"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem

Go to http://econstories.tv for EconStories content and materials.

Produced by Emergent Order. Visit us at http://emergentorder.com.

Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts.

In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it.

Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at:

http://econstories.tv

Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site: http://www.billyandadam.com

Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs.
http://www.blackboard3.com

**Charging Bull© Arturo DiModica, 1998

• Category

  News & Politics

[ghostriderhellkid]

I've probably counted as a viewer for this video 15 times.

[VanaeCavae]

FYI Singapore has a lot of debt. The Singapore government has a massive load of public debt owned to Singaporeans. In Singapore We have CPF, (Central Provident Fund) which is a compulsory saving program, where 20 % of our earned wages goes into and our employers add another 15 % into the Fund. The government then uses the CPF money for spending. I don't understand why Conservatives like Singapore so when we are actually quite Socialist in healthcare, educations, housing and forced savings.

[VanaeCavae]

Capitalism is based on borrowing. Let say you lived in in a town in northern England in the early 19th century that has just discovered it has a coalfield near it. If your town or a local merchant plan to develop it, they will need to borrow money from banks or from other investors in order to develop the coal field. A coal mine will result in increased employment in your town and also result in increased consumer spending around town by the miners. You repay your loan slowly with your profits

[Malthus0]

VanaeCavae is being vague. He is talking about the specific institution of the national debt. It was invented by the Dutch & adopted by the British. The UK government sold bonds to the Bank of England to finance its wars. The French & other opponent governments were at a massive disadvantage because the amount of money they could spend was limited by taxation & the willingness of weary merchants to lend to Kings who had a history of not paying their debts.

[trygvb]

You don't make money and become more successful by taking out loans and paying tons of interest. That makes your position sound simply idiotic. If you can become successful by taking out loans, why don't you do that, or China, or any others country today that is lending to us.

[trygvb]

I'm not going to base all my opinions off of one documentary. In this modern era, the USA is only allowed to borrow so much because the dollar is the reserve currency and countries continue to use it. But how did we become so economically dominate? It's because we were a CREDITOR nation up until a bit after WWll. We were the dominate nation. Only until we became a DEBTOR nation is when you see the US falling in the ranks economically. Now more free countries like Singapore are rising.

[VanaeCavae]

The ability to borrow money give the West the Edge over all other Rivals. Look at USA. Since day one of of Independence, America has debt. look it up on the internet. Debt is not new. But the size of it is new. You should watch this chinese documentary called The Rise of the Great Powers. There are english subtitles and it is available on youtube. It explains,besides technology, how the Western Banking system and the ability to borrow money gave the West an edge.

[trygvb]

The West didnt rise economically because of the ability to borrow. That statement is just absurd.