Debt & Financial Instability (1 of 3)

Lecture by Steve Keen refuting mainstream economics.Thanks to Nick from Slow TV for letting me post the lecture.

Category:

Education

Tags:

• steve
• keen
• financial
• instability
• hypothesis
• hyman
• mynsky
• milton
• friedman

[markiz2001]

The entire education system is flawed. It is based on indoctrination. It's purpose is to create naive and obedient citizens, remove critical thinking and replace it with authoritarian thinking, and to train a managerial class which serves the power structure and controls the people

The economists were not taught "how the economy works", they were taught propaganda justifying the current economic system/policy

since they were taught wrong, their predictions are also always wrong

simple as that

[kzargentina]

Very good.

[01avin]

Respond to this video...

Steve Keen may as well stay in a cave and masturbate with his cheezel dick. Do you get any more negative than this guy?

What a geek, I used to beat up people like this at school.............LOSER!

Economic structures do not have a definitive measure it has been transforming chopping and changing over centuries. His trying to get media hype that's all. He's no different to any of those fuckin attention seekers out there.

[01avin]

@markiz2001

Steve Keen is a nut job academic fuckwit who likes to see the world in a perfectionist view. Does not exist sadly. There are too many variables to measure it the way he does. What is his advice on what to do to succeed?

Nothing!

[mojorhythm]

@ragp1cker Oh, yeah absolutely.

[ragp1cker]

@mojorhythm Agreed. I was just pointing out that whatever school of economics you genuflect to, it won't give you precognitive powers.

[mojorhythm]

@ragp1cker Actually, what is called "Keynesian economics" these days bears almost no resemblance whatsoever to the original work of Keynes.

"New Keynesianism" is basically neoclassical economics with a little bit of price stickiness and tolerance of fiscal policies to increase demand.

[ragp1cker]

@markiz2001 Say what? Steve Keen is an economist. So was Minsky. Keynesian Economics IS a mainstream flavor. The problem isn't with the subject. It's with people who expect it to predict crises. One can identify risk factors and warn that a crisis MAY be about to happen. But that's about it. And economists are wrong about the future quite often. Otherwise they'd all be millionaires. Would you expect a sociologist to have predicted the London Riots ahead of time?

[SatchmoSings]

NathanZackery--

You, a believer in the Austrian School?

I find that rather hard to believe!

[vteam02]

Friedman is part of the Chicago school, not Austrian

[NathanZackery]

Hmm, I used to be an strong believer of Austrian economics, but after watching this video I am starting to seriously doubt it. Perhaps 'post-Keynesianism' is the way forward?

[canaan1967]

What does "securitization of loans" mean? Is it the same as secured as in collateral?