Punk Economics 1: The European Debt Crisis
David McWilliams, Irish economist, gives us our first lesson in punk economics. Writer/Director: David McWilliams http://www.davidmcwilliams.ie/ Producer/Editor: Mary Catherine Brouder Illustrato…
Video Rating: 4 / 5
Why should Germanybuse germany’s people money to pay up debts of countries
such us Greece that has been leaded by stupid dumbasses? Shouldn’t have
greek political oligarchy thought about the future in the firat place and
have gone a little slower in their spending increase in the first place?
Punk Economics: Lesson 1
why don’t the European nations export their way out of the crisis.
supply & demand.
Music??
this video is biased bullshit. it fails to mention that if the debtor just
“forgives” those in debt and throws away the loan the borrowing countries
credit rating goes to hell and nobody ever want to lend them money again,
thereby making it impossible for that nation to draw funds to stimulate the
economy in the future. think about it, imagine your friend Bob borrows a
lot of money from Jane and Bob cant pay it back but Jane says “that ok dont
worry about it”. When Bob ask you for money in the future would you lend
him any? that your hard earned cash and you dont expect to see it back.
Nobody who want to feed their family would.
wanking fecking bankers.
As an American, I haven’t been following the EU situation until recently.
Great video, it’s almost like a giant political cartoon. I do think there
must be an alternate view on how to fix the EU/Euro, because it almost
seems like this is painting the French/German proposition to be
evil…generally I take those sort of criticisms with a grain of salt.
Re: Andrew Dudzik, “If everyone saves, the economy gets smaller,” That
should mean the Chinese economy should be shrinking as their savings rate
is much higher than America’s. Capital comes from savings; the so-called
“paradox of thrift” is actually a made-up concept, born out of the Fallacy
of Aggregate Demand. Even if all people kept their surpluses under the
matress, the fact that people still have unsatisfied wants means ipso facto
they will consume part of their savings always.
the only thing missing is that there is no way that debt could have ever
been paid off, not only do these countries need to live without programs,
they need to alter their perspective from lowering the debt by out working
the govt spending to living within their means. But that means severing the
addiction that has been formed, and thats why people are less and less
willing to break it. US is in worse shape because as the world reserve
currency, they can print money and lend it to themselves.
Taxation is slavery. Google, youtube, research and support the
‘non-aggression principle’.
“Banks mistook no exchange rate risk for no risk at all” : completely
ridiculous claim. The author is generally ignorant about political economy,
and makes the typical mistake of confounding the people and the state. So
he implies continuously that for the state to repay its debt, “the people”
need to be squeezed. Then there’s lots of inaccuracies and flat out myths,
fairy tales, and political lies repeated as gospel. Just not worth anyone’s
time to listen or debunk.
Got lost 1 minute into the video, I’m gonna go listen to the exploited or
something.
You should also add taxation and government bonds to this list. And the
welfare state.
Then how come I said no one then? If i didn’t speak for everyone i wouldn’t
have said that but I do therefore…. wait a second no one cares keep it to
yourself next time so i don’t have to pick up the pieces for you.
Things move so quickly in this crisis and even their usually prudent Dutch
allies may have a government next month that says stuff it to the ludicrous
three per cent borrowing criterea.
Re: Andrew Dudzik, Sorry, a typo: 11.7%, not 17% – my mistake. My argument
runs contra your assertion that thrift (ie savings) contracts the economy,
that is compared to spending. If this were true, government thrift would
have had the contrary effects to those of 1922 and 1947, but this wasn’t
the case. The reason why savings and thrift help the economy is that
delayed consumption entices investment in long-term productive projects.
David, what you’re saying about the Franco-German initiatives is true, but
what you’re saying about America is blatantly false, my proof “too big to
fail” & The Dodd-Frank Bill. You should continue looking at it in terms of
a plutocracy rather that geographic entities. The U.S. gov’t does the same
thing that the EU does in terms of policy. Using the example of Boston is
like saying Cork is a different nation to Dublin. The fact is the same
policy is pursued on both sides of the Atlantic.
in summary, europe sould do like the US and increase the debt limits each
time they reach it..
Yeah Euro crisis shows that govt spending does not work, where as the US
crisis shows that private spending does not work. Basically over-spending
does not work. Also the problem is the underlying financial system, ie.
unregulated financial capitalism.
You do not need to produce a video to make comment on here there is reason
for a comments section. Mcwilliams worked in central banking and he makes
assumption of economics based on centralization. Central banks are as
responsible for this as commercial banks but we rarely hear this from our
talking heads.
Insanity: doing the same thing over and over again and expecting different
results. – Albert Einstein. Einstein nvr said that about stupidity =(….
He meant that in a good way… That he was doing research over and over
again and expecting different results… and I don’t think he is stupid..
Do you ? xD
I wish more scientists like Mr. McWiliams were allowed participation.
Things would be a hell of a lot different, maybe even better, or at least
there would be a push for real solutions.
Hey you guys – PLEASE set this series up as a playlist. IT’s each peasy.
This is #1 and I’ve subscribed to “follow” until you show that you merely
lend further support to that deep skepticism and revulsion of virtually any
economic theory out there. Actually, the body doesn’t want any of it –
which I don’t expect many, if any to grasp. That, you might say, is my
“job” in this world. Explaining why the natural being is not at ease, to
say the least, with any of the shit this world and thought is imposing on
it. We’ll see where this leads …
We’re going in circles. Arguing that people always change their preferences
quickly enough (and rationally so) in a shocked economy is as absurd as
arguing that they never do—which, by the way, I’m not (I used the word
“toy” for a reason). Neither am I a Keynesian, but I wouldn’t want reality
to intrude on your politicized polemics.