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just a couple more quick creek monetary
points for the american
the the uh...
and some others as being really wanting the public sector and private sector
have to be in hallowed so yet debt in the
public sector that's government there has to be a surplus of the private
sector and their is
uh... looked around and look at the stock market
uh... one of the points that body makes is uh... those in this uh...
uh... postal
post uh... when he called blog overdue echoes
uh... by girl sixty
uh... arose bunny is uh...
always less time your foot had the flu
don't get for your foot
you can you get your whole body
solely economies
are systemic
mereko edwin economy is in a recession the private sector is recession public
sectors recession everything has been affected by the recession
everything
has to participate in responding to that
say all wages due to wait for the public for the for the private sector missus
herbert hoover's plant
in nineteen twenty nine
he said about you know in fact his his uh...
andrew mellon
was his uh... secretary of of of
of treasuries or call
you know liquidate everything likud and labor liquidate our great liquida anyone
to relist it basically
there was a lot all all
and it will eventually resolve itself
and ramon thank you very much
them that no one guy mechatronics
his billionaire banker armies are like hank paulson who could got five hundred
million barter box from uh...
from uh... goldman sachs
and then uh... they picked
i think she led to changes the rules
so they could sell a tax-free
then have to be limited so he could run the cabinet
now hapag billion dollars
that's that's that was the going away d
hang out what constrains the ability to create money to do just say okay we're
going to increase you know the government's going to spend two trillion
dollars here we're just gonna create it
the three things that you can strainer inflation exchange rates an unemployment
and we don't have inflation
are change rates are healthy infected argue that if our change rates were to
decline in other words of the dollar is to become worth less money relative to
other currencies
that would actually help our trade deficit
that we have a rather dramatically beck imported things work spencer would make
expert things less expensive
good thing
and for the guy who called earlier inside all you know i heard you talk
about inflation here
now which i you know because he was talking about the price is a commodities
the united states on same that's not inflation that's if that's the increase
in prices of commodities
yes commodities are going up in price
this inflation meant the debasement of our currency
then you wouldn't just see the price of commodities go out you would see the
value of the dollar relative to everything else on earth going down and
that's not happening
although we know we can make that happen
but the three the three things the restraining our inflation exchange rates
and unemployment
in other words we need to be spending government money to put people to work
is the employer the last of last resort
until we reach full employment at that point we stop
because if you spend beyond that point then you will have inflation
there's a natural barriers balance sheet that this is double and triple keeping
so ania endeavor and of ramp wilbur and early prime
going to be were you doing modern monetary theory one oh one here for the
next
i don't hear on this program on the night i just wanna start digging into
this stuff
little by little and exposing you to some of the concepts as i'm learning
them
more on with you
in many cases and so efficiently i'm gonna get things a little wrong but
i think i'm getting my hands around some of these concepts in a pretty solid way
and we're going to be getting guests on regularly
and who can talk about these things
in ways that make sense because i believe that this
the ayes have referred to his new keynesian as keynesian is in the new
keynesian ism
this is yet because he had cases there is worked great
but they work great in a world of where art
we were the sovereign sure her current seem
because of brighton words
a largely bretton woods came after
canes was doing his thing but but new video bretton woods is were forty was a
forty four nations of the got together and and forty three of agreed to pay
their
there dot their value their currency to the value the dollar and then we agreed
that we would pay the value that all invaluable
and i was pregnant
after world war two
and
and but a m prior to that we were bowed to a certain extent we were pegging the
value for dollar value co
and does all the old fort knox like worker quite
nixon took asaf in seventy one
it's a new world so we need a new
form of king's inn has a new economics misses it modern monetary theory of in
my mind
not speaking for its begin harvest
and not economist of a talk show host had writer and
but i wanna learn this really well and more and more importantly i want you to
learn that's real
as *** cheney they must lisa
deficits don't matter