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Next Crisis: GDP Growth Near Zero?
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Steve Keen considers the following as important:
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Next Crisis: GDP Growth Near Zero?
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Next Crisis: GDP Growth Near Zero? |
State pensions are taking money out of the economy. Debt is takeing money out of the economy.
30% of tax goes on the debts, not on services.
That's a worse disaster than the temp boost from spending people's wealth. Now you have to pay it back, with interest causing a bigger bust.
That's socialist debts for you
Money origins in debt, which means, that government spending injects money into the economy.
Taxes are paid from the money being injnected first by government spending.
And a deficit of the government is a surplus for the private sector, since it gets more money from government spending than it returns by paying taxes.
And socialism does not need debt. This is a complete misunderstanding of how socialism works. Socialism is a planned economy. Money does not really play a role in socialism.
@@ThomasVWorm Does it? Money's orgins are clearly commodity based. Gold and silver for the most part.
Where's the debt there?
Taxes predate fiat. So you are clearly wrong.
And socialism does not need debt
So how are you going to pay your £600,000 share of the socialist pension debts?
@@adenwellsmith6908 the debt origins in the state demanding a tax and the state minting the coins. Which means, that the population owes the coins, the state mints and spends, to the state.
That money was commodity based was always a misunderstanding by economists. If you understand the coins as IOUs, you do not want people to copy them and paying taxes without ever having worked for the money. So gold coins need an effort to fake IOUs, which cost as much labour as you want to avoid. Using a commodity as money is a security feature like the signature on an IOU.
Money is about counting, which means, it needs something, which is counted. What was counted was always debt.
And the term "fiat money" origins in the misunderstanding, what money is. Money is always only about the numbers, no matter, whether they are minted into a coin, printed on a paper bill, written in the ledger of a bank or stored in the memory of a computer. There is no difference since it is always only math and the same math operations.
@@ThomasVWorm Disagree. The origins was for facilitating the exchange of goods, and as a means of storing value over time.
No ledgers. No computers.
Date he is speaking? 2014? 2010?