Friday, June 24, 2011

Don’t reduce wages… increase ’em!!

Guest Steve Keen on ponzi economics (23Jun11)

Keeno on form... extrapolates US to Greece. Worth a watch. Austerity is NOT the answer, the private debt burden has to be reduced.

Posted by techieman @ 02:01 PM (1609 views)
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12 thoughts on “Don’t reduce wages… increase ’em!!

  • financial planner says:

    He might be right but my gut tells me no.
    He’s calling for inflation just like all the other Keynesians. And I can see that he wants to move from bankers pay to pay for everyone else. OK.

    But why not do the Austrian thing, raise rates, cut import costs and house costs, labour costs and have bankruptcies of bankers and profligate borrowers? As cost of living will plummet overall std of living wil remain.

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  • He might be right but my gut tells me no.

    Me too.

    He seems to be missing quite a few things, not least the role of central banks in the 2008 crisis.

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  • hpw – you need to see his seminars. In those he explains the role of banks in particular… to be honest if you followed him in anyway then you would know thats a given.

    I will give you those, but they are a little high brow.

    Part 1 : http://www.youtube.com/watch?v=E0YC2PLnWRA
    2 : http://www.youtube.com/watch?v=fGnRIgKbKE0&feature=related
    3: http://www.youtube.com/watch?v=dl2rSXaaIao&feature=related

    Have fun!

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  • techieman – good to see you putting in the odd appearance – shall I get the hanbags ready?

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  • ….- shall I get the hanbags ready?

    Funny.

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  • HPW – there’s got to be a scuffle when you 2 are on the same thread – if Nadal was in the Wimbledon final on his own you 2 would have a difference of opinion on who was going to win !

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  • id go for jhoka / yocka /djoka you know that serb bloke

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  • mark wadsworth says:

    Steve Keen: “The only people who make money out of rising house prices are estate agents and banks.”

    Yup. Said is said.

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  • @7 (Friday, June 24, 2011 04:42PM) – Victor Troicki?

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  • Mark [email protected]

    You must have discussed these subjects with more people than me .

    What proportion of the people you have come accross understood that exponential growth of houses could not go on indefinitely ?

    When you explain to people , do they see the light or have they become so conditioned to it that they cannot believe it ?

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  • Whilst he is right about only banks etc making money his proposal of “raising wages” is pure pie in the sky .

    The only wages a Govt can raise are public sector and the total package for low and medium payed workers in that sector who do have guaranteed benefits defined pensions are typically 33-47% higher than in the private sector (for those cases where there is an equivalent job in both sectors) .

    We need a new financial system which is not a ponzi scheme and works when their isn’t growth .

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  • meant the djokavich geezer. night Jack!

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