Marxism, Keynesianism, and Modern Monetary Theory

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Information Marxism, Keynesianism, and Modern Monetary Theory

Title	:	Marxism, Keynesianism, and Modern Monetary Theory
Lasting	:	45.10
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But syriza was forced by the european central bank to impose austerity as soon as the ecb bought their debts the euro crisis was over i don’t think you understand MMT very well The whole point is that a left government especially in the uk which has an independent monetary policy, does not have to adhere to austerity politics so in this way materialism is flawed but of course you are right that you need to adress overproduction of certain goods that aren’t necessary especially since we wanna work less and also need labour for important goods but of course I agree that in the long term because of power issues fixing capitalism doesn’t work but value as defined by marxist materialism is flawed, instead the sovereign can define what has value and an important instrument for that is money, a part of law
Comment from : 2203 Valentin

The best way to get rid of the curse of currencies, including the dollar, disasters, collapses, monopoly ogress, crises and wars Scientific and technical development in general opens horizons that did not exist in areas that no one has addressed before, as it develops work and elevates it My humble opinion is that the economic system and the mechanisms of its employment and directing this development and the speed of its response to it is the key I want to repeat my presentation under my main name in the civilized dialogue website and its basis The best benefit we can get through artificial intelligence to calculate the value through one measurement knowledge of scientists for the value just like the units of measurement in the ISO system such as meters, joules, lots, pascals, volts, amperes and bits And blockchain technology to manage its circulation and get rid of the concept of currency To get rid of the curse of coin
Comment from : Karl Albert

He's totally wrong, his description of MMT is 5th grade report bad He's a guy that acts smart butwelllet's say he's ideological, that's what keeps him fighting straw men
Comment from : J Wilson

cuck
Comment from : International Troller

As the economy and wealth inequality continue to worsen, people will inevitably turn to Marxism The greed and selfishness of the bourgeoisie is their undoing They are unwittingly digging their own graves
Comment from : Chris Nilsson

the young man needs to slow his delivery down to facilitate understanding -inmho
Comment from : David Luckens

This person does not know what he's talking about MMT has nothing to do with Keynes, and it makes no policy recommendations other than advocating a government job guarantee It definitely IS a theory of how money works, where it originates, what its history is, etc in contrast with the commodity theory of money
Comment from : Erik Parsels

How is nationalizing banks a substitute for the abolition of private (income producing) property? I don't get it
Comment from : NoMoreStrawMen

I believe that the planned economy of socialism is predicated on the destruction of markets, and this destruction is predicated on the abolition of private property How this abolition will occur is anybody's guess, but it must be done Taxation and the transformation of that private property into money is a fraud Taxation maintains the ownership Money maintains the ownership The move to socialism must be quick and it must be thorough, and I'll add that it must be global
Comment from : NoMoreStrawMen

The speaker asks why is there a need for the state to intervene in the economy at all? Excellent question
Comment from : NoMoreStrawMen

At around 29 minutes, the speaker says that Keynesianism isn't an economic theory at all This is so true for all ideas that fall under the umbrella of monetarism Economic theory must include the people who do the work and why they must do it Traditional economic theories assume all this away and in the process render themselves irrelevant
Comment from : NoMoreStrawMen

The speaker should learn about Henry George and contrast George to Keynes Henry George believed all forms of economic rent seeking must be taxed away and all forms of productive activity should be completely untaxed He wrote Progress & Poverty in 1879, and at that time, the lion's share of rent seeking came from land ownership Today, rents are to be had from any monopoly of supply, not just land Capitalism as we know it would cease to exist in a Georgist world, yet it would still be a free market economy I'm a socialist, not a Georgist, but until socialists can argue effectively against Henry George, they will never fully take the lead in the arena of political economy
Comment from : NoMoreStrawMen

At around the 13 to 14 minute mark, the speaker talks about how value can't be conjured up by creating effective demand and instead must be created in the production process This makes me wonder how the offshoring of high value added jobs affects the economy Does the fact that the creation of the value takes place offshore mean something? How? What do we point to in our country as evidence of the absence of this process of added value? I understand the simple answer is the populist answer, but I'm wondering if there is more to it
Comment from : NoMoreStrawMen

I like the speaker very much, however he mad an error in reporting the US unemployment rate following the New Deal They are as follows: New Deal began in1933 1933 : 249, 1934: 217, 1935: 201, 1936: 169, 1937: 143, etc The New Deal was a success in every wayThat's WHY some Americans was to do it again it worked
Comment from : Sandra Allen

This didn't age well
Comment from : Juan R

MMT is so easy to understand, how did he not understand it?
Comment from : Jerald Macachor

What are your thoughts on sovereign money?
Comment from : Cheese

The far right and dissident right are more socialist and anti capitalist than there's libtards They love globalism
Comment from : Spritual Elitist

"I'm not going to strawman MMT" [proceeds to strawman MMT]
Comment from : vote for no 6

Good talk but a number of flaws regarding MMT and an accurate representation of Post Keynesian and Keynesian thought Also speaker seems to misunderstand the role of MMT as a "descriptive lens" with regards to a value-free analysis of the modern capitalistic economy and financial system Question though, as I am a little confused What crisis does speaker constantly refer to? This talk was in 2019, well before the economic crisis created by the COVID-19 pandemic, what crisis is speaker referencing? Is it specific to the UK? Perhaps Europe/Eurozone? Clarification would be helpful
Comment from : Teddy J

It's hilarious how you believe the US economy has been indicative of capitalism since the Fabian Socialist Keynes got involved The infiltration of socialist economics (fiat currency and deficit spending) has completely bastardized capitalism to a point where the US economy is no longer capitalist Central banks sets the price of money through interest rates and thus controls the economy The solution is not more socialism The solution is the abolishing of socialist monetary and fiscal policy
Comment from : Richy Rich

You're so wrong it's almost funny to listen to you
Comment from : Richy Rich

Wow Socialism/Comunism are proven failures The only failed parts of Capitalism are the socialis/comunist parts You can't be this dumb
Comment from : Dominic Fodor

How about you portray the tax model, unemployment and inflation problems properly in the MMT part of your discussion, because you've got that wrongbrbrPretty disingenuous to ignore the solutions and write them off as "just printing more money" simply to "prove" the efficacy of Marx's much older system that was created in completely different times that has demonstrably failed whenever is been attempted Even China couldn't survive without adopting capitalist traitsbrbrThere needs to be a balance of capitalism and socialism Not that that has anything to do with MMT, that's just my two cents on the rest of Marxist ideology and the failings of modern capitalism
Comment from : Captain NoName

How does a marxist economy trade with other countries without money?
Comment from : Nathan Fielure

👏🏽
Comment from : PatriciaMDLC

Basic 101 mistake in interpretation - MMT is not an idealogy it is just a simple and well-evidenced explanation of how Govt finance actually works in the real world - ie the world we live in People on the right can use this understanding to pursue their own agenda (Boris 16bn for defence spending, Trump's $2 trillion Covid giveaway), or people with more socially justice ambitions could use this understanding to move towards full employment, universal high quality public services etc People may want to rip up the real world and replace it with some utopian vision that aligns with their idealogy, but in the meantime can we get on with using what MMT helps us understand to challenge the deficit myth and challenge austerity?
Comment from : Joe Fowler

You described the problems but had very little detail on alternatives except we need to change things You haven’t brought into account human behaviour ie those that strive get to the top and more worrying you have dismissed how a radical transition can be achieved without potential catastrophic suffering
Comment from : Nicholas Cooper

Really interesting! Thank you
Comment from : Michelle Marcus

The speaker says it boils down to 'reforming capitalism' but has never seen or experienced the poverty socialist Marxism in operation Just a hapless dreamer who has allowed himself to be used by and will be swept aside by the reality of socialist Marxism
Comment from : Rob

Look, markets and all this crap is fine But I got a huge problem with anyone socializing costs on the nation's people, lands, waters, children and the future of that nation My nation in particular So team market and team social need to step in line, or get outta the way because it's 3 option nationalism time baby!!
Comment from : Stan Theman

Why do you want to enslave people?
Comment from : cyotee doge

There are still belivers in Marxism Unbelivable!
Comment from : Axel Lenz

I like this guy, but I feel like he has the opposite problem of Marx lol Where Marx will repeatedly go over the complex ideas long after they're clear and understood, this kid will brush over the complex and jump from one subject to its conclusion with little clarification because he already understands itbrbrHe did do a great job, though, he got through a lot of material and only occasionally did I get a bit confused
Comment from : that youtube channel

I am a marxist and I say we should not attack and deny MMT, but rather we should try to embrace it and change its contradictions from within
Comment from : Emmanuel Tsallis

Still the best summary of MMT ever: "Seven Deadly Innocent Frauds of Economics": wwwmoslereconomicscom/wp-content/powerpoints/7DIFpdfbrFor daily lessons try: bilboeconomicoutlooknet/blog/
Comment from : Bijou Smith

Read “Modern Money Theory” by L Randall Wray
Comment from : w s

I Love this question Since the highly successful Socialist ideology has been around for over 100 years now How about somebody name ALL / ANY of the monumental innovations that Socialism has contributed to the world For example Capitalism has given the world like EVERYTHING ! For example making this conversation possible through the internet, your computer & Iphone But also, the airplane, cellphone, television, automobile, computer software etc pretty much everything Now as far as I am aware of "Socialism" besides contributing suffering & starvation & the Deaths of over 100 million people has given the world what ? The AK-47 & concentration camp ? I can hardly wait to hear how Wonderful our society would be if we were living in this Socialist paradise these commie scumbags had been planning on ? Please enlighten me ? In the meantime i will be LAUGHING OUT LOUD at your Silence
Comment from : Mark Mitchezee

MMT cannot print/keystroke VALUE for a currency Therefore its junk economics
Comment from : Minethis1 Real Macro Investing

Very interesting talk Adam
Comment from : shaun laverick

moslereconomicscom/mmt-white-paper/
Comment from : Warren Mosler

I think you misinterpret Keynes here: 36:10 "it seems politically impossible for a capitalistic democracy to organize expenditure on the scale necessary to make the grand experiments which would prove my case except in war conditions"It s mean that in WAR CONDITIONS (WITHOUT EXCEPTION) COUNTRIES DO SPEND SUFFICIENTLY GOOD LEADER THUS CREATE GOOD ENEMIESbrSee this in practice in HUNGARY Enemies are MIGRATION/ and George SOROS We are in war Permanent war/ ZIZEK ??? " SLAVOJ ZIZEK A PERMANENT ECONOMIC EMERGENCY During this year’s protests against the Eurozone’s austerity measures—in Greece and, on a smaller scale, Ireland, Italy and Spain—two stories have imposed themselvesbrfootnote 1 The predominant, establishment story proposes a de-politicized naturalization of the crisis: the regulatory measures are presented not as decisions grounded in political choices, but as the imperatives of a neutral financial logic—if we want our economies to stabilize, we simply have to swallow the bitter pill The other story, that of the protesting workers, students and pensioners, would see the austerity measures as yet another attempt by international financial capital to dismantle the last remainders of the welfare state The imf thus appears from one perspective as a neutral agent of discipline and order, and from the other as the oppressive agent of global capital There is a moment of truth in both perspectives One cannot miss the superego dimension in the way the imf treats its client states—while scolding and punishing them for unpaid debts, it simultaneously offers them new loans, which everyone knows they will not be able to return, thus drawing them deeper into the vicious cycle of debt generating more debt On the other hand, the reason this superego strategy works is that the borrowing state, fully aware that it will never really have to repay the full amount of the debt, hopes to profit from it in the last instancebrbrYet while each story contains a grain of truth, both are fundamentally falsebr newleftrevieworg/issues/II64/articles/slavoj-zizek-a-permanent-economic-emergency
Comment from : Michael Kummer

ADAM BOOTH said33:00 "capitalism you can't have capitalism without its contradictions this is the key point we have to say ! Excellent Kurt Gödel If a (logical or axiomatic formal) system is consistent, it cannot be complete The consistency of axioms cannot be proved within their own system Kurt Gödel's achievement in modern logic is singular and monumental—indeed it is more than a monument, it is a landmark which will remain visible far in space and time The subject of logic has certainly completely changed its nature and possibilities with Gödel's achievement — John von NeumannbrYOU again "Marc's obviously highlights that says the capitalist can always temporarily overcome the overproduction through investment through Wars You repeat David Harvey's Notion and I agree: "capitalism never solves its crisis problems, it moves them around geographically " Source link bellow But your enemy is not just capitalism, rather logic presented by KURT GOEDELbrLink: wwwthersaorg/globalassets/pdfs/blogs/rsa-lecture-david-harvey-transcriptpdf
Comment from : Michael Kummer

YOU ADAM SAID at 29:10 " mmt acolyte today suggest you know things like public investment and spending " AND THAT IS WHY THEY ARE CALLED SOCIALIST/ COMMUNISTS/ " Sen Lindsey Graham (R-SC) said in an interview on 'FOX & Friends' Graham: AOC And This Crowd Are A "Bunch Of Communists" That Hate Our Country "brYOU ALSO SAID correctly : "29:33 studies showing that big business today sits on piles of cash in the UK I think it's something like 700 billion of money that could basically be spent tomorrow if there was a profitable use for it" That is why MMT argues that pushing money out with higher speed should create inflation, and make herding CASH pointlessbrANDREW HUSZAR POINT OUT THAT there is a real channeling problem SEE MORE DETAIS HERE : Central Banks Can Print Prosperity Central banks all around the world have been printing money This policy, known as quantitative easing in banker jargon, has driven up the price of stocks and bonds But will it lead to real and sustainable increases in global growth, or is it sowing the seeds of future inflation? wwwintelligencesquaredusorg/debates/central-banks-can-print-prosperity
Comment from : Michael Kummer

MMT could be either, theory, lens, or framework The point is that MMT explains the current / operation level practice What is really going on It is not a framework to make political projection of what should be the practice MMT agrees with HYMEN MINSKY Randell Wray writes: Minsky always argued that “anyone can create money” but “the problem lies in get- ting it accepted” Describe your Money system Describe your optimal solution brThis is what you ADAM BOOTH HAVE TODAY (it is wrong)br"In the final part of his series on the history and development of money, Adam Booth explores how monetary theories and systems have changed over time in response crises, and looks at the "solutions" proposed to overcome the contradictions facing the money system today How do we break the spell of the so-called "root of all evil" and free ourselves from these "chains of gold"br wwwsocialistnet/what-is-money-part-five-the-future-of-moneyhtm
Comment from : Michael Kummer

EXCELLENT TALK, yet there are some kind of dislocation about MMTbrIs Ray Dalio a lefty ? Is Rohan Grey a lefty ? Are they all wrong completely wrong ? It’s Time to Look More Carefully at “Monetary Policy 3 (MP3)” and “Modern Monetary Theory (MMT)” Published on May 1, 2019 Ray Dalio Ray DalioFollow Co-Chief Investment Officer & Co-Chairman of Bridgewater Associates, LP Like3,645 Comment354 wwwlinkedincom/pulse/its-time-look-more-carefully-monetary-policy-3-mp3-modern-ray-dalio brThe Legal Nature of Money and the History of the Federal Reserve with Rohan Grey All Episodes The Legal Nature of Money and the History of the Federal Reserve with Rohan Grey The Legal Nature of Money and the History of the Federal Reserve with Rohan Grey Sep 21, 2019 Surely Rohan Grey is one of the smartest guys in the world It’s not just that he possesses an impressive amount of knowledge He has a unique way of using analogies and metaphors to give shape to an idea He illustrates his points with references to popular films, folklore and lyrical poets With his experience in the realms of music, early childhood education, political economy, and jurisprudence, he brings Modern Monetary Theory to life in unexpected ways Throughout this two-part interview he frequently correlates economics and the law by making connections and illustrating subtle conceptual parallelsbr macroncheesecom/the-legal-nature-of-money-and-the-history-of-the-federal-reserve-with-rohan-grey
Comment from : Michael Kummer

To Adam Booth You have said at 13:18 "Keynesian idea said that governments how really just spend they have no money of their own fundamentally the state can employ people it can invest but this doesn't create value" What about Autobahn system / Railroad system / Electric grids /water sewage system / Satellite (TV-GPS) bases Armies / Police forces / retirement system / State run healthcare system Or should that all be privately owned ???? Private/corporate owned run Roads/ Rails/ Electricity / water sewage/ Satellite ROCKETS/ Armies / Police / retirement / healthcare and Justice brIn 1946 by Beardsley Ruml, the former Chairman of the Federal Reserve Bank of New York and published in a periodical named American Affairs You should read that Here is a link wwwhuffpostcom/entry/taxes-for-revenue-are-obs_b_542134
Comment from : Michael Kummer

Could we have a TRANSCRIPT made available online ?
Comment from : Michael Kummer