just useful despite not being 'free'. Is contract law free, or should I have have the freedom to break my promises? So I'm not particularly sure we'll ever come across a free market and boom and bust cycle that everyone can agree on. What we can say is that we haven't been without booms and busts yet, and we've been as close to a free economy as we're likely to get.

Dear Tik I like your viewing and positions very much. Instead of a "gold standard" you could also have investigated a stopp for the public sector of making depths by itself. Financial discipline is not only important for the private sector. Having reserves is of much value for a government in times of recession. Rather than beeing restricted by the natural deposit of a (heavy)metal, state economy must be in posession of tools to mitigate cases of hardship and to boost the local, national production of wealth if needed. Just to rely on gold is venturesome. Mho. Keep on your valuable work!

The timing of this video was impeccable. It was released right as the Biden Administration took office in America, preceding to do everything explained in this video.

@TheWizardGamez

Ай бұрын

While the Biden administration has been pumping a stupid amount of money into the economy, we cannot forget about the “stimulus” of the late trump administration. It really sucks that Covid hit during 2020 because if it had hit any other year, maybe the government would’ve kept its nose out of it. But goddamn elections. Fucking up the economy since (insert age of Greece)