What Is Nanda In Nursing

helpless with us steve keen he's the assistant professorof economics and finance at the university of western sydney the author of debunking economics and his website which is a method must deflation dot com check that out professor team fromaustralia

thank you for joining us welcome loopwelcome dot we had its round-the-clock eliza deland uh... television and i wanna or revisit some of those topics you area little longer for more than a grim take this this entire our there will be uh... you know she breaks and things but uh... i or or breaks is worth it

okay let's let's start ad actually let's start where we are rightnow our weekend a depression yes that'd be the he had imagine how long people pendantand all that bad fishing any problem from f_e_m_a_ personal health richa economic crises that this one of thedepression it is not a recession and uh... the senate we'd make thatuh... tm categorization of a situation

where in personable stocking potentiallytemple policies rather than the entire month of being debated right nownowadays the the last great depression the one ofthe nineteen thirties was not identified as a depression for some time dubbo about what time amala point i'm two people sir referring to is a depression and thenrealizing the level of react reaction that was necessary to it yep it's certainly really wasn't i callthe depression because old aunt and

uncle depression back then nursing out however the one of the major bad thingis to humans they would come up with uh... uh... soft astounding alternatives totake off for the use initially all of them is called a been mandated arecession is called the depression back then can cope with great britain correct oppression indeed it was athirty five thirty six at that period

and took me to look through times is forgeneral period for example uh... there's no reference to interprettour of the great depression throwing a party in month the second world war it startedto do it the study coming into hint that protesting abortion come intousage to distinguish for previous depressionswhich were nowhere near here that one writes the realizing that this is aunique is out or at least a unique in that life time of the people who arealive at that time uh... number promptly at the at bat

that was only in retrospect did youthink that this great depression the were in right nowand would you call this a great depression uh... will be recognized in retrospector do we have the ability to recognize a for what it is right now and and and andwhat's the what's the criteria that you would use to to say yes this is adepression well put it this way we do have thecapacity to talked about properly dot financing capacity would only have ahandful of people actually have any any understanding of what caused

the crosses actually have on the one oneof them are not the only one people of michael hudson for example uh... and therefore since alone areothers who identified this as not your ordinary recessions somethingtherefore hash if that's what differently cause to think that is the greatdepression though just reply can drop off but as one ofthe uh... empirically oriented near preferably coverage that thecomment i have some time and respectful taken of that week spoke on into thegreat recession called the great

contraction and that in that sense are you doinganything illegal but but the great depression and has experienced a greatcontraction and what head when she died in afive-page causal came to the root cause of the crossing but this is thesustained reduction in the level of product id after that part of that is with richunsustainable levels previously the great depression this to give you anidea that that's uh... had a

little id at the very product at that take a two hundred and thirty fivepercent of you a pain but i was up to two years of of uh...deflation after the start of the process it began to the level of hundred andseventy five percent of your they pay one for hoping that i have an ipod runin the end of the second world war because it but at the great depression would thesecond world war uh... the death of a bank and the fortyfive percent team of modern seventy five percent of a paid a forty five atentative date

and then the whole thing start of allover again we have gone from porno came in aboutthree hundred defense yet uh... before you continue with thedistrict on he said then the whole thing start all over again to start all overagain in nineteen forty ministered all over again in the nineteen eighties andnineties served for the two thousand the wanting to be but wanted to say whenwe actually got into the speculative bubbles section of the flickered acrossas we're now in uh... that that from the sixty-two quiteripe ok humbug adding up to the uh... should not infer that thirtiesexperience

the debt levels by down so far uh... that we've got a couple other whatdemaree others have been a sustainable and sensible level of that for theamerican economy at forty five percent of your effect right singapore's iwasn't some so then their current day you you were when this is where you aregoing interrupted you my apologies yet memoirsi thought you got the treatment of ken is now full into about two hundred andfifty percent now we've had other incident in the pastwith the devils rishta taken temple and back a bit

so then in nineteen seventy three thatwe had earlier while two percent folder level of the compared to j pay profited uh... they're not in not is that you hada more substantial poll ballot that got me that number thevenerable while we talk but uh... you had a fall from the statefunding of the order of them hand-written seventy percent down to about a hundredand sixty five percent but this time of gone from three hundred attempts to twohundred and fifty minutes in the ultrasound book

item in water and be a time period over to your part time period we've yet we've we've dropped off fifty px fifty percent of g_d_p_ in terms ofprivate deaths that stress opt you that's beyond that spring radical aspretty dramatic uh... gap so are you suggesting that we need tothat we've gone from three hundred percent more lessons of that it's there

objet re times g_d_p_ in terms ofprivate jet students you to half lines g_d_p_ of private debt and we will be out of this depressionand so we get down to watch about one one one-time shape a about about about fifteen trillion dollars on a percentagea_t_p_ and i know that our twenty trillion

that'd their product that little americathink that that forty two point three trillion dollars it hadn't been paid on a small amount orwhatever the common execute becker that once even agape is not growing it's going to be it letter you had that uh... uh... increase in the denominator theirpressure of a dedicated paper but at the at the top level

you have uh... the did the devils but beingreduced an actual times so that that the common action to get him and thenyou ratio for her about three hundred-percent too two hundred and fifty to two hundredexact right that's right he's got to get on toa hundred percent before were not in a

depression anymore and at the car rita dleveraging m uniforms were dropping twenty five percent a year and we've got another hundred and fiftypercent to go is another five years something like that uh... five to ten years or just lookingto detect it is now treated that three hundred one person in nine in thebeginning to spread this recovery march of two thousand non and fought for the two thousand morethat the other two sixty percent three four and forty percent

over two years what should we be i think when you getso that the love of the around about the uh... one hundred percent level of j_p_ your out of the woods in terms of nothaving a massive amount of speculative that store on the books and do you think the people reducingmade it by reducing their consumption and investment will be over but that could take up toten years co

we could be in the suppression now itwhich is going to get a few seconds here before the break isgoing to get the demo continue our conversation news is this going to getworse before it gets there is this just debbie awful for a while augustana stated talk a little bit slotthat works because we've been delayed a growing economy to resolve a growingpopulation and if you have a population we needright along with one or two percent per annum and you have technological improvementsoccurring at a better rate of about one

percent increase in productivity perannum you need to grow at three percentcompleted grandpa levels states steady if you instead have uh... the impetusfor the investment get it taken out of the economy then you get a look at being aboutscrutinized existed percent rate of growth let up on the final slowly creepup and that's not pleasant for anybody else actually circle does slidingbackwards uh... talking with professor steve teensassume president alex in finance the most u_s_ has sent you the authorsdebunking anonymous uh... economics

his website death deflation dot comcheck it out we'll be right back at the president's different this is the cuma hartman that d_d_t_ deflation a_t_f_ l_ a_ t_ i_l_ and dot com this professor teens website really check it out now this is a keen still with us yesterday okay great at the bottom of the hour there will beuh... s instead of break where we actually

both you and i stopped talking and andyou know when all of our stations cody either a commercial stations go to uh...commercials are noncommercial stations player newscasts uh... at right now our commercialstations are in break but all are noncommercial stations are with us andall of our viewers on television still with us so we we have about half ouraudience right now uh... anything we say al i'll try tosummarize repeal we come back the streets break like is gonna last about five

four-and-a-half minutes without so how did we get here about uh... we go up to you by rebeccademolition the financial sector and we have a lesion right back to thedefied a effect on the forty five right back with us and the bretton woodsagreement and the way a reconstituted financialoptimistic and will call for the great depression in the second world war because were two things are internationally weallow the american counter to become the

international as a county and thatreally fed up things incomplete nationalism for a full at some pointwhich would nothing with that madison countries that we are brettonwoods wasn't yet but britain which is a retiredpeople what was called kind this planet britain would involve using oracle special drawing watchful allinternational tried so you're not leave i wanted to but you go to violate thenew addition of my book off me australia then uh... then i would be attic and that of the justice inamerican dollars

to may give you a few feet here at thebar special drawing lots right um... off your central bank and then should pursue made onlinetravel back to my private bank with the competitors indomitable could go backyour way that was kind is the idea of maybe wecould have international commerce without relying upon the nationalcurrency and what we're going to bed in stayed on the caribbean merrick anddelegation wanted the american goal of the day the reserve currency uh... we've got to the level now where

it any other country running a tradedeficit was forced to control to call me back in the days of uh... fixed exchange rates the american republic print more dollarsso he died at uh... at getting date and the potential to the vice the countryand that certainly what's been happening but that the international stop a fatheron that'd which more change regards focuses on what i'm concerned about it the domesticarrangements and the real cause of any any bubbleactivists his people borrowing money to

gamble in rochester crosses and by the act of borrowing moneyactually drop yes across it off as well to get called when engineers callpositive feedback loop skymiles spiraling up-and-down and welledit everything for other people borrowing money gap on the part ofethics and by by the act of borrowing money in buying access with borrowedmoney the drought of the prostitute to keep it it's a positive feedback loop whichworks upwards but also worked in opposite directions remains a positivefeedback loop with negative

trajectory when you get the stage where people do the people that want to takein more debt on for that particular engine shop stops or the ready trying to get rid of thatprocess turns around giving it a negative feedback were falling assetprices but of course and a caused by people whosaw them to reduce their debt levels right and it came through and that'sprocess that that that is the deal ever jeaniner_u_ and and and bust the depression the in falling prices

and yet we're seeing rising asset pricesin a time of the leveraging or is that some people moving their assets into asmall category things like gold and food and uh... or speculating on them this tillage tool that the latterbecause one thing which actually happens as ithappened dramatically this particular baffled by that and that i candifferentiate the great depression from oswego turn out to muzzle brake sessionsto contractions pang is president of distribution ofthis very different they've even private there's not much auto south registrationfile returns for the israelis level of

this process that he was less unsigned let will recap this in just asecond i think when we come right back from his son's well understood it's online programs but u_n_ park bysolar world solar world dot com for information on solar electricity defend america eleven master sectionwelcome back out here with you were talking with professor steve keenassociate professor of economics and finance of university western sydneyhead talking with us live from australia

respond the middle of night and he's the author of debunkingeconomics is website debt deflation uh... dot com and professor team quickly recap you're suggesting that these scenes of the of this second great depression were sown inbretton woods nineteen forty five with the u_s_ dollar becoming the reservecurrency the world and that this depression is different from that of thenineteen thirties because this level of

private debt the unit in a fight isbeing three three hundred percent three timesg_d_p_ and is now drop down to two and a half percent over the last couple years uh... does produce in the depression that that is fundamentally differentcharacter than the level of private debt at the time of the last great depressionhow is that ananda headlines characterize accuratelythis summer here dishing out uh... when back in the nineteen thirtiesthe

committed with a little aka takingbefore tuesday flexion began taking a two hundred and seventy five percent ofa pain uh... from that point on the level ofdebt refuse nominal detection feral but the ratiojiji appear as a cause of deflation prismatic d_d_t_ was collapsing they do take election so that processproject going by the up up to indict attempt a temporary them as well as we allow for for the much thefind level so he had this if you look it over the ratio of debt toj paid only the none on the night of

describe uh... buddhist collapsed sr and that that rev up the russia eventhough the the the new wave of also fought uh... now gate was we had to be a hundred andseventy five percent in total about a hundred and twenty five percentwas province product sector non-financial businesses spend shopsmany if any of those gone yeah so when i found himself that they will processbeginning they had said that there aren't herthere and there and it not that

you know that that was their debt levelof us who constraining there capacity to spend well they had to paytheir debt down in the first response was to try to improve of their marketshare by cutting their prices because they'll cut their prices and if we got a good blue cross is stillpart of the business has replied and having fisher expressed his mother called fishesparadox is that the more the dead is play mall they are

now that's what gave us the reallyreally shop downtown this time around even though got one britain roughly one point seven times asmuch debt the debt that the taken across the three hundred one conservativedavis's one seventy five that didn't use only of the belly thatseventy five percent of the edits pete was followed by non-financial businesses the rest with a

by the household sector and bio uh...the finance it nanda healthvault rather than having avictim of the debt levels but from a viewer twenty five or thirty percent ofyour they pay after the great depression haven't almost a hundred percent now so it's not that produces a marie telusuaddictions trying this time around if the customers and without customers you have noconnie's that's why you're suggesting that we should

we should consider uh... love that it istwenty five ten concentrate the fiftieth year proclaim liberty throughout theland and all i have it as there are others should be a jubilee onto youusual richer in every man on his own clan uh... every man and his family fallinginland is obviously freeholder free the slaves equalize everything that pumping we have to do more than either the lateweek on doing all cash coupon unfortunately uh... because

back then of course the dennis what doyou know very obvious cloth of people who would get slides and a very obvious caught the people whohave money lenders and landlords and you could easily have been a minutereduce the power of the money lenders and landlord by doing this but i was politically bottle becauseotherwise you're going to have an outing and uh... you it's only going to have afavor slave revolt uh... so it easy to identify who shouldsupper and quite often the money lenders

talked about having a brought into theair cub starting roughly around the uh... theshow all the little uh... that doesn't happen anymore notcommitted in the nineteen thirties version and i would i'd gotten anotherto the bank holiday period under under assault by the critical pharmacist thishappened during the back over that born of debts were just at the banklevel yes in that period missus setting it allthe various install plus must roosevelt created a federal agency to take onhousehold dot ineptitude to buy household that's outerbanks and and give people federally

guaranteed loans living in a letter that they can come tothe bank now but if you do it now the trouble is not only the banks and thenon-bank financial sector beautiful by the way pick two hundred and twentypercent of genetically this is a trivial level back in thegreat depression read rather than the shadow bankingperfect i think the only one to stop a they've sold those products to werediverted to rebuild america yes it's to have lunch pension standpoint song

that we actually abolished the dead we wouldn't just be affecting the banksmalady affecting people who bought products off the banks race and not and america it's all over the world allover the world amended that one of the very first price is the proper hopingfor the council of norway when this whole damping began with thebaby on its way to the bottom triple-a rated bums out by uh... at the american valuesare still some in our own bankrupt

speakers stated bought the stuff fromgoldman sachs in good faith further than we actually trust thesepeople a potential thing about money is trust or who have been actively abused by thefinancial sector but if scrambled the expo completelythat i'm scrambling at is really what we're having to do hereso one minute and celebrates in that one minute it quickly and we'll who can seethe conversation after the break the one of the break

how we do that whittier have to find a way of re-balancing thesystem proving fundamentally credit but it's money to from this transition at leastfundamentally stereotypes without what while still providing cash forthose of insight is rather than the commandos is that it would be would there be avariation on the the moslem notion that

and what used to be the the biblicalnotion that you shall not charge interest really only charge fees forbanking not knowing that people are notparticularly uh... identical charging interest morphine drip of loved principle that'sbeen extended which which plat there that the whole would principleimplies what's gone wrong because principle principle it may be done in responsibleresponsible behavior but if you respond to increase to thelevel of debt outstanding

and we have to find a responsible wayproducing at ok and we'll talk about how that can be done after the break we're talking with professor steve teamhe's the assistant professor of economics and finance at the universityof western sydney the author of debunking economics his website deathdeflation dot com line could you check it out and we will continue in about fiveminutes you with us on this issue because the city sticker

six it has so many questions about this spectator crazy we're talking withprofessor steve keenan said the motor jiju associate professors professor king of po professor ofeconomics and finance at the university western sydney the author of of the brilliant book debunking iteconomics and the website debt deflation dot com a twitter at

steve stevie teeny kiki and you still with us yes indicate rate uh... first of all you know we we we broached this thetopic of the death of a jubilee and i want to get back to that in just a and how how that might be done in a waythat's politically not just palatable even conceivable butfirst the we began this conversation

uh... thirty minutes ago we you pointout that the ratio of private not government debt but private jetsg_d_p_ um... had been around a hundred thirty five percent of two hundredthirty five percent at promote the great depression and then igot the leveraged under forty five percent and then and then it hit three hundredper se more uncertainty she doesn't eight and now it's theleverage down two hundred and fifty percent but it still has a long way togo

what all that and then please at anypoint correct me if i'm miss characterize your miss remember anythingyou sent all of that said what role does the stuff that in our political dialogue here inthe united states everybody's hysterical about in word and we're hearing theeuropean union is all hysterical about particular right now with italy andspain what role does government play in all of this and what role trade deficit the trade debt playing inall of this the government that fundamentally axes amaybe we should act

and has in some ways and in the pastdecade polemical anesthetics stabilizer and they conditioning system but likeyou are in this together hating uh... which we did on the private sectoryou having a having a bit him than the government sector quickly chills thereturn by bridge by running a surplus i've been taking money out of theeconomy and reducing the temperature when theywhen you have the other direction when you have a swamp by the product they could furtherinterest rate in the gulf and uh... the

opposite direction and that sort of the desperate or just leaving any upwith a air conditioner runs in the reverse direction to the initial level in a room in a similarsort of an allergy can apply to help the government a cadet generate a hiatus assume gains we are where right n indian uh... insane the the private sector iscollapsing so really heat up the public sectorwe're going to borrow money and spend it on on hiring people to to plant treesyet now the trouble is a good part of

our people did it it becomes aresponsible so they become robbing perspective is down there you know that this type than the moneyin being irresponsible if it's a trap white-out look at it is to job ideconomy parents whose fundamental sources of money for what the command can be delighted to be theturnout refining politically mature status grew up in the actual stock ofmoney and there are two institution which cangenerate more money one of the private sector by winningmoney to uh... businesses and

individuals the other is the government by running adeficit and what do you have had that in thisuh... the but what's called personal as bob woodward prior to the crashbeginning what private economy enormous amounts ofmoney in finding the private sector started the product explaining to theprivate sector bonding gambling on asset property three housesof course in america so i gave you a foot faults but im

but of course you to fill that allspaniel but by and large numbers of goods from china to fill both very large empty handedtheir babies you g_o_p_ american house into a building uh... so you wanna trade deficit as wellthe same time that the nursery factor that affect theamount of money in circulation to the money would lunch you were taking out in america weakening converted into renminbi

uh... to buy goods from china he had a double leakage going on there but i've got the courage of free tradeoutlook adding title i didn't want system and then drill down international county makes it that muchmore complicated than people dead baby of mine it's not just in the last i'lltry to do it on a telephone conversation at the did but i think nick isn't thislook at the relation of the product at the date and public sector that statement growth in both of them

changes the amount of money incirculation now if you have to put the the privatesector private sector i'm actively delayed virginblue doingnow but is actually taking money out ofcirculation the amount of money turning ever maintaining economic today isfalling if the government that uh... attempt torun the septa surplus they would be doing the same thing youcan always do you say that when the government sector saxena

at central surplus that another way of saying that would beif the government sector tries to practice austerity if it tries to cutback on its spending his i mean you know were so far and that there's no we'regonna run a surplus that's if we have last debt if we come back or that if wedo what the republican party suggesting that's gonna be contracted as well asthe d leveraging in the private sector is contracted you add those two thingstogether and you've got a horrible great depression gave the m_i_t_ am i saying in plain english whatyou're saying is an economist

depicted devoted a trip let's make aquick yes you're right directly and it would be people would get a hard timegetting hit on this because they came to think you know that they'revery uh... across time uh... the book with uh... what whatscholar buckles static rationing but that book through time and i thinkin a dynamic sense because but they described as an open thinkabout it not helpful pop analogy when you've got and much more complicated than if youcould have been an economy is and i

think well if i'm running a deficit i'vegot to cut back on my spending and therefore that they want to get broughtmy own system is just endless and therefore that applause at thenational level as well what effect record in the process is thelevel of that you've got into i think about it even has a household the situation can handle that one as youcan spend less the other you can work a lot product if you actually did the previewed bywhatever appeal the american sense of enterprise

the best way to get outta trouble thusthe work product rather than disbelieves spend less rightin the end the analogy here for work harder immediately that his economic activitieswhere is have more to my pic more government spending even thoughit's done with dept yep oil because here you can give you at the private sector is cutting thelevel of spending

then you've got a huge debt burden and if you actually talkable save moremoney what that really translated to slow downthe road circulation of money i'm slow down and out of economicactivity it supports while trying to reduce the debt bubble what happened to the russia if you dothat your economy force was down you get over amount of time it'd bittenactually gets worse and this is an is this why the u_k_right now is sliding into recession because their duties while you're hereyou're europe actions by the time

uh... so thought that would apply themetric treaty which fitness and popping up in many ways toquote england not paying part of that it showsthat austerity payton without coming is cheaper than the master tradingausterity actually push you back with them each time you tend to do it you endup with a bigger debt problem anne had beforehand well i insist notions that you cansomehow cut yourself to prosperity apartment that broke fight it becauseuh... unfortunetly totally uh... inciting theory of economics

which is said officially plausible but fundamentally in time has taken out of the public professiondon't tell him i'm not afraid and that is and and that was on the system hasbecome part of how we all think including politicians about this problem and it actually obscured the complexityof the maker of the carrier complex

might capitalist market system and latest bank inflame decisions again if i leave you now if you couldnot be aware of it you know the driver he going around the corner uh... most of the three go to quicklywill fought off the edge of the road because of the actual reflexes uh...turn into the correct it and we're going to stop supplied a professional drive and i should turnthe will in the opposite direction now that is part of all we're talkingabout here because

a sound simple to play if you're runninga deficit uh... amy increasing their w should reduce your spending until youget off but after that like i mean you willtoward says account getting out of control if you got it in the opposite directionto regain control writes and then eventually and i don't know the unitedstates came out of world war two with a public debt there was a hundred and twenty sevenpercent g_d_p_ if my recollection is

correct that's pretty much accuratelyand and we paid that down to within ten or fifteen percent g_d_p_within a decade without any austerity whatsoever that wedid the exact opposite are truman eisenhower were spending like drunkensailors building at the national highway system hospitals schools bridges roadslikely occasions infrastructure that you know a bit of a david at on and i dont emptied grew the economy so much that x revenues increased and we pay down ourdebt now when i pointed out why can't politicians whether it's david cameronin the u_k_

are or paul ryan and and john bainerhere in the united states or for that matter brock obama look at that periodof time and say jeanette worked pretty well and we triedthat or probably one of the rigidity wouldn'tbe it's easy to do then is it and now that was then if in fact and of course product that weshould ballooned out of control in the nineteentwenties exploded with the deflection the thirties and and falling back downwith that with the government uh... stimuluspackages

of the late nineteen thirty two and theimpact of the second world war phone back to forty five percentage ofthe paper that was a lot of a not causing anyparticular problems envelopes are arriving at the same time which is in that we would rising debt isnot a bad thing when i put that rocking the family fun financial investment they have been incredible industrialgrowth of the american economy in the post-war period as well so you had it been bitten on coveringthe system

did rocking defying legitimate role tosome extent inducing investment and enigma government sector boosting spending and that unplug theinfrastructure which date you more productive prop up the kiddie begin with this time around your counteracting thebiggest level of daily briefing him in history and that delay bridge on the eveof the government run large amounts of money and this money being plucked out by theprivate sector daily routine more than counteracts at again if youlook at the capital of debt

of the pre government government debt has risen about thirtythirty five percent o_j_'s decency process again these forms by the senate that is whatthis is forty five fifty percent so even with the government stimulus coughing upsystem by about thirty five percent of if they processes dip into about fortyfive percent women make it through the maze mom and he said that the fastest are theworst erase the leverage in human history like it back to that and back tothe jubilee awaiting sharp break we'll

be right back sports tested you're listening to them some armed menprogram visit some hardman dot com for audio and video market which i dr steve keen professor ofeconomics and finance university western sydney the author debunking economics iswebsite death deflation dot com and welcome back dot if you still withus windows they have a good uh... again our par commercial stations ofleftist uh... to play commercials but everybody else is still with us so armit be

i would like to brief visit just for amoment i i i want to get back to the the the esti leveraging will do that right afterthe next breaks that everybody can hear at but i'd like to to revisit thisnotion of out you know why is it that our politiciansdon't get this she said this is insane school of economics it was this the thisis the milton friedman chicago schools that we are talking about the activityof the developments in the loop greater problem is there any reason that it issuccess is the stickers

but i can send it on the level which i uh... expose uh... their political muscle areas thedogs on a cash in the new addition to talking economics uh... but that mindset dominates howpoliticians and economists think about the economy which is why the vast majority columnists who calledme and their practical common had no idea sconces is coming and uncles will not have actually hits

only the mavericks like myself whorejected this period decades ago sort coming because we focused on theobvious thing that i got back to the pawn including uh... rob obviously probable of productat sis that that that's the bottom onto theback of the economy operated belief economies fundamentally stable and also spent a lot thirty or fortyyears denigrating the role of government sector

and time the government spending doesnot good at all behind closed doors uh... some of the advice these economistto getting to the government now either austerity is actually the x_expansionary and their logic andy so i think we would like tocontribute to the english language but i'd like to go to the following line as say that we have the we all have the capacity for rationalthought

identify rational for the appropriatecapacity to accurately prophesies the future plus and within that hope that if we dowe know the government going to reduce it's spending now reporting that the dow taxes in futuregoing to be less to pay for that spending therefore were willing to spendmore developed the government's reduction inspending they fiscal this reverse regarding equivalents when i was toomuch of a mouthful like trying to to expansionary fiscal consolidation

it's actually the pop the poor oldcameramen salt the veto but if you cut government spending the economy will buti a m we'll look at cameron right now achi symptoms but the people of god havebeen called behind closed doors and this sis to choose ascribe any of the studebaker colonel would be crazy talia okay i have not been exactlydid you know i did it but it will end in mind that the committee today talkingeconomic little revelation occurred to me and i feltquite right about this type of it's

become a thing neoclassical economist stunned understand neoclassicaleconomics attended another on school of thoughtovernight the jump into classical schoolincomplete put some deliberate father's name tothis i mean even even a kind of message soidk reaction which would be theory comparative advantage right i'm going toget out of college crime sure um... even that that was far more that logical

then decide you're good for theso-called regarding equivalent so at a later point some of my paul krugmancall themselves new kind g_m_'s on sorry is not a clue what kind of homeabout you know they they abuse the languageand they abuse history by replying libel participants children must learn how toread kinds certainly have a good product yeah and and and and understand aroundperiod school of thought let alone does today as they sometimesmarin lands from yeah and and and and then they go off in court adam smith andthey've never read his sister is suffolk on some moral

all soliciting cast mostly death astheir grant which you know trans list uh... but the way well five indicatesthat we're talking with steve b steve he will be right back her professor steveking planes sis salamat talking with professor steveteams professor of economics and finance and western university resources sydneythe author of debunking economics brilliant book his website debtdeflation dot com on check it out professor keenan the six months we haveleft your more or less on is money just

throw two things out and let you go adam used you made the comment before thelast break that were seen the most the largest of the most rapid i prefer toyour phrase you can correct me on this uh... deal averaging in the history ofhumankind sent chills down my back you know it'slike yeah okay does that mean this is going to be the worst oppression in thehistory humankind he's again ago international is going to be the kind ofthing it's gonna like lead the world war two like we saw last time and secondlywe've been talking about jubilee uh... i would love to hear your thoughts on howsome form of debt forgiveness could be

done me here in the united states orinternationally that politically viable sonya or that they are very quickly tothat the posted the reason the leveraging hits of the economy is the total man in a credit basicallyis not just your income is income plus changing this about changing that can bespent on two things to invest and all speculation unfortunately the vastmajority in the last few days had to spend on speculation

therefore winds we because dick can getfrom rising too tall they can have a dramatic turnaround in demand and effective situation the americaneconomy in two thousand indicts roughly good g_d_p_ was about fourteen trillionthe increase in debt that he was about four trillion dollars so total spendingin the economy on but goods and services and put that house buying about this with that i can't really in dollars boxfour two two thousand and ten g_d_p_ was still roughly fourteen trillion dollarswhich the source of income is the changing that was minus two trillionsickening and i can't really in dollar

economy to a twelve trillion dollarseconomy in about two years won't watch the city that than people than that do this or that continues happening yougoing to have further reduction occurring by the time in demand andyou're going to buy more slowly than your population growth and risingunemployment on the if they have to look at through theday that have been extended the actress now is not what it might irresponsiblybartaman irresponsibly links

you go to repay the view look at wherethe real sponsored by the bottom of the banking sector creating get because it makes money out of itself foritself out of creating dead and clean tossing out into that arriving at aftercrosses which the data so of course the trouble is they've been on sold thatdate buses cure transaction throughout the population so if yourefuse to do it it also urges income anybody in thepensions game you really counselling comes and so onso

monumentally damaging to go colonel passion shivalik and youknow more about the protocol the modern jubilee would involve effectively quantitative easing for thepublic rather than the banks than none almost none of money to getinto the bank that measures up to two five trillion dollarsnow being spoken about trillium give that money instead to the publicthrough their bank accounts and the such a way that if they

maybe mexico individual has bit than the money has to be usedthree stooges surrounded but at the individual doesn't have that much beercompany or a person that that doesn't get stupidity the remainder its cash intheir accounts that would be in maine the people whoended have the death of a reduced so david did beat the revision happens veryrapidly instantly virtually but simultaneously people who don't havethat have cash they can spend out of whichcompensate them for the fact of the debt they are in

no longer has the same income streamcoming in through it and do you still be disruptive and youstill have lots of bank that would be effected by the quebec nationalist alsofall dramatically but not easy it even panelists there is not textingat the time is way out of this crosses but something like that might help themit would be palatable is something like that only the banks spirit basically yenyes delicately takes on the banks alive but i've idris before with with theconservative economist but that seven trillion dollars that wasgiven to the banks wasn't a gift it was alone and they've paid at that

pack and what you're talking about hereis step forgiveness sets forever yep we needed discontinuities what greathow people depicted the rent this problem has been a slow gradualcontinuous increase in the level of dick lending money that didn't do anythingproductive what so ever just for that gambled on house prices then we've got the stage with at thatlevel that it's i credit michael hansen puts it if it can't be replied want be repaidwe've got a look at how not to reply them what infected isn't happeningpeople try to find a way to continue

honoring those debts that they want to maintain itscontinuous process we needed discontinuity well thanksgiving that bank want do it and and this can continue in the deathis what's going on right now is it not where the announcement today that fivedifferent central banks are going to help bail out the european community yeah i figured that it to the bankthemselves pegasus continuous-time process

the great energy that go to do it beforethe reduces profited by running cli the economist in charge of the centralbanks don't believe product that is even an issue and the economy still evenafter the empirical evidence for the last two or three years so they would begiving it to the uh... to the to the to the to the uh...banks or providing his lunch a couple pics butwant the government to reply ordered astronomer and having continuousprocess when the discontinuities native salvi these economists in europe in thein the european community art as crazy as the republican comeshere in the united states miserable bank

bill got told by my but also help them milton friedman uh... hello mary and that they did a manand also i got called mescalero aunty phyu phyu you have to rate thesupplements textbooks to believe that anybody can be so nazi let's just take the stuff seriously which are ready to begin the backing ofan acute gesture that and write a child but because bill clinton assigned kuwaiteffectively the robo preaching the same jamestown religion

so at only when they break their grip ofthose people on economic theory would like to getanything even vaguely sensible thing to just to the politicians and and engine jones alive and well all over the world effect this is a bitit seems uh... that we're we're just about out of time i think we have justyeah just a couple second so i just i want to thank you uh... professor kingso much for being with us today uh... it's it's really an honor to speak withyou thank you very much some blood as i'mgoing to print a copy of that

the condition of the vocal as well i'dlook forward to it and and in fact i'll pay for it we can do that whole centralbank we'll do it fortified but let's take objectiveflourishing dot com is professor teens website dei bt deflation bfl eightyireland dot com just like it sounds be sure to check it out his book debunkingeconomics as well