Arcadia university economics Videos

+Ki Wi "Modern monetary theory isn't a new phenomenon; Fiat money has been around for at least 4,000 years."No, because mothern monetary theory is not a phenomenon, is a Theory! The phenomenon thar you refered, is the state trying to solve its deficty problems by "printing" money. And we all kwon what happens when it was tryed."It's not fraud at all – foreign countries want dollars; If they didn't they would sell their goods in another currency."People wants US dollars because the dollar is still currently considered a store of value. It is the world currency,! People believe it to be a stable store of value. In fact, it has always been in this way, since we began to make trades using money! Something, like gold, to be used as money, had to possess a subjective intrinsic value. Now, the intrinsic value is the conifdance in its value preservation. And this is the great weakness of this system thar MMT supports. The problem is that they do not want to understand that so they continues asking themselves : why people keep acting like we're under the gold standardSo even in this case, to stay as world reserve, it is necessary that other countries maintain confidence in dollar. And it is only this confindence what was holding this FED scam.From the moment in which the world finds that the US is entering an unpayable debt spiral, by printing money like there is no tomorrow to finance that debt and maintain your standard of living, at the expense of time and productivity of countries that produces, importing goods and than, puting the little pinting machine to work, this trust will (and has been) go awayIe the US took advantage of a situation created since the end of World War II,  especially after canceling the Bretton Woods agreement, literally stealing time and productivity of the rest of the world via money printing, which can not be replicated by those countries because their currencies are all linked to the dollar. So I sad and I say again: The current financial system is a FRAUD, which the US are benefiting,.And the movement for find a substitute for the dollar as world currency started a long time ago. These bilateral agreement, and the race for gold held by central banks are evidence of this change."They can buy all the gold they want and propose trade agreements in w.e currency they want; There are other successful countries that AREN'T the world reserve currency and do just fine; One being Japan."Japan is doing well? Are you kidding? But whats is important is : the world is loosing confidence in the US currency and in the US economy. And that will be what will burst all bubbles created by FED and MMT proponets."Because the countries would have never learned to support themselves; The Intellectual capital is not developed – once they learn to do what they're importing then yes they can sit back and enjoy leisure on the backs of foreign producers.The whole reason why many are still poor is because their agricultural ability has been wiped out thanks to 'free' trade imposed by IMF/World Bank and WTO"Ok, But I'm talking about printing the wolrd currency (dollar) and help to end hungry and extreeme poverty. And there are a lot of others reasons why this contries are in this situation (hystorical, choices , like to addopted marxism socialism, etc)."And this is all because of the central bank? Seriously? This isn't because of supply side economics? This isn't because of deficit reduction allowing the trade deficit to suck money out of the economy?"Yes, and the Austrian School EXACTLY explains why. Since its creation, the FED has been in charge of economic cycles, and especially since 2000, FED has worsening these cycles, because it does not allow to occur a genuine economic recovery, instead FED continues to inflate bubbles, and one worst than other. The world today lives in a planned economic system, controlled by the government. And like any planned system, do not work, it makes things worse than they would be in a free system."Nobody in MMT says we should be printing money like crazy; The point is the recognize the real costs and stop obsessing over some stupid bookkeeping called the national debt."Then look at what was done to the monetary base of the US. This expansion is incredible, never before attempted in the history of the universe. Look at what is happening with the debt of the US and the states of the US. And look what these guys of MMT are talking of : "it does not matter". It is irresponsible of those who think that describe the current situation is the same of understanding the economic fundamentals (where subjective variables such as confidence, value are KEYS) and be able to predict what this current situation will lead to.Bests Felipe

+Felipe FelipeModern monetary theory isn't a new phenomenon; Fiat money has been around for at least 4,000 years.`Basically, you are working printing dollars with which you buy goods from the rest of the world, taking advantage of the world's producers, taking advantage of the fact that today the dollar is still considered the world's reserve.`It's not fraud at all – foreign countries want dollars; If they didn't they would sell their goods in another currency.`Central banks like Russians, Chinese, Europeans are not desperately buying gold for nothing. They are not proposing trade agreements with alternative currencies for nothing.`They can buy all the gold they want and propose trade agreements in w.e currency they want; There are other successful countries that AREN'T the world reserve currency and do just fine; One being Japan.`But what is the problem of countries to print money to send to Africa to import everything they needed to eliminate poverty. Or even if these countries print money to import food and other basic necessities. The United States already do this! `Because the countries would have never learned to support themselves; The Intellectual capital is not developed – once they learn to do what they're importing then yes they can sit back and enjoy leisure on the backs of foreign producers.The whole reason why many are still poor is because their agricultural ability has been wiped out thanks to 'free' trade imposed by IMF/World Bank and WTO.`And all its economic numbers are worse, the income concentration is only increasing, and the bubbles have multiplied like rabbits!`And this is all because of the central bank? Seriously? This isn't because of supply side economics? This isn't because of deficit reduction allowing the trade deficit to suck money out of the economy?Nobody in MMT says we should be printing money like crazy; The point is the recognize the real costs and stop obsessing over some stupid bookkeeping called the national debt.

+Ki Wi I think you didn't understand what your friends are saying. Did you pay attention to what Murphy sad ? Money have a relation whith the real world! You are breaking it and working as if this relation doesn't exists! Its not a metter of if, it's a metter of when the whole system will collapse.The United States now live a great experiment of modern monetary theory. Basically, you are working printing dollars with which you buy goods from the rest of the world, taking advantage of the world's producers, taking advantage of the fact that today the dollar is still considered the world's reserve. This is a FRAUD, and the world has realized this a long time.Central banks like Russians, Chinese, Europeans are not desperately buying gold for nothing. They are not proposing trade agreements with alternative currencies for nothing.But what is the problem of countries to print money to send to Africa to import everything they needed to eliminate poverty. Or even if these countries print money to import food and other basic necessities. The United States already do this! Note that the United States is going through this reckless experiment since 2008. And all its economic numbers are worse, the income concentration is only increasing, and the bubbles have multiplied like rabbits! The Austrian School have been warning to the inevitable collapse since 2008. Now, even big Wall Street investors joined the economists of the Austrian School and began throwing warnings about a invitable crahs of the economy, much worse than 2008Like Carl Sagan sad, this theory is not even wrong!!!

+Felipe Felipe You are retarded as fuck or just plain ignorant for not reading on MMT.Poor countries LACK productive capabilities of other developed countries thanks to 'free' trade wiping their industries out.These developing countries need to print their own money and stop borrowing from the IMF; They need to direct resources to some basic industrialization and improved agriculture before they can engage in massive stimulus.`Or are they just disinformation Marxist agents trying to push the system to collapse? Seriously, defending an absurd theory like that, makes any theory of conspiracy possible!!!`But your buddy here constantly says MMT is not wrong about how the monetary system works. To my knowledge EVERY country is operating under fiat money.Some constrain themselves via exchange rate or interest rates.

Yep, Warren Mosler schooled Robert Murphy in that debate! =P

Mosler had the floor wiped with him.

you mean the video from 2005 when they are making predictions for 2006? 

+Shawn Smith You're retarded I hope you still don't believe this is why the empire collapsed.

That Norman guy looks like he's on drugs. 

+Rogue Skeptic The point of MMT people is that government spending is not constrained in nominal terms. If there is excess capacity, as there typically is during a recession/depression, the government can increase output by means of deficit spending. You cite the 1970s as a proof against interventionism in order to praise free market capitalism, but you completely ignore the fact that the US economy GREW much QUICKER (2.16 per capita per year) in the 1970s (in the face of two oil crises!) than during the late 19th century (only 1.42 per capita per year).

+Rogue Skeptic Only that gets on my fuckin nerves more than idiots who think MMT is factually incorrect is morons who complain about the "inflation" spending would so called cause.Then you have the audacity to cite the 1970s when the FUCKING OIL SHOCKS happened.WHERE IS THE INFLATION YOU SPEAK OF?MONEY BASE VS CPIhttps://research.stlouisfed.org/fred2/graph/fredgraph.png?g=28wfDEFICIT VS CPIhttps://research.stlouisfed.org/fred2/graph/fredgraph.png?g=28O5THE US WAS THE MOST FUCKIN PROTECTIONIST NATION FOR IT'S FIRST 120+ YEARS....And people like you swear to god they're correct about the 'free' market.

You are a useless moron, good day fucktard.

What's the point in talking to a moron?

+Dina Strange Hey you called everyone an idiot but never provided anything. MMT is just "economics" for retarded Elizabeth Warren supporters who want handouts.

+Arik Bonnett Dina is the lowest form of troll imaginable, unfortunately. 

+Dina Strange People supporting MMT, like Mike Norman also, are very violent and unpleasant. 

+Dina Strange You don't want to try to convince people here of your views.

Keep on "wandering"...

+Dina Strange Why do you support MMT, just wandering. 

+Arik Bonnett you are same idiot as him. useless.

Yeah because the idea of printing money for government programs without causing inflation makes much more sense than the idea that free people are more efficient at creating products. It's not like we have inflation since the 1970s. It's not like the fact that the free market made the United States prosperous.

@tph2010 assuming they couldn't just surface and breath air, yes. One rich person might pay a million dollars in this scenario. The Marxist theory of value is not about unlikely happenings, but the larger picture. Note that this scenario also assumes no competition. If there were many underwater vendors ready to sell a tank of water to the unfortunate scuba diver, the price would likely reflect the price of a tank of air, plus a substantial amount for the underwater store.

@ImAznnn Good point, but what happens when supply and demand reach an equilibrium? Why do cars cost more than socks? Is it because I buy more cars than socks, thus driving up demand? Again the capitalist may respond that there is a greater supply of socks, thus the lower price. Supply and demand can explain everything, but only using the most surface level understanding. A good solid understanding would require us to then ask "Why are there so many more socks?"

Your'e not taking into account the risk, savings, and knowledge of the capitalist required to make the business function. The savings and knowledge may have taken many unseen years of hardship that you are not acknowledging. Combine that with the risk involved in losing the savings, and you have an understanding of why it is often more desirable to be a worker with a guaranteed wage. The capitalist has no guarantee of a return, and could lose everything.

If value was on human desire, essentials for human life like, bread which does not neccecerly take alow of labour time or intense work and humans comsume in abudance would cost alot more then now as if capitalst had there won way and most people would not aford it. The theroy of desire=value is to me carrupt and exlploiting.

About the air example, let's say someone was scuba diving and was running out of air, Wouldnt the value of another tank of air be very valuable to them subjectively?

Well a capitalist would respond to your air example by saying that the supply of air is much greater than the demand hence that explains why air is free.

@ImAznnn Very close. I wouldn't say "naturally" worth less, but just that they take money/effort/labor to make.

This was the most clear explanation of these two theories I've ever heard. Thanks!

Great work, and I hate the stance made by captialsim supporters.

Thanks for the feedback. I glad you enjoyed it.

I love you, Marxism Today.