Economic Science and the Debt Crisis (Vetenskapens Värld 19-11-2012) - English subtitles
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How could the world's leaders and top economics not see the debt crisis coming? What are the underlying causes of this greatest financial crisis since the 1930s? And how can we get out of it? A documentary by the Swedish public broadcaster SVT - switch on English subtitles with the button in the bottom right of the player. Don't forget to share if you think others should see this! Interviews with a.o.: - Joseph Stiglitz (Columbia University) - Steve Keen (University of Western Syndey) - Dirk Bezemer (University of Groningen) - Michael Kumhof (IMF) - Robert Lucas (University of Chicago) - Stefan Ingves (Swedish Central Bank) - Jörg Asmussen (ECB)
Comments
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Is it just for me that the CC button is missing?
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Very interesting, but they overlooked an important fact: banks lend excessively to people who can't pay their debt not because of free market or deregulation, but because of a government promise to help banks if they are in trouble. It's called moral hazard.
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Men politikerna adresserar fortfarande inte det här problemet, inte heller bankerna själva så en kollaps är ju att vänta. Växla era papper och digitala pengar till något av ett riktigt värde så som fysiskt guld och silver om ni vill sitta säkrare
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Bubbles are NOT hard to foresee. Greenspan not only saw that bubble but started it and let it grow to the level which it grew.
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Things seem to be getting more and more expensive while the amount of money available to families is diminshing. Our leaders really need to accept that they need help in solving the problems connected to the economic crisis. They need the professionals, like the specialist in the economic crisis at the Orlando Bisegna Index, who have helped numerous counties with their problems of debt, business closures, and unemployment, assisting many families with their economic situations.
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No. The debt does not need to be "restructured". It is this creation of money out of thin air by private banks as debt which needs to be stopped. This film did not make that final important link. Why not? We say that if government were to create money and spend it into the economy through infrastructure creation that it would be too inflationary, oh no you can't do that! But we allow private banks to create money as debt and somehow that's supposed to be okay. Well, clearly it's not working!
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These are not new-keynesians. New-keynesians are neoclassicals. Set your facts right.
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Great educational material here to understand the unsustainable model we've driven our entire lives by, it is obvious that Resetting the System is the way to go, Debt Forgiveness and establishing Banks as an intermediary to manage an economy that does include a financial system yet excludes any form of debt making, since that is the delirium of property as banking interests that blew this whole bubble out of proportion while it was only grown out of thin air. EqualMoney. org=Political SOlution
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Roberto deberia regresar al Ecuador! q España se hunda sola!
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Create Money from nothing but Air, some other turbo loaders and a compounded interests driven financial system, are more dangerous to mankind than all atomic bombs together in the world
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Mind you... I suspect that Peter Schiff is not a true Austrian but just a puppet of the banksters. He certainly appears that way. He recently interviewed Professor Keen on his radio show and the minute Keen started talking about how banks work and how they expand the money supply he shut down the conversation quickly.
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I do not disagree with you... But at the same time it's unfortunate that many Austrians are deliberately hypocritical about banks. Peter Schiff for example prattles on about sound money but supports fractional reserve banking. And even though Keen has corrected him many times Schiff still talks nonsense about "we need savings to fund loans" etc.
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Neoclassicals created this crisis - not Keynesians. To see a real Keynesian look at Professor Steve Keen. Professor Keen has a lot of respect for Austrian economists. There is a large body of Austrian thought around "endogenous money". And most Austrian economists do not ignore private debt like neoclassicals do.
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Not surprising that he's a Nobel laureate if you consider that the 'Nobel Prize' for economics is in fact not a real Nobel prize, but more of a PR award for promoting the field of Economics as a "science". It's founded and funded by the Swedish Central Bank, but the Nobel family a.o. wants to see it abolished.
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My Danish is not what it used to be, but feel free to write a transcription yourself. If not with English subtitles, shouldn't the original Swedish version be quite understandable for you?
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Read:STEVE KEEN DEBTWATCH website.
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"trip on iceBERG...LUCAS bs.
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Steve Keen saw it coming and so did I, excess debt going into speculative ventures, then bust.
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why did that guy borrow 2400000 eruos...what a gamble..he lost, not just the banks fault, crazy speculation, learn from history and stop being ignorant...the 30's economic downturn has returned, learn from history!
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Please, please, could you post this with Danish subtitles too?
51m 5sLenght
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