Do Keynesian theorists really believe the politicians should have control of the expansion/contraction of the money supply?
Politicians live in a strange parallel universe were things they do in the short term do not have consequences in the long term. This is not the same universe the rest of us have to live in. Keynesians need to find a solution to the political problem or throw Keynesian economics out the window CAUSE IT DOES NOT WORK IN ITS CURRENT FORM.
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TRNN hosting more crackpot economists who continue to support Keynesian theory of economics. Stop the madness, stop the spending. End the wars abroad and at home. End the welfare state and the warfare state. End corporatism and return to sound money. And most of all - obey the Constitution. TRNN is shilling for the socialists. Paul Jay go back to Canada.
I cannot speak about Hudson, but Wolff is not a Keynesian. He is a Marxist and an unabashed one at that.
In the end Keynesian policies fail much the same way as Neoclassical/Neoliberal ones, because they simply represent another side of the same inherently flawed economic system. Rather than establishing an alternative to capitalism, they produce stopgaps.
The wars abroad will never end, so long as capitalism exists and necessitates imperialism. Obey a dead letter all you want.
Brilliant observations. Especially the part about this being a new stage not foreseen by theorists of old. Except maybe for Jefferson's comment about what would happen if banks were to gain control.
Currency cycles run in course with cycles of empire. USA is in the waning cycle because vested interests refuse to adapt to necessary changes. Loss of confidence in the economic policy coupled with overprinting of money tripled with the virtual money on cyber- Wall St leads to an upward cycle in holding physical assets (yes gold and silver until clarity can create a new system that is sustainable. Dishonest bankers destroyed the dollars credibility. It's a no brainer. Buy silver!
Seem to recall George Carlin's suggesting that if we set up a national teevee show where we catapulted indicted & convicted banksters into a big brick wall, we'd see a 'sharp correction' in the attitudes and activities of the financial sector.
In the French Rev, folks took to wearing little guillotines around their necks, as opposed to crucifixes. Highlighting that all this stuff comes down to that oldest question in the book: fight or flight (and there's no percentage in 'flight').
you take too much money from the rich ( over $250k before taxes and wages according to the US government) they will simply go somewhere else. The real rich people like the top 1 percent get out of taxes because, 1 they are in stocks for the most part, 2 they have huge legal teams to get out of paying which they barely feel do to economy of scale.
@deshaebeasley They are gonna sell their home, sell their car, relocate their children to other schools, leave their local networks, friends and family, give up their golf membership, sell their ranch, sell their airstrip, move their yacths, move their breeding horses.. to ANOTHER country... because taxes went up 4% ?
Did ur mother hit u on the head when u where a child?
Stop listening to some guy who wants to back to the gold standard, his heart might be in the right place, but has no idea!
@deshaebeasley we have a very low top tax rate, weed have to raise that rate by a lot before moving to another country becomes favorable. but yeah, warren buffet pays a lower tax rate than his secretary. hees said the tax system in the usa is broken, and that he should pay more.
Good guests. One thing they are missing tho is that current system's stability heavily depends on desperation of masses of people. Only desperate people living from pay to pay can assure social cohesion and relative stability in a violent system as this. If you do the right thing (make society more fair according to production capabilities) you lose critical mass of desperate people thus undermining stability and system itself. Its a vicious circle.
@loren1283 The rich do not make there money all by themselves. They make it either by the work of others, or by inheritance. What taxes do is equalize work, and makes for a better overall republic, someplace that is a wonderful place to live for all.
These ultrawealthy have to be taxed more, a LOT more. If the loopholes for offshoring and other things are closed, and loopholes that encourage employment remain, then the employers will try to get out of paying that tax by employing people, and the economy will recover.
oh man , we're never gonna be able to buy to cool ass new Mars explorer with such a crappy rating... I just wanna know who forgot to send out the last bill...
these people in washington are worse than my wife... they run around spending money like a bunch of depressed housewifes on a spending spree.. but nobody gives them a black eye when they show the creditcard bill at the end of the month... thats the problem
@dangermous1968 No more Mars explorer, but PLENTY of new stealth bombers. The military industrial complex will keep on going long after the American government crumbles.
11:00 he says that individuals had to pay 91% tax and then he says the revenue with corporate tax was higher than individual tax revenue(Ofcourse it was). Now he wants the individual rates to be 90 percent again how will that kick corporate ass? Oh come on. Like Ron Paul said we should go after those people who make money from the government(Like GE) through contracts and corporate welfare. Which will never happen under Obama.
@ReeseMac I know and everyone earning more than 100k then wasn't a corporate bigwig fleecing people through neo liberalism and corporate welfare. He could have been an entrepreneur
@jackjillsean The entrepeneur who keeps his or her money in their business does not get taxed on that money. It is only when they pay themesleves huge paycheques that they find themselves slugged 91%. Taxing them so high limits the amount they can pay themselves, and so keeps the money in the business and forces them to actually hire people and make things.
@dangerouslytalented So why would anyone want to manage someone else's business if they cant pay them a salary? One wouldn't be able to find good employees or atleast willing employees if there is such a cap on incentives. Moreover its just like in the Soviet system, the pays on paper were supposed to be more or less egalitarian but the senior officials who had links were exceptions when it came to execution.
@jackjillsean Incentives are fine... But what the managers are paying themselves goes WAY beyond any incentives. They are paying themselves literally billions of dollars, and looting the company to boost short term profits so they can get those collossal bonuses. Adjust the tax rates and the things that are being taxed,and this problem will be greatly reduced. And people will still be able to get rich, buy mansions and whatnot...but not get so much as to buy things like governments.
@jackjillsean It is not just GE is it? The Far Right go after GE because they own part of MSNBC, ignoring MASSIVE economy leeches like Halliburton, the hedge funds, the military industrial complex and the oil companies. GE is not even the main offender.They are trying to get corporate profits so high because they get multibillion dollar bonuses if they do. Take away those bonuses through taxation,they will have to resort to things like good management.
@dangerouslytalented Halliburton got loop holes put in and is exploiting the soft fascism like any other corporation and is using the government to maintain a monopoly. But GE got a bloody bailout of 140 billion even when GE capital didn't strictly qualify as a bank. Then it got a humongous(1.4b) contract to build windmills and was given waivers on everything from healthcare to Greenhouse emissions. This while Immelt was hobnobbing with Obama. Not to mention Google and walmart.
@ The bonuses are unwarranted because we are giving them free money at zero percent to speculate and bet and bailing them out and this is what they are paying themselves. Stop corporate welfare,the wars, the war on drugs,Wachovia alone laundered 378b from Mexico and now its owner wants taxes to be risen. A neighbor of mines son is in Barclay and he got a 150k bonus but they paid him in Hong Kong not here.
@dangerouslytalented Moreover some people are above the system and are Obamas cronies like Zuckerberg want higher taxes so that the government can help poor people and build infrastructure and "build Americas future" are pledging all their money to charity, but why wouldn't they just give it to the government then?
@jackjillsean with corporate bought republcians and democrats running the show? You would need real campaign finance reform before the government can be trusted with that. Plus, they are just a couple of billionaires. even the combined wealth of Gates, Buffett, Soros and Zuckerberg could not even cause a ripple in the trillion dollar deficit. Systematic reform is needed.
@d Michael Moore said that the wealth is concentrated which is true but even if you expropriate all the wealth of the rich nothing would happen like you said.
But the point is they too like me know in their heart that through government investments cant be made philanthropy cant be done. Government only spends and that is where we should look to reduce the deficit.
To punish the rich we can take away their welfare by sending in someone who is honest and believes in free markets.
@jackjillsean It does not quite work that way in practise. Yes, corporate welfare has gotten out of control, that is where checks and balances should have come into play. However, this is not the case in many other nations. What is needed is REFORM, a return to the rule of law, which is simply not happening these days. The system was working during the 50s, 60s, and 70s, with some flaws, but nothing that could not be ironed out.
Without government, there is no such thing as a free market.
@dangerouslytalented I am not an anarcho capitalist we need the government to enforce contracts and prosecute fraud etc. But the government cant manage and direct the market forces. That is one thing that has manifest itself crisis after crisis and yet we fail to learn from it.
@dangerouslytalented Inflation, beginning in the late '60s, and the "oil shock" in the early '70s (the USA created OPEC), made life unbearable & ruined my family. I watched them broken, their health decline. Beginning adulthood in the mid-70s for me in the Rust Belt was so dismal, only listening to "Frankie Teardrop" by Suicide can give you an idea of the ambiance. "No Future," a punk saying, summed it up. By the '80s, I saw TV ads warning us of crushing debt. I listened. I left.
@dangerouslytalented We wouldn't need finance reform if every voter knew who has paid whom what. We need transparency and to take away a lot of powers from the federal government and a lot from the state government which are invariably misused and make it more local.
At 6:00 this guy just blew off my mind. Full respect to Kucinich.
But even after endless booms and bursts Keyensianism hasn't failed as a theory I don't know when will it. But then theres also Jobless growth but even thats not happening.
Do Keynesian theorists really believe the politicians should have control of the expansion/contraction of the money supply?
Politicians live in a strange parallel universe were things they do in the short term do not have consequences in the long term. This is not the same universe the rest of us have to live in. Keynesians need to find a solution to the political problem or throw Keynesian economics out the window CAUSE IT DOES NOT WORK IN ITS CURRENT FORM.
2leet2cheet 10 months ago
@2leet2cheet
The choice is to either leave the "money power" with private unaccountable tyrrannies or with democratically elected and accountable officials.
WilhelmDrake 9 months ago 2
@WilhelmDrake Whos says having "money power" in the hands of anyone is necessary?
HOWEVER politicians SHOULD NEVER be in control of the money supply.
2leet2cheet 9 months ago
@2leet2cheet
As Aristotle said, " Money is created not by nature but by law"
WilhelmDrake 9 months ago
the picture quality of this video was excellent.
sugarface88 10 months ago
This comment has received too many negative votes show
TRNN hosting more crackpot economists who continue to support Keynesian theory of economics. Stop the madness, stop the spending. End the wars abroad and at home. End the welfare state and the warfare state. End corporatism and return to sound money. And most of all - obey the Constitution. TRNN is shilling for the socialists. Paul Jay go back to Canada.
bbburton 10 months ago
@bbburton
I cannot speak about Hudson, but Wolff is not a Keynesian. He is a Marxist and an unabashed one at that.
In the end Keynesian policies fail much the same way as Neoclassical/Neoliberal ones, because they simply represent another side of the same inherently flawed economic system. Rather than establishing an alternative to capitalism, they produce stopgaps.
The wars abroad will never end, so long as capitalism exists and necessitates imperialism. Obey a dead letter all you want.
sanssoleil 10 months ago 4
Brilliant observations. Especially the part about this being a new stage not foreseen by theorists of old. Except maybe for Jefferson's comment about what would happen if banks were to gain control.
End the Fed.
rctube1958 10 months ago
Excellent guests; excellent interview.
AJsOwner 10 months ago 3
Starwheel6 10 months ago
Amazing.
ShortOrderLectrician 10 months ago
Seem to recall George Carlin's suggesting that if we set up a national teevee show where we catapulted indicted & convicted banksters into a big brick wall, we'd see a 'sharp correction' in the attitudes and activities of the financial sector.
In the French Rev, folks took to wearing little guillotines around their necks, as opposed to crucifixes. Highlighting that all this stuff comes down to that oldest question in the book: fight or flight (and there's no percentage in 'flight').
terpis 10 months ago
you take too much money from the rich ( over $250k before taxes and wages according to the US government) they will simply go somewhere else. The real rich people like the top 1 percent get out of taxes because, 1 they are in stocks for the most part, 2 they have huge legal teams to get out of paying which they barely feel do to economy of scale.
ron paul 2012!
deshaebeasley 10 months ago
@deshaebeasley They are gonna sell their home, sell their car, relocate their children to other schools, leave their local networks, friends and family, give up their golf membership, sell their ranch, sell their airstrip, move their yacths, move their breeding horses.. to ANOTHER country... because taxes went up 4% ?
Did ur mother hit u on the head when u where a child?
Stop listening to some guy who wants to back to the gold standard, his heart might be in the right place, but has no idea!
Ex0dus111 10 months ago
@deshaebeasley we have a very low top tax rate, weed have to raise that rate by a lot before moving to another country becomes favorable. but yeah, warren buffet pays a lower tax rate than his secretary. hees said the tax system in the usa is broken, and that he should pay more.
aSheeple 10 months ago
These are the sort of people I like to see on The Real News. Not idiots from the PERI Institute.
PersianPaladin 10 months ago
Too bad the debate stopped. I think Michael's last point was very interesting and I would love to see a marxist respond to that.
Cosbibi 10 months ago
Good guests. One thing they are missing tho is that current system's stability heavily depends on desperation of masses of people. Only desperate people living from pay to pay can assure social cohesion and relative stability in a violent system as this. If you do the right thing (make society more fair according to production capabilities) you lose critical mass of desperate people thus undermining stability and system itself. Its a vicious circle.
MarkoKraguljac 10 months ago
You cant take money from the rich and give it to the poor. The rich dont like it and the poor never get the money.
loren1283 10 months ago
@loren1283 Wow I can't imagine how stupid you'd have to be to type that in.
nilbud 10 months ago
@loren1283 The rich do not make there money all by themselves. They make it either by the work of others, or by inheritance. What taxes do is equalize work, and makes for a better overall republic, someplace that is a wonderful place to live for all.
Elin48 10 months ago
voting is the collective wisdom of individual ignorance.
Emil246 10 months ago
13:00
ONQproductions 10 months ago
Good debate, thanks again TRNN.
RedGaribaldi 10 months ago
These ultrawealthy have to be taxed more, a LOT more. If the loopholes for offshoring and other things are closed, and loopholes that encourage employment remain, then the employers will try to get out of paying that tax by employing people, and the economy will recover.
dangerouslytalented 10 months ago
oh man , we're never gonna be able to buy to cool ass new Mars explorer with such a crappy rating... I just wanna know who forgot to send out the last bill...
these people in washington are worse than my wife... they run around spending money like a bunch of depressed housewifes on a spending spree.. but nobody gives them a black eye when they show the creditcard bill at the end of the month... thats the problem
dangermous1968 10 months ago
@dangermous1968 No more Mars explorer, but PLENTY of new stealth bombers. The military industrial complex will keep on going long after the American government crumbles.
dangerouslytalented 10 months ago
Comment removed
dangermous1968 10 months ago
Excellent guests ... as usual.
100% correct.
IIRC , 35% of TOTAL US corporate profits between 2004 and 2007 were from the Financial Industry.
Just remember that the Financial Industry "produces" NOTHING !
StandUp555 10 months ago
Excellent guests ... as usual.
100% correct.
IIRC , total US corporate profits between 2004 and 2007 were ca. 35%.
Just remember that the Financial Industry "produces" NOTHING !
StandUp555 10 months ago
5/5
Usa is doomed > run by corporations.
Eumusic1 10 months ago
Very informative interview.
Thank You TRNN
z5zzzzz 10 months ago
11:00 he says that individuals had to pay 91% tax and then he says the revenue with corporate tax was higher than individual tax revenue(Ofcourse it was). Now he wants the individual rates to be 90 percent again how will that kick corporate ass? Oh come on. Like Ron Paul said we should go after those people who make money from the government(Like GE) through contracts and corporate welfare. Which will never happen under Obama.
jackjillsean 10 months ago
@jackjillsean ....He said 90 percent on every dollar earned above 100K.
ReeseMac 10 months ago
@ReeseMac I know and everyone earning more than 100k then wasn't a corporate bigwig fleecing people through neo liberalism and corporate welfare. He could have been an entrepreneur
jackjillsean 10 months ago
@jackjillsean The entrepeneur who keeps his or her money in their business does not get taxed on that money. It is only when they pay themesleves huge paycheques that they find themselves slugged 91%. Taxing them so high limits the amount they can pay themselves, and so keeps the money in the business and forces them to actually hire people and make things.
dangerouslytalented 10 months ago
@dangerouslytalented So why would anyone want to manage someone else's business if they cant pay them a salary? One wouldn't be able to find good employees or atleast willing employees if there is such a cap on incentives. Moreover its just like in the Soviet system, the pays on paper were supposed to be more or less egalitarian but the senior officials who had links were exceptions when it came to execution.
jackjillsean 10 months ago
@jackjillsean Incentives are fine... But what the managers are paying themselves goes WAY beyond any incentives. They are paying themselves literally billions of dollars, and looting the company to boost short term profits so they can get those collossal bonuses. Adjust the tax rates and the things that are being taxed,and this problem will be greatly reduced. And people will still be able to get rich, buy mansions and whatnot...but not get so much as to buy things like governments.
dangerouslytalented 10 months ago
@jackjillsean So weak, incredibly weak.
nilbud 10 months ago
@jackjillsean It is not just GE is it? The Far Right go after GE because they own part of MSNBC, ignoring MASSIVE economy leeches like Halliburton, the hedge funds, the military industrial complex and the oil companies. GE is not even the main offender.They are trying to get corporate profits so high because they get multibillion dollar bonuses if they do. Take away those bonuses through taxation,they will have to resort to things like good management.
dangerouslytalented 10 months ago
@dangerouslytalented Halliburton got loop holes put in and is exploiting the soft fascism like any other corporation and is using the government to maintain a monopoly. But GE got a bloody bailout of 140 billion even when GE capital didn't strictly qualify as a bank. Then it got a humongous(1.4b) contract to build windmills and was given waivers on everything from healthcare to Greenhouse emissions. This while Immelt was hobnobbing with Obama. Not to mention Google and walmart.
jackjillsean 10 months ago
@ The bonuses are unwarranted because we are giving them free money at zero percent to speculate and bet and bailing them out and this is what they are paying themselves. Stop corporate welfare,the wars, the war on drugs,Wachovia alone laundered 378b from Mexico and now its owner wants taxes to be risen. A neighbor of mines son is in Barclay and he got a 150k bonus but they paid him in Hong Kong not here.
jackjillsean 10 months ago
@dangerouslytalented Moreover some people are above the system and are Obamas cronies like Zuckerberg want higher taxes so that the government can help poor people and build infrastructure and "build Americas future" are pledging all their money to charity, but why wouldn't they just give it to the government then?
jackjillsean 10 months ago
@jackjillsean with corporate bought republcians and democrats running the show? You would need real campaign finance reform before the government can be trusted with that. Plus, they are just a couple of billionaires. even the combined wealth of Gates, Buffett, Soros and Zuckerberg could not even cause a ripple in the trillion dollar deficit. Systematic reform is needed.
dangerouslytalented 10 months ago
@d Michael Moore said that the wealth is concentrated which is true but even if you expropriate all the wealth of the rich nothing would happen like you said.
But the point is they too like me know in their heart that through government investments cant be made philanthropy cant be done. Government only spends and that is where we should look to reduce the deficit.
To punish the rich we can take away their welfare by sending in someone who is honest and believes in free markets.
jackjillsean 10 months ago
@jackjillsean It does not quite work that way in practise. Yes, corporate welfare has gotten out of control, that is where checks and balances should have come into play. However, this is not the case in many other nations. What is needed is REFORM, a return to the rule of law, which is simply not happening these days. The system was working during the 50s, 60s, and 70s, with some flaws, but nothing that could not be ironed out.
Without government, there is no such thing as a free market.
dangerouslytalented 10 months ago
@dangerouslytalented I am not an anarcho capitalist we need the government to enforce contracts and prosecute fraud etc. But the government cant manage and direct the market forces. That is one thing that has manifest itself crisis after crisis and yet we fail to learn from it.
jackjillsean 10 months ago
@dangerouslytalented Inflation, beginning in the late '60s, and the "oil shock" in the early '70s (the USA created OPEC), made life unbearable & ruined my family. I watched them broken, their health decline. Beginning adulthood in the mid-70s for me in the Rust Belt was so dismal, only listening to "Frankie Teardrop" by Suicide can give you an idea of the ambiance. "No Future," a punk saying, summed it up. By the '80s, I saw TV ads warning us of crushing debt. I listened. I left.
slobomotion 10 months ago
@dangerouslytalented We wouldn't need finance reform if every voter knew who has paid whom what. We need transparency and to take away a lot of powers from the federal government and a lot from the state government which are invariably misused and make it more local.
jackjillsean 10 months ago
These guys were both on point
MadXMax187 10 months ago
At 6:00 this guy just blew off my mind. Full respect to Kucinich.
But even after endless booms and bursts Keyensianism hasn't failed as a theory I don't know when will it. But then theres also Jobless growth but even thats not happening.
jackjillsean 10 months ago