Mark Blyth Mackenzie Lecture 2015 – Austerity and the Politics of Money
Economy | Information | History | Online | Facts | World | Global | Money
Mark Blyth provides a critical assessment of austerity policies across Europe and their effectiveness and impact. http://www.gla.ac.uk/stevensontrust/
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I just love listening to Mr. Blyth. He is so well informed and eloquent, its just pleasure to watch. Also, I begun reading his latest book Austerity: A History of a Dangerous Idea just a week ago. Nice stuff. Thanks for the upload!
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Here's the problem I have with all of this: Global poverty has dropped like a stone over the last 25 years. So has the transfer really been from the middle and lower income brackets in the West to the 1% at the top, or has it been from the middle and lower income brackets in the West to the 90% of people on the planet who were living on less than $1 a day?
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this guy is amazing! I wish he could run my country
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SPEND SOME MONEY BITCHES!
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Thanks for reminding me about Tebbit's bike
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I'm gonna read every book this mans ever wrote. Which unfortunately is just 2.
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If the Scottish government had a sense they would pay Mark Blyth whatever he asks to come and be their principal financial adviser. I would start the 'crowd funding' right now if I thought it would work. And if they are doing it already - all power to them.
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My major issue with Mark Blyth is that he has written (to my knowledge) only 1 book...
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The timeline is skewed but that is digitisation for you
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Skip the first 13 minutes.
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ch70 why then austerity. the rich gotten so much richer past decade under this welfare system why stop now
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austerity is not a policy but is an end result of unsustainability spending. if money supply is endless then why any body want to cut back in the 1st place
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I think what we need to also consider is the arbitrary nature of what constitutes poverty. It's dependent on salary more than actual living standards. I think if you asked a person living in poverty (part of Blyth's 800,000 in Scotland) whether they'd prefer the poverty of 1970 to now, they'd pick today. I think perhaps we need to think of quality of living vs. comparative assets/salary. I am not saying it's not important but I think the dialogue is wrong. Also, many metrics, at least for the US, don't factor in gov't support as part of income in determining poverty: http://www.heritage.org/research/reports/2014/09/the-war-on-poverty-after-50-years
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boring !!!
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Now I have a different set of 'facts' that I did not hear here. Is it not true that money loaned to Greece never touched Greek hands and it was never distributed into the economy in public works, infrastructure, etc, the money mysteriously went into some private sector account, never to be seen again, with the Greeks paying the bill through austerity measures. Similar story in Ireland, the debts of the foreign banks became the debts of the population. It's not incompetence, its a criminal Central Banker warfare offensive conducted against the people of the weaker nations of the EU. How can the EU continue while the trans-Atlantic financial system operates in disintegration? The United States must reorganize the financial system.
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These so called "experts" like Blyth who speak out against what they call "Austerity" are so blind sided to reality.
What they call 'Austerity' is a surplus from another perspective yet he never addresses it from that perspective.
There is a surplus of demand (which is manifest as a financial expenditure) that one organisation (sovereign government) is putting on the productive capacity of the economy. This means that there must be a corresponding deficit of goods and services to match that surplus. This deficit is that of goods and services drawn by government from the private sector. The imbalance is the important issue here just as it is in any imbalance which distorts the economy.
The Anti 'Austerity' argument is just a bastardisation of the concept of financial accountability and balance which causes more imbalance in the wiser community. In this case government expenditure in excess of revenue puts pressure on the availability of goods and services that the private sector (including individuals) has available for purchase.
The ironic fact is that these "anti Austerity' pushers are the same people who insist on the concept of balance in financial accounting in all other organisations including private peoples finances because there would be chaos without it. They do this without taking a backward step and considering just why one organisation (sovereign government) should be able to fail to account and all others including local and regional governments must financially account to the last dollar.
The reality is the 'anti austerity' crowd are just apologists for governments (politicians) failing to account. They are total financial hypocrites.
The definite reality the beliefs that Blyth has been putting across about what he calls "austerity" is the inevitable fact that what he is pushing will result in totally the opposite of what he purports to be aiming for.
Whether he will ever realise that is doubtful given he just totally misses the historical realities of his policies that stare him in the face. -
Holy cow.
Even supposing you disagree with him, Blyth is one of the best lecturers I've seen in ages. -
So governments provided money to banks to keep banks operating, however banks starved economy of money flow as the banks struggled along using money received from government to reduce their debts, to return their capital bases to healthy states, at same time banks unprepared maintain credit to mass population because of money banks lost to millionaire companies; Thus millionaire bankers frightened by losses to millionaire companies, starved mass population of reasonable credit, so mass population lacks money to actually spend which economy requires to recover...
Is resolution of problem less propping up the banks, than propping up spending by the mass population ?
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Mark Blyth starts at 13:00. I think you can safely skip the three (!) introductions at the beginning.
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He nailed it, selling of public assets - RBS, Royal Mail, selling of private assets - Right to Buy, were fucked thanks Gideot Osbourne
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