25 Burst results for "John Maynard Keynes"

Fresh update on "john maynard keynes" discussed on John Batchelor

John Batchelor

01:06 min | 6 hrs ago

Fresh update on "john maynard keynes" discussed on John Batchelor

"Market, a new book that takes us back to the 20th century and then forward to the 21st century. To several a debate that cannot be settled. Between two schools of economic thinking. One represented famously by John Maynard Keynes. The other meant a represented famously by Friedrich Hayek. The high Akins, the Keynesians but their disciples Samuelson and Friedman. So we begin with an event. It is June of 1980. Inflation has peaked. Runaway inflation has peaked, but they do not know. Paul Voelker is in the audience. He is now the the man who's making decisions at the Fed. And the speaker is Milton Friedman. Of the Chicago school. Nicholas, congratulations and a very good evening to you, and your book is a treat. If I'd read it as the younger man, I would have been less perplexed by the events of these last decades. When I realized that these men, these significant economic theoreticians were intimate friends and correspondents and cared a great deal about each other and their families. But this day in June, 1980 Milton Friedman launches an ad hominem attack on the decisions made by Paul Volcker. You describe him with his part tall frame in the audience sticking above. All the other seated guests. And the ad hominem attack is blunt. What is the case that Milton Friedman makes? And how is it that Paul Volcker is able to respond? Oh, Milton. Good evening to your Nicholas. Good evening, John. It's great pleasure to talk to you again. Yeah, This is an absolutely key moment in the battle between the Americans and the Canadians, but 50 years later after the event, and they are making decisions about exactly How to purge hyperinflation from the system. By the seventies, Everybody was in despair. The cantons couldn't understand why runaway inflation had taken place. Milton Friedman thought he had the idea which was to do with monetary theory how much money is in the system? As guides how much inflation there is. And so he says. What you want to do is just turned the taps off or turn the clubs down. Focus doing this, but he's not doing it as Milton once Milton wanted, said program Focus playing it by ear. And actually, as it turns out, as you say, he didn't know you got it right. But you have got it right. And so Milton thinking that Volker was doing something completely wrong because he wasn't follow up, Milton said attacked him in this public forum, which is most unusual of all the great academic debates and political debates. The people behind the scenes really hit each other in public, But Milton was a very interesting character. He was a Brooklynite. And he was a little feisty. I mean, I say little. He's about five ft. Seven He was a little chest product had arguments with everybody. He was grabbed remarks once saying, Uh, A song saying it's uh But whatever it is, I'm against it. And Milton had that reputation for always being the contrarian in the room, and he was contrary when it came to politeness to and that is that he should have kept quiet and mentioned it to bulk up behind his back. That's right in private behind closed doors, but he didn't he launched a very public attack on them. Focus. Samuelson Paul Samuelson, who is The esteemed economist and Post came here. That's his own term for himself at MIT rights of this event, I am not one loath to criticize the Federal Reserve. There is no other activity that so much adds to the economist, professional and self esteem. One of the joys of your book is how dry their wishes. I wonder if they take a course in it before they get their PhDs. All right, let's go forward 26 years. Milton Friedman leaves us at the age of 94 November of 2000 and six, however. He has a posthumous column in The Wall Street Journal published the next day. Money matters in that he makes the same case he's made for decades. What is that case despite all of the vicissitudes of the seventies eighties nineties And good heavens. We're about to come to the great recession. What is the case? Nicholas The cases. Is that the coincidence that come to the conclusion that you can actually throw money around you could borrow it endlessly. If some if the economy was in trouble, it was thinking he's just hosed. Money added and People from higher calm words on the conservative side. As this debate would argue, Hold on a minute. There's a cost to all of this. There will be a cost. It will come out in imitation of one way or another. Something will go terribly wrong, and I just said, I'll leave that to us. We'll sort it out. And what this yes, is possible message was actually, money still matters. Money is still important. There is a price to all of this. Like there's a price price to quantitative easing, he would say today didn't live in the age of quantitative easing officially, which is where governments borrow their own money effectively in order to pump more money into the system. No one believed that and it's logical if you think about it for a second is common sense. The more money there is in a system the higher prices will go has more money cure goods. The price is paid beginning a year later, and it's like falling down the steps. November seven, Fannie and Freddie reported $2 billion loss and then we go through what is a hall of shame. What we have now is IndyMac fails in California. We also have the questions at BNB Para bas meeting Mrs. A global crisis driven by the real estate excesses the following March Bear Stearns for fails. After that, with JP Morgan and the government stepping in, uh there's the term Frankenstein and financial Engineering Layman's fails in September.

Paul Volcker John Maynard Keynes Friedrich Hayek Paul Voelker John Milton June Of 1980 Samuelson 21St Century Milton Friedman September $2 Billion Friedman 20Th Century California Federal Reserve June, 1980 Volker 26 Years Fannie
Breaking Down U.S. Spending During The Pandemic

NPR's Business Story of the Day

01:07 min | 4 months ago

Breaking Down U.S. Spending During The Pandemic

"The trillions of dollars that the biden administration wants to pump into the economy signal. The return of big government. I put this question to zachary carter. Who wrote a book called the price of peace. It's about the economist. John maynard keynes and the ideas that underpin our current understanding of what government's responsibility is in a time of crisis. Carter told me it's not really about big government versus small government anymore. It's about how the money is spent. There's always been at least over the last seventy five years if fairly large government but since the nineteen nineties there has been a different consensus about how we should organized that government with democrats moving closer to sort of the reagan conservative republican understanding about how how the state should be organized. And i think president. Biden's been pretty clear about wanting to turn away from that. He's hanging portrait. Fdr in the oval office. That's something new. So i think the size of the government is sort of a rhetorical issue. The real shift here is where the focus of that. Government is is directed.

Biden Administration Zachary Carter John Maynard Keynes Carter Reagan Biden Oval Office
Fisher Vs. Keynes: Investing Tragedy And Triumph

The Indicator from Planet Money

06:20 min | 6 months ago

Fisher Vs. Keynes: Investing Tragedy And Triumph

"Irving fisher was born in eighteen sixty seven in the town of saugerties. New york got his phd economics from yale in eighteen ninety one and for most of his adult life he enjoyed this almost unparalleled streak of success. Yeah not just as a great economist but also as an entrepreneur and investor. Tim harford is the author of the data detective. A new book that includes a chapter about irving fisher. He was the basically the inventor of what we now call the rolodex card filing system. That made him a multimillionaire. He was a diet and fitness expert. He published a book called how to live which was the freakonomics of its day. Only sold five hundred thousand copies. He set up the life extension institute. He was a campaigner on prohibition. He was a vegetarian. Assist an astonishing a prolific campaigner and thinker and he made a lot of money in the markets for a while as the stock market in the nineteen twenties was going up and up fisher was investing more and more money into it in fact even though he was already investing a ton of his own money he was also borrowing even more money to invest in stocks so that he could boost his returns fisher was just supremely confident about his forecast that the market would keep going up confident both in his own intelligence and also in the possibility of using data and statistics to predict the future. So that's where irving fisher was right before the crash of nineteen twenty. Nine john maynard. Keynes the other. Great economists of the era got there a little differently. Canes was definitely already considered one of the great economic minds of the time and just like irving fischer canes knew. He was the smartest guy in every room. He walked into same. Yeah me too something. We all share with gains right. But unlike irving fisher john maynard. Keynes had gotten some things wrong. By that point he had been humbled by the market before he had an early investment fund immediately after the first world war that just went went bankrupt and it was fine canes raise more money went back into the market. Got everyone's cashback. Everyone lived happily ever after but he had that experience going. Oh yeah. I thought i was smart on the market. Maybe i'm not smart on the market when the crash of one thousand nine hundred nine arrive. The stock market collapsed more than twenty percent in two days and within three years it had fallen more than eighty nine percent from where it was before the crash. Both and john maynard. Keynes lost a lot of money on their investments in the crash but there is a huge difference in how they responded so after the crash fisher kept doubling down on the same investments. He even kept borrowing money to invest in the same. Losing stocks for example fisher owned stock in a company called remington rand and right before the crash remington rand stock was at fifty eight dollars share but after the crash of two three months it was twenty eight dollars. A share and fisher was borrowing money and buying more shares at twenty eight dollars for years into the crash. It was one dollars a share. That is how to be a millionaire. Lose everything maybe fisher believed that his precious data just could not be wrong or that he could not be wrong or that. His self worth was tied up in this idea that he was right. Whatever the case he couldn't change his mind and he lost everything. Canes was different kane street at his failures as a chance to learn a chance to improve his process up to the crash he'd been investing based on his ability to predict the ups and downs of the whole economy. But after the crash he decided that that was just too hard to unknowable so he changed his strategy to investing in companies that he believed had good management and he thought would go up over time no matter what the overall economy was doing. Canes made a fortune for himself and for the endowment of king's college us money he was managing one of the things he said when he was trying to raise money from his own father was win or lose. This high stakes gaming amuses me. That's that's just an amazing linked to say when you're trying to persuade someone to give you money and yet in the end it helps because he just didn't take it so personally for the past few decades. A psychologist named philip tat. Lock has studied the behaviors that lead to better forecasting being very precise predictions constantly. Checking to see if your forecasts or proving true and updating your forecast if they are not true all of these make you a better forecaster. But tim says if he had to summarize. All of this research on a bumper sticker. Full cost is better when they recognized. They might be wrong and they are asking themselves. What am i missing. What perspective having tie considered. Who haven't i talked to that sort of almost paranoid suspicion that you might have messed up. And the willingness to change your mind that leads to much better forecasting you know it sounds so obvious. Just be able to change your mind and yet in practice. People really struggle to change their minds especially about their deeply held beliefs. That irving fisher could not change his mind and john maynard. Keynes could ended up making all the difference in how they lived the rest of their lives a few months after the second world war at fissuring canes both died fisher was alone and nearly bankrupt hitting bailed out by his millionaire sister-in-law and he'd completely lost his reputation as a result of his failed forecast. It's such a tragic end to a great career. Canes died a millionaire the most famous and celebrated economists on the planet and there is a quote that sometimes gets attributed to canes that. Tim also likes to remember him by. He probably never said it but he lifted which is when the facts change. I change my

Irving Fisher John Maynard Fisher Keynes Tim Harford Saugerties Remington Rand New York Philip Tat TIM
"john maynard keynes" Discussed on Why Is This Happening? with Chris Hayes

Why Is This Happening? with Chris Hayes

04:12 min | 10 months ago

"john maynard keynes" Discussed on Why Is This Happening? with Chris Hayes

"Seen in my life. Was the Democratic Party jamming that six hundred dollar unemployment insurance bonus. Into the into that cares act which they did last second. And a bunch of Republicans freaked the F out about it. They almost voted against the bill. It was just the most like simple beautiful policy intervention. I've ever seen I think in my life it was just like everybody gets an extra. You Lost Your job at your six hundred bucks a week. And it worked like, ADA save ten million people from poverty people's disposable income increased. During the lockdown people's personal savings increase year over year it saved businesses because demand did not go away like. And it was just like to me. It was a perfect example of like, what can you do that and that's the power of canes is like there's this kind of taboo around scarcity of like, what can you do that in Keynes's like yeah, you do that. Yeah Yeah and and I mean he somebody who witnessed the power of the productive system as a war manager right? So he saw in World War One like. Holy Crap we can just do this mean the the the UK before World War One GP went up twenty five percent over the course of World War. One. For for the UK, it was it was not in a recession beforehand hadn't been in recession for decades but World War One. Suddenly the economy was just producing things that were unimaginable even to even to canes who has become this really important optimus he was in fact, constantly recommended to T to war managers at the time you know. Economies just don't go this this hot. We're GONNA have to cut back somewhere. We we don't have the resources they would turn out to have them. So he saw this incredible productive potential, the economy, and he said you know. The problem is not that we can't produce enough like we do produce enough and and that creates a real problem. I think for the economics. Profession. At least the sort of again, a donuts smear all economists but but for the economics profession that's had power in Washington for the last thirty or.

UK Democratic Party Keynes Washington
"john maynard keynes" Discussed on Why Is This Happening? with Chris Hayes

Why Is This Happening? with Chris Hayes

05:17 min | 10 months ago

"john maynard keynes" Discussed on Why Is This Happening? with Chris Hayes

"During the depression. Particularly, banks were failing people would keep money in their socks in under their mattress, and this was this meant that you know my my spending someone else's income. This meant that there was not economic activity happening and I, you know I'm sure we're seeing quite a bit of that. Now it's it's a very normal human reaction and until people feel confident that tomorrow is GonNa. Be Better than today they're not gonNA want to go out and. Buy that you know certainly not not splurge on luxuries everything's necessity until you until you're out of money, right? The finding you can cut back on things but a lot of things that. You know we we expenses and costs that we took for granted six months ago I think a lot of people are not making right now and so canes we'll look if the government just does the spending, it doesn't have to buy those things. The government doesn't have to go out and just say I'm buying a bunch of guitars because the market for guitars is down but it can. We can pay people to build bridges it can pay people to fix highways, and at the time that was extremely controversial people said, it was socialism to do these big roadbuilding projects they they freaked out about it and indeed. When Keynes was advocating these public works programs and it's fascinating for me about studying him was. Coming to to recognize the, he was advocating these big public works programs for years. Before he came to the general theory, the general theory was sort of the the Eureka moment. Here's why I like this policy program advocating for ten years. That's my favorite kind of theorist. He was honest about it. Right I, mean he he changed his mind a couple of times about what his sort of underlying economic philosophy was when he would change it, he would say look people here know that this is my favorite policy remedy. Its public works will have changed my mind now why I think It's kind of hard to imagine public intellectual admitting error today he's. Great quotes about mind changing right I don't know if he actually said it but. I couldn't find evidence for. Yeah. These, credited with. It's something like. My mind what do you do? Exactly exactly I don't think he actually said it he may have but I couldn't find evidence He's he's the guy though if you read the general theory, most of it is incomprehensibly dense it really I took I took a Economic consequences the piece you can read. But general theory you can. It's horrible and I think I think that's why it's part of its power though is that People can say all at Cain said in general theory no one actually knows what's in there..

Keynes Cain
[AI Futures] Steps Towards International AI Governance - with Futurist David Wood

Artificial Intelligence in Industry

07:30 min | 1 year ago

[AI Futures] Steps Towards International AI Governance - with Futurist David Wood

"So David where I thought we'd start off here is around this broad topic of the governance of artificial intelligence I. think that there's concerns about the near-term around security privacy. There's longer term concerns about becoming more powerful people are thinking about should there be just regional surveys of governing technologies or or is it prudent to really think about global governance GM stance or way that you like to frame that problem? I'm all in favor of some local experimentation I. Think it's appropriate to have some things out to not obvious in advance that we can. Off. The Bat first time get a complete system of regulation. Correct. So I'm in favor of different parts of the globe whether it's the EU whether it's America whether it's China experimenting with a view to. Seeing which rules make more sense which rules viable. However, it has to be a stepping stone to watson envisioned global agreement because people will not surely be loath to commit themselves to that restrictions nationally locally if they perceive thought competition is going to be able to walk without these restrictions and get potential advantage. So we have to move into coast to international agreements to. Many people people are. Fearful of the any prospect of global government they feel that it's going to be d'italia -tarian or inch to wants the. Taliban. But what I will say is that we already have examples of global governance of various things. We have a sports organizations which managed to reach agreement on how the soccer football. World Cup is played. The Olympics Organization makes lots of agreements even though the constituent. Nations have lots of different political viewpoints and lots of different makeup. So there are examples of how useful agreements can be reached even between the ideological opponents. That's what we have to build on. I. Like the idea of local experimentation. It does indeed feel very hard to take a directly to the top okay world. Here's the page we're going to be on in terms of how data's treated or what is allowed to do or not allowed to do that Cetera. How do you see that playing out in terms of? Relative, near-term thinking about obviously the EU is they have their GDP are rules that are coming out. You see new sort of waves of these rules emerging in different countries than some observation by the global community as to how are they shaking out their implications for private sector innovation whether implications for human rights where implications elsewhere and then being able to use those as the experiments to build something more global. Exactly, right and the GDP aw in the EU is very important case point most people of mixed views about the actual implementation we often think, wow, this is clunky. This is A. This is poorly done on the the hind. We have sympathy towards what the rules are trying to do, and we say, yes, it is appropriate. Thought is the right to have an explanation. It's appropriate for people to understand how the data's being used and so on. So we can see that the intent is Goud. If maybe not. One hundred percent in agreement, but it's a starting point, but it is not something that's done once and then finished on the contrary. It's part of what should be an ongoing sequence my lendings in the Business World I spent twenty five years in the mobile technology and smartphones industry that was an industry in which there was a great deal of rapid change, their surprises of a new entrance of disappointments of things going wrong and. Then things going overwhelmingly right. My key lesson from all of that is the importance of agility the flexibility. Of course, you can set the overall long term direction, but you must stay get to that overall target in stages interim as moll steps, a new must be ready to your plan based on what you have lent in what new things become clear that were less clear L. ear on that face so we will get their stage-by-stage. I think politics the world of politics often seems almost like a domain were that innovation where in the private sector let's say is rampant stood to be the only game town isn't the only real game in town in politics to some degree because experimenting with fifty counties in Wisconsin, about how we're going to manage healthcare bills is really hard to do and seems somewhat viable as opposed to. Some big change for the whole state of the whole country and it just Kinda. Gets rolled out. Is there a way to sort foster a greater degree of this experimentation because it feels like at least historically, there have been limits to seeing politics as part of this iteration learning it's more of just clunking inevitability. It's not seen as maybe the global community is not look to aggregate policy as a way for us all to learn for us all to move forward. So ready to encourage that mindset in that learning like you saw in the private sector. One problem with politics is people really like to admit that they will wrong stu really like to have something a defied with them as being a failure whereas in business more people are willing to shrug and say, yes, dot to didn't walk as I expected and you know what analogy I'm wiser. And Business we talk about failing smart failing fast and feeling forward and it sounds like buzzwords. But all three of these things means something particular failing forward in particular means that you don't try and move on quickly and did deny the you ever were associated with such an experiment you say, well, here's what you've learned from it and you use that as a starting point for the next round of experiments but they politicians like to present themselves and we often as voters like to see all politicians is A. Superhuman Infallible Vegas and we need to have a much more human understanding of how politics works. So that's one thing that will help. A second thing that will help is more of a coalition that mentality rather than two different groups WanNa. The right and the other the laughed the Republicans at the Democrats or whatever politics is in my view much healthier when there are multiple different parties involved and where it's quite easy for people to move from one party to another as their owner. Viewpoint changes evolves over the time. So sadly, when two different blocks very adversarial. Limits the ability to have more meaningful and useful discussion. It pushes into their role in mental state as well. It puts into this tribal frame in which we often don't want to say something we think is true because it might be embarrassing for offsides. So instead, we latch onto something that makes the other side look stupid even though we may not fully believe it. So it's a very bad way of having a proper. Discussion. So sometimes I talk about we need more than just democracy. We need a super democracy. We need to learn how to have these discussions in a way that We're happy to admit that we've been wrong with hoppy to admit we've changed our mind after all to court the Economist John Maynard Keynes though he may not actually have said this when the exchange I changed my mind, the

EU GM Taliban John Maynard Keynes David Wisconsin Watson Goud Soccer Olympics Organization China America Wanna Football
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

01:33 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"Totally deranged, incapable of of love and harmony, but believing that it's the best time ever to be alive and to build the type of world. The canes wants to live in, and I think that faith in humanity is something that we often don't talk about when we're talking about economics, we think about this sort of. Denuded, technical science that's about equations and and at numbers. And not so much about our belief in each other and our belief in the future. And I think that optimism is it really transcends the kind of political categories that we talk about in the United States today it's not an optimism of the left or the right or the center. I'm not saying that he was a centrist I'm not saying that he was a left wing Socialist I'm not saying that he was a conservative. He was all of those things. and. He believed very very deeply in our ability to build a better world together and I think I think if you don't sustain that faith, you can't sustain. Democracy and so I, think it's a really important a very deep worldview that people should appreciate about him. It's something that I admire about him a very great deal. The book is the price of peace money democracy in the life of John Maynard Keynes. We've been speaking with Zachary Carter. The author Zach thanks so much for joining us on apple ideas. Thanks for having me in that. We're always trying to get better, so if you have any feedback including topics, you'd like to see addressed in future episodes. Shoot US an email to capitol ideas at cap group DOT com. For Capital Ideas, this is Matt Miller reminding you that.

canes United States John Maynard Keynes Zachary Carter Matt Miller Zach apple
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

07:47 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"So he is actively involved in socializing British medicine at creating the British welfare state as we understand it today. That is an agenda that the right is I think you know. They're afraid of that for political reasons, and they're not wrong to see him as a political enemy in that light, and then and as you said which I also had not understood he was involved with. The beverage what became the Beverage Commission report that set the. Flu Print for the welfare state in the UK say a word before we get to canes, dying and then his legacy, and what happens there, so you're worried about what he was trying to achieve at Bretton Woods. The kind of forgotten plans that he sketched rejected ultimately the US because the US L. Cards, but he had A. Fascinating plans to manage international trade balances in a way that. Would assure where he would argue. What ashore I? Guess Global Peace. And prosperity and you way to give a capsule view of Apropos. Shirt. Came to though is working out these grand schemes for solving. All of the world's problems was sort of one one brilliant flourish, and and Bretton Woods. His agenda is an attempt to sort of not only bring back trade, stability and monetary stability to the Western world. But to get rid of of war, economic sources of conflict and he thinks that by addressing imbalances in trade between countries and imbalances in capital flows between countries. He can eliminate the types of tit for tat. Economic devaluation or or or tariff raising the the sort of of of dislocation that becomes commonplace and in the in the international economy over the Nineteen Twenties and Nineteen Thirties, so his his plan is really pretty simple. He says when you have a big imbalance that opens between two countries. The country that's on the winning end of the imbalance should be required to help corrected. The owners shouldn't just be on the loser in that in that situation, so if the United States has a big trade surplus with. With Britain should be required to pay to bring it down if if it has a big trade deficit Britain to be required to pay to bring it down, but essentially countries will will get to equilibrium. They will not run large sustained deficits with each other. The way say the United States has with China for the last twenty or thirty years. He says that is a source of instability and conflict, and I think the escalating tensions between the United States and China suggest the Kansas right about that. or Even Germany's surpluses today, which are a thorny issue as well certainly. Throughout throughout Europe and I think I think he's right about this underlying issue, but the trouble is implementing an international system like this when you have somebody who was on the winning side, so the United States just says we're not interested in giving up global power like this global economic power in the name of the stability. We'd rather use our military and our diplomatic prowess. As? We see fit, so they sort of go back to a gold standard system, but instead of gold they have. The dollar is the international currency. So then what's so interesting is retinoids happens. Canes is in ill health. He's having heart attacks here in there. And then he finally dies around page three seventy of of your book, and it's such a fascinating choice I think rather than ended there and here all part ways with at least the Wall Street Journal reviewer who thought that this was the best one volume a biography of canes, but then it didn't end when he died. I think it was a fascinating choice that I want to hear you say a word about spent one hundred and fifty pages talking about what? What happened afterward. Because it's really is biography of Keynes's ideas, as much as it is a biography of of extraordinary individual and the story that happens afterwards, you know I knew headline things about you know the rise of Milton treatment, and the you know the way that the seventies were said to discredit canes, but immediately afterward in the kind of postwar period, the way that the McCarthyism and academic politics in the US made people associated with canes potential tarnishing. Why did you choose to do it that way? I'm I'm I'm assuming I'm kind of interpreting your intent correctly and. Can you kind of brief strokes talk about the arc of that story. You know as you bring it up to the current crisis. Canes is a towering figure in the twentieth century. Because of the way, his ideas color our politics after his death. If you stop the story, at Keynes's death, you have a man who came up with many interesting things, but people don't call themselves Keynesians, the nineteen thirty s and the nineteen forties. They say they support deficit spending, and maybe if they want to convince you, they they point to this British economist over here. He becomes a monumental figure. Because of the way his ideas are used once he is not around to to describe them or wheeled that himself, and so in particular the way they are used in the United States after World War Two. To sort of develop the postwar system, which in many ways is the most prosperous system I think. The United States has prosperous period of economics. Economic Management, the United States has ever enjoyed, but it is also in many ways plagued by a lot of the same things that we're plagued by today, and so it shows both promise and the limits of the ideas that Keynes. was was working with, and he becomes a figure who is central to. CANS and his disciples become central to the political battles of the day whether it's in McCarthyism. Where a lot of these new deal figures are being purged from government. Or whether it's in the nineteen seventies where Milton. Friedman says hey. We have a new. There's another way we could do. Economics and we have to do this because this current problem that we're having which is at the outbreak of inflation discredits all of Kane's. All of Kane's not just in does not just a couple of policy decisions for the last few years. Keynes's entire way of thinking about the economy and about economic management has to be scrapped. It's a holistic sort of paradigm shift a new way a return. Really I think to an older way of thinking about economics that Friedman is championing in the nineteen seventies, and then you get to the financial crisis and the world since then. We've been living in and I think the Keynesian paradigm has has revived. And is is something that people talk about as maybe the dominant mode of of the way, the world works economically. And I. Don't know that I certainly did not think about Keynes's this very broad social thinker. With. With all of these profound philosophical ideas, I think in some ways, some dangerous policy ideas. But but this guy. Who has this incredibly rich world view that is on offer. I thought of him as the sort of narrow. That was about deficits that that we that people were fighting for, but when you really understand what people like Friedman are arguing with with canes. They're not just arguing about deficits. They're arguing about how to see the world and how to see people, and and that's a that's a profound argument. Just a parting thought any last word on what we would what you'd have. People take away from Keynes's life and ideas that irrelevant to this period. We're in today. Canes was an incorrigible optimist. Almost to the point of delusion, I think at various points in his life. But that optimism is something that enables him to sustain his faith in humanity over very very tumultuous, and and frankly pretty horrifying era. You know he lives through world, war, one the Great Depression and World War Two, and he comes out of that, not believing that humanity is..

United States Canes Keynes Friedman Bretton Woods Nineteen Twenties Kane A. Fascinating Beverage Commission Flu UK Europe Wall Street Journal Britain Kansas China Economic Management Germany
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

08:12 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"Burke or Plato one of its core ideas, if I'm sure oversimplifying, but to kind of demolish the prior conventional wisdom in the economics, profession that markets would clear that unemployment occurred because wages were too high, and things would reach an equilibrium, it full employment. The error of that and showing among many other things in in the book that you could have a equilibrium very high unemployment that will create great human suffering could only be addressed by the then newish ideas of serious government intervention to help manage in economy, which seemed obvious in there somewhere in your book I. Think are maybe Other stuff I've been looking at. He came himself says it's kind of. It's obvious you're once you get through it all. It should be obvious as many insights of genius might seem to be looking back almost one hundred years. Yes, yes, I mean look. There are only so many ideas in the world and. Some of the most profound ideas are very simple, but in order to reach them. You have to do a great deal of thought. And you have to care very deeply about the ideas. Whether it's. Prosperity has to be managed by wise government, which I think is ultimately the lesson of the general theory that we are not naturally on a course to to prosperity that will just happen. That's because it's so hard wired into our psyches collectively that we have to. We have to manage. That seems very clear to us after you shed all of the ideas about equilibrium and supply and demand sort of meeting in the middle. which are the basic assumptions, not only the economics profession, but but derived from a lot of enlightenment, thinking about rationality and about and frankly about human equality as well. So Kansas saying you. We have to rethink what we mean when we talk about. Individuals making rational decisions about their future. We don't know the future. We don't know what's going to maximize profits. We don't know if a hurricane is going to hit and disruptive. Of We don't have pandemic is on the horizon. We don't know if there are you know uprisings in every city in America that that could be about to occur, and so to talk about our ability to make good decisions about our financial future in that situation is to really. Confuse people about how decisions are made. I think. For thinker with Keynes's powered. This type of thing ultimately. He spent so much of his time talking to philosophers to people like Bertrand, Russell and Ludvik in Stein about what truth was how language functioned what it meant to be rational, this was really the focus of his intellectual life until World War One and that makes him. I think unique is an economist. He's somebody who's bringing. This sort of philosophers sense to the economics. Economics, profession become sort of an outside critic of the profession I. Think the backlash against canes comes in the nineteen sixties and nineteen seventies is partially about inflation at about Keynesian policies and their their contribution to inflation, but it's also about this worldview that Keynes's bringing in his his critique of the economics profession. Which I think the economics profession comes to view as illegitimate. Now. It's the US where you know FDR and the new deal, and then obviously or more much more potently world war, two kind of definitively ends up proving the the merits of his actual serey. Query, whether he was troubled by the fact that it was a massive military build-up the the proof of that, but it did show. What the power was a government investment. But FDR himself, and you had a couple seems in the book. Re FDR HIMSELF WAS NOT. Oh, you know. Mr Canes I'm hanging on every word. You think of canes. FDR was not a big fan of John. Maynard Keynes where John Maynard Keynes was an enormous, just just fawning. Just totally adored FDR. But but FDR thought canes was sort of this head in the clouds. Intellectually he met him in the early nineteen, thirty's nineteen, thirty four, and he comes away from the meeting telling Frances Perkins is Labor Secretary. That guy must not be a real political economist. He seems like some mathematician giving me this whole rigmarole of figures. Canes was not able to persuade FDR at all about his ideas that people can't could persuade in the Roosevelt administration, however were his economists, and so the Roosevelt Administration becomes stacked with all of these. Keynesians particularly people who are at Harvard University in the Early Nineteen Thirties who read the general theory in drafts and in lecture notes before the book even been released in the United States. They become the the figures within the new deal government that transmit cans ideas into policy in the United States. It is not canes and his ability to wow FDR with his intellect. FDR FDR is also a Democrat, and so he feels like. Woodrow Wilson Another Democrat, was treated very badly by canes in the economic consequences of the peace I mean Woodrow Wilson comes out of that book, looking like a fool and and I think Keynes's critique is largely accurate, but it's not an admiring portrait, and so there are political liabilities for him within the United States that he's never really very good at navigating. But he has all of these administrative technocrats very high in the Roosevelt Administration who think very highly of his work in our influential with the president in one thing just to call out for listeners which I had not. Understood until reading your work in now now I'm thinking about it now. In terms of where policy, my head in the future is, the canes talked about the role of public investment, basically that investment in the economy he argued in general theory should the majority of investment should be done by government as opposed to private sector investment and tell me if I'm recapping accurately that because due to his view of uncertainty and business, psychology and animal spirits, the actual potentially wild fluctuations in private investment could be affected that way only government investment in public works of various types or quasi. Quasi public private publicly oriented projects could assure a smoothing of what would be potentially radical and damaging falloffs and investment. It would create these awful specs unemployment. Am I saying that right I? Think that's about right. You know the the the uncertainty that canes as concerned about with the future he believes the government has the it the ability not to eliminate it, but to, but to to ease it into a smooth out like you're saying sort of the wild fluctuations in investment that would happen if things were left to sort of atomised individuals making their own decisions. In what I think. Time would have called a free market, and not just with income support or the kind of automatic stabilisers we talk about today, unemployment, insurance etcetera, but with actual the public investments out of it, as opposed to publicly supported consumption with something that I at least was not aware of the magnitude of the role. He thought. Sustained public investment should play in managing an economy now. There's a backlash to canes that happens after World War Two in the United States which is led by. By, the right and a lot of that backlashes I think over the top, but the reason the American right is so afraid of him is because his ideas really are much more radical than the ideas of say. Somebody like Paul Krugman. Who identifies as a Keynesian today? He calls somewhat comprehensive socialization of investments in the theory, and by the end of his life in the nineteen forties. He is calling for roughly two-thirds of all spending the economy to be overseen by the government, so canes is calling for a fifty percent increase in government spending above the levels at World War Two. This is a very very aggressive. Aggressive agenda that he is that he's talking about, and he puts his money where his mouth is. When he is in in British government, you know he is famous for deficit spending in the United..

Canes FDR Maynard Keynes United States Early Nineteen Thirties Roosevelt administration Burke Roosevelt Administration Woodrow Wilson Paul Krugman Plato Frances Perkins America Kansas Harvard University United Labor Secretary
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

03:07 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"Texture did make this. Not just a a podcast. Listen to, but this in no way precludes requirement for people to buy the book and read it, so just a little more color about his life at the top, but I hope it doesn't preclude the requirement that people buy. But if you read it, that's up to you. so the in nineteen twenty-three. He buys a magazine called the nation and. He gets consortium investors together. He's the majority he's got the majority stake I believe and he's chairman of the board and he starts assembling his editorial team. Any hires all of these people who are luminaries in Bloomsbury and the person. He really wants to hire to be his his sort of. Art and politics at editor. Is this new poet in who's on the scene in London who Virginia Wolfe is just very enthusiastic about, and she has published this very long about public very long pamphlet with one of his poems, but he it's only been published anywhere else. In Sky's own self published magazine and Canes can't talk the other directors into it, and after a long series of negotiations, he finally wins, but he talks the guy and the guy says you know actually I'm more comfortable with my job at the bank and the guys. T S Eliot and the parliaments wasteland, so so he's this guy. Is You know he is? Is Constantly in conversation with some of the Great Geniuses of the early twentieth century from Anglo American letters and ideas, and of course Virginia Woolf is trying to talk him into this but Virginia Wolfe is not recognized as this universal brilliant mind in nineteen twenty-three. She hasn't had a hit. She's had critically acclaimed books that have sold by two thousand copies so in nineteen, twenty five. She finally published as Mrs Dalloway then she's off to being a well paid novelist, but her husband. Leonard ends up getting the job instead of t s Eliot and so by paying Leonard to run his his his literary. And there's a political edge literary coverage of the Nation Anathema I'm so. It's not just like he's only covering poetry or something, but by hiring Leonard. There's enough money for the Wolfe family for for Virginia to be able to go and write the books that she writes, and so he does this throughout Bloomsbury. He's he's both investing money and speculating on various currency exchanges for his friends, but also giving them direct jobs at this magazine, and making it sort of the house organ of the Bloomsbury said and he's doing this at a time when he is, he's deeply committed to the Liberal Party in Britain. Which is sort of? Of a sort of a centrist party the Labor Party is coming up on the left. It's explicitly socialist so The liberals and labour sort of combined would be I think a little closer to sort of the Democratic Party coalition of the United, states today, but Bloomsbury is is is much more radical. I think politically than canes at this point in time, and so it's they start sort of pulling him to the left a little bit while he is trying to run a house organ of ideas, for for the Liberals and by the time you get to the you know the end of the nineteen twenties. His his ideas are much closer to where Virginia Wolfson Lytton Strachey are than they were in one, thousand, nine, hundred, fifteen, or nineteen, sixteen, so and there's much more in the book on that for those who.

Virginia Wolfe Bloomsbury chairman Virginia Wolfson Lytton Strach Leonard Labor Party Democratic Party coalition Virginia Liberal Party T S Eliot Canes London editor Sky Eliot Mrs Dalloway United Britain
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

02:44 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"Become a government adviser, and then ended up accompanying the the group in Paris there were about that. Yeah, so he has been at the fringes of the British before World War One. He worked in the India office, doing some things on the relationship between the Indian currency and the pound and so when they have this financial crisis that breaks out at the beginning of World War One he gets invited to participate in the discussions over how the government should. Should respond what they should do. And Cans, Essentially Claes the starring role in that particular set of negotiations. He writes the memo that persuades Lloyd George. Who is the Chancellor of the Exchequer at the time sort of like a British version of a Treasury Secretary and persuades him to actually take action and to take the ultimate action that that is taken and. He ends up sort of flipping that into a job at treasury, where he eventually becomes head of war finance, really which is not just a position about money in numbers, it's a position in which military strategy is a really key part of the job, so he is involved in heated debates, and the British cabinet over how the war should be conducted, and he largely loses the battles that he's involved with inside the government over the course of the war it and that's a pattern that would continue for most of his political career. He has this monumental political legacy but during. During his own lifetime, he loses almost every single fight that he starts until the nineteen forties, and that begins in World War One and so is an advisor at the reside conference that takes place afterward. And how old is he? Now? This this is he's thirty one when he goes to when he goes to London to to join the Treasury in nineteen fourteen, so by the end of the war. He's thirty five thirty six. You know he's still young man, but not like a not like a Jimi. Hendrix Virtuoso in his twenties, and so he in his upset obviously. As we learn when he writes the book, It really makes about an international intellectual celebrity afterward economic consequences of the peace, but one thing that just caught my eye. Reading this right now. Reading your Your Book Right now is the. Negotiations, which were a number of months in Paris, all the luminaries, their and their entourage etc was during the pandemic right the the the kind of the hundred years ago, condemning in it I thought it was interesting. There were only a couple of glancing mentions in your text of the pandemic. You know. There was a a floor on some hotel where people were being kept. In isolation, canes, himself seem to have a flu or something for a couple of weeks, but there wasn't much more mentioned it other than that made me wonder like one hundred years from now I suppose there wasn't you know twenty four seven cable ban, but.

Lloyd George Treasury Paris government India flu Chancellor advisor London
"john maynard keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

04:13 min | 1 year ago

"john maynard keynes" Discussed on Capital Ideas Investing Podcast

"Carter Welcome to Capitol Ideas. Thanks for having me man I want to give you a big congratulations. Also the price of peace money democracy in the life of John Maynard Keynes is already hit the times bestseller list, so that's a real milestone and congrats on well. Thank you so much, it's. It's been a bit of a while breath, but I can't say that. I have been disappointed so much to get into, but let's start with. Why did you write this book? That is a long and complicated question in a deceptively simple format I became interested in canes. Not The way I think most people become interested in him. who do become interested in through an economics course or a course of study at a university. I was a banking reporter asked College at Trade. Publication called SNL financial, which is now part of SNP global, and I sort of fell into the profession around two thousand six and. I thought at the time that recovering banking was going to be a relatively low key and kind of boring way to get my feet wet as journalist, but it turned out that the global banking system just about destroyed itself over the course of the next couple of years. And a lot of the ideas that people were talking about when I came into the. The profession of just assumed the canes was wrong about just about everything. And when when the banking system meltdown, all of a sudden people were about John Maynard Keynes, and so I started reading some of his not explicitly economic work, but some of his more frankly think easier to understand political work his political essays, the economic consequences of the peace was a very influential book for me, but these are books bookstore there's. There's sort of some balanced between political economic thought and and it just seemed to me like there was a very profound in deep body of ideas here that I had never been exposed to, and it made me think differently, not only about economics, but the way economics fits into the world of ideas to enlightenment, thought more broadly and into liberal theory, which was something that I had studied it in college. I think one of the Great. Accomplishments as the book is how accessible and interesting you make as economics which which is a you know among the books many achievements. Having read this at can tell folks. It's a fascinating life because canes like was fascinating, but it's really a history of ideas and you chronicle this kind of long arc of Keynes's intellectual project over the decades, so before we dive into different episodes or milestones along the way talk for a second about that bigger arquette you. You interpret Keynes's overarching project. Canes comes of age at the turn of the twentieth century at a time when the British empire he believes is is sort of experiencing the height of its political and cultural glory. He sees the empire as a force for prosperity and democracy around the world, and he sees his own sort of place in the empire, which is within the Bloomsbury set of intellectuals and artists who live in you know the Bloomsbury neighbourhood of London. As being a part of this project of of breaking down medieval barriers between peoples that that through the power of art and letters, they're going to find a way to unite different cultures people with different ideas, and make them come together in the sort of glorious milieu of international harmony end. In the first world, war that vision is essentially shattered, he is no longer capable of sustaining either his view of the empire or his view of himself and his friends, and their community in in so benign away, and so he begins working to try and create that order, and he is extremely creative in the different tactics. To realize that vision, which he never loses sight of, but he deploys an enormous number of different tactics over the course of his life some of which you know, he would disavow at different points than others, and so we come to world, War One and we come to his role in the peace conference. He got enlisted by a friend, somehow to.

John Maynard Keynes Canes Carter SNL reporter Bloomsbury London
"john maynard keynes" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

03:37 min | 1 year ago

"john maynard keynes" Discussed on The Majority Report with Sam Seder

"Dot com slash <Speech_Male> T. M. <Speech_Male> B. S. or <Speech_Male> on Youtube. The Michael <Speech_Male> Brown show Matt. <Speech_Male> Who's <SpeakerChange> on tonight? <Speech_Male> You know I <Speech_Male> do not have the <Speech_Male> rundown yet so no <Speech_Male> but <SpeakerChange> bill <Speech_Male> surprise folks checkout. <Speech_Male> <Speech_Male> I actually know <Speech_Male> who will be on <Speech_Male> tonight because <Speech_Male> there's going to book this <Speech_Male> guests for the majority <Speech_Male> report. <Speech_Music_Male> Dustin <SpeakerChange> <Speech_Music_Male> Guasta <Speech_Male> <Speech_Male> <Speech_Male> Gus. Stella Yeah <Speech_Male> Cool Yeah. He's a good <Speech_Male> guest is <Speech_Male> is a union <Speech_Male> guy. Teamsters <Speech_Male> I believe <Speech_Male> <Speech_Male> <Speech_Male> Yeah Yeah. <Speech_Male> So we've <Speech_Male> had him on before but he's a <Speech_Male> great guest. 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"john maynard keynes" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

01:54 min | 1 year ago

"john maynard keynes" Discussed on The Majority Report with Sam Seder

"Halts testing of trump's hydroxy because of higher mortality rates. Good news senior sour. On trump bad news Joe Biden getting advice from rahm Emanuel China tested nine million people in ten days. Burma government bails out left. Tonga takes twenty percent of its stock. Ap Finds Cuomo sent forty five hundred. Cova patients to nursing homes increasing deaths. They're all this. Your phone calls your. Im's and more on today's majority report. I WELCOME LADIES AND GENTLEMEN. Hope you had a good long weekend as as much as one can in. This context We appreciate your indulgence. While we took the day off everybody needed one. It's a very weird. Doing the show in this context is very strange because one it is. I mean I'd must speaking for the other guys but It still not as comfortable. It is going into the office. It's not nearly as efficient And it's It's stressful and we're off our normal schedule. We didn't have our our vacation which we use to recharge ourselves but it's a weird time to take like five days off. Because what are you going to do anyways So having a day off here or there for everybody is Is Very helpful. And we appreciate your indulgence. We don't do it that often where we don't put out content. I don't I think I can count on my hand Maybe both hands.

rahm Emanuel China Joe Biden Burma government Tonga Cuomo Ap
Coronavirus recession is "likely," economist says

Bloomberg Businessweek

01:30 min | 1 year ago

Coronavirus recession is "likely," economist says

"What's the damage to the economy that we've suffered so far but it's primarily from the attempts to fight the virus rather than the ravages of the virus itself which includes kind of shutting down a lot thanks for in teens planned shutdowns you know businesses closing transportation and so on all those things are devastating global GDP and so the question is and you said the question twenty twenty is how are we collectively meaning the room the human race going to manage to fight off the virus as we must without destroying everything else we care about the economy our family lives and so on and it one of the interesting things about this economic moment and you quote mark Zandi well known guy over at moody's chief economist he says we could be moving from a self reinforcing positive cycle to a self reinforcing negative cycle and that seems to be such a key insight here because what is a recession recession is when you lose faith in the future and you don't invest for the future of your business you don't buy if you're a consumer you hunker down and that very active hunkering down which is trying to protect you from the recession itself can trigger the recession because what works for one family or one company doesn't work collectively when everybody tries to do what it wants is what John Maynard Keynes called the paradox of

Moody John Maynard Keynes Twenty Twenty Mark Zandi Chief Economist
Tension between allies overshadows NATO summit

Bloomberg Daybreak: Europe

04:06 min | 1 year ago

Tension between allies overshadows NATO summit

"Matter NATO leaders have begun arriving full them me sing in a what would just outside of London that this morning so far still says that he had a very good meeting with president trump of while NATO secretary general Jens Stoltenberg is said there's nothing new in differences within the NATO alliance we saw some real differences on display yesterday for more we're joined by by bring back great today who's out that may save me sing a wolf and we just heard from Emanuel McCall now Maria who said that NATO should not only be talking about money it was the full out between mac clone and trump in the visible tension on display at the NATO meeting yesterday between the two that sort of taking the headlines so far just he's saying it's not just about money and that is Amaral micron of course the problem is that it's becoming very difficult to determine all the fallen takes from the treatment is for Donald Trump really is in many ways about money he's saying that NATO works wars before a denim because more countries are paying more into NATO he also says that it is serving a purpose because you're seeing more countries take a more active role as you can see why the two men are coming from two very different places and yesterday of course that was very all these one time said that my car had been insulting disrespectful that he had been very nasty to NATO when he said it was I do have to say however trauma one point call need obsolete so the French are wondering what exactly is the difference publications what is the you know John Maynard Keynes I believe that when the facts change I change my mind since I started a new you know at the beginning of his his presidency things have changed has GDP the defense and to be very Frank yes and I was at NATO yesterday they were having an event and many of the people I spoke to their weight and meet at will concede that the pressure from trump who openly said you have to pay up or we're not going to pay we're not going to pay for rich countries did force everyone to think actually has a point and we should make an effort a you're seeing gradually there's not many countries that hit the two percent target but you are seeing more countries he more or make an effort to ward that so that is something that need a would give credit to term for although they say he's ways are not the most diplomatic and when I spoke to John Stockton and I told him look trump is saying and taking all the credit for the increase in spending why are you not taking credit for it he just said I don't care how we get there what I care is that we have strong NATO and trump has made it stronger interesting that we've seen in this sense club is a big deal is that for some reason it's very fit for purpose president John a voice in saying this morning we are investing two percent of GDP in defense I think was a special event you can go to a nice if you are part of that company any stump that much images we got him Maria about what is being talked about behind the scenes and what speeches over the arrivals handshakes I know there's been some video said placing around Justin Trudeau and the the sort of behind the scenes Chad said has been happening between world leaders and add just to go back to the to percent yesterday trump said he would like some countries to pay four percent and this is something that is very confusing to people because they have no idea where he gets a number from in terms of today will there is a video circulating where you see Justin Trudeau macro and mark Rutan Boris Johnson himself and daisy appear to criticize leader they don't need that person but they do say well you know we were late because he took a forty minute press conference he always does as and so on trend has not really talked about this today and the focus on the ground is whether we're going to get a resolution in Turkey whether we get a communique by the end of this and of course China the U. S. would love for nature to toughen their language on China that feeds very much or would be very much into their narrative that over a long period of time China is the biggest threat to western

London Nato Two Percent Forty Minute Four Percent
Scary Stories From The Eek-conomy

The Indicator from Planet Money

08:44 min | 1 year ago

Scary Stories From The Eek-conomy

"We are exploring some of our darkest economic fears and our slightly worried about aliens from outer space in Nineteen fifty four in December nineteen fifty four there are a whole bunch of people in Chicago the Planet Clarion so this group called the seekers and they got a ton of media attention is looks like you know looks like Iran is in fact what they did was doubt that we people convince themselves of something the facts proved them you see right now in a political discourse is is a lot of people. I'm really afraid that the cognitive distances kicking in and we've splintered US oh that's poetic next up jared Europe some of the big important economies Germany in particular seems to be slowing down and markets will take care of themselves yeah there stoically very worried about over-heating about inflation Connie's is a way to really entrench these downturns or slow growth it's a prevention is happening exactly not only do you need an ounce of prevention space aliens too big economic fears because if you and I bought our own economic fears in fact this shirt and it's a picture of an inverted yield curve people make you healed off recessions to come right but also upside down words saying because the inverted yield curve does have a good track record of because it has such a strong track record it is a monster to me it is something that makes me worried with black pants and kind of green ish jacket I don't okay spirits is a term invented by the economist John Maynard Keynes to explain the role of emotions Jim shop because they're always like a billion costume places in New York that go into like any empty and you know this is New York Halloween subway in New York is always kind of a spectacle right everybody nobody was dressed up in the opposite I thought like what is going on so two years ago we spent almost ninety dollars per household on Halloween the sheer it's about spend extra money on a costume and then of course if people are pulling back on their Halloween spending maybe means they're the National Retail Federation reported that fewer people are celebrating Halloween at all dressed up and I found the Devin Miller you know our office manager like the sweetest the things in fact so I thought I would like bring him into into the studio and ask him like into work dressed up and then you like became discouraged and like just took off the costume that and then what happens okay so this morning I dressed up as a lumberjack my normal routine given the place ready for the day but it just I don't know I just wasn't feeling can't muster halloween spirit like that's a bad sign like I feel like Devon's always modesto all week like Jack Lynch and ready to go devon will you be our indicator lean close is our indicator for this Halloween. I think it's I think it speaks in

New York Devin Miller John Maynard Keynes Chicago Jared Europe National Retail Federation Devon Iran Office Manager Jack Lynch Germany Connie JIM Modesto Ninety Dollars Two Years
Mark Twain: great novelist,&nbsp; horrible investor

The Indicator from Planet Money

10:11 min | 3 years ago

Mark Twain: great novelist,&nbsp; horrible investor

"Twain also invested a lot of money throughout his life though, and he is the first person who's big investment mistake Michael told us about, and actually in the case of twain, it was more than one he made every mistake in the. He was addicted to entrepreneurs. He would fall for anything. He would back any idea. He dabbled in stocks and silver mines, and gold mines. And he just everything he touched, went south twin was like an early version of a venture capitalist. He invested his money in a bunch of new kind of faddish ideas except he was terrible at it. He put his money into milk powder, extract railroad stocks a startup insurance company. They were all disasters and the one big idea that he chose not to put his money into you that he passed up when you had a chance. Alexander Graham Bell telephone, oh, which would have made twain a fortune between biggest mistake. Michael says, might have been throwing a lot of money at this big typesetting business, and it had to do with this machine. The twain hoped would be used by newspapers and publishing companies and twin kept investing more and more and more money in this typesetting business, even as its loss. Were just piling up on his biggest mistake was that he didn't know when to say no moss. I'm not going to continue to fund this really bad investment. Why do you think he could not walk away a, he was human and we all have our our flaws and limitations, and there's something called revenge trading where if you lose money in a stock, you want to win it back the same way and he just could not control himself. And I think that a an underlying theme in this book is that discipline and self awareness is a lot more important to determine your long success than just ro IQ, revenge. Tradings like the worst sequel to a movie ever. Trading revenge, trading revenge of the trader. Poor Mark Twain. Yeah, twain ended up losing an amount of money on that typesetting investment that would be the equivalent today of millions of dollars, but not knowing one to cut. Your losses is actually not the only lesson that we should take away from the story of Mark Twain's terrible investment record. There's another lesson which is at you can be amazing world class at this one thing. Just like Mark Twain obviously was at writing and still be terrible, horrible hopeless at another completely different walk of life like investing or that you can be really bad at investing and still be a really wonderful human being a light in the world gift to the country, all those things. And just I like that change the perspective. Very nice, right. And just like just maybe just, you know, put it in index funds, just put it in index funds next up the oracle from Omaha himself. Warren Buffett's buffet

Michael Bat Huckleberry Finn Twain Mark Twain Berkshire Hathaway John Maynard Keynes Buffet Stacey Manic Smith Alexander Graham Bell Sean Covey Research Director Warren Buffett Berkshire Omaha United States Garcia Danton
"john maynard keynes" Discussed on The Dan Bongino Show

The Dan Bongino Show

01:44 min | 3 years ago

"john maynard keynes" Discussed on The Dan Bongino Show

"Oh my gosh you're bankrupt the government and a couple of years they don't want that big spending governments around the world don't want this zero lower bound in other words they know they can't go below zero in a cash economy joe because you can't take you can't change the numbers on the front of a cash pill gotcha gotcha so cash is control it is your political control over horrible monetary and fiscal decisions central bank in other words in government spending decisions they love the idea of negative interest rates so it's a really really good piece talking about how these are just propaganda tools you know that's that's how they waged the war the black market the grey market and we're bound by zero lower bound you're not bound by we're holding you to it caches control don't fall pratice i love this story it's i i don't mean it the sound conspiratorial but believe me when i tell you inflation is attacks and so is a negative interest rate i'll give you this example i've given before for new listeners in case you believe any of what i'm telling you is not true some of you've heard this before john maynard keynes who was the pomace founder of keynesian economics a disastrous economic system claim to be used by democrats to justify exorbitant government spending even canes himself who today would be considered a semi liberal economist even canes himself acknowledged the pernicious effects of inflation with regards to tax ation here's an example game and they'll show you how inflation and low interest rates which can induce inflation below the market rate by the way.

john maynard keynes founder
"john maynard keynes" Discussed on The Jason Stapleton Program

The Jason Stapleton Program

02:02 min | 3 years ago

"john maynard keynes" Discussed on The Jason Stapleton Program

"Personal level they'd they'd obviously agree and our philosophy as libertarians as to just apply that same standard to government so you also have this background and economics you have a pretty good understanding of how interest rates work in banking and and central banks and governments and that's where this definitely does intersect with something that we're very into that our audiences very into and that is the car market and we actually didn't episode a few few episodes back if you weeks ago about this subprime auto problem country and i mean when we talk about it's not just debt in the car market we're at all time record highs in student loan debt and mortgage debt and consumer debt credit card debt i mean it's it's pretty bad so can you explain to somebody who you know they they're looking at what's going on in the world and they they're thinking about buying a new car and you know we see this this massive debt accumulating as a country how did we get ourselves in this mess the the real problem is is a is a breakdown in and understanding of of how wealth is really created how productivity increases and and how ultimately everybody gets richer and there has been a very there's a guy named john maynard keynes who every major economists in government kind of basis their philosophy on the howell the how the world works world economic works base off of what off of what he said keynes said and his general principle was general belief was that markets grow because of consumption so in a conic grows because people consume and fundamentally that is a flawed understanding of the way the economy works economy works because there is a store of savings that people can draw from in order to invest in new technology to invest in new businesses to invest in new growth because when you have a when you have a new company this is the way people think about it think about star.

howell john maynard keynes
"john maynard keynes" Discussed on AM 1300 Business Radio KKOL

AM 1300 Business Radio KKOL

01:48 min | 3 years ago

"john maynard keynes" Discussed on AM 1300 Business Radio KKOL

"A credit quality of the issuer the bond and you're getting paid an interest rate and you can say mi getting paid enough for the credit of who ever issues that there's something to evaluated but a bitcoin had evaluate i've heard people talk now that it's going to become a currency for doing worldwide tread well let me give you a little example of what our give you some back run on why we use the dollar as trade going prior to 1914 there were three primary currencies the english pound the french franc and the german mark but coming out of the great depression and utter world war two there was a meeting in bretton woods united states head a large trade surplus at that time not uk was a big debtor nation the uk sent john maynard keynes uscent harry dexter france japan and germany all sent representatives and he began to talk about the rules for currency exchange and it was settled on the dollar today eighty five percent of all foreign currency transactions are done in dollars over sixty percent of all foreign countries carry their reserves in dollars the dollar is the world currency because number one the sheer size of dollardenominated debt instruments thirst low spreads between the bid in the ask and there's a large volume of trading the dollar trades toy when he four hours a day seven days a week three hundred and sixty five days a year even holidays the dollar is traded the dollar is considered a.

great depression uk john maynard keynes france japan world war bretton woods united germany eighty five percent sixty five days sixty percent four hours seven days
"john maynard keynes" Discussed on KSFO-AM

KSFO-AM

02:03 min | 4 years ago

"john maynard keynes" Discussed on KSFO-AM

"The end of the day charitable deduct who won't change uh it will eliminate some itemised deduction um again it will they're looking to eliminate the a mt and you state so there are come true benefit to the middle class here meadow in up an class accurate here uh i don't think that at the end of the day that you will include i quit at a clash back momoh certain of it so that's good news for individuals and tax reform might also include reducing corporate tax rates which has helped the stock market this year now it at least for the two thousand eight two thousand sixteen period that was another attempt at the same kind of economic policies that were made famous by john maynard keynes and what some freemarket advocates might think of as a barbarous relic by let let's get the philosophical debate indy what are the results of trump's actions we know the stock market's performing well right now but what about other other indicators all right so in the last year the economy has grown by three point one percent this is fifty percent greater than the average economic growth during obama's tangier you've got consumer confidence rising to a sixteen year high most importantly on the jobs front one million new jobs were added to the economy and trump's for six months unemployment has dropped to a sixteen year low all of this is fuelling growth in corporate earnings all of this are reasons why the stock market really is performing swear into that points here's what treasury secretary steve mnuchin chinh had to say about tax reform and the stock market there is no question that the rally in the stock market has based in to it reasonably high expectations of us getting tax cuts and tax reform done it also has based into it optimism on regulatory relief which they had begun to see and there's expectations so i think to the extent we get the tax deal done the stock market will go up higher but there's no question in my mind if we don't get it done.

stock market john maynard keynes trump obama steve mnuchin chinh corporate tax treasury secretary sixteen year fifty percent one percent six months
"john maynard keynes" Discussed on KOA 850 AM

KOA 850 AM

02:04 min | 4 years ago

"john maynard keynes" Discussed on KOA 850 AM

"The end of the day charitable duct up who won't change uh it will eliminate some itemised deduction um again it will they're looking to eliminate the m p and you state so there are some true benefit to acquire sheared middle in up an uppermiddleclass attitude here uh i don't think that at the end of the day that you'll see any sort of hike with a clash in fact the moment certain of it so that's good news for individuals and tax reform might also include reducing corporate tax rates which has helped the stock market this year now it at least for the two thousand eight two thousand sixteen period that was another attempt at the same kind of economic policies that were made famous by john maynard keynes and what some free market advocates might think of as a barbarous relic by let let's skip the philosophical debate andy what are the results of trump's actions we know the stock market's performing well right now but what about other other indicators all right so in the last year the economy has grown by three point one percent this is fifty percent greater than the average economic growth during obama's tenure you've got consumer confidence rising to a sixteen year high most importantly on the jobs front one million new jobs were added to the economy in trump's for six months unemployment has dropped to a sixteen year low all of this is fuelling growth in corporate earnings all of this our reasons why the stock market really is performing swear into that points here's what treasury secretary steve mnuchin had to say about tax reform and the stock market there is no question is that the rally in the stock market has based in to it reasonably high expectations of us getting tax cuts and tax reform done uh it also has based into it uh optimism on regulatory relief which they'd begun to see and there's expectations so i think to the extent we get the tax deal done the stock market will go up higher but there's no question in my mind if we don't get it done you're going to see a reversal of.

stock market john maynard keynes trump obama steve mnuchin corporate tax free market andy treasury secretary sixteen year fifty percent one percent six months
"john maynard keynes" Discussed on KOA 850 AM

KOA 850 AM

02:04 min | 4 years ago

"john maynard keynes" Discussed on KOA 850 AM

"The end of the day charitable duct up who won't change uh it will eliminate some itemised deduction um again it will they're looking to eliminate the m p and you state so there are some true benefit to acquire sheared middle in up an uppermiddleclass attitude here uh i don't think that at the end of the day that you'll see any sort of hike with a clash in fact the moment certain of it so that's good news for individuals and tax reform might also include reducing corporate tax rates which has helped the stock market this year now it at least for the two thousand eight two thousand sixteen period that was another attempt at the same kind of economic policies that were made famous by john maynard keynes and what some free market advocates might think of as a barbarous relic by let let's skip the philosophical debate andy what are the results of trump's actions we know the stock market's performing well right now but what about other other indicators all right so in the last year the economy has grown by three point one percent this is fifty percent greater than the average economic growth during obama's tenure you've got consumer confidence rising to a sixteen year high most importantly on the jobs front one million new jobs were added to the economy in trump's for six months unemployment has dropped to a sixteen year low all of this is fuelling growth in corporate earnings all of this our reasons why the stock market really is performing swear into that points here's what treasury secretary steve mnuchin had to say about tax reform and the stock market there is no question is that the rally in the stock market has based in to it reasonably high expectations of us getting tax cuts and tax reform done uh it also has based into it uh optimism on regulatory relief which they'd begun to see and there's expectations so i think to the extent we get the tax deal done the stock market will go up higher but there's no question in my mind if we don't get it done you're going to see a reversal of.

stock market john maynard keynes trump obama steve mnuchin corporate tax free market andy treasury secretary sixteen year fifty percent one percent six months
"john maynard keynes" Discussed on KOA 850 AM

KOA 850 AM

01:31 min | 4 years ago

"john maynard keynes" Discussed on KOA 850 AM

"Scripture that i proverbs thirteen twenty two good man leaves in inheritance for childrens children but the centre's wealth is laid up for the righteous john maynard keynes said the importance of money flows from it being a link between the president and the future bill is with us and joplin missouri a bill welcome to the dave ramsey show hey dave how are you better than i deserve what's up well i've been contractor dan i do pretty well happier detroit we're here we wanted to open a rexrodt are banker help me on neck male we've broken were i have no deck basically made me wear pro twenty 20000 power after a everybody anchor ankara i have no doubt at all so i mean here at the time now we're happening not be period danger even go you know i don't know a lot about it you know i think on can i know no i just wanted to get your opinion on that you're probably was a martyr man i know so you get career advice from a banker that's about so you are you trying to borrow money from the bank to do it now eight here kind aired by me they want me to quit money for morale not i'm bear twice a banker from a.

john maynard keynes president joplin detroit missouri dave ramsey dan i