Economics 101 Lesson (~in 46 seconds~)

[northdolphmusic]

Obama is probably a set up job, but he is better than any Republican idiot I have seen except for Huntsman, who also looks like a set up.Huntsman did not make a showing yet but I bet he will take New Hampshire and move ahead of the three stooges. I am not advocating for him, he just appears to be a continuation of our change. Otherwise Obama will be re-elected, and maybe this time he will get support from all Americans and not just Democrats!!!

[northdolphmusic]

Many Americans wear blinders and do not understand history and have not adjusted to the concept of a global market. They think everything is still business as usual, as we give up our services and schools while wealthy lobbyists move our politicians to give our tax dollars away to foreign countries paving the way for capitalism and our wayward corporations to continue to make huge profits.

[northdolphmusic]

Americans would have to be willing to work for a competitive rate, thus giving away their standard of living and moving into grass huts without running water. Today our standard of living is challenged because the corporations spawned in the US have no allegence to their people and have gone over seas.



[northdolphmusic]

With a global free market, American workers were challenged by 14 year olds working for .25 an hour and industries that were willing to work for fractions of what the costs in the US would be. Unions and regulations in the US to protect the workers and society could not compete in a global market that did not have the costs of regulation and unions.

[northdolphmusic]

The US was and remains a free market society. The recent financial crisis is compound, but one component was NAFTA. NAFTA allowed a global free market for US business..

[st8pl8guy]

I used to have a monopoly, then I took an arrow in the knee.

[7SenSiz]

I like turtle

[ATG0009]

As long as there exist a ruling class....(bankers, multi-millionaires, lobbiest, and special interest groups) there will always be ..DEPENDENCE=SLAVERY!

[666or999]

@ATG0009 Yeh i met a banker the other day who told me to be his slave. Seeing as he was a member of the ruling class i had to follow his order and now live in a shack in his occasionally serving him dinner.

[GOPThinking]

This is STUPID!!

[NinoAuricchio]

What's the music?

[AroundSun]

If you are going to make a video for free markets, don't have Chomsky in the background. Also, you are blaming capitalism for corporatism. The audio doesn't even match up with what you are trying to show.

[brainlife]

No bid contracts is good when you have nobody else truly qualified to do the job idiot. Name a company qualified and positioned with the clearances Halliburton worked years to get. DAAAAAAA

[MrBigEnchilada]

a monopoly with few competitors = oligopoly....not monopoly :\

[netster007z]

So you think the middle east oil cabals have monopoly power? How about we allow expanded domestic drilling and compete with them, break the monopoly?

[whothehellgivesadamn]

CHUMPSKY IS A LIBERAL DRONE....JUST HIS STUPID TERM LIBERTARIAN SOCIALISM IS ENOUGH TO TIP YOU OFF THAT HE'S A DOUBLE TALKING LIBERAL DEMOCRAT THAT ONLY SUCKS IN THE VERY NAIVE AND THERE ARE A LOT OF THOSE PEOPLE.........LOOK AT THE STUART RALLY

[HoGraz]

@whothehellgivesadamn It's not a contradiction when you look into what it means. Nelson Mandela falls under that category.

[whothehellgivesadamn]

@HoGraz NELSON MANDELLA IS A FUCKING JOKE ARE YOU FUCKING SERIOUS.....LET ME GIVE YOU A CLUE, GO LOOK THIS UP....RON PAUL 2012...THE REST IS ALL BULLSHIT, CHUMPSKY IS BULLSHIT, NELSON MANDELLA IS A JOKE............GET REAL AND DO SOME STUDYING

[HoGraz]

@whothehellgivesadamn Calm down. Just cause Michael Savage and his corporate cronies tell you to scream at anyone who has read history doesn't make you right. You are not "Drinking With Bob" Bob. You are an idiot. Have you a fucken clue what would happen if Ron Paul was elected president? You a complete corporate distopia. It would be like going back 100 years except you would have corporations running every damn aspect of human existence. At least he'd balance the fucken budget.

[HoGraz]

@whothehellgivesadamn Those tax and spend liberals at least do cash and carry. The Republicans have been creating deficits on purpose. Get a fucken clue. It's not about the Constitution or capitalism buddy. If you have more people in the middle class you have more a better economy. These guys want to degrade everything so they can live the good life. That's why Teddy Roosevelt and other Republicans thought a progressive tax and Inheritance Tax was great too.

[AroundSun]

@HoGraz Keep playing your left right game and you get nowhere

[HoGraz]

@AroundSun Way to find me after 3 months again.

[AroundSun]

@HoGraz You know I'm always right there when a liberal makes an absurd and outrageous statement! Who else is going to call them out on it?

[HoGraz]

@AroundSun What absurd statement did I say? Was it something about the sacred free market?

[AroundSun]

@HoGraz Yes, just another economic illiterate statement from a retarded lefty. Nothing new there. Blaming greed and "evil corporations" for your problems. Get a life.

[HoGraz]

@AroundSun What?! In the liberal Bible I read that the greedy corporations caused the Great Recession and drove us into a time where corporations got tax cuts for pushing senators to take away collective bargaining rights. Then in the Book of Alan Ginsberg renewable energy was viewed as a bad thing because of corporate propaganda which later created a war in Iraq. Then the anointed one, who's name of which we shall not speak, came down and fought the titatanic corporate goliath only to fail.

[AroundSun]

@HoGraz Liberal Bible? Saying greed caused the economic recession is like saying gravity caused a plane crash. It's not a new factor. What, were all the banks getting along and playing fair prior to Bush's term? Once you understand how an economy grows and declines you will have a better picture of what really happened. Read up on the Federal Reserve, it's a good place to start. Obama is a simpleton, stop listening to people who have done nothing but advanced their careers through rhetoric.

[HoGraz]

@AroundSun Yea I know. Loan guarantees and what not. The Republicans had been doing that also. Lee Iacoca with Chryler then Bush with TARP. I understand all about the business cycle.

[AroundSun]

@HoGraz Stop saying republicans. This isn't a left and right game son. This is limited government versus big government. The democrats and republicans are both on the side of big government. That is the problem. There are very few politicians in office today who believe in the constitution and limited government. Only a few that I can think of still use the word freedom correctly and speak about individual rights.

[HoGraz]

@AroundSun Limited Government blah blah blah. That doesn't always work my friend. That's why we got away from it. The corporate whores really want limited government because they want no safety nets for people. That makes them go back to work. That's the idea. Now they're trying to defund the EPA. That's part of their plan. That's why they drove up the deficit.

[AroundSun]

@HoGraz This country was founded on individual rights and limited government. What do you mean by work? Of course it so called works. You liberals wouldn't know work if you actually had to do it and not mooch off of the Federal Government. What exactly is a corporate whore? You are spewing catch phrases, cliches, and propoganda from the left and from Obama lovers.

[AroundSun]

@HoGraz People don't get safety nets. What is a safety net? You think people should get free money from the government off the backs of people who actually produce? You are the result of a failed public school system and the bias media. The EPA is unconstitutional and unnecessary. Diving up the defecit? Look at Obama and his tax evading socialist whores. Biggest defecit in world history. 15 digit unfunded liabilites, hyperinflation, and debt that will never be paid off.

[AroundSun]

@HoGraz Limited government bla bla bla? Sounds like what they were saying in Germany during the late 1930's. So you truly believe that the Federal Government should have no limits. The constitution is a rag document and the rights of the people can be infringed? You are the type of people who think that we live in a democracy and majority should always rule. You make me sick, please leave the United States, you don't deserve to live here. Yuck, you make me sick. You know no freedom

[HoGraz]

@AroundSun Way to really take things way out of proportion. Sure I understand the concept of limited government. That's good but that's not all Jefferson wanted. He wanted us to be farmers and artisans instead of working within industrial society as dependent wage earners. You should look at what the Republicans have been doing. They expanded government and shit all over the constitution worse than any Democrat could ever dream to or at least any Republican could dream a democrat could do.

[HoGraz]

@AroundSun Do you think we should all be working min. wage and "only looking out for ones' needs" which Milton Friedman propose as the most free way to do things cause it was anti-collective. You do realize that everything the GOP does is opposite of what they say right? Sure if we had a constitutional party I would be in favor to an extent. However saying things like the EPA are unconstitional are unconstitional and should be avoided is leaving out facts. You do realize that the libertarians

[HoGraz]

@AroundSun like David Boaz and Milton Friedman lie that through the free market when people become wealthy they magically have things like clean water without the use of 'co-ercive government'? Well that's a bunch of bull cause money talks and bullshit walks. I know all about how we are a Republic and not a Democracy. Well the Right has destroyed that term by controlling the language. Even the tapes by David Boaz I got done listening to talks about Democracy... However I will say we made a shift

[HoGraz]

@AroundSun in the 1820's or so to democracy because of industrial revolution which Jefferson was opposed to. You know how likes Jefferson a lot? Hitchens. He really admires him as a great American, and he has claimed to be a Socialist. However he was for the Iraq War so don't go off on a tangeant about how I'm the enemy and I dont' know shit. I get so fucken tired of that crap. Fascism could probalby work just fine under limited government. It has started already.

[AroundSun]

@HoGraz No, not loan guarantees, that was FMFMAC.. The fed causes inflation and artificially low interest rates. Yes, bailouts are not part of true conservatism or limited government. They DESTROY capitalism and cause corporate socialism, where profits and privatized and losses are socialized.

[HoGraz]

@whothehellgivesadamn You sir are wrong. Not to mention Dumb. This nation can not move foward in any manner if we pretend that the Popular Education being in the toilet, outsourcing jobs, allowing banks and markets to regulate themselves will work. I'm sure Ron Paul thinks we should get rid of the minimum wage too. How about voting rights just for property owners? Too bad everything you buy is in a shopping mall owned by someone else outside the store owner. Think.

[kmg501]

I agree, this is a worthless video post. If anyone wants to learn real economics, visit Mises . org.

[theCrimosnBeard]

Well, I learned absolutely nothing. If you're going to complain about gas companies, then teach us about where it comes from, the futures market, and OPEC.

[thebestsumoeva]

They can make a monopoly, but they can't force you to buy their goods. Suppose for a second they decided to try and charge you $200 for a gallon of gas. They would lose their entire customer base in no time. People would find alternative means to get to work and the oil companies would sell far less gas thus damaging their business. Believe it or not even a monopoly as big as it may be can in no way compare to the kind of manipulative power a government can release.

[alphecca2539]

Chomsky is a genius, a true marketing genius. Millions of sentimental dipshit Lefties - like the creator of this crap video - swallow his horse shit hook line and sinker. Dude has made a mountain of filthy lucre off of flaky 1st world suburbia. Really has lived the American dream. Props to big bad Noam.

[ussseaw0lf]

1) An oligopoly IS free market competition. It just means that there are only a few; which is usually limited by resources (oil here). A monopoly is not when one company exists, its when there is no threat of others entering the market.

2) Name a monopoly that became one or stayed one without government help. There is one, De Beers diamonds. Every other monopoly could not have come about without government regulations in that industry which stifled smaller competitors.

[dustinthegael]

there is a huge difference between an oligopoly and a monopoly, and to suggest that they are synonymous is pretty dumb. a monopolist firm produces a quantity where price is equal to marginal cost (price givers), but oligopolies do not have this luxury because other firms would take the market share by having a lower price (price takers). oligopolies are competitive. this is why most oil cartels attempting to act like monopolies fail (ie economic incentive to deviate from the agreement).

[nessergio]

@dustinthegael You have commited a little mistake. It is in perfect competition when firms produce so that price is equal to marginal cost. If a monopoly does that, it will lose potential benefits. A monopoly produces where marginal revenue equals marginal cost, it then sells at the price that consumers are willing to pay for that quantity. Just a little intervention, nevermind :)... by the way, the video sux ...

[Pack011]

@dustinthegael You are wrong. Monopolies produce where marginal revenue = marginal cost. This is at a higher price and lower quantity than if price = marginal cost, They sell their good or service for more than it costs to make it. People willing to pay what it cost the firm to make it cannot do so. This creates what is called a deadweight loss or welfare loss. Oligopolies are trickier, and there are many theories about possible losses to efficiency, although with 7 firms there is not.

[tellyontellyon]

@dustinthegael

What about price fixing... this is not uncommon.

[supressorgrid]

Excessive governments and their regulations create all monopolies.

[FreeAgain2]

The ONE THING governments can do to help rebuild the economy is to force more competition on to the market.

More firms, each with less market share, would hire more, serve customers better, and develop better/more competitive products and services.

MORE FIRMS = MORE LIBERTY.

[fataldesain]

THE BIGGEST LESSON IS FREE MARKETS DON'T WORK AS WE CAN ALREADY SEE.

when companies stop being to big to fail then free markets might work but until then they will always hold us hostage. Because nobody talks about what happens when we let them fail. There gonna take a whole lot of shit down with them and nobody wants that.

[normalAlyankovich]

the thing about oil is.....when youve got it you dont want it and then when you dont have it you want it again

oil wont last forever so then there will be new people with moneys

oil smells nice at the petrol station

[zach88726]

Oligopolies tend to be fairly competitive, so long as they're not allowed to collude. I think the creator of this video is certainly upset about the power of oil companies, but what is his proposed alternative? In an industry with such enormous overhead, is he advocating "ma and pa" oil refineries?

[nofxmike06]

i think he's pissed because his escalade has horrible gas mileage and is blame-storming...(i'm not referring to you Zach, rather the author of the video)

[TruthAxe]

You're waking up to the truth about oligopolies only now?

The Oligopoly System was established under FDR in the 1930s.

We've been living under the system ever since.

GM, Ford, Chrysler -- an oligopoly from the 1950s until the 1980s, when Toyota, Honda, Nissan, Mazda, BMW and Mercedes were invited to join.

We must destroy the oligopolies everywhere we find them. This is the only way to dissolve Officialdom and return ourselves to Freedom.

[FUTtheWUCKtv]

7 own 100%? you sure about that? more than half of working people work at small businesses

[jimmydore]

7 companies own 100% of the oil market. That is an oligopoly.

The oil companies were allowed to merge with each other, just like the banks were, and now we have only a few oil companies. No competition. Oligopoly.

[stevemcgee99]

By the way, the monopoly is a result of government law. Barriers to entry inflicted by government regulation include 'public' ownership of land and that Uncle Sam can choose who to lease the oil rights to.

[VoluntaryGov]

This is a horrible video that doesn not reflect even the slightest amount of intellectual knowledge. The idea that a monopoly consists of multiple companies is a contradiction in terms at best. The facts are incorrect and the video is inconsistent with real world economics. Delete this video.

[cris750]

Terminal economic depression, which is a total collapse of the global economy, was salvaged throughout time by WAR. Today, any nation or org could produce and/or acquire nuclear weapons or a weapon of mass destruction. So, the situation today is not like the past where these weapons did not exist. Now, we have to observe whether or not we are going through a recession or a terminal depression. A recession would go away but if its a depression we would have to find a new type of economy.

[nofxmike06]

depression. the world economy is on Zoloft.

[cris750]

My point: Both the Communist and Capitalist system lives off WAR. Stalin's behaviour and implementation proves that Communism is just as worse for society in general. Capitalism has Moral Capitalism but it has to be seperated from its immoral twin (Immoral Capitalism). My system is: 'Market (Moral) Foundationalism'. The current business/economic cycles require some form of war spending unless it is replaced with a new system. Cyclical recession is not as similar as terminal economic depression.

[fububalla]

oligopoly, monopoly double word score bitches!!

[jaywon06]

monopolies and oligopolies are a part of the free market, and do not conflict?

breaking up monopolies is not a free market, thats socialism and redistrabution of wealth, and bad for a free market.

monopolies do great things for everyone and increase the standard of living

ie: microsoft and the PC

if it was not for a monopoly you would not even have the ability to make this vid.

isin't youtube/google also an oligopily?

so you also would not even have a youtube account.

dumbass!

[GrumpyOgre2k8]

Jaywon are you implying that the Microsoft monopoly does great things for the PC? Was that with the release of Windows ME or Vista? Monopolies are BAD for the economy and the consumer. Monopoly = lack of competition. When a company lacks competition it fails to produce the best product possible because they cant lose a customer. Moreover, price gouging is common in monopolies for the same reason as above. I don't think overpriced inferior goods are good for anyone. These arent great things.

[jaywon06]

yes, thats exactly what im implying. first you look at why there are monopolies, because you have 'barriers to entry', patents, etc.

if you do not have trademarks, patents, etc. you don't have incentive for people to invest in discovery of inventions, like.....

a pill that save millions of lives, things that make our lives easier, right?

[jaywon06]

ie: if you invest BILLIONS in discovering somthing like a pill (phizer), whats in it for you if it gets stolen and sold by someone else (generic company) who did not do anything to discover the pill, what in it for phizer? NOTHING! this is why we have monopolies, and this is why we live in the greatest country in the world! we have laws that protect our ideas/inventions that help everyone, most importantly the inventor, thats what drives the incentive to do so.

yes there are cons, mostly pros

[jaywon06]

have you ever been educated in economics? these are very simple pricipals? but if you listen to the left wing media, you will come out with an opinion like yours.

im sorry to say, but you have been mislead, your out of touch w/ reality.

yes anyones knee-jerk reaction would be that Monopolies are 'bad' but, you must look into it just a liitle bit more, and think with objectivity, your opinions are scewed by previouse misconseptions.

just think, is your socialist gov.(& ours) a monopoly?

[GrumpyOgre2k8]

Yes, I have been educated in economics. In fact, I teach it pretty much every day. Its almost laughable that you jumped from monopoly to the concept of a patent. Those are not the same thing. Yes a patent grants a short term "monopoly" but in the interest of fair trade those patents expire.

[GrumpyOgre2k8]

And governments in a democratic nation, like yours and my own, are not monopolies! They are elected.

Getting back to the whole Microsoft debate, because there has been little or no viable alternative (and because of wonderful business acumen) they garnered a monopoly over the PC operating system industry. In the absence of competition, they have in the past and continue to produce sub-standard products. Consumers don't have a lot of alternative choices (Mac and linux notwithstanding).

[jmoore125]

Although late to this discussion, I must protest. MS is not a monopoly -- it just led the market for about 15 years. It did this by successfully risking it all several times (as in each time it earned leading market share from other apps (wordperfect, Lotus123, etc.)).

If MS were a monopoly, we wouldn't have Google, Yahoo!, and the ever growing Apple (which I'm typing on now). Doesn't losing its lead indicate that it didn't have monopoly control?

[nofxmike06]

monopolistic competition.

[GrumpyOgre2k8]

I beg to differ, Microsoft did have a monopoly and that is why the US government enacted the anti monopoly laws against them for unfair business practices. They still do have a monopoly as they completely dominate the PC operating system market. Name one competitor that has more than 10% of the market? As for Google and Yahoo, they don't make OS software. Both got their start making internet search engines ... an area Microsoft did not compete in until the recent introduction of Bing.

[jmoore125]

It's a matter of semantics. I have a looser def of markets--it includes all alternatives to accessing comp. services. As for the FTC, they appear quite capricious (e.g., the "premiere ice cream" or "speciality food store" mkts.) MS IS ruthless and has always been more of a marketing company than a software producer. (note: MS entered search mkt maybe 8 yrs ago, Google's OS is Android.)

[cris750]

The idea of "free Market" never took hold including the ideas of Karl Marx. Both Adam Smith and Karl Marx were both wrong. The idea is to increase the availability of wealth not the redistribution of wealth or to allow rich people to control the so-called "free market".

[nofxmike06]

...and rich people control the market..shit we're fucked.

[yakooza]

sheesh, stop misusing the term left wing! Its not part of any American politics.

[arubberball]

yeah your right, its apart of liberal politics!

[Pskapompos]

The question I want to ask you supposed libertarians is this; what SHOULD government do? What purpose does it serve? Should their be ANY regulation of the market? What about the disenfranchised? What of the ones who never learned what else was out there for them? Who do you propose should lead us?

I'll say it again; the police state, drug war, and deficit are all right wing creations. What did the left do? Welfare? Social Security?

[epcotfan23]

This is a bunch of hooey. Do some research and look at the other companies around the world who sell oil every day. Add up the market caps of all of those involved in the energy industry and see if the companies mentioned account for as much as you are suggesting.

[Pskapompos]

My point; the so called "libertarians" and "small govt" conservatives have done no good for this country; and though the middle-road but called "leftist" presidents are VERY FAR from ideal, they at least do well every once in a while.

Also, I have never heard this about Roosevelt? I would like to know where you got this info? No disrespect, I have just never heard of it.

The police state, drug war, and deficit are all right wing products.

What did the left do? Welfare? Social Security?

[Advocate1234]

Fine...so reduce the size of government, reduce regulations, and watch as small companies enter the market.

But, no...people on the Left advocate regulations, and controls that create the exact situations that they despise. I find it ironic.

[Pskapompos]

You libertarian, rightwingers have been saying that for a century; and yet every time one of those half-left wingers that you call a socialist gets in office the country does well, and every time someone on your side gets in office the country falls to shit.

Hmm...Roose, JFK, Clint...Nix, Bush, Bush

The only things you can come back with are carter and reagan, and you'll never want to hear my position on Reagan; you think he's great, I think you're delusional

If thats what you believe

[Advocate1234]

Well, Roosevelt objectively prolonged the depression for years. He pushed terrible programs like destroying 10 million acres of cotton to increase the price, when people could barely afford clothing. He ordered the destruction of 6 million pigs when people could barely afford food.

Nixon, pushed price controls that were disastrous.

JFK used Massive tax cuts!

Clinton pushed NAFTA and TANF.

Bush W. increased the size of government and social spending.

So who is socialist?

[Pskapompos]

My point exactly. Right wingers have destroyed the economy every time they've come in office.

[Advocate1234]

what do you mean your point? You didn't even answer the question.

[exstntlstfrtn]

People fail to realize that you can't determine the political climate of an era based on the political associations of the president in that time period. A more accurate correlation would be what new industries have developed, what congress was doing, how the judiciary was interpreting how laws were enforced and what those interpretations affected. Saying we do well with this puppet and poorly with this puppet is just a fallacy of causation and correlation.

[Pskapompos]

I would agree with you. But I have to ask; would it be the same if this was a discussion on Reagan? The president and national politics though; do have a great deal to do with encouraging and protecting growth. Some give people hope in the power of human cooperation. Others want you to do it on your own.

Great men fend for others as they would fend for themselves; greed is not good.

[ozzlefozzle]

Name a single natural monopoly which exists without governemnt support or vested interest...no I didnt think so!

In a system where they are not propped up by government, then they die, this the market ensures.

I suggest you spend some time studying economics and social philosophy and then you will hipefully you will have the brains to realise that posting these idiotic, naive, ignorant and simply destructive videos reflects your cognitive shortcomings and promotes the very poor idealogies!

[ourearthhome]

The most ancient monopoly that is the root cause of poverty and the reason progress does not benefit everyone is the monopoly of land and natural resources. This monopoly is fully supported by government services all of which increase land value but which value is assessed against to pay for only a small fraction of those services. Instead non-landowners are forced to pay taxes on their earned incomes to pay for the services which increase the rent they also pay. This called "The land question".

[Pskapompos]

That is an interesting observation

[Pskapompos]

Though there ARE six to ten companies; a pitiful number by any means, through their associated businesses in other markets; becuase they also own large amounts of stock in the companies they're advertising, the media in this country I would say is quite monopolized.

Remember, a monopoly is only one entity or conglomerate holding control of more than forty percent of any given market.

[IamLiberty]

Where's the free market?

Its global..

[mahroww]

Hey, a Heptopoly.

You forgot the major "private military" companies such as Blackwater, Dyncorp, and Wackenhut. Why have a unfavorable miltary draft when these guys keep on getting multi-million dollar contracts to do ordinary military tasks?

[redarrow99]

short, concise & entertaining(!) :)

[ninesquared]

I just read that Noam Chomsky quote last night!

[touristindc]

Important lesson!

[civillianslave]

hey nice one.Sounds quality is right on the money this time. Interesting vid definetly. Will stick this up on my space as well.