Lord John Maynard Keynes

[thefredsays]

My god someone making sense and obviously not funded by outside money. Not a cultural manipulator.

[thefredsays]

My god someone making sense and obviously not funded by conservative money.

[thefredsays]

thank god for some truth... howard zinn...

[Bakkermman]

"1. Institute a progressive income tax,"-income tax is against human rights.And You should know that it was introduced by fed bankers to pay interest on their loans to government.So lets try not toLIE,thata government is an answer to anything. Furthermore there isNO LAW that obligates Americans to pay income tax.Going even further anyone who says that goverment is the answer to our problems,is probably getting money form it.Lincoln,Garfield,Kennedy andJackson knew something aboutYour teories....

[parnellitube]

A government's tendancy is always to become bigger and more powerful. The "periods of increased spending" is their opportunity to do so.

Yes, government intervention always ends up on the behalf of large corporations. That's why governments should stay out of economics.

The very rich don't put money in the bank. They invest it. The poor do spend free money, right up until it's gone.

[TheSpanishJob]

When you 'inject' money into the system, for example expanding the money supply or by goberment spending (yes, this injects money into the system), you introduce market distortions. Those who invest in new projects think that these are profitable when this profit was only inflation. Prices were lying.

When you borrow from the outside, later you'll have to pay... and that's with taxes (that will kill your beloved private spending).

Btw, Keynes is the excuse for government thieves.

[radiohogan]

@TheSpanishJob

Do you understand deflation?

[radiohogan]

@TheSpanishJob

We disagree.

[TheSpanishJob]

@radiohogan Of course you disagree but i'm spanish and i'm living it. A few years ago we had lot's of money injected by the goverment and by the ecb. People started business because the demand was very high, now the ecb and the government stopped injecting money and these business that these people started when they were profittable crashed. They cannot pay their credits, loans, and they are closing with tons of people unemployed. The thing is, do you think the ecb can expand the money forever?

[radiohogan]

@TheSpanishJob

There are several ways the money for expenditures could be found and I am surprised your pseudo socialist government hasn't taken the following steps: 1. Institute a progressive income tax, 2. disband the military and spend the war money on aggregate demand, 3. a tax on financial transactions (a Tobin Tax).

[bonfirejovi]

“By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” Lord John Maynard Keynes. Right now the dollar has lost about 97% of its value since 1914. I wonder what he would of thought of that?

[radiohogan]

@bonfirejovi

What is your point?

[bonfirejovi]

@bonfirejovi detrimental long term effects of an expansionary monetary policy. i am intrigued to what he would have thought of that. after all, this is the man that said "in the long run we are all dead."

[radiohogan]

@bonfirejovi

Do you understand deflation?

[bonfirejovi]

stagflation... that is all.

[rsobies]

very interesting interview: hayek on keyens

watch?v=VqU-AZh-wqU

[rumco]

If Keynes recommended lowering taxes and increasing government spending, how can you do those two at the same time without printing money, i.e inflation?

[radiohogan]

Printing money may not be necessary. In today's environment, the US government is borrowing money.

Regardless of how the money for stimulus is acquired, in a deflationary environment (such as today) massive stimulus may not caused inflation.

In any case, if inflation were to occur, Keynes recommends using fiscal policy to lower inflation by lowering government spending and/or raising taxes.

[rumco]

I'd argue that stimulus has caused inflation since prices are not dropping as much as they would without one. Especially assets like real estate.

[radiohogan]

While you are free to argue whatever you want, however economists and government statisticians disagree with your definition of inflation.

[rumco]

Of course they disagree, the do not like to see high inflation numbers so they skew them as they see fit.

Many economists, especially Austrian School economists argue that inflation is expanding of the money supply, the rise in prices is the side effect of it.

[Renegen1]

Sure inflation can happen from printing money, but you lack an understanding of how the money supply influences prices. If the total goods in the economy are the same, but the money supply goes up, prices do rise. If however the government spends money to bring back confidence and the total goods in the economy (not to mention government services) INCREASES, then it doesn't create inflation.

[radiohogan]

Logic tells us prices will rise when the money supply is increased and total goods remains the same, however it is not an iron law. Prices may or may not rise depending on other variables. If an economy is in a deflationary implosion (i.e. the present) prices may not rise and may even fall with secular deflation.

[bonfirejovi]

@radiohogan i dont think you understand what inflation is. it is expansion of the money supply, high prices are a result of that.

[radiohogan]

@bonfirejovi

There are many reasons for inflation beyond the money supply.

[971505]

if govt lower taxes, it will automatically increase spending (not govt spending, but spending by people)

[radiohogan]

I don't believe you are correct, but please give me your thesis or logic.

[bonfirejovi]

@radiohogan if you cant understand that lower taxes will lead to more spending then you are an economic idiot. if they have to pay less to the government then they have more disposable income. DUH.

[radiohogan]

@bonfirejovi

Explain it to me.

[Invirtuo]

Broken window fallacy.

Keynes wrote in prelude to his "general theory" that his policies could be better implemented in a totalitarian state

[Invirtuo]

Saying he promoted lowering taxes is somewhat misleading. He didn't believe cutting the marginal rate was important. In fact, he favoured transfers and rebates

[CommSense]

lol dickbut

[Valdeberner]

One question: Which portion of the american PIB does the military spending represents?

[truthadvocate]

I agree you need lots of money to influence government. But it's not just the rich effecting policy. What about unions & other special interest groups that pool their money. They also have an unfair influence on government policy.

When people say government intervention, they mean government intervening in the market. Not people intervening in government. The ideas you talk about are absolutely examples of government intervening in the market. There are many reasons that this can be dangerous.

[radiohogan]

Part I:

You may wish to read a classic in sociological literature: "The Power Elite," by C. Wright Mills. The Power Elite consists of corporate executives, high ranking military officers and government officials. Mills makes it clear that even by the mid 1950's it was clear that American unions were very reactionary, had virtually no power and simply went along with corporate power. Since then unionization has fallen from about 35% of the workforce to less then 15%.

What special interests?

[radiohogan]

Part II:

I agree people have no possibility of participating in American government. Participatory democracy never existed in America.

Our current evolving Depression is the result of government's failure to "intervene" (i.e. regulate) markets. This has happened over the last 35 years of neo fascist government in America. Clinton was the most reactionary of all recent presidents and he destroyed the Glass Stegall Act and allowed banks to have leverage of 30 and 40 to 1.

[Invirtuo]

Neo-Fascist? I would suggest not using terms, which are firstly not applicable (however much you might detest neo-liberalism), and secondly would lead a rational centrist to label you a discontented radical

[radiohogan]

By any definition, America is a fascist state. As to labeling myself, you may call me anything but late for dinner.

[Invirtuo]

On a Fascist path, yes. Nationalization of industry, central planning, expansionary monetary policy and collusion between big business and government are the hallmarks of an economically Fascist state. The US is proceeding along this road but is far from qualifying as a Fascist country, at least not relative to the rest of the world. Don't tell me, since you purport to be intelligent, that you are blinded by the false dichotomy?

[radiohogan]

Hello Invirtuo:

To my mind, fascism is a state of mind externalized into a way of life. American culture views itself as exceptional. Exceptionalism justifies war crimes, invasions and mass murder, required to impose the American imprimatur on the world.

What false dichotomy are you referring to?

All the Best / MH

[Invirtuo]

As an Irishman, looking in, I also believe in American exceptionalism, but not in American infallibility. The Iraq War may or may not have been justified, for example, but it's minor in the context of America's achievements and irrelevant to its economic prowess.

If you define Fascism in a way other than is commonly accepted then you should indicate that. Otherwise you seem to be employing a reductio ad hitlerum technique in an attempt to discredit that which you oppose.

[radiohogan]

After living in other countries, America seems exceptional only in the poverty of it's people.

How can one justify invading another country? Didn't American Supreme Court Justice Robert Jackson write at Nurembiurg that invasions are the most serious war crimes, because all other war crimes stem from the initial war crime of invasion.

You consider the invasion of 10 countries since I ma 21, and the mass murder of millions "minor" matters. Perhaps war crimes are now considered minor matters.

MH

[Invirtuo]

I adopt a somewhat randian view of this. I believe the invasion and disolution of primitive nations that violate the rights of their own people is in all cases justified. The manner in which this is conducted is another matter however.

America is the seventh wealthiest nation in the world. In absolute terms, it has the world's largest GDP. The US is an economic giant and I have yet to see, in real terms, a more prosperous nation

[radiohogan]

We disagree on law and economics. Please read "The Limits of Power -- The End of American Exceptionalism" by Retired US Amy Colonel and Boston University Professor Andrew Bacevich.

[Invirtuo]

I actually like this Bacevich guy. He's anti-big government

[rye8n]

Sure there will be no inflation nor deflation if the supply of goods increases with the same pace as of the supply of money.

How ever, this is not the case in the US. It's still losing production jobs. Which lowers the production output. Your government refused to let the free market solve this crisis by manupulating the money supply and adopts extremely loose monetary policy.This surely will cause inflation.

[radiohogan]

Part II:

You write of American economic prowess. Where do you see the prowess?

Citizens may no longer oppose. We may observe.

[Invirtuo]

Sorry, the false dichotomy of left versus right is what I was referring to. There exists a temptation to lump Classical Liberalism in with Fascism in the nebulous "right-wing" classification. I prefer if all arguments are conducted through the 4 cornered political spectrum to avoid confusion and conflation

[garioch]

doing university course and keynes is part of course, you have explained better than any tutor. Thanks

[luke2468013579]

Great video, do you know of any video that explains the most fundamental economic theories?

[radiohogan]

I have been working on one. It should be ready soon.

Have you watched my video "Economics 102 - Keynes v Friedman?" It compares Keynes (Fiscal Policy) & Friedman (Monetary Policy).

[Re3volution]

keynes called gold a relic of the past.

"One thing is certain in my mind; the central banks do not want to see gold higher, in fact they would love to wipe gold off the face of the earth. Why? Because gold is real money and they cannot control it. They can't bankrupt it. They can knock it down temporarily, but it's still there. A paper currency can be destroyed but gold can't be destroyed. So all the banks can do is to try and keep gold from rising in terms of paper contracts."

[snickers180]

The only problem I have with your information is that the US spends roughly 18% of the Federal Budget on military spending, while the rest goes to social programs. Although I agree we should cut back military spending and end our foreign entanglements, our military spending is not the dog that is biting us the hardest; its social security and other entitlements.

[radiohogan]

Help me out. Where are you getting your statistic of 18% for military spending from? I always used the figure of 50% of the federal budget for military spending. Let's nail this number down. I am going to Google it.

[radiohogan]

I Googled: military spending as a percentage of the federal budget. The top response was a pie chart of the federal budget by the War Resisters League. Their number for military spending is 54%.

[snickers180]

You are right. Thanks, I was mislead by my economics teacher... I will let him know what's up!

[investortownhall]

Great to hear from mature educated people using YouTube for education rather than stupid kids making worthless video's. You should be teaching Economics at Harvard. Great educational video! P.S. Your point is spot on!

[radiohogan]

I will soon be doing a biography of Keynes and an analysis of his work.

[uhclem]

Redentials? Damian curled white overstuffe the next redentials. (google it)

Bottom line: I don't debate with communist sympathizers. You sir are a loon, straight up.

[radiohogan]

You will be missed.

[uhclem]

Anyone who quotes Howard Zinn is obviously a loon.

[radiohogan]

Dear Uhclem:

Please tell us what you find faulty in Professor Howard Zinn's work? The man's scholarship is unquestioned and highly respected in the academic community. Please also provide us with your redentials.

All the Best / Mike Hogan

[TINTcrey]

Thanks for your posts. Very informative. People need to be more aware of these two economic philosophies,their use and how they continue to have so much influence on our everyday lives.

[radiohogan]

Hello TINTcrey:

Live and Be Well

Mike Hogan

[esphamm]

Wrighting my bachelor-degree on Keynes! Very informative!:)

Thank you from Tromsø, Norway ;)

[radiohogan]

Dear Esphram:

Please view my YouTube video entitled: "Economics 102 - Keynes v Friedman."

Good Luck / Mike Hogan

[podman51]

Thank's radiohogan. I guess G-men monitor the U to check out genuine threats but as far as the kind of views people like yourself espouse, whilst uncomfortable for extremists in government, do not comprise of such threats. In fact, here in Britain politicians deal with intelligent protest by ignoring it, quite an effective strategy because it works.

[podman51]

Hi,do you really think there are G-Men out there? I believe that many, so called friedmanites like to argue for the sake of argument because they so often use self-contradictory arguments and refuse to see what is happening in front of their eyes. They are not discouraged by lack of evidence but will just go on and on until people like me get wise to the fact that we are being wound-up by jokers.I have no particular affiliation to any theory but always find your videos informative, cheers!

[podman51]

Hi,do you really think there are G-Men out there? I believe that many, so called friedmanites just like to argue for the sake of argument because they so often use self-contradictory arguments and refuse to see what is happening in front of their eyes. They are not discouraged by lack of evidence but will just go on and on until people like me get wise to the fact that we are being wound-up by jokers.I have no particular affiliation to any theory but always find your videos informative. cheers!

[radiohogan]

While I don't know if there are G-men reacting to my stuff, I assume G-men monitor YouTube and act as agents provocateur.

[Stinkyfiend]

I came across your videos recently. Very informative and a good use of the medium. Keep them coming.