Some notes if anyone needs em! -Federal Reserve is USA’s central bank, Europe has it’s own ECB, and other countries have their own versions, which have 2 main roles: Regulate and oversee nation’s commercial banks by insuring they have enough money in their reserve to avoid bank runs To conduct monetary policy which is increase or decrease the money supply to speed up or slow down the overall economy -Interest rates = the price of borrowing money on top of the “principle” to cover inflation and ensure profit -Low interest rates cause people to borrow more and spend more & vice versa -FED doesn’t have the authority to change interest rates in US, so they change the money supply (increasing money supply increases the amount of loans commercial banks can give out) -Decreased money supply = less money = higher interest rates on loans -Central Bank can run an Expansionary Monetary policy by increasing the money supply -The FED takes blame for the great depression as they let several large banks fail which caused a massive panic, and then ⅓ of all banks collapsed -The economy is strong when there is confidence and liquidity (liquid assets = an asset that can quickly be converted into cash and with minimal impact to the price received → not stocks, bonds, or mortgages) -Fractional reserve banking is when banks hold some of your deposit money but loan out the rest → reserve requirement is how much they are expected to keep → FED can change the reserve requirement (higher req = less money available) -Discount rate = the rate which the FED charges banks (decreasing rate = more loans = more money supply) -Open Market operations = when the FED buys or sells short term government bonds (govt. Bonds = treasury bills or IOUs) → buying bonds from banks increases its liquidity and increases the money supply -In the USA the Federal Open Market Committee determines how many bonds to buy and sell -In 2008 the FED tried Quantitative easing = central banks buy up longer term assets from banks → they bought short term and long term (like mortgage backed securities) using fake money → which causes inflation -Excess Reserves = how much a bank can lend out

It would be interesting to see a revamp of this series in the wake of covid-19

Watched this video as homework once, flew right over my head. Watched it again a few weeks later in my own time and now I'm hooked. Amazing how being interested in something makes you understand it so so much clearer and better.

Your videos are so knowledgable that I m glued to my laptop watching them 1 episode after another....N my roommates just asked what TV series is so interesting that I said no to a cricket game....Gratitude from India.

@MitchMBowring1

7 жыл бұрын

You gave up cricket for this and you're Indian? Your parents will disown you if they hear about this, mate!

@adityamathur9662

7 жыл бұрын

.

@MitchMBowring1

7 жыл бұрын

+Aditya Mathur I don't doubt that but I was joking mate.

@adityamathur9662

7 жыл бұрын

MitchMBowring1 Oh okay I didn't got that lol sry

@johnsonjackson1296

7 жыл бұрын

too bad they willnever acknowledge the fact that the federal reserve is evil as hell and manipulates fiscal currency to enslave the whole world.

Dear CrashCourse, You're saving me from my Macroeconomics final tomorrow,. Thank you dearly.

I'm a business major going into my econ final, and I just wanted to say thank you for clearing this up for me. I've watched most of the crash course economics and they have helped me so much!

4:16 Fun detail: "noli oblivisci mirabilis esse" is Latin for "don't forget to be awesome"

I love these videos. I am currently working on my M.S. in Financial Analysis, and my brain has trouble connecting the equations to their theories. Even simple things I learned for my Bachelor's elude me. Your videos make things straightforward enough for me to understand the theory piece more clearly. I appreciate it.

this is so concisely summarised and clearly explained, literally saved my life ,I can kill the quizzes after watching your videos,secret weapon. Looking forward to more of your videos!

Why do so many people complain about them talking too fast? If it bothers you that much, put the video on 0.75 speed. No one's perfect.

I am sharing this series with all of my fellow CPA exam candidates. Great stuff! Fun too!

i watched this first, then started reading my study for the unit test on monday and i was laughing to myself for a solid 5 minute span because everything in 3 pages of study guide was in 9 minutes of video. all in all, thank u so much :,)

Missed two important things 1: Money is dept (for the most part) 2: Private banks create most of the money

@Rohan5893

8 жыл бұрын

The first one is true (debt). The second point is a misunderstanding

@MrDallasSummers

8 жыл бұрын

+Rohan Vaidya no he's write if you remember the "Fed" is private and has no government over-site .

@Rohan5893

8 жыл бұрын

+Harry Patch under Title 12 of the United State Code, the bird of governors have to present an annual report of the fed's operation to the House of Representatives and the speaker of the house. So there is clearly a government oversight

@Rohan5893

8 жыл бұрын

Board*

@Axelschultz1

8 жыл бұрын

Rohan Vaidya It's not a misunderstanding, the banks create new money every time someone takes a loan. This is also the reason for why most of the money is also dept. The central bank can try to regulate how much money the banks can create mostly with regulating the reserve ratio. I would though argue that this is still important because 1: It explains why most money is dept 2: It shows why this is important for the central banks to regulate 3: Most bank lending goes towards mortgages and the stock market. This leads to prices going up faster in those sectors.

Thunderstruck by that belt.

@feynstein1004

6 жыл бұрын

+

@parkershelp6428

6 жыл бұрын

i didnt think i was the only one who thought his acdc belt buckle was great lol

@feynstein1004

6 жыл бұрын

+Parker Shelp One could says that belt buckle is TNT :D

@parkershelp6428

6 жыл бұрын

Feynstein 100 lol good one

@rawanwolf4714

5 жыл бұрын

The belt shook me all night long

You guys are awesome. Thank you for taking the time to make these videos!

Love it. Started watching before my university course started, started watching again today because I'm stuck

Mr. Clifford's "just kiddings" are the best.

@dariusbrown701

7 жыл бұрын

yup

Yay, a new CC: Economics!

Love the passion!! timeless series!!

You guys are doing a really great job; I gotta tell you, I like how you make things so simple :)

You can tell you're a nerd when you binge watch crash course.

@shalphan

8 жыл бұрын

I guess I'm a nerd then....

@azunia4

8 жыл бұрын

or a student with a last minute emergency study plan..

@oakleafwarrior9733

8 жыл бұрын

yep

@jayrajshirali6327

8 жыл бұрын

cramming for an exam has never been easier

@wilsonwu9731

7 жыл бұрын

True that, I binged 30 episodes straight 😁

God bless crash course, just learned more in one video than an 80 minute lecture

I've been looking for such video the whole day.. You guys rock !!

Amazing lesson. I learnt a lot from this.

This is addictive. My eyes are heavy , its 1 am but I don't wanna sleep!!!! This is so interesting!

DAMNIT JANET

@aeron6747

8 жыл бұрын

me trying to add to your yellen pun

@Macdaddy5539

8 жыл бұрын

+Aerin L Nice RHPS reference!

@aeron6747

8 жыл бұрын

Macdaddy5539 thanks :D

@abhiprakash74999

4 жыл бұрын

Is that a ' friends ' reference

Great video! Another reason for sky-rocketing excess reserves could be that the Fed started giving interest on excessive reserves (IOER) since the last crisis, thus incentivising banks to keep excess reserves rather than making (riskier) loans to private individuals.

Fantastic Video. Perfect refresher before my exam today!

I would donate almost all my savings to crash course, but I cannot. I owe them understanding on soooo many subjects and, through that, passing the class.

Failed to mention that this system is run for profit. The shareholders are expected to be given a return year in year out. Also this bank is privately owned.

@BUD7H357UD

8 жыл бұрын

+This Is My Name Banks and Healthcare, the two most unregulated capitalist industries on the planet. We need to start murdering hundreds of millions of people so we can finally achieve the great utopia envisioned by karl marx. REVOLUCION!!!!!!!!!!!111

@stiglarsen543

8 жыл бұрын

+BUD7H357UD what did i just read o_0

@Rohan5893

8 жыл бұрын

The fed paid the treasury (the direct shareholder) 98.7 billion dollars last year

@GelidGanef

8 жыл бұрын

+This Is My Name I mean, they vaguely touched on that with the reserves policy. That's why its necessary for the gov to mandate minimum held reserves, because loaning money is good for your personal profits but bad for your creditors and the economy in general. The Fed is semi-private. Most of the highest leadership is appointed by elected members of our government. However most of the actual branch leaders are elected by member banks. Chalk that up to yet another american regulatory body being picked by and picked from the people they're supposed to be regulating...

@BUD7H357UD

8 жыл бұрын

Stig larsen satire. btw I loved the girl with the dragon tattoo. Read the whole series and the swedish films. American one sucks thoguh.

Love the channel thanks for all the knowledge

Love all your videos! Best way to learn!

I... Don't know who it Janet Yellen is, even after watching the episode twice. ._.

@askingthewrongquestion9161

8 жыл бұрын

+Alderick van Klaveren She is the Chairman of the Federal Reserve. That's the simple part. The more complicated part involves the role of the Federal Reserve in setting monetary policy and why it does the things that it does (which was kind of the whole the point of the episode).

@jarehelt

8 жыл бұрын

+Alderick van Klaveren Paper money is by definition legalized counterfeiting, and fractional banking is fraud. We need to return the creation of money from the rich banks, committees, governments, and return it to the PEOPLE individually. Returning to a fully backed receipt currency based on resources, not debt and fraud

@anthonyg.1583

5 жыл бұрын

That's got to be one of the dumbest things I've ever read

@sobriquet5016

5 жыл бұрын

@@anthonyg.1583 Don't fall out of your chair buddy, also maybe pick up those dorritos that violently spewed out of your mouth.

@pranseepatel6953

4 жыл бұрын

it's ok stop yellen

These are pretty complex concepts guys! I spend an entire year of masters at LSE learning this stuff, you can't just rush through speaking fast and expect people to understand. Look at the comments, they didn't learn much.

@FranciscoXAbad

8 жыл бұрын

+Ben Graham well the MPA program teaches micro and Macro Economics for Public Policy (all of the micro and Macro Economists learn in their whole undergrad applied to policy) and if you never studied economics in your life (like me) it's quite helpful. But the money supply, interest rate manipulation, etc are not simple concepts like supply and demand... They just rushed through it.

8 жыл бұрын

+Francisco X. Abad I agree. It was a rushed job.

@simobraiths5056

8 жыл бұрын

+Francisco X. Abad Yup, was more confusing than educational. Bit off a bit too much for one video

Thank you Crash Course for helping me study for my teaching certification!!

This helped me with my homework so much. Thank you!

It's Jerome Powell (chairman of the fed) now for anyone who doesn't know. I think Janet Yellen retired

my "there's a new cc econ video" sense was tingling

Excellent, excellent video. Thank you. I was looking for a video which explained how central banks work in the real world.

Thanks for this Wonderful Course Team!

God bless for helping me pass my final econ essay

"Who knows how to spell Quantitative?" Is that really a challenging word?

@Shaolinthemple

4 жыл бұрын

It's a joke

8:44 Is the most enlighten thing in this video.

@richardfry5991

8 жыл бұрын

+PaiNExoTiC Me too!

THANK YOU!!! made it so easy to understand yay!

In the words of one of the Frankensteins that created the monster, "Gold Is Money, Everything Else Is Credit" JP Morgan 1912, the year before the monster was created.

@Green815

8 жыл бұрын

+The Voluntaryist Absolutioninist Why is gold money? Why not iron? Iron is probably more useful than gold, so why aren't we using iron for our money?

@tankweeb9425

8 жыл бұрын

TheBreezyTrousers Because Gold is Highly conductive, dense, malleable, most importantly unreactive and has been valued and cherished by humanity since the dawn of civilisation, in addition to being very rare. Can you say the same for Iron? When you are dead and it's 200 years in the future, the paper money we use, will be looked upon in a museum of failed idea's, but people will walk by still wearing gold jewelry and using electronics which require gold for better conduction.

@Green815

8 жыл бұрын

The Voluntaryist Absolutioninist What about being highly conductive makes it good for money? Are you going to be passing electricity through it? Plastic is also not very reactive, so why aren't we using plastic? Also, Graphene is more conductive than gold, and is actually stronger than gold, so why aren't we using graphene as currency, or platinum, or silver? We currently use copper and not gold for our electrical circuits because copper is more conductive than gold and is cheaper, so why are we even bothering with it? What makes gold so special? What is a valuable property of gold that other materials don't have?

@TOFKAS01

8 жыл бұрын

+TheBreezyTrousers Gold is pretty. Thats why we are imagine something into it.

@tankweeb9425

8 жыл бұрын

Listen you sheeple can keep all of your wealth in a fiat currency, and when the SHTF, you can burn it to keep you warm, the one good thing you can use it for.

>"The US and other foriegn governments have worked hard to make sure the Fed is isolated from politics and potentially short-sighted politicians." I long for the simpler times of 2015...

I hope you could post more videos! I always miss CC Economics.

thanks Alot this is really helpful ! :)

Have you not brushed over 2 important concepts? 1. Fractional reserve banking allows banks to lend out up to 10 times more than they have in deposits leading to predatory lending, instability and speculation. 2. The idea that central bank policy is not linked to 'politics' actually means that they are not accountable to the people, nor their representatives which may lead to policies which do not benefit society at large. Whilst I understand that the video looks to simplify the issues at hand and portray a mainstream viewpoint, simplifying holds the danger of giving the impression that our economic system is technically optimal in its operation (which it isn't) and morally and politically uncontentious (which it also isn't)

@simobraiths5056

8 жыл бұрын

+PokerDuende I said something similar...just not as well worded. Love ur comment. Had thought crash course was better than this.Seems intentional that they omitted these radical/fundamental truths...

Great course, thanks a lot for making this available! Just one question: at 5"12 you say "These treasury bills are issued by the Government" but at 5"26 it says, "If the Fed issues more bonds.." - so who is actually issuing these bonds, Gov or Fed ?

@narniabusiness7810

5 жыл бұрын

WE NEED AN ANSWER TO THIS QUESTION

Always good stuff here

This Saved me omg thank you

If Dan Brown watched this, he just got another idea for a novel...

@simobraiths5056

8 жыл бұрын

+Coffee Abernethy Ha, I get it. Loved inferno. Do you think it will come to that/believe we require culling to survive as a species?

That illuminati joke had me weak! Thanks Crash Course for making this economic policy course less painful!

Nice belt, Mr. Clifford!

This was awesome. thanks

1). Create a bubble. 2). When economy collapses save the economy by creating a bigger bubble. 3). Profit. Keysian Logic. Because everyone knows that economy is in a great shape right now.

Milton Friedman is the man !

@felipejnnt

7 жыл бұрын

*was

@therealnoodles7638

6 жыл бұрын

no he's not you dumb moron

love that acdc belt, and the video of course :-)

Love this stuff.

5:19 quantitative easing? central bank buying govt bonds and securities

These videos just cover the basics. All the 19 year old armchair economists that think they know everything need to chill out

This video actually makes sense

This so so clear now !!

Illuminati confirmed! lol

Dear FED, You're fired. ~Love~ AMERICA

@neeneko

8 жыл бұрын

+BUD7H357UD but we still want all the stability and prosperity you provide.

@qhack

8 жыл бұрын

+neeneko You're joking, right? Stability? Ha! That's a hoot. As for prosperity, that is more from human invention than anything the FED did.

@qhack

8 жыл бұрын

+Ardy F I see you have bought into the Paul Krugman's revisionist history of the economy. There are other views that look into the unintended consequences of creating the central bank. I would also add that it is much better to have shorter intervals between free market corrections with quick recoveries, than what we have today with long massive bubbles and horrendous recovery times. Yes, there will be businesses that fold under free market corrections, just like under the massive bubble crashes today. However, the number of people affected by shorter market corrections is far less than the "To big to fail" concept we have today.

@BUD7H357UD

8 жыл бұрын

Ardy F Is the free market really that bad that we need the overhead cost of the FED coupled with having the value of our money stolen right from our wallets and putting our children into more and more debt? Also there is an overhead for enforcing legal tender laws. I almost think the free market system is worth it just to avoid all the extra bullshit that comes with "stability". Also, some people question whether the FED actually does what it says it does. www.ContraKrugman.com

Wow! You did a video on monetary policy! I’m stumped!😂❤🎉

0:01 I love that ACDC belt.

Macro-economics at some point my eyes glaze over and my brain says "Okay, it's basically Voodoo right?".

It is important to remember that the Federal Reserve System is owned by the commercial banks; the Fed is not a government agency. Under the law that created the Federal Reserve System, the Fed became the only entity permitted to self-create credit. When the Fed issues new Federal Reserve Notes and then loans these notes to the U.S. Treasury, what is exchanged are IOUs for IOUs. Now, let's examine the term "fractional reserves." When paper currency was redeemable in gold and/or silver coinage, but the bank issuing paper currency did not hold sufficient coinage to redeem 100% of the notes in circulation, this was when we had a fractional reserve system. Today, there is not requirement that anything tangible back the Federal Reserve Notes issued. There are no REAL money reserves backing this paper currency. Federal Reserve Notes are essentially promises to pay nothing in particular.

i am in love with Adrienne Hill.... she is really high on energy and seriously committed to job of explaining this stuff plus i lover her subtle humour... she is beautiful too...

loved it!!

So, uh... who is this Yellen person, then? I've watched this video twice and I still have no idea. They never actually say how she fits into this whole thing... her name only comes up three times. Is she in charge of the U.S. federal bank?

@Fibozzy

7 жыл бұрын

yeap

@samc2612

7 жыл бұрын

Obama appointed Yellen chairman of the Fed Reserve in 2013

END THE FED!

YAY ECONOMICS I FEEL LIKE THEY TAKE 4 EVER TO UPLOAD AN EPISODE

So informative

it doesn't mention that it's a PRIVATE bank...

@gregmize01

8 жыл бұрын

+Aquilen you drank the koolaid...it's a private bank. just like all "central" banks...read the federal reserve act,

@gregmize01

8 жыл бұрын

+Aquilen troll alert

@simobraiths5056

8 жыл бұрын

+Aquilen I love that phrase 'ad hominems' but +Gregory Mize is right. Regardless of who works there, the FED is a not a governmental institute. It is a private bank.It is telling, the lengths they went to disguise this from general public knowledge.

@Biggus_Dickus_876

8 жыл бұрын

aquilen. You are the one claiming that the federal reserve is a public institution so shouldn't the burden of proof fall on you and the freedom of information act to prove that it is public? As a private institution, not publicly traded, we can not prove who owns the fed but if in fact it were public should you not be able to prove ownership? Yes the president gets to nominate from a short list of candidates, chosen by the federal reserve system, who controls the lead puppet's chair but that does not prove ownership. Prove to me that the federal government owns the fed and my opinion will forever be changed.

@simobraiths5056

8 жыл бұрын

A. C. Abbey Thanks for stepping in mate. Sounds like you know a thing or two. More than can be said of the other guy. Since it seems your a generally intelligent level headed guy can I ask your opinion of the fractional reserve banking. Is just, I'm hearing a bit about the coming collapse of American dollar and it seems china is primed to take up the mantle on the world stage with a supposedly gold-backed currency. Wondering if you've seen or heard the same things??

You just saved me from failing my economics exam ahahahhah XD

THANK YOU!! This helps so much! Love Crash Course!

best thing i like in this vid is the ACDC belt!!!!!.....btw, nice vid.peace.j.

I watch the whole episode on 0.5 speed and I omg they have finally started to speak normal'ish' :D She could be a bit faster but finally I got to understand the fast guy. :D

Hey I know Janet Yellen she's the counterfeiter in chief!

@therealnoodles7638

6 жыл бұрын

hey i know you don't have a brain!

well your making this easier to understand than fluid dynamics.... not saying much but I do mean it as a compliment.

You guys are awesome!

The guy in this video talks way too fast!! - I had to rewind it after every clip, just to grasp all of what he's saying.

@dearnobitaa

4 жыл бұрын

That's true.

@tannershep3311

4 жыл бұрын

You need to do more research, its a language you don’t understand, learn the language and you’ll understand

@espartanam

4 жыл бұрын

@@tannershep3311 lol

@deepthin7480

4 жыл бұрын

reduce the speed of the video.

@rustyscrew5776

4 жыл бұрын

Sergio Loyola AC/DC Econ

Fun Fact: Sense the Federal Reserve was created in 1913, the US dollar has lost 96% of its value, which means a dollar today is 4 cents in 1913, this is caused by inflation which happens when there is more money printed, when the amount rises the value falls.

Thank you from Indonesia😉

Thanks for giving us the facts without an agenda and conspiracy theories.

I don't believe there should be any government involvement in the economy, except to prevent basic infringement of people's rights to their own person/property (murder, rape, theft, fraud, etc.). Governement protects against these things through law enforcement, a justice system, and a military. Everything else should be left to the people (or at least the states) to decide for themselves. This included anything to do with banks or money. Currency should be denationalized and subject to free market competition like everything else. People should be free to use whatever currency they deem fit (most stable, portable, divisible, etc.). There should be no central bank that has a monopoly on control of U.S. currency. Of course, private banks (like the federal reserve) can produce their own currency, but the people should be free to opt for another form and government should not be involved. If a bank screws up, they should be allowed to fail like any business to make room for a better one (like ones with more liquid assets). The government shouldn't be speeding up or slowing down the economy.

@dariusbrown701

7 жыл бұрын

interesting... but doesn't seem realistic

@dariusbrown701

7 жыл бұрын

that would restrict trading between lots of people and how could you say 1 "choppy" coin is equal to 7 "iddy" coins? it would have to be a long time to analyze. on my point in trading ,say my doctor is paid in 'choppy ' and I have "stinsons" how would that work? in theory it sounds good but wouldn't last.

@johnc1014

7 жыл бұрын

Darius Brown I disagree. Your "choppy" coin and "iddy" coin is akine to a gold coin and a silver coin. Each business would be free to choose which currency they accept. If you use a form that someone else doesn't accept, then they've just lost your business. It behooves them to accept as many forms as possible. In the same way, today, someone might lose business if they don't accept credit, debit, checks, etc. It behooves them to accept as many as possible. Having a government monopoly on currency is not the answer. Currency, like everything else, should be subject only to the free market.

@dariusbrown701

7 жыл бұрын

I could agree with this 100 percent but you're not considering other factors, such as: Trading between countries (which is vital for economical growth), out of reach currency (as in me flying in from Georgia with my own personal currency and not being able to buy anything because their currency was out of reach.) And big businesses monopolizing on money again. Saying someone has to adopt more than one currency is going to make the poor more poor. The government doesn't control the money, private banks like the reserve do.

@johnc1014

7 жыл бұрын

Darius Brown Trading between countries - Countries already trade just fine, though they each have separate currencies. Americans should be free to trade with whomever they please, domestically or internationally, without any government interference at all. They currency used in that trade should be the mutual agreement between trading partners. . . . . Out of reach currency - This is even less of an issue considering we are in a digital age where there is growing experimentation in digital currencies. People should be free to use whichever currency they deem is the best suited to their economic activity. There should be no government monopoly dictating that all Americans must use a single national currency regardless of its problems. The government can inflate or deflate the currency at will, thereby artificially increasing or decreasing its value. I for one don't want my money to be devalued. Yet, I have no choice but to accept this devaluation in the U.S. dollar, as an American. . . . . "Saying someone has to adopt more than one currency is going to make the poor more poor" My whole argument is against forcing anyone to accept any particular currency. They are free to use whichever currency they deem is best. Also, how does that "make the poor more poor?" What does that even mean? Who are you defining as "the poor?" Who would freedom of choice in your money effect "the poor" any differently than anyone else? . . . . A single private bank is given a total monopoly on the currency. I see no reason why there can't be multiple banks issuing their own currencies and the people being free to choose which is best. This would create competition between currencies. Free market competition produced higher quality choices and destroys lower quality ones.

You make it sound like the Federal Reserve is a government body. It's not.

@SaintBrick

8 жыл бұрын

+Sam Barkley Take a look at the Federal Reserve Act. Also: www.federalreserve.gov/faqs/about_12799.htm

@neeneko

8 жыл бұрын

+Sam Barkley Like many institutions, it falls outside the simple 'public/private' distinction people tend to think in.

8 жыл бұрын

+Saint Nick It still says it's an independent bank, hence the interest it charges the government for using its own money.

@economicsyoutube850

8 жыл бұрын

+Sam Barkley In theory, the ideal is that the Fed (or more generally a country's central bank) is independent of government. The US Fed and the European Central Bank do come close to that ideal. But not perfectly so. Central banks are invariably created by governments, so in practice there won't be perfect independence. Self-promotion: Check out *ECON COW* (search it on KZread!), a new educational KZread channel devoted to economics. I have 5 videos so far, including *The Price of a Human Life* and *Insurance is Immoral*. Let me know what you think! Thanks!

@djtim06

6 жыл бұрын

Grey - it is 100% private, if it were public it would have to be more transparent and would need to be regularly audited by the government, but it is neither. Also, the company is owned by the big banks, JP Morgan, Chase, Goldman Sachs etc.

Hi @CrashCourse , I notice a typo in the description of this video (the word "aand "). I love the videos that you made guys =D Keep doing that awesome work =)

Thank you so much, i am finishing my essay //yass

Here come the Austrians.

@Green815

8 жыл бұрын

+Canyu Believeit (IhateBs) Any day now! Then you dastardly Keynesians will see! Any day now the world economy will crash! We may have been wrong 99.9% of the time, but one day we'll be right and then you'll see!

@SashaandStorm

8 жыл бұрын

Guys, I was just making a joke. No one needs to make a fuss.

@Green815

8 жыл бұрын

***** Yeah! That's right you filthy statists! We Austrians are always right! Sure, we might get almost all of our predictions wrong, but that one time we were right is enough! ... even though almost every other economist had predicted the same thing, but for different reasons!

@Green815

8 жыл бұрын

***** Yeah! We Austrians always get it right! Government not getting involved in the economy is like the best thing ever! Nevermind the fact that there were more economic crashes under our system and that the Great Depression lasted longer because of a lack of intervention, and nevermind The New Deal, which helped the US economy become the greatest economy of the 20th century! Nevermind all that, because 0.01% of our total predictions came true!

@Green815

8 жыл бұрын

***** Deflation? What's that?! I've never heard of such a thing! Surely it can't be the thing that happened during the great depression and couldn't be fixed because we were still adhered to the gold standard! That couldn't possibly be it!

I'm homeschooled. This is what I use for Economics Class. Interesting, no?

@jacqueline8288

5 жыл бұрын

Same!

Super information

Can you help me please: How to know when debt to gdp ratio is positive or negative for a certain country? Is it by comparing it to other countries or by looking to its variation through time in that country?

The banks don't have any money in them. It's called fractional reserve banking.

The solution is resourced backed money created by the people of the nation and a pure free market any one that says the fed works needs to explain why the US is drowning in debt . If the US dollar was removed as the world reserve currency you would see the results of the FED rather quickly .

@joekennedy4093

8 жыл бұрын

+Travis polson You lost everyone at pure free market.

@Roxor128

8 жыл бұрын

+Joe Kennedy Yeah. Free market sucks at essential services. It's fine for making stuff, though.

@jarehelt

8 жыл бұрын

***** Essential services.. like... bread?? or electricity?? A loaf of bread may cost 99 cents, but it is going to be as cheep and good as it possibly can be because of competition, supply and demand. 100% of taxes however gets eaten up in the bureaucracy,wars, debt interest, and prisons Then you get a shiny new road paid wholly with monetized debt. The soul service of the government is to protect each individuals life, liberty, and property nothing else.

@joekennedy4093

8 жыл бұрын

I think he means things like health care and social security.

@jarehelt

8 жыл бұрын

Joe Kennedy Heath care is just as important as bread. Unpaid liability's for medicare/caid and s.s. exceeds the entire output for world G.D.P. There aren't enough taxes in the world to pay for government healthcare. In the '50's Before these programs Catholic hospitals relied on charity, never turned anyone away insured or not and they did it solvently. When charity is FORCED, honest charity leaves.

I love the implication that a dentist office is the only place you would find a magazine.

Very nice. It would be good to if you can explore other topics like the history and origins of currency (Thaler). The role of economics in the rise and fall of empires (and influence in wars) also some other recent case studies like the reasons behind the decline of the Detroit motor industry and Japanese 90s bubble. There are other interesting topics to talk about it wont fit here.