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When Napoleon saw , India: How few Brits can rule the entire continent? China: Don't wake up China!

what! money creation is a scam

False. There was NO private property in Nazi germany. Not even "your" home. 0 legal protections at all.

Money is a bubble we blow up around ourselves. If i sit on my ass and do nothing i dont need it. The moment i start moving i need it.

Yeah big fan of Steve but he's got this one wrong. Perpetual innovation is not an _innately_ desirable thing. We reached peak car decades ago. Now we, the west, have reached the point of producing the same car just with ever more pointless electronic shit at lower quality. Innovation in consumer goods is driven less by consumer demand than by producer demand for new markets and producers compete firstly by marketing and to a much lesser extent through innovation or pricing. I had a 1980's Skoda and it was great. It fulfilled the function of car. I'd be fine with a world that just produced those at a low price and with a fraction of the resource cost of yearly retooling. And if car wasn't solved in the 1980's it was certainly solved by the series 2 Ford Mondeo. However we're getting a graphic demonstration every day now that where innovation really was demanded the Soviet Union was better at it than we were. I refer to the increasingly obvious fact that 1980's Soviet weapons were superior to 1980's/1990s NATO weapons.

Marx was more like that friend we all had that was always complaining ,mooching money, no job and could never save money when he had it . Marx that friend we all grew out of .

Steve Keen - Still waiting for him to be able to explain why his MMT belief along with Kelton's is taht taxes put value into and get acceptance of the sovereign money when Taxes did nothing to get or keep acceptance of the money or put any value into it in every country where inflation made the currency worthless and rejected by their own government. Yes, the same Steve Keen. - I am still awaiting his explanation of why his prediction of about ten years ago for Australia's housing prices to reduce by 40% did not eventuate. He is being a history denier about it. He should stick to facts instead of cherry picking parts of situation . But I am not holding my breath because his admission of being wrong is not something he is intellectually capable of. One only has to see his discussion with Mosler where he argued that government must create more money to finance purchases when anyone makes an international transaction. The reality is the resereve bank is not involved in creating money for imports and exports. He just does not understand the bascis of how payments are made through the banks when international currency transactions are part of the process of selling goods but continues to make an argument that defies credibility and the fact that rates of exchange and countertrade payments are involved in international trade because transfers involve imports and exports. See it on this :- ruclips.net/video/TRtzLTl4j1A/видео.html at the 22 minute mark of the video. He doesn't want to talk about his failed prediction resulting from his economic theory because it will show he is perpetuating MMt myths of huge proportions and his inability to grasp the details of complication in the economy.

here’s how it plays out in real life when u add humans into it and tell them “we can just print whatever we need” “cool this is like water or air there is no need to actually value this” and u end up w human behavior taking over. mmt would work in a world where every human is controlled. money is the value people place on it. if tomorrow everyone saw a viral tik tok video that said “don’t use dollars anymore” and a billion people overnight stopped using dollars the dollar value would plummet because the confidence and belief in the value of that dollar would be shaken. mmt acts as though this value doesn’t actually mean anything, money is the liability, that doesn’t matter there is still a value perception by the borrower and effectively the market that those dollars the bank lent were worth the value of their asset. when u disrupt that belief like they did w covid money printing u get exactly what happened when they gave out a bunch of money during covid. inflation, because people throw around free money, more cheap money chasing fewer goods. people start to bid higher or pay more for goods/services. people were flipping houseplants for hundreds of dollars. that tells u how their behavior changed when they knew “whatever i’m getting another stimmy check next week.” the money itself was not respected. drove prices up and u end up with a sugar high, u cannot sustain a sugar high there always has to be a crash after a frenzy like that. mmt is basically the concept that there is no sugar high and there is no crash after the frenzy, which to me means rampant inflationary pressures when out into reality.

Pretty sure Steve's bias is about the notion that he has been studying and trying to "fix" capitalism for so long he can't admit the failure at the core of capitalism. Then he promotes the myths of socialist failure in just the same way the fascists did. (and the anarchists for that matter) Socialism did not fail. Stalin was not a bogeyman. His crimes were small compared with the racist horrors in the West. The mistakes of one context are not the rules of a whole system. Just like Steve is not an example of a man by which all men ought to be judged, the soviet union was not the whole of socialism. To declare socialism failed, is stupid, because it brought millions into prosperity compared to what they had before. Socialism helped the bulk of humanity. To declare Capitalism succeeded, is to declare that most of the global South nations are prosperous because they are capitalist. ie; Bullshit. This is not difficult to understand. Socialism did innovate. First probe on the moon, on Venus, first satellite, first man in space, abolition of homelessness, a right to work, equal rights for men and women... in fact most of the Western left learned what they know about crafting an ethical society from the fucking socialist pioneers in the USSR. The New deal was a response to the fact that the people knew the Soviets had rights which resulted in prosperity. It was bribe the workers, or lose the capitalist class entirely in a bloody revolt. The bribe of the new deal worked, for a while. Steve, pull yer head out of the smelly history narrative which was crafted by the oligarchs who hated the idea that their role is being rendered obsolete. Capitalism isn't about innovation or freedom, it is about a few people owning and operating the whole damned show, and telling tall tales about how that's a good thing. Just like you. Elon Musk is a capitalist psychophant who refuses to help humanity if that requires him to reduce his own power and wealth. That's capitalism. Private power. Private individual control of the resources of our world without the consent of the people. Fuck capitalism. The Soviets would have been better than this if they had not been betrayed by their own representatives. Here in the West, I think I am betrayed by my own representatives. At least the Soviet traitors ended the cold war. My traitors ended housing affordability, and brought us to another nuclear threat worse than before. ed: Hoo-ray. RIght? Freedumb for the rich is not freedom for me. I'd rather be fucking poor in a soviet structure, than fucking poor in a capitalist one, because in the soviet structure I have a right to eat and have a home, and in the capitalist one, I have a right to lick the boots of Elon whilst I live in a gutter under a bridge and go hungry. You all have to accept that the bad parts of capitalism are worse than the bad parts of socialism. Right now burning the whole Western warfare/plutocracy shit show down seems better than just doing nothing. Ed: but my hair is grey, and my back hurts, and I've no cash, and I've done nothing wrong. I've studied ethics and philosophy, physics and psychology. I've read things which blew my hair back and I've voted as hard as anyone can vote. It doesn't matter. The plutocrats roll on. The illusions of democracy and emancipation roll on. The beauty of the system Steve inadvertently revealed, is that it does not have to make sense, it does not have to be adequate, or rational, it just has to keep aspirational fools occupied being clever enough to point out the flaws, particularly in neo-classical narratives. The powerful old money plutocrats just don't care that their narratives can be dismantled. They will change the rules any time anyone threatens their position as unjustifiable rulers. The wealth will flow up, or there will be violence. The rules don't matter, Steve. There is only class capitalism. If the narratives which are supposed to craft popular consent fail, then, there is fascism. Fascism is a small step away from Neoliberalist capitalism, the only difference is the degree of violence inflicted on the workers. Otherwise these are the same thing: private power over the state. The state is constituted by the privately wealthy, and they are psychopaths. Right now, there is a genocide of Palestinians, Russian ethnicity in Ukraine, Minorities in Myanmar, and more, all approved by the capitalist empire. The US Empire. So it goes. THe wars never stop, Libya, Afghanistan, Iraq, Somalia, Syria, Ukraine, more and more. It is as if the capitalist empire is so incapable of being stable, that it must EAT other nations and CRUSH others, just so the plutocrats can keep sucking up the wealth other people worked to create. So it goes. I'd prefer socialism to a genocidal empire. Thanks. Every day of the week. You should too, son. You should too.

Lex has exposed how ignorant he really is. Ok enough this guy, next

Why did they cut it off? Is there a way to see the whole piece? Look, I'm a marxist, I don't know what this guy is, but one thing marxists hold very dearly is the critic, as he said. And it's SO hard to find worthy critics of marxism in the public debate. Most so-called critics of Marx don't even begin to understand the fact that they know absolutely nothing about the work of Marx. Most never bothered to even open one book. So it's refreshing to see an honest and somewhat qualified critique of Marx. Problem is, he got chopped off an never got to say what mistake Marx supposedly did.

Isn't this a VERY partial rendering of Marx, Steve?

By your definition, how do you differentiate between money and credit? Because they are not the same. Assets are NOT always your claim on somebody else. So wrong! Even if your assets are 100% equity, they are still assets. The left side of the account still has to balance the right. Assets = Liabilities + Equity

Steve Keen has massive blinkers on when he defines socialism. The king of the fence sitters.

More than 100 million Chinese tourists (before 2020) left China to travel around the world. Everyone of them returned to China. Would they do that if they were oppressed? The interviewer has a problem. He looked at the situation and thought: No, the Chinese can't be having all this happiness because they cannot be happy under this type of government!

Face it - the ordinary population and especially the ones in control will never allow for any of the tenants of MMT. UBI, Guaranteed jobs, Deficit spending without limits - AGH (Ain’t gonna happen). What the progressives need to focus on is the fair allocation of resources to a certain extent. However we live on a planet with finite resources and the resources being used now are only resulting in more inequality, more pollution and simply damage to our and other earthlings’ habitat. So what is the solution? Education first and the end to laziness and profligacy. Those are two goals that are difficult but achievable. Unfortunately we have too many dumbasses in control of the resources and many of them are producing weaponry to maintain their foothold on power. We are entering a tumultuous time.

I found this video from the email you send out!

When you realize MMT is thermodynamics and Austrian Econ is kinetics, it makes more sense… the M2 supply as a function of credit markets is highly indicative of MMT failure and root cause of acute inflation in early 2020s. Distortion of natural market interest rates towards the zero bound by central banks has put us in a pickle…

“Show me the money Lebowski”. Dude: Let me take one more look, it’s down there somewhere

I agree partially with the professor because without the brutal exploitation of the the global south, which the socialist didn't do,there no successful capitalism.

Fascism is literally the opposite of socialism, fascism is the highest degree of capitalism and imperialism, it's a dictatorship of the private sector over the society, while socialism is the workers owning the means of production

Socialism in modern terms is when the workers own the means of production and democratically vote on what the company does. Everything for sourcing resources to pay and profit sharing is to be voted upon. This eliminates the managerial class and the executive class because all the employees votes on who should represent (CEO) the company. The employer is the worker. None of this Employer dictating to the employee.

There's nothing novel about Keen's helicopter monetary policy. Nor is there anything remotely novel about a social scientist from the 20th Century infatuated with Marxian theory. What planet are people even living on?

Professor Keen, in the conversation with Fridman you claimed that socialism is planned centrally by a State. However, there are possible decentralised and non-statist forms of socialism. The USSR was quite counter-revolutionary after the initial revolution and evolved quickly from a socialist economy (by workers self-managed Sovjets) to State Capitalism (which you describe in the conversation). What do you think of Parecon for example? Have you read or considered reading Participatory Economics by Albert and Hahnel? Could you do a conversation with them? And have you also studied the economy and society of the Spanish anarchists in the Spanish civil war? Or the recent (and continuing) developments of the Zapatistas in Chiapas, Mexico, or Rojava in Syria?

Marx was a terrible economist. He assumed that innovation would end with the end of the dialectic, communism, and that labor gives value to all things. Both are completely incorrect. They've been debunked for over 100 years. And he literally bases his entire theory off those two things. And Lex is right. This professor barely knows anything. Kant came up with the notion of two opposites being reconcilable in the critique of pure reason. Hegel put major emphasis on that for his philosophy. And marx applied itnto materialism. The truth is, marx was a satanist. Read the poetry he wrote right before writing the economic and philosophic manuscripts. He literally wanted everything destroyed. He says it over and over again in the manifesto. And like the devil, he uses childish sentiments and intellectualism to sucker all of you fools in.

This guy is such a loser. He should ask himself why the third world capitalist countries aren't innovating anything. He would probably say the tired old line of the capitalists bUt tHaTs nOt rEaL cApItAlIsM

working socialism is a lie....

You respect Elon Musk? Wtf? I think I just lost all respect for this channel. The guy is a pathological liar, a con man, a huge beneficiary of capitalism which he continues to exploit, and you respect him? Sorry, but I don't think I can follow you any longer

Ownership is being able to decide what happens with something. Ownership comes in bundles of these rights, which can be divided between parties. For example, I can sell you the right to grow corn on my land. You would then own that right. As such, every regulation is a form of state ownership of a business. Every regulation is a march towards socialism and has the negative effects that we expect to see.

This whole series is crap. The idiot asking the questions is worst than the idiot answering them

After one minute and thirty seconds, Keen acknowledged he was clueless. He defined socialism as public ownership of the means of production, that is the definition of communism. Socialism is an economic construct where so-called surplus value is claimed to be a result of labor, except there is no such thing as surplus value. In Marx's ignorance, he was unable to solve the problem.

What about he bolsheviks prioritizing whats best for the group lex belongs to?

In the game of Monopoly, money has no meaning? If the perception of quality in life is a quantization of value, then money is a representation of the value of a perceived interest in abstractions like civil works, law, rights etc, as Warren Mosler indicates for the society frozen in an era of Roman civics under Vesuvius. Money made that world go round. And if there was no physical symbol of money, the recognition of an existing civil society restricted to moneyless rituals would be call a "religious culture" connected to the Cosmological Calendar? Seen this before somewhere..

Lex seems like a total stoner who is whacked out. 😂

Please list the Countries that have made Socialism work ? because I cant find any, they always run out of other peoples money

Communist citizens may have wanted Western goods, but they sure as hell wouldn't have wanted to be part of the permanent poor, which is a feature, not a bug, of capitalism.

I'm too angry to listen to anything positive about Marx rn... Maybe later, but I'm too disgusted to entertain at the moment. Communists are not protected by the 1964 Civil Rights act for a reason. Look at Democrat policy, Marxism is alive and well as it sucks the blood out of every single once-great U.S. city.

"Communism is when no iPhone."

I am more interested in what creates successful stable industrialism not a strict definiton of socialism... By the meaning of socialism now-a-days the captialist revolution or going back to those polices that created industrialism would be considered socialism.

I respect Steve Keen, but the fundamental point he seems to be ignoring is that machines still rely on humans being the motive force behind their operation, which ultimately leads to human labor still being the source of all economic value. The only way his assertion that machines also produce value would/will be true is when they become sentient and capable of reproducing themselves and manipulating the environment without our control. I mean we still at least have to turn them on and produce and program them as of now.

2:10 lol. All Keichs sound the same to me. ;)

MMT is simple.... You give everything to the elites and they use it to reduce your quality of life and the population that is bothering them. If you're useful to them in this, they will give you a tiny amount back. All while telling you it's good for the world and only allowing you to do what they say (within 15 minutes of where they let you live) until they decide to kill you with "medicine".

Marx was the consummate freeloader and marxism is the freeloaders dream come true.

from the very beginning when he talks about the crane, you know this guy is a fraud. Marx didn't say machines have nothing to with value- machines transform the production process such that they alter the socially necessary labor time it would take to produce whichever commodity, meaning, for example, with the invention of the spinning jenny, people who were still handweaving would have seen their labor get less valuable, they could not produce at the average speed or with the average equipment in the wake of the invention and adoption of new techbologies

Steve Keen - Still waiting for him to be able to explain why his MMT belief along with Kelton's is taht taxes put value into and get acceptance of the sovereign money when Taxes did nothing to get or keep acceptance of the money or put any value into it in every country where inflation made the currency worthless and rejected by their own government. The same Steve Keen. - I am still awaiting his explanation of why his prediction of about ten years ago for Australia's housing prices to reduce by 40% did not eventuate. He is being a history denier about it. But I am not holding my breath because his admission of being wrong is not something his stunted emotional growth will allow. He doesn't want to talk about his failed economic theory because it will show he is perpetuating MMt myths of huge proportions.

Marx was a racist.

So much of the flawed thinking about money is a fixation with "currency", i.e. cash. Those quaint stories of ancient peoples using beads or pearls to exchange for goods ignore the role of debt accounting that existed alongside it. Our modern banking system is more like a digital realisation of the latter than a scaling up of the former.

The learned is not at all bothered by the fact that at the end of his explanation of MMT left someone still confused and actually resulted in the question of "so what is money". Very worrisome.

Steve and his strawman arguments are tiresome. These right wingers are like robots.

With all due respect to Steve, this is two non-socialists discussing how socialism works.