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"The numbers scream at you that private debt and credit are truly significant to determining economic activity, and the mainstream, like Paul Krugman and Ben Bernanke, ignore it completely." -- Join ~10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5 best applicants this week. Apply here: https://apply.stevekeenfree.com -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories.
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"The numbers scream at you that private debt and credit are truly significant to determining economic activity, and the mainstream, like Paul Krugman and Ben Bernanke, ignore it completely." -- Join ~10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5 best applicants this week. Apply here: https://apply.stevekeenfree.com -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories.
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Steve Keen considers the following as important:
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| "The numbers scream at you that private debt and credit are truly significant to determining economic activity, and the mainstream, like Paul Krugman and Ben Bernanke, ignore it completely." -- Join ~10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5 best applicants this week. Apply here: https://apply.stevekeenfree.com -- Who is Dr. Steve Keen? Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields." |
Is none buy stocks
Digital world
Financial markets are retardedly stable
What's the financial parasites lingo short volatility 10 years running
Infact buy penny stocks give real companies a chance with your compulsive gambling
Try develop all the libertarian unicorn fart promises of what markets actually do
Bring new goods and services devalue high capital goods innovation like the real thing not stealing it from somebody else and then making a failed version on purpose so you can sell the financial rights
Put numbers to the public debts, and the private debts. Offset any assets.
Borrowing
Civil service pension
State pension
Nuclear clean up
Losses on insurance contracts
The EU
Unpaid wages
Unpaid invoices
Expected payouts – eg post office, NHS damages.
There's a list for the UK. Similar everywhere else.
Let me start you off. Borrowing.
Total Amount Outstanding (including inflation uplift for index-linked gilts) = £2,536.31 billion nominal
That's ths morning.
Where are the numbers for the other debts for the state.
30% of tax goes on the debts, minimum
You are ignoring the elephant in the room. State debt. It's garbage in, garbage out. A game of fantasy economic starting off with. "What if the government has no debts?"
There are enough videos on this channel giving an answer to those questions. 😊
@@webfreakz I second that
Time to rethink monetary policy.
HEY STEVE There's also another factor in WHY Australia didn't have as bad of a recession during the 2008 GFC.
We were still building new mines to feed the Chinese beast (as I call it). REMENBER I WAS WORKIGN int that sector at that time. Yes many things slowed down.
What affected me personally was the part of the sector I was in. I worked for a small company doing peripheral work. All mines are continuously doing projects to either fix things or improve things or BOTH. That's part of the very nature of mining and mineral processing.
The GFC slammed into the peripheral work so we got hammered because what they did was put anything unnecessary on hold. Now that did include some major projects because they hadn't started BUT of the major projects that were already underway KEPT GOING. So there were still billions being spent and even though there was a downturn in the amount of things like iron ore exports IT DID NOT STOP.
Also when you process iron ore you need to use coking coal and YES I know that's a touchy subject, but its necessary if you want to produce pig iron and steel. Its not understood well that Australia has 2 very different parts to its coal exports. There's the THERMAL COAL which gets burnt for thermal energy in places like power stations and then there's "METALLURGICAL COAL" which gets used in mineral processing. Both cost about the same to dig up, crush, screen, clean and put on a boat. The difference is that metallurgical coal typically sells for between 2 & 3 times as much and can even be higher.
Around 1/2 of Australia's coal exports are metallurgical coal and that industry didn't blink much when 2008 hit because the Chinese, South Koreans and Japanese were still making steel.
So by fortune Australia was very lucky in that there was still enough demand out of China, South Korea and Japan for our iron ore and metallurgical coal. Projects were put on hold and that sucked but they also got going again not much later. Now with the demands on things like Nickel & Lithium for the energy transition we are poised yet again to get another free ride out of potential crisis.
My real concern is what happens if we mismanage any of it, because lets face it Australia is fantastic at mismanaging great opportunities. The problem is as I said on the podcast the systems we have are fragile. Only yesterday I was speaking to my old boss from back in the 90s. We hadn't caught up in many years, but we have both arrived at the same conclusion our energy sector is being horribly mismanaged. He knew stuff that i didn't know and I had stuff he didn't know.
Because I what I have been doing my contribution to the discussion was the interference by economists and that's only gotten a whole lot worse in recent months because of the re-ignition of the nuclear debate which is 99% 2 groups of selfish idiots screaming at each other and maybe 1% of someone sensible talking before the other 2 groups collectively scream at them.
I mentioned on the podcast the CSIRO report on nuclear. Its even worse than I first thought. The clowns who did that report need to be fired for LYING and I really do mean they lied.
Hidden away in the modelling are some really bizarre numbers.
If you get a chance go watch the video here on YT titled "Are politicians listening to the science in the energy debate? | Insiders: On Background | ABC News" The person being interviewed is CSIRO CEO Dr Doug Hilton and he's urging politicians not to undermine scientists in the energy debate. BULLSHlT – he's part of the problem. Not only was the team who di the work made up of ECONOMISTS (no engineers involved) but they LIED.
they based their modelling on nuclear power stations having a life of 30 years but also they said (and its there in the interview) that these plants would have a utilisation of 53%. Calder Hall the worlds FIRST commercial nuclear power plant and therefore a prototype ran for 47 years at a capacity factor (utilisation) of 79% (see Wikipedia). So the CSIRO report done by ECONOMISTS has claimed that the next generation of reactors (Gen III+ and Gen IV) will not only run 1/3rd less time than the very first reactors but also run 1/3rd less efficiently in the markets. And for the record the current Gen III+ reactors like the European EPR 2 have a design life of 60 years and a capacity factor over 90%.
YES STEVE – CSIRO hired a pack of economists who did a model that's a LIE and giant LIE.
What is it that you have kept telling everyone about economists and models and especially ENERGY?????????????????????