This guy is a big proponent of government spending much more. He is an MMT supporter.

It's just like the beginning of the movie Interstellar, where everyone is clearly living through the beginning stages of the appocalypse, but it's happening gradually enough that no one really seems to fully grasp the severity.

Watch the documentary "hypernomalization" and understand why and how

@@soulfuzz368 If you set yourself up right, you too will be a proponent of MMT. We all just saw where the money goes when the print it off. They did too. The games on. Make the lies work for you to find truth.

Yeah I work 45 hours a week here in CA, make 16.50 and it would cost 110 % of my income I could not rent a house here. Gas is TWICE as much and food around 30% more. Yet I do have what I need thanks to my family pulling together and me helping them as well. I am blessed by Christ ☦️ But the indicators along with the amount of vomit politicians worldwide is frightening.

@Frank Arrietta farms lol

@@RoyArrowood Arms.

@Frank Arrietta What the hell does that have to do with the social problem of private debt? That's a bit like going to China & asking a surgeon "which people are the best candidates to make money from stealing organs? That's what your job is about, right? Right?" The question of why financial elites getting past govts to swap FEDERAL SOVEREIGN CURRENCY govt so called "debt" (which no member of the public now or in the future ever has to pay back for its own sake) for private comerical banking debt (which must pay back soon with unpredictable & now large interest added)..........that is the issue of his thesis i gather, or something like that. Not at all like studying for making a selfish investment decision - sure go ahead but its a different topic.

@@RILEYLEIFSON_UTAH Rms

@@RILEYLEIFSON_UTAH sarms

I wish the economists had been taught it years ago as well

If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

Learn to code

@@artofexistance hahahaaaaaaaaa

Its also the loan duration, my grandfather paid of his house in 19 years, if I buy it now its min 28y loan with the same terms

How did those NINJA loans work out for everyone?

Now imagine what you experience exponentially on a global scale.

@@rodneylake2 yea it'll work out when the WEF has there way

Farmers in Netherlands think there is something they can do about it. Why don't you?

Nah. This is different. All crashes have been leading to this one. Sure, we will recover financially, but our systems of government and economy will never be the same. Hold on tight.

Everyone sais they can't do nothing about it. First. Stop voting Democrat, 2nd. Own lots of food, water, silver and ammo. 3rd. Have a plan for what you will do to best protect yourself and family when SHTF. 4th. If you live in a major metropolitan area. GTFO as fast as possible. The crime wave is coming and it won't be pretty.

They have planned this since the end of world war 2... Only ends in revolution

I think so too. Just so the banks and lenders swoop in getting assets to their mates for a song. Like a set up. Just because people overextend themselves. There is book Princes of the Yen, written by person who lived in Japan. It is said the same what I call scam is set up now.

I agree with this but I think this guy’s solutions have their own equally disastrous outcomes.

You overestimate the intelligence of the people steering the ship

@@Luke_Stoltenberg You underestimate their intelligence.

@@weignerleigner3037 I agree with the first sentence but disaster is not inevitable. The internet always makes things seem worse, life is good.

Time to find new land and establish a new country... Again

Jefferson had to be bailed out by John Adams. Its how we got the Library of Congress

This is literally occurring now

@@rodneylake2 *He sure did.*

Which Jew comedian used to say ," another sucker born every minute"? Maybe he knew something too.

I love that last sentence, gonna ponder on it and perhaps borrow, cheers!

Wow some smidge of positivity love to see it

Exactly, we all survived 2008. The fact is, everywhere I go it’s tons of people out buying spending spending spending lines in every store/restaurant. Something you only see if a booming economy. Times are not tough, people aren’t having to scrim and save. Deposable income Is still so high

We'll survive but our way of life will change to something foreign to us. Are we antifragile enough mentally to handle it here in USA?

@@aldoraine1400 "Exactly, we all survived 2008." Survivorship Bias. Yes, WE all did, because we are all alive here to say that now; but many quite simply did not survive, or if they did, they lost much that might unrecoverable. And past survival is no guarantee of future survival.

He gives Paul krugman a pass on his psychotic beliefs that pervade western banking and economics academia

Lol your handle

I have to question everything he said because If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

@@simrdownmon6431 depends on where you are in the economic hierarchy. Both deflation and inflation can be good or bad depending on where the individuals socioeconomic situation

@@simrdownmon6431 you probably need to do a lot more research i.e go through the years worth of his lectures if they still exist on KZfaq - if not reach out to him and ask him a question he'll reply most likely.

Cry baby 😭

Physical forces used to control the economy. Anymore most of the economy is controlled by theoretical forces. This is obviously a bad thing.

Yeah, you can call that unconscious drive civilization. We've been doing its bidding and bearing its discontents for 10k+ years now

@@marcodallolio9746 It is the identification of the various unconscious theoretical frameworks that can lead us to altering the current trajectory that we currently are riding on.

Like any self harming it's ultimately two things: misplaced self loathing and a desire just to feel something - a cry for help. If humanity believes that it deserves its fate and acts accordingly then that is ultimately self fulfilling and true, exactly as true as if talking to a teen and for similar reasons.

Ok

Would be a nice to add to this mix

Me 1% !!!!

You didn’t see him looking at his notes? You’re smarter than you think. I don’t think Lex is very smart nor dumb.

‘About’ not ‘like’.ffs.

I feel the same as you---3%. 97% 0ver my ancient senile head. The nice thing about the content of the video is the seed planted to learn more. I lived 2008. Countrywide offered me 460k. I told the youngster I only needed 350k. The following weeks BoA bought CW out. I should have taken the money and put some in a bank account. So much for buying Apple stock at a $1.00 a share. C'est la vie!!!

Been listening to Prof Keen for at least a decade, it all made sense to me, but he is getting a lot better at getting his points across! I have to call out lex here. He was well and truly out of his depth, the push backs were entry level & basic to things that were already clearly answered, it can be seen by how his push back almost comes across as deflection.

It’s simply a value system that incentivizes behavior

I don't think needing food has anything to do with your psychology, or a place to live or protection of some sort. Not agreeing with the whole psychology thing. In some ways yes but the core of economics has nothing to do with our psychology.

@@woogieboogie3889 "I don't think needing food has anything to do with your psychology" so let me get this straight; you don't think that needing food is going to influence how people behave in day to day life & how they think? Lol.

Brainless single celled organisms seek out nutrients, calories, energy sources. Your need for energy is not psychologically based. Your biological need for energy may cause a secondary effect in your psychology but that's not it's source. You buying a pink purse wouldn't even be a purely psychological purchase. It's most likely some abstract sophisticated mating technique to make one's self appear to be more feminine thus more attractive to a masculine suitor. Pond scum doesn't have a personality but it pursues most of the same things you do fundamentally. So go "LOL" somewhere else child.

psychologys a sub-discipline of economics

Nope. His concepts are nonsense.

@@erastvandoren glad that such a revered expert has given such a clear and well considered opion. 😂

@@newdawnforall6264 Marx has been obsolete since 1871. His theory is basically the same as classical economics, which is based on manual labor as the only factor of production. We know this assumption is wrong.

@@erastvandoren in my experience of him, this is not his main point. At all. After neeti fhin and sitting in his lecture and listening to his other interviews I have never heard him mention this. He talks about where debt is accumulated and where tax money is used to alleviate it and where it is not and how we may escape this spiral. But anyway I shall listen out for what you are taking about. Never heard it fro him

all intentional my friend

Because they knew it was going to blow, so they're all scrambling to grab what they can while the party lasts.

When the system collapses everyone will be so desperate to attain the old way of life (modern convenience and comfort) instead of the widespread 3rd world conditions that will arise, they will readily accept the new total control system of electronic currency and monitoring so everyone can have their behavior controlled by digital currency manipulation. Cash is the last bastion of true freedom because I can buy something from you and no one else has to be involved. Money for goods and service. One to one and we're done. Digital currencies are open to all kinds of outside manipulation, not to mention the eventual unreliability of man made power grids. Even the 'blessed' Blockchain nft shit is vulnerable because someone ELSE owns the servers all your wealth is on. Someone else owns the power grid by which it's transmitted. And there's no way for one person to give another money for exchange without other elements being involved, with some sort of process fee, or the utilities use AGAIN. Some trail is there.

they let it happen because they make money off it. thats the only way. if they were at risk to lose it all they wouldn't do it

personal gain

80%. The Pareto principle

🎯

You say that now my friend. May all be well with you in times to come

I have to question everything he said because If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

@@simrdownmon6431 Perhaps because wages are a derivative of labor market participation? Assuming the market is free, employers will have to raise wages to keep workers, as we see today. But yes, everyone should be suspect, and ideas must stand on their own.

I love how people act like human civilization being in crisis due to mismanagement of resources is supposed to be somehow okay. Like what we're doing as a whole is just something we should appreciate because we have material things instead of living in harmony with nature. Not that we can actually stop what's about to happen, we just kind of have to deal with it. 80% of the world is in constant crisis because that's the bed we made for ourself as a society, but it doesn't mean that it's somehow okay. And how you equate this as purely an American problem when the entire world (or 80% as you claim, which at that majority is basically the whole planet) is suffering because of "what we have". Although in the grand scheme of the universe none of this actually matters, it's just the end of our time here albeit our own doing.

It worse in other parts of the world thus Americans should let their country’s economy go to shit, good thinking bud

@@westerncanadian4249 I didn't say that. I didn't say anything other than what my post contains. And it literally says nothing about Americans should let their economy go to shit.

@@squadwipesyt3639 i just find it funny and ironic that no matter how good people live they will still complain. It's not just about Americans, Americans aren't the problem at all. The problem are false values, which bring no harmony to life, but do the opposite. Like the modern idea of successful life which is very materialistic.

@@v11a03 sounds like you think the grass is greener on the other side.

.

@jekennedy108 volatile priced in what? dollars? the supply of gold is remarkably stable, unlike every fiat currency. It also has the benefit of existing.

@jekennedy108 the US dollar has seen about 40% of its units created in the past 2 years. There is no commodity on earth with a track record that comes close to this kind of increase. So you look at the price of gold (in dollars) and see gold volatility, when really you're seeing dollar volatility. Gold is just snitching on the dollar.

I'd like to see a table with his predictions over what actually happened as well.

time to prepare for death

They have a lot of overlap in policy preferences. Both are big proponents of MMT.

Nope, you lost the last remaining cell

@@erastvandoren nah im good thanks though

I’ve noticed this too. People think I’m weird because I am almost always happy.

​@@soulfuzz368you should have seen US subway stations and actual terrorist bombings in the 70s

@@alexchavez3383 why?

Too fvckin' bad for them.😉

It is annoying

Might be time to break the power grid

The French revolution was a net negative for the French people. Gandhi's Indian revolution is by far the most positive revolution maybe the only one.

We are evolved to work as individuals not a species so it may be biological impossible. Then the economy is the least of my worries, money is just some virtuall stuff we have invented. Climate change, food production, war, power/democracy , and distribution is real problems.

People are too comfortable, Matt. They come home tired from their job, wanna watch something on TV, take their pills and go to sleep. Society truly is a scam.

@@stan5936 100% agree Stan. Just can’t imagine that kind of dedication to solidarity in today’s society unless it’s cancelling someone that said a bad word 20 years ago.

The notion that money should lose purchasing power is cruel, and an economic gimmick at that. Transactions are necessary, but the only proper way to create transactions is to provide a good or service people want at a price people are willing to pay. The short term cruel gimmick of making people's money lose value is not the way to create transactions for long term prosperity.

You're 100% correct. If deflation occurs and wages stay the same, consumer spending will increase. Whereas if just the opposite happens and inflation occurs and wages stay the same, consumer spending will decrease. The fact that Keen doesn't even mention wages makes me very suspect of everything he said.

Um ever heard of Williams Jennings Bryan…. He lost 3 straight elections on that idea of that information is bad hahahaha you got it wrong buddy go read up on his dumbass you find him to be ya buddy

You can't compare inflation to regular TVs falling in relational price or same with regular cell phones which are no longer "wow" items. This is conceptually different. Looking at Blu Ray is easier as to why. Blu Ray coming out was LAUGHABLY expensive. But it still sold. Wealthy people bought them and middle-class people who were fans of such thing or couldn't handle their money. But everyone wasn't expected to get them. But the price fell once they made it catch on. More made, less cost. This isn't An Economy deflating, this is an individual product's price Lowering due to mass consumption/production. You Know tons of people want to buy it but it's too expensive? Lower price, but make more to make up for it -- which is good, because you control that market for said type of product. Completely different concept. Inflation is how much a $ is "worth" in general in the MARKET. How much it will get you among All products, and more importantly, Services. A good measurement would be A collection of products/services that are stable in price and are already mass consumed. A LITTLE bit of inflation is good, because it keeps people from hoarding their money. It makes them want to do something with it -- which expands the economy. I buy products & services, it helps keep/grow jobs. Or I invest with it and not let it sit under my mattress because it'll beat inflation -- that'll help keep/grow jobs to the economy. If there was never any inflation at all -- why do I need to do anything with it? No harm to me. I'm not going to have any motivation. You want to nudge them along. That's why. But at a slow enough pace it's not going to jostle things among the people and they can adjust along, over time.

Your example about the new phone and TV isn’t necessarily replicable across the board because both the labour and the technology that replaces what you buy at any point isn’t the same as a non durable good (food for example where advances in food are engineered over a much longer period of time and prices are subject to seasonality and meteorological phenomena like the recent floods along the east coast of Australia and heat waves/fires in Europe) nor housing (which is constrained by the location of works done and supply of labour) - both of which sit higher in terms of the hierarchy of needs and you’d argue that prices of discretionary items you’d want to rise more than non-discretionary items. Discretionary items like consumer electronics are being replaced with significantly better iterations over time but the current tech still warrants use given that it provides a lot more utility than technology from say 2002. I could buy a laptop from 20 years ago very cheaply but it’s utility today vs say a new laptop would be very limited. One of the questions to ask really should be “what are we willing to pay more for over time and how much by? What on the flip side would we want to pay less for?”. Services for example are vastly more expensive now than they used to be (especially healthcare regardless of location) as is the cost of construction/land which has seen orders of magnitude less in terms of gains in productivity. Also - in the developed world we consume incredibly inefficiently (where the most egregious is that households in America expend more energy on refrigeration than African households expend on all consumption) and in many ways we would actually want to consume less especially in terms of energy and materials that end up in landfill after little or no use but the price signals in energy markets often break in such a way where financial markets and the physical world are at odds (eg the cost of spot Brent crude oil going negative in April 2020 futures contracts whilst being upwards of $120 USD a barrel in March 2022 when Russia invaded Ukraine). If we could get a lot more out of what we buy then a higher price would be warranted. What would also be better is if there were a circular economy where reuse of materials as a resource rather than waste is the first resort rather than producing new materials (obviously depends on energy required for both processes). But there are many examples of things we can do that are both energy efficient and that put downward pressure on prices (eg textile waste reuse in ceramics manufacturing or agrivoltaics in agricultural regions with low annual rainfall and high land temperatures to both increase crop yields by decreasing average land temperatures as well as extracting the free energy available).

Yes, then “Confessions of an economic hit man “ then “they own it all, including you” then “Fruit from a poisonous tree” by M Stamper

Sooo..... you are 122 years old 🤔😎?

It's a big circle of IOU's that won't meet it's end until finally, no one can pay. The reason it hasn't collapsed yet is because we haven't entirely exhausted every avenue to keep this extremely sick system alive. Considering how high the cost is to maintain it, one has to wonder how long it has left before terminal collapse.

@@lostinbravado my concern is all the IOU’s to China…. especially considering they’re goin through a thang over there at the moment boarding up prominent bank buildings, shuttin shit down.

@@rick15666 We can just decide not to pay China. That's an option too.

@@lostinbravado what is an iou?

🤣

I don't think he likes to do interviews. There's a video of him doing a lecture to some students at a college from 10 years ago, and thats about it as far of videos of him talking on KZfaq.

yep he doesnt like to be interviewed. he makes tweets and deletes them within hours, thats about it.

We want Burry

*Fractional reserve banking hasn't been a thing in a long time.*

Actually the US eliminated reserve requirements when COVID-19, I don't think that is what you were hoping for when you said end fractional reserve banking since now they can lend/create even more money than before... careful what you wish for

Almost? Milk is up to 5$ a gal ... we fucked bud

That’s not the problem, but rather a symptom of the problematic financial system most are suffering within right now. I used to think capitalism and cooperations were the best thing to ever happen to people. Times do indeed change though when you hear BlackRock state that they want to become American’s landlord and millennials don’t really even want to buy a house because we like to rent.

This is a government issue as well. The laws need to change. Corporations should not be allowed to buy homes and apartments, offices maybe but not homes. That alone would cut prices probably 50%. If we need to go further individuals should only be able to own two homes.

@@BrandonJohnson-bx1ht we don't really see the point in ownership. We won't even be here that long the house will outlast us 3 lifetimes over. I why do we need to leave a house to our children. To date very few people have inherited a house when the need it. It's not like your parents die the same time you move out at 23 etc. And we don't even plan on staying in the same place. A job for life just isn't a thing anymore.

Most people in Europe rent their homes. In fact here in UK home ownership is only around 25%. Rental market is always and has always been an option.

I find economics terrifying lol

Many people don't understand how to do their taxes. People are not taught finance in grade school or high school. They only learn it through experience, from adults, or if they get a degree relevant to it.

up there* in the digital clouds. We knew what you were trying to say.

@@bmizzle7630 foreal 😂

I have seen this copied by like 20 different users, these bots are getting out of hand

Why would it be a threat? This never made any sense to me.

Question...with a deflationary economy would people still be incentivized to invest their money as they are currently or would they simply keep their money in cash?

Yeah except when the bank goes bust, it gets a bailout from taxpayers. Thats not normal.

Jay Day Pay!

@@misterpants ayyee mayytee hows goin mayyyte

The whole ,,digital,, currency is just another Grift...

Throughout whose history, if we're talking about US history then the volume of the money supply has never been more irrelevant.

You are correct. Employment is not the goal, prosperity is the goal. Employment is a means to the goal.

No

That's the view the economic illiterates have.

The New York Times is your go to panacea?

Everything? That's why he is not commenting on KZfaq videos. What's your idea?

He is talking about macroeconomics, that is not something you do in a business, but rather in a country's fiscal policies and regulations.

Part of the problem with these large scale economic theories is that it is impossible to say how they will work out before they are implemented.

@@TheManic10 I think it is reasonable to observe that socialism has failed and to assume that it will continue to fail. I admit that Lex and Keen are both smart guys, but that doesn't mean their ideas will work. Keen might just have too big of an ego to admit that the theories he's held for so long are flawed. I'm not trying to be personal but socialism has really bad consequences. And it isn't just something we can turn on and then turn off quickly. I believe it will ruin the lives of at least 3 generations before we can reverse the effects.

@@andreasv9472 OK, then, has he implemented or influenced policy anywhere and what were the results?

@@jludovico12345 Yes. He’s describing how the banking/financial system has worked for more than a century. Coincidentally we (the western world) happen to enjoy the highest standards of living in the history of mankind. So, I’d say pretty well tested.

Eventually we’ll end up manifesting it. The propagation of ideas is so widespread, as you said, now that it seems inevitable sooner or later.

The best way to learn is to jump into what you don’t know.. humans are incredible creatures capable of learning incredible things.. you can do it.

Agreed 100%. Without any prior knowledge in what their talking about and without any explanation you simply can't watch this. Unbearable.

I enjoy that not everything is handed to us. Perhaps I'd agree with you if this were purely entertainment.

I think he was picking his battles, and playing more interviewer as opposed to back and forth. I believe he did it intuitively to allow the conversation to flow.

I like it though, keeps the mind active. Joe Rogan is the guy for the dumbed down version. But really this wasn't too crazy difficult either, just look up the 3-4 technical terms he used and you'll be able to follow along.

*Look up Steve Keen: does modern money theory make sense.*

He is a big MMT proponent for sure, he wants absolutely everybody working and producing. I’m skeptical

*Probably because he's well off. What do rich people do with their money? Sit on it and just move it around. Imagine if your a millionaire or billionaire and you actually have to do something productive with your money in the real economy, not wallstreet. Not a very good feeling.*