lester1/2jr
07-04-2010, 01:50 PM
I was directed to this video to "make myself smarter in 11 minutes" ah well i don't know if it did that exactly but it was interesting
http://www.dangerousminds.net/index.php/site/comments/crises_of_capitalism_an_animated_talk_by_david_har vey/
YouTube - RSA Animate - Crises of Capitalism (http://www.youtube.com/watch?v=qOP2V_np2c0&feature=player_embedded)
here was the comment I left
"very much disagree with Mr Harvey as to the nature of the problem.He mentions greenspan only in passing. Greenspan is at the begining middle but cleverly on his part not the end of the story. He kept the interest rates too low for too long. as always, it fueled a boom and in the boom malinvestment occured.
That’s it. There’s no animal spirits, or cultural whatever. the market players responded to the easy money as they always do. The above explanation is elaborate and clever but ultimately useless. I notice he also glosses over Greece. Why?
well because they are suffering under their massive welfare state, the exact sort of thing he as a marxist would prescribe as a solution. central bank inflation and welfare statism are the same side of the coin. Both are (allgedly)well meaning but ultimately harmful intervetions into the market.
He’s on point about the home ownership obsession in the US, that was what directed the malinvestment. Again though, this was a govt initiative.
Interesting presentation though and liked the drawings.
edit: at the youtube comments thread a guy is on a rampage trying to disprove mises and economic calculation. he feels computers can create models every bit as good as the ones that occur naturally in a marketplace.
http://www.dangerousminds.net/index.php/site/comments/crises_of_capitalism_an_animated_talk_by_david_har vey/
YouTube - RSA Animate - Crises of Capitalism (http://www.youtube.com/watch?v=qOP2V_np2c0&feature=player_embedded)
here was the comment I left
"very much disagree with Mr Harvey as to the nature of the problem.He mentions greenspan only in passing. Greenspan is at the begining middle but cleverly on his part not the end of the story. He kept the interest rates too low for too long. as always, it fueled a boom and in the boom malinvestment occured.
That’s it. There’s no animal spirits, or cultural whatever. the market players responded to the easy money as they always do. The above explanation is elaborate and clever but ultimately useless. I notice he also glosses over Greece. Why?
well because they are suffering under their massive welfare state, the exact sort of thing he as a marxist would prescribe as a solution. central bank inflation and welfare statism are the same side of the coin. Both are (allgedly)well meaning but ultimately harmful intervetions into the market.
He’s on point about the home ownership obsession in the US, that was what directed the malinvestment. Again though, this was a govt initiative.
Interesting presentation though and liked the drawings.
edit: at the youtube comments thread a guy is on a rampage trying to disprove mises and economic calculation. he feels computers can create models every bit as good as the ones that occur naturally in a marketplace.