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★ Economics (III)

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Black Wednesday TV - Jeff Booth - Tony Benn - Ronald Reagan - Simone Weil - David Suzuki - Crude Britannia: The Story of North Sea Oil TV - Jane Goodall - Brooks Stevens - Lionel Robbins - Barack Obama -

 

 

101,003.  Five years ago today the government faced one of the biggest financial crises in history.  It was a day when the Bank of England lost billions and speculators made fortunes.  A day of disaster from the which the government never recovered.  (Economics & Currency)  Black Wednesday, BBC 1997

 

101,004.  It would be a revolution: the Pound’s value would be locked against the German Deutschmark and other currencies.  (Economics & Currency)  ibid.   

 

101,005.  The prime minister took the decision without negotiation.  (Economics & Currency)  ibid.  

 

101,006.  In the City the crisis that would become Black Wednesday was brewing.  (Economics & Currency)  ibid.

 

 

135,473.  Our economic systems were not built for a world driven by technology where prices keep falling.  They were built for a pre-technology era when labour and capital were inextricably linked, an era that counted on growth and inflation, an era where we made money from scarcity and inefficiency.  That era is over.  But we keep on pretending that those economic systems still work.  Jeff Booth, The Price of Tomorrow: Why Deflation is the Key to an Abundant Future

 

 

135,491.  Transitioning from an inflationary world to a deflationary world – people should be scared.  There is going to be disruption and that disruption is coming no matter what.  There is nothing fundamental that governments can do to stop the rate of technology progress.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  Jeff Booth, interview The Keiser Report August 2020, author The Price of Tomorrow: Why Deflation is the Key to an Abundant Future

 

135,492.  You have technology moving at an exponential pace driving prices down, and governments all around the world [are] caught in an inflationary trap that they created themselves our of monetary policy, fighting that force.  And I would ask a simple question – isn’t it good when the value of your money goes up, and prices go down?  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.   

 

135,493.  The abundance of technology would be broadly distributed.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.  

 

135,494.  It’s not going to go on for ever no matter what … It doesn’t matter until it does.  One giant thing they miss that this is they assume a reserve currency goes on for ever, right, and you can just keep printing and people just trust in your currency.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.   

 

135,495.  What if a country, let’s say China, created a currency and decided to keep on printing for ever, and they used the currency and they used it to buy the world? … Would we trust that currency?  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.   

 

135,496.  And so you can see from that thought experiment that if you just keep on printing money, people lose faith in your currency, and so you don’t have a reserve currency any more.  So there’s a whole bunch of people like I think are like brainwashed in this ‘debt doesn’t matter’, that this can go on for ever.  And it’s going to happen gradually … There is nothing that can that stop this.  We are going to have deflation for sure.  Structurally, technology requires it.  The path to get to deflation could end up through hyper-inflation first – currency default, debt default – it could happen a whole bunch of different ways but we are going to have deflation anyhow.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.   

 

135,497.  The concentration of wealth because you’re fight a natural force – Capitalism can’t work, right, so effectively the Government is the market today.  Free market principles don’t work any more.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid. 

 

135,498.  Deflation we’ve never seen in our lifetimes.  What if next year everything around you got cheaper?  All it does is increases the value of your savings, and decreases the value of your assets.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid. 

 

135,499.  What do you think the top five technology companies are at historic heights?  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid.                 

 

135,500.  Everybody knows it.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid. 

 

135,501.  More band-aids on a systematic, a structural change that has to take place.  And so what they’re really trying to stop is a revolution, right, but they’re making the revolution more likely.  (Inflation & Capitalism & Economics & Technology & Future & Prices & Value & Money & Dollar & Currency & Bitcoin & Market & Debt & Revolution)  ibid. 

 

 

42,246.  It was presented scientifically.  But then they always present it scientifically.  As being the only way of doing it; there is no alternative.  And this gripped people.  But at the same time you must never forget that politics is in pursuit of an interest and an ideological ... So the conflict between as it were Milton Friedman and Keynes was a political conflict.  (Economics & Business & Money & Finance)  Tony Benn, televised interview

 

 

42,247.  These United States are confronted with an economic affliction of great proportions.  (Economics & Reagan)  Ronald Reagan

 

 

42,248.  The economy will get worse.  (Economics & Reagan)  Ronald Reagan

 

 

42,250.  The government’s view of the economy could be summed up in a few short phrases.  If it moves, tax it.  If it keeps moving, regulate it.  And if it stops moving, subsidise it.  (Economics & Reagan)  Ronald Reagan

 

 

42,341.  The economic ills have come upon us over several decades.  They will not go away in days, weeks or months.  But they will go away.  (Economics & Reagan)  Ronald Reagan

 

 

42,342.  I regret to say that we are in the worst economic mess since the great depression.  (Economics & Reagan)  Ronald Reagan

 

 

42,249.  What a country calls its vital economic interests are not the things which enable its citizens to live, but the things which enable it to make war.  (Economics & War)  Simone Weil

 

 

42,251.  Conventional economics is a form of brain damage.  Economics is so fundamentally disconnected form the real world it is destructive.  David Suzuki, geneticist and activist

 

 

42,252.  On 16th September 1992 John Major faced meltdown in the City.  A massive devaluation of the pound exposed the fragility of our economy.  The country plunged into recession.  The price of oil crashed.  Crude Britannia 3/3: The Story of North Sea Oil, BBC 2009

 

 

42,253.  Unlimited economic progress in a world of finite natural resources doesn’t make sense.  It is a pattern that is bound to collapse.  Jane Goodall

 

 

42,254.  Our whole economy is based on planned obsolescence.  Brooks Stevens

 

 

42,255.  Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.  Lionel Robbins, Essay on the Nature and Significance of Economic Science, 1932

 

 

42,256.  We let the special interests put their thumbs on the economic scales.  We’ve excused and even embraced an ethic of greed.  (Economics & Greed & Obama)  Barack Obama, Cooper Union speech

 

42,257.  A free market was never meant to be a free licence to take whatever you can get whenever you can get it.  (Economics & Market & Obama)  ibid.