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summit stopped about
this idea
parity because
um... it has been a row
or for quite some time where did equated it come from
accompany upon as with all the way back to basically the origins of carpet
eliminating linden the post-civil war settled and people like joe on walken
underscores and lighten it up
smith in cuba novels
and basically you have this wonderful tension that goes on between markets in
states
so this found that sort of slepian story is that the individuals create markets
and the state of the art of tai steal your money what little more
sophisticated does it have you actually read walken snuff and all those
aborted basically ignored is the fallen all quotes one for a moment
smith said that
for every richmond there must be five hundred proof
and the cause of idea surrounded by jealousy
and if it wasn't for the strong arm of the modestly then basically his stuff
would be stolen
so why do you need to stay to the state to police the inequalities dawn troubled
markets make possible
but here's the catch on in order to be strong enough to do it up
unique obviously the jpeg unopened powerful enough to police more than a
qualities which means you have to pay for it and the trouble is you don't want
to pay for a sort of the dial and by the heart of this
islamic knowledge of the state makes markets possible bought it does
you don't want a peaceful arrest and you don't trust it
so which is a little we've become xoxoxo government that
however the government pcs
away and that money
ability financial free auction the best of all possible worlds
but the problem is by doing so limited the classical story from which just out
of his friends
the government hostile offer you a rate of interest rate in the year again
normal portion it's on the consequences of the car they not argument
all the money goes that the other than the government debt rather they will
call them
we end up with more and more debt we endeavour sells eventually become
tylenol performers
and then eventually economy collapses
solo detodo ones idyllic ceo policemen
it's something which gets over this
cut with what they call it what what i don't want to pay for the problem
but ultimately created own problem which is the indebtedness of the nation in the
bankruptcy of the nation
they've seen and the hallway any government that grows to beg or issues
too much debt whatever that special the seem to be it on the road to ruin it not
be inevitable aided us with the idea cultural the just one slight problem
with that rendition of events
it's not truth
at the time that the humor all this
but it was a melting from the people who want it wasn't a huge amount of dead
heat
but only for the brian was going to be bankrupt eleanor to dominate the global
economy for a hundred years
uh... our economy
this country
uh... there is
problems with that story and we do we have a sense of i mean i know
ryan tartan
gossip basically come out and said
ninety some odd percent um... of g_d_p_ is sort of the the magic threshold where
everything falls apart but do women really sense that that's even uh... an
issue in the context of
post gold standard uh...
in this country we do we have any sense of
is there a actually a point where that debt uh... conc
bankrupt our country
well up to the doesn't play by the time rotten robo studied him get away with
the new look at it like a lot of *** double standards o_j_ hollywood exchange
where needed to go to the exchange rate
as doesn't seem to be the case but also the cases size models when you are the
united states and you can see the cotton said everyone else was and an order to
conduct foreign trade it kinda changes the game
and have a bag not to experiment going on just that
you got a bunch of countries in europe all tied together the base with the same
size of the united states
and they've been coming their way to a depression
you know i mean i think colin being denied it for the sponsoring the
recovery but we search and recovery
and along the route takes hold the more the divergence grows
so we do have a lot of evidence for this ninety percent thing really is into the
ice it's about ninety percent is doing a lot faster than europe
so there's a bed of a pioneer and i want to start with
but the key is to keep u_s_ and give as well cures dead is growth
you can't chapel with the normal barrel you warn you can basically consul
government programs would stand people don't holds all the sort of stupid stuff
but at the end of the day unless you really really willing to take twenty
percent forty percent of g_d_p_ our circulation of the greeks have done and
island on the may be good whatsoever
displaying budgetary games
what gets one of the its growth consent of the fall in the united states how's
life with the above all of that from fighting the civil war
doubletree tell people if they get shorty google think about our site the
united states economy then
relative to vietnam at my income doubled the mortgage i born i was half of the
problem of was before
good killers deck
cops make that walks
right in fact
our jet
as a function of rather
the crash into the economy being a function of debt
debt was a function of the financial crisis
it belongs on the process of the creation and others blame on both
parties feel
everyone you know you can issue the global roselle marcio levy
well you know i'm perfectly fine with basically paying by bad i don't think he
should have excessive debt however you define that
at the end i think doesn't have to pay
hundreds of billions of dollars of interest then perhaps it shouldn't and
then we'd have more money for investing in things that i actually want
they want to do this you don't want you growing
and they said acadian line but it's also very commonsensical wind
the problem is not the slump is the time for a static the problem is not the
economics perot systems keynesian politicians
no one democrat republicans found on the senate says
everything's going great economies humming along were all taken off fortune
let's raise taxes
dot just never poppins are not exactly what you meant to do in order to pay
about that
so we don't do dot so we did our own grave
the financial sector was for the financial bill introduced them which you
can reach us example also
uh... y
there has not
died this idea of us
thirty we see what it's doing to europe we now even at the i_m_f_ coming out
saying at this we would we finally decide is a bad idea what is a continued
well part of it is because we've been living through his people call it the
new liberally in delaware bible study is a conventional sell the markets were
good in states where bodin spiritual livable on the way
and left a little and devices people with skin in the game with a call from
all choices in bull many of the financial crisis
an innocent it takes people to buy a while to realize the what this means is
the law of the ways in the fall by the world in the way the war kid optionally
wrong
but more deeply air resonates because
most people don't have the time
who said that i walked out policies of composition the fate of the balance of
payments walks
up so complex and time-consuming stuff i'd also is a parapro in you last time
after the forecast for people in the four of that is that the two thousand
and it would be a nice c_e_o_
so you know what's going on some kind of uh... mutzich adderall city to the
common sense of the modern history
but at the same time common-sense solutions can be deeply misleading
because it's deeply committed to know that the calling that could lead to more
bad of advertising to go on time
so there's many reasons are those of his ideological reasons the people of
illegal of northwest we will do anything by any means necessary to broaden the
federal stay in the bathtub warncorp
so you autos together ideology epistemic arrogantly venus
pine
and you end up with a bunch of people who say well you know too much that just
comments common sense to have a common sense and nonsense
and
to speak briefly is
out the so-called rebel
at that one of the
examples we hear quite a bit
uh... of austerity working is uh... among other places a stone
but that's not really an accurate depiction and in fact austerity as in
practice
uh... dna aside from a d
and theoretically
nonsensical uh... in practice it is no
never work to bring about uh... any type of growth as
well they're not going to look like a study that often cited as examples you
could have a comment on the island in the nineteen eighty two the great cases
they basically public bandicoot
all part of the made that this is because seventy five percent of
exporting to go to a country right next door
united states and britain respectively
there was a public economies work sponding
the small economies that export dependent and they did a huge
devaluation the when you lost forty percent of his normal volume a ten-year
period
that's why you could always go because of the expectations of consumer looks
people saw spending book they're going to be *** at west *** is in the future
it's a simple devel humiliation and real wage growth story so that's a part of
the leading we confuse things dot almost out of the affects forced out of the
authors but i want to be hawk there are no you know the success of the baltics
editing these guys are to be so as to you in the first place is because the
privatize the entire banking system to the point of foreign banks of the money
supplied when the crisis and two thirty in the navy sleeves in german bucks but
i had to pull all the money out of the systems effectively mooted pruitt all
the work order these economies
so in return for keeping the money they know that was actually nor the os to
start with the with the deposit was money
detracted assigned in vienna and two thousand nine with the don t the balance
sheets and bondholders of senior bunks and uh... tina bondholders of bunks and
set metal you've been germany in sweden
by basically cutting the pensions of people of the story yet
they went to shoot shoots lumber that is a huge huge bunch bucky owen bunched up
boxed on it when you stop doing less benefits
there are a lot of stabilizes in the economy
people who say that you know and took the engine is about time
you have a point because cutting as an intervention to
its a mac to call you know how both sides of the story keo spending them
intervention besos kadang
and when you cut its construction debris
there is no evidence that these things produced positive expectations of future
growth
quite the contrary if you look at the you know barometer data
the most economic with pessimistic people in new york of a lobby in the new
stories
so this story simply doesn't split
to explain the case that is supposedly does
italy arena
do you go what what will bring about
ized note we have there
this allegiance to this uh...
basically this fail
economic idea of austerity
uh... unfortunately with tends to do that is when the politics generated by a
become extremely ugly and one oh there you have been the warming signed already
though
goldenthal in greece
you know that they do know is basically beyond funny biljana stephen colbert
indicating maker in italy
your options in spain continue in a co-op some in the board of the major
centrist parties
that have been the main sort of boston's of democracy than the supposedly stable
countries
let's remember that one hop into germany in nineteen twelve nineteen twenty two
may frozen clothing
the germans will tell you the stories about the inflation
but the inflation and that maybe twenty four
between twenty four twenty eight germany was on a more stable and prosperous and
growing economies
and uh... europe a lot of us borrowed american money and not money went flying
out and response to the wall street crush
and at that point in time the germans have north out of because before the way
to go is to cut
to the side of the context of that the congress of the kind of a minor particle
the national socialist
who appalling weston ten percent suddenly got eighteen percent of the
bull
and then they were in the twenties and then a vote on the phone eight m_m_ nine
eighteen thirty two at a time novel was elected
it's forty three percent of all
so we should be very very careful antifungal austrian estimates of
just another five years of chronic unemployment
misery and suffering for people with the ball minden combustible shin
but at the end of the day they will protect them
themselves but no protect themselves in the worst possible way for all of us
professor black i appreciate your time today
strapped for time
would love to speak to run for the amtrak yet
let's meet you can see it it's exit at the time to that
i do not want played a fundamentalist
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