28 Burst results for "Keynes"

"keynes" Discussed on WBUR

WBUR

07:07 min | 2 months ago

"keynes" Discussed on WBUR

"Keynes saw a spirit of vengeance, Not peace in the Versailles conference that ended World War one, he foresaw a deliberate impoverishment of Central Europe. Coming Which he predicted would beget more vengeance and destroy civilization and progress in his generation. And, of course, Hitler and World War two Affirmed him. What he does is something that is central to his thinking over the following decades, he says. Look Germany just doesn't have the resources to do this. Whatever you put down on paper, they don't have the timber and the steel and gold in the actual physical stuff to ship this money to Britain and the United States. So what you will do if you assess this type of payment on Germany is essentially depressed trade. You will make it impossible for the economic life of Germany to be revived after the war. He thinks the same thing is happening with Britain and Britain's war debts to the United States. So he believes it's not just the high reparations payments that are being demanded from Germany. He believes that the war debts that the allies are carrying are also unsustainable and that the whole financial engine of the treaty is just a mirage won't end up working. And in the meantime, it will make people very angry and make people very angry with each other across borders, and he sees that as being fueled not only for dictatorship in individual nations but for future conflict. The question of forgiving debt. Is still an issue between Germany and Greece, For example, in recent years, but between us and all sorts of clients in the third world. What did the world learned from that notion that you can't get blood out of a stone? And it's not good for the health, either of the Germans. After the war or The international trading system or anybody. Well, I think unfortunately, the world didn't learn very much from that at all. I think if I had the world listened to Cain's on on Versailles, the gold standard might never have fallen apart in the 19 twenties, Had the gold standard been managed in a more humane and lenient way towards better countries. We may still be living under that system today, but of course, it was not managed in that way. And so Keynesian economics ends up developing as a As an alternative to the sort of global system of management that persisted in the 19 twenties, which ultimately ends up being not just an austerity regime in Germany, but Austerity regime across the world in the United States in Britain, every country that is using the gold standard finds that when times get tight, they have to cut And they have to cut the living standards out from under the feet of their people, And this makes their people absolutely furious. So the gold standard becomes not only a dysfunctional system in which people are not prospering, it becomes a transmission vehicle for international conflict than international enmity. And so eventually the gold standard just breaks down and we see the end of that with the rise of Hitler in Germany, but also the rise of fascism in Italy and in the United States, a new system. The new deal under Franklin Delano Roosevelt, which is a sort of new way of organizing society, a new way of thinking about the state that is different from the way that 19th century liberalism had conceived of itself. But it's also different from these authoritarian powers that are rising in Europe at that time, so the world changes because it doesn't listen to Keynes. It's totally possible to my mind that if the world listens to Cain's We end up with a completely different international milieu that looks much more like the 19th century. Frankly, our friend Mark Blaze, the economist, ER Brown finds a big point to celebrate. In the multi trillion dollar bailouts from Washington this spring. Good news that they're not talking about cutting budgets or cutting the budgets of middle class and poor people. That austerity is finally dead. Does that make sense? Things could be worse. But you will see you already hearing Republicans talking about cutting directly. Some of the things that have been extended like expanded unemployment benefits, but also just by not Providing funds to states. It is remarkable that we have not put in place some sort of automatic. Balance for state governments when the economy reaches a certain threshold the way we do for unemployment benefits, you know, when you lose your job, you're automatically eligible for unemployment benefits. Congress doesn't have to go and certify each individual check. It's just money that goes out the door. When this happens, it's striking to me that when GDP dips below a certain point, we don't just start automatically lifting the economy out in spending the money that needs to be spent. To keep people employed. It's something that's you know, certain parts of the Democratic Party you're talking about now, but we really do not do a good job responding to these crises, so marked life is right that we're doing a better job than Herbert Hoover did in 1929, but we know the lessons and we could apply them much more effectively and efficiently than we do. Secretary Come back to Keynes's general theory, written in the 19 thirties, still a kind of cult document. Was a period when he was speaking himself about the opening of a new Heaven and a new Earth. We were not afraid of anything, he said. Speak of it. And it's time and in its afterlife. The general theory is one of the most ambitious works not only of economics but of political theory. I think in the 20th century, it's a very dense work. Parts of it are absolutely beautiful, and parts of it are just almost entirely indecipherable. And there are people who have won Nobel prizes just interpreting various chapters and ideas from the general theory. But the basic point of the general theory is that economies don't automatically trend towards harmony and equilibrium. They don't Of their own have this sort of life that leads to prosperity. They have to be managed. And if they aren't managed, you will end up in what Keynes calls an equilibrium of underemployment, and by this, he means depression. So the Great Depression is what happens when governments just expect and wait for the economy to work out. It doesn't and I think It was a very compelling argument to make at the time because you could just see that things had not gone well if no matter how badly governments had mismanaged the crisis over the preceding years, at some point Things should have corrected. There should have been some natural momentum towards improvement or prosperity, but particularly in Britain over the course of the 19 twenties. There just wasn't any. So we've had, uh, 16 17 years of depression in Britain you've had about a decade of depression in the United States, So it depends on which sector you know, the agricultural sector in the United States is in depression throughout the twenties as well. Keynes believes that we're having this economic downturn, not because we're out of resources, not because there aren't enough..

Mark Blaze 1929 Franklin Delano Roosevelt Congress 20th century World War one Italy 19th century Keynes Democratic Party Herbert Europe Hoover Central Europe Republicans Earth Hitler 19 twenties World War two Versailles
Breaking Down U.S. Spending During The Pandemic

NPR's Business Story of the Day

01:07 min | 5 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
The case for Baylor at No. 1 over Gonzaga

CBS Sports Eye On College Basketball Podcast

03:07 min | 8 months ago

The case for Baylor at No. 1 over Gonzaga

"The only respectful way to begin. This episode is by recognizing that scott drew baylor bears formerly known. As bill henderson's baylor bears improved a seventeen on the season tuesday night with an eighty-three sixty nine victory at texas. They outscored the longhorns. By seven in the first half they outscored the longhorns. By seven in the second half as a result baylor otherwise known as terry eagles alma mater is now seventeen and fifteen. Double digit wins. The bears are number one at kim palm. Their number one in the net. they are awesome undeniably. Norlander your turn to talk about baylor. Are you going to spend the next few minutes showing proper respect for the first lady of baylor basketball or are you going to once again disrespect. Kelly drew got drew. Plus mackenzie payton brody. Not to mention homer and janet price and tara dana and her husband. Casey bryson anna isaiah caleb. In luke plus drew barrymore drew carey. Drew brees drew bledsoe. Dr drew drew. Gooden andrew mcintyre how are you gonna handle this moment. bryce doesn't care does care. He'd bryce doesn't care. I talk to about it. He doesn't care. How are you going to atone for the fact that you still have a number one. I mean. I think it's disrespectful at this point. Daily top twenty five and one. After what i saw last night. I got baylor number one. But you don't and you disrespect the entire through family. And every drew. She has to drew mcgarry as well. You're disrespecting them all you've got number two. I think you're the one who needs to explain himself. I actually can't explain myself. And i do get asked this every day. I saw strong joe last night trying to make the case that baylor should be number one and i let it be clear. I won't argue with anybody that says baylor should be number. One baylor at this moment has a better resume than gonzaga. Got six quarter on lindsay. Does eggs only have five. Baylor is got the best adjusted efficiency margin in the country and one of the best of all time at this point. If you wanna if you wanna put baylor number one it is fine with me. It's just. I think we've talked about this. Before i made a rule a longtime ago i will not drop number one team unless it loses the only time i made an exception i went and looked it. Up is two seasons ago. Kansas was number one in the top twenty five and one to open the season. Kentucky might have been to. Duke was in the top five somewhere and do zion williamson cameras and remember the other one started with our allies and it was. It was whatever it doesn't matter. It doesn't rj barrett and so they went out and they just throttled kentucky on opening night at bankers life. And i just. I was even conflicted. Then because keynes's is just one and it was one zero and number one and i was like i don't feel silly not to have that duke team. That just did that to kentucky ranked number one. So i made an exception to the rule. Then but i've been ranking college basketball teams for better or worse for like more than fifteen years now and i've only dropped a number one team without losing one time and that is the example.

Baylor Baylor Bears Scott Drew Longhorns Terry Eagles Kim Palm Norlander Kelly Drew Mackenzie Payton Brody Janet Price Tara Dana Casey Bryson Anna Isaiah Drew Barrymore Drew Carey Dr Drew Drew Gooden Andrew Mcintyre Bill Henderson Bryce Drew Mcgarry Drew Bledsoe
"keynes" Discussed on The Indicator from Planet Money

The Indicator from Planet Money

06:20 min | 8 months ago

"keynes" Discussed on The Indicator from Planet Money

"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

john maynard Tim harford stacey vanik smith john mccain early twentieth century today One Keynes both one thing Nine john maynard twenty nine wall street crash of nineteen wall street crash of nineteen a lot of money one ability couple of weeks most cardiff garcia
Fisher Vs. Keynes: Investing Tragedy And Triumph

The Indicator from Planet Money

06:20 min | 8 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
"keynes" Discussed on Why Is This Happening? with Chris Hayes

Why Is This Happening? with Chris Hayes

04:12 min | 1 year ago

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

Why Is This Happening? with Chris Hayes

05:17 min | 1 year ago

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

Why Is This Happening? with Chris Hayes

05:19 min | 1 year ago

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

"Britain. Was Not like the modern American. We've been an endless wars for you know a lot of people listening to this podcast we've been been in wars their entire life That was not what happened economically in Britain in nineteen fourteen the entire economy was basically being run by the state for the purposes of the war and canes could see okay. Here's how this sector interacts with this sector. Here's what happens when we have a shortage of well, here's what happens when we have a shortage of copper, it's not just can't make enough guns. You know people you know we're so far from the world of state planning in any way basically you know as as you described. England were one. There's lots of economies like this like there's like a room. Like. Well, how much will is England in produce and how much of this metal do we need to get so that we can make all these mortars well, we gotta make these many mortars. So let's back out the like. People figuring out like what the economy will be. Yes and. And I don't think Keynes wants for I know canes does not want that for for a peacetime economy he he doesn't even really want it for wartime economy. He's very uncomfortable with his role. He's a pacifist in charge of British finance who is morally opposed to the war and formerly in fact, files a letter of conscientious objection to the war even though he is probably the most important person for its continuation because of his his economic insights. For for the the whole thing is being being conducted but. But canes after doing all that he says, well, look all the stuff that we say about markets. I. Mean. That's a nice idea but it it doesn't necessarily work right and we also know that if you're if you have specific goals like the state can accomplish those goals without without a market, it's not impossible as makes them uncomfortable because he's very committed to these ideals of enlightenment liberalism about freedom of conscience about about you know individual liberty..

Keynes Britain. England
[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
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

03:25 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"See Divisive. I? Well said. But look. We're we're polarized all of these different all these different metrics, they almost any way you look at Americans were breaking into one or two or three different I guess you don't break into one different society, but two or three or four different different societies that don't really seem like they're they're engaged in the same social project. So you gotta find a way to create a sense of of of national purpose, and that's an idea that I think liberals in particular very uncomfortable with the United States liberals in the broad left liberal spectrum here That's something that we think of we associate with the conservative Jingoism with with the war machine and and the the invasion of Iraq but. We do not have a a sort of shared set of patriotic values for a national mission right now, the country is fundamentally divided in these different ways that I think are very dangerous and canes would have said we can attack that I with economic policy by bringing people closer together. Economically, you have to attack these enormous disparities of wealth between the super rich and the poor, and that's not just about getting people to a better standard of living. It's it's about making sure that they're engaged in the same political project so. That's something that I think Keynes would be talking about. But these are all long term issues right? You'RE NOT GONNA fix inequality in the first hundred days that you're an office. The main thing is to is to make people believe in in that you can do it that you are. You care about that idea in a way that that I don't think our leaders have have convinced us at least not over the last couple of presidencies I WANNA pick up onto threads in that and then and then frame what strikes me as of the very potent choice here. So a couple of things I think canes contributes to this discussion is that if you're a Konami is not Producing at its capacity. If you've if you've people if you have machines, factories, buildings that could be utilized are not being utilized. The government has a real role where can step in their particularly amidst massive amounts of uncertainty, and there's so much uncertainty about the future right. Now, the government can do something the private sector can't. It can say credibly we're going to do X. over the next ten years right? We're GONNA spend two hundred. Billion Dollars on road repairs and mass transit a year every year for the next ten years and people more or less believe that'll happen whereas like look at the stock market for two seconds right now it has no idea what's going to happen and of course, it doesn't like the WHO does right this is like Keynes's fundamental idea that like we actually have much less certainty about the future including markets and we like to pretend. But now I think you get into something really tricky with is and it goes to our utility versus platonic philosophy conversation. Here to as you could respond to this, you know, let's say, Joe, Biden wins in November and he comes in And is economists come to him and say look like we have eleven percent unemployment and let's not worry about the debt and deficit right now because that'd be crazy. Let's make sure money's getting into the economy. Now one way you could do it is to say we are going to offer a huge tax cut or more stimulus chiefs, right which is what we've been doing more or less up until now, right we we we had these twelve hundred stimulus checks and we could say you know what?.

canes Keynes Biden Konami United States Iraq Joe
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

04:28 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"So that focus on real resources as opposed to the accounting that overlays real resources seems really important in a lot of Keynesian thought and then. Is really important for right now, I want to begin to continue following that thread through the rest of this conversation and maybe I should should ask it this way. Ensemble seems obvious that a country can do what it can actually do entity except money keeps track of it. Great. But the to the extent money is actually the thing preventing it from productively using the skills of its people or the resources it has access to. It's a real problem as canes begins to argue that the government can create productivity and prosperity. That goes beyond even the amount of money it's putting into the system. That's a big revolution. It's I. Think still the thing that we recognize him for today. But what was the the inside at the heart of that? What did he see there that other people are having trouble seeing? I think the first thing that he saw was just the political reality, he was a British. Citizen who wanted to alleviate all of these social ills in Britain but Britain was deeply indebted to the United States and so there was just no way to do what he wanted to do without bringing on deficits. So he starts just thinking about those deficits as maybe not such a bad idea and he becomes more emotionally committed to his social vision than to his his economic. Doctrine. When you get to the nineteen thirties though canes has been thinking about economics for a long time and he has advocated different reforms one after another that either have been rejected or have not worked. He thinks in the nineteen twenties that if they can just stabilize prices, for instance, that markets will work that that supply and demand will come to equilibrium and and democracy will flower. All over the world, they can't get people to even agree to manage the gold standard in such a way that it would stabilize prices they're looking at trade flows rather than than domestic prices because the world just becomes. So ungovernable canes thinks that there's there's a need to impose economic or that if you don't blame down the framework for people to have the sort of. Building blocks of a decent life decent society. Then you won't be able to do the sophisticated things that you want democracy to do, and so he he's looking at money as a tool of the state in he starts studying ancient currencies and and says, you know look we actually were wrong. We think that money started. In six hundred BC or so when people started stamping faces on coins, actually money is this older thing. It's an account keeping. System. That involves a debts and people are lending each other weakened in different resources much earlier, and and this is something that arises with the state itself, and so he starts to think about the state is something that in economics in general is something that arises out of statecraft itself that people don't exist in this world where they some sort of state of nature that you hear in a lot of you. Know sort of social contract liberal theory like cobs locker. So where we're I, there's there's the free exchange of goods and then then the sovereign sort of intervene slater and starts laying down the law instead canes starting to think about the economy as as an expression of statecraft, and then the question becomes well, how is the state legitimized because whether it's a dictatorship or democracy starts to matter quite a bit. Keynes doesn't dwell on that for very long during his lifetime because he's preoccupied with the problems of the depression and war, but galway does and so it's a sense much time and golfers in the book..

Britain Keynes slater United States galway
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

06:00 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"The idea that have governments can just print money based on whatever right and also trying to trade with each other that it's going to be disaster like I. I'm having a little bit of fun with the idea that gold is a very it's an arbitrary thing tire currency to but the idea the currency should be tied to something not just the whims in of governments and that all the. Currencies should somehow resolve down to the same things that you can come up with currency exchange rates, and all the rest of it. There's something appealing about it particularly, if you don't trust politicians which many people don't and I think that's why it's still has some purchase today back. Then they're even worse monetary policy. There are even worse at fiscal management. So the idea that like things have to be like tied to something makes him sense like what's wrong with that idea what ends up being the problem with it? Oh, it ends up being the problem with it as it just doesn't it it just doesn't work. People are MS rated and in the political system ultimately breaks down. So once the political system breaks down. Culminating in World War Two people are willing to come up with different international economic model. But. You know there are these. Liberal. Ideas that are tied up in the gold standard are about. Small government leave me alone don't let sovereigns meddle in the affairs of the people These are ideals that look whether you're a right wing second amendment advocate in the United States or a left-wing socialist you can get down with right. These are ideals. They're pretty broadly shared across the community even today. So I mean that's one of the reasons why why gold is is so popular and I just would I would point to. The popularity. Of WTO, style globalization over the last thirty years I. Think it's pretty clear at this point that this project has not been a success certainly the idea that we were going to create. More international harmony between the United States and China and bring China into sort of more democratic small D democratic human rights oriented system of governance has not happened but people believed fervently in the system for a long long time and we've had to get close to you know pretty much disaster multiple times for people to even start talking about whether globalization needed to be modified in some way or another, and right now, we we live in a world where the WTO is essentially not functional anymore. Let me show doesn't really do anything, but we still have it and people still you'll still have debates you know listen to NPR and they talked about trade. You'll have you know former WTO advisors coming on and talking about what we ought to do, and the power of that idea is bigger than the actual The power of that dream is is bigger than the the day to day economic results and things have to get. Really Nasty for people to to be willing to change the system, and even when they do you have people like canes who are capable of changing some people's minds but canes loses so many policy battles. It's only after he's lost the people point to him and say you were right all along. We should have listened to you what is Cain see as the problem with gold? I mean you you mentioned I think correctly that it ends up in misery people. But he makes a critique what what is it when he's trying to convince British policymakers or for that matter American policymakers trying to convince Roosevelt to golf the gold standard what does he tell them is the problem that they're gonna be able to solve by going off of it. Well, it depends on on which canes at which point in time because he's a critic of of a gold standard from saved nineteen twenty three until next week to I guess until. The Bretton Woods.

MS WTO United States canes Bretton Woods Roosevelt NPR Cain China
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

03:19 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"Economies come down and everything just goes right off a cliff and it stays there and keeps getting worse until World War Two. So people can just see that prosperity is not happening but they the first part of that People can can convince themselves that the reason prosperity is not happening is because they've broken with gold because all of these countries had to go off the gold standard for the sake of the war emergency and there are economists who are saying you'll look this terrible world we're living through is the price we paid for breaking the faith with this great enlightened liberal project of of the gold standard. But the gold standard is tied to the vision of free trade that that canes cherishes so much I want to stop you because you're sort of dancing are y was the gold standard itself thought be a good idea. You're sort of getting the take the sort of coalitions it creates but like why tire money to Gold WanNa tie it to the number of trees in in in in the world like the weather like I mean, what is the line we've found about enough gold in human history pure gold if you like bold and all down to fill three Olympic sized swimming pools something like that. It is objectively a little bit of a peculiar thing to say, we're going to pick this one medal and tie currencies. Why do people? Why did smart people think it was a good idea there would be a disaster to abandoned. Well, look if you go back far enough, there's you know the the pound sterling is a reference to sterling silver. So the gold standard is something that is imposed by the British. Empire because that's the way that that British politics just resolve a particular fight over. Over whether to inflate or deflate the currency it's actually a fight between Isaac Newton and and John Locke goes back to the eighteenth century so that that is a it's just sort of a fluke of history that locked won that battle and and gold became the standard for the British Empire in the British Empire. Then became the the hegemonic political power of the day. So if you wanted to do business with Britain, you had to get on gold So there's a very, just realpolitik reason for why gold becomes the thing not and not trees or or even silver, which was the standard before gold at least in Britain but. People. Want to believe that the British imperial system is good. They want to believe that the world order that exists that they live and is is is not only good in itself with capable of progress that it is capable of making the world a better place. They have different visions of what better means. There's there's a lot of imperialist paternalism tied up this year lifting lifting the savages out of darkness I think is is something that a lot of people are thinking of but but not all of them, there are a lot of liberal imperialists at this point in time who think they're they're bringing democracy to the rest of the world, and that gold is the economic system by which democracy and international comedy is achieved. This is you know I I have flooding. Disagreements with this world view of course, but but you know I look at the United States today the let me speak for for one second to just clarify one point because it's still here today isn't it intuitive?.

Gold WanNa British Empire Britain Isaac Newton United States John Locke
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

02:49 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"So I'm I'm going to take a point of personal privilege before I go into by central question of what would canes do now. Because I, want to talk about the gold standard. A herreid sue weird thing about made that I'm gonNA confess but I have spent more than I think a normal amount of time wondering if had I been alive in the thirties, would I have been able to see the gold standard was about idea? Because, here you have this policy it's the way basically every country runs, it's economic it's monetary system. It is supported by the overwhelming majority of all the smart people in the era. They have very long lengthy treatises on why it's a good idea. And I think one of the single most important things canes able to do is see that they are wrong and slowly haphazardly convinced others that they are wrong and move uk off at a little bit how America move off it like a eventually the gold standard dies and it makes everything else possible. So I wanNA, talk about that for a minute can you explain why people thought the gold standard was a good idea people still today but but why do they think it then? And what did why was canes able to see that they were wrong the reason people like the gold standard today is very different from the reason that people like that's why I wanted credit at the turn of the century. People like the gold standard today because they see it as a way to impose basically right wing social values on society it's a way to create artificial financial scarcity. Which makes it easier to impose social hierarchies, racial hierarchies, class Harpies, whatever you can restrict resources to different communities by Saint we just can't afford it will run out of money if our currency is tied to gold we can't just run deficits We we have to make sure that the that we're living up to our commitments under the gold standard so. That's not the way people thought about it. At the turn of the twentieth century. It was sort of an expression of this very utopian enlightenment liberalism, and so one of the reasons that Keynes's successful at at dismantling it will he doesn't do it single handedly in most of the breakdown is just is just the unworkability of the system but one of the reasons he successful at convincing people that. It's it's a bad system is because they actually agree with his social values they're not at loggerheads over these deeper moral and political questions. They think that the gold standard is supposed to create a society of international harmony and mutual prosperity and when they've just lived through a world which the economy between World War One World War to the United States we think of the Great Depression starting in. Nineteen twenty nine with the stock market crash. But for most of Europe, the Great Depression starts at nine hundred nineteen. Soon as World War One is over the war.

Keynes Europe uk America United States
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

05:27 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"Pablo Picasso his his studio at Montparnasse, and of course, the writers in this in this group end up becoming a quite significant later on as well. I. Think. One of Keynes's lovers probably the most significant lover in his life before he meets his his wife Lydia lava copays is a painter named Duncan grant and he goes off his staying with Gertrude Stein at. Paris too. So there's this international milieu where these people believe that they're part of a shared international project that that the people who are involved with arts and letters are not just. ENGAGED IN NEAT little projects, they are actually engaged in a political act that is bringing countries closer together that is breaking down particularly in Europe the medieval barriers between peoples that had been erected over the course of centuries and through the power of of this pure beauty that that they're all pursuing they're going to create an era of of international harmony and. It's totally naive right in nineteen fourteen. This war breaks out in the entire entire scene is is shattered and they're they are deeply emotionally wounded by this and. The that experience of the war is, what transforms the the people in the Bloomsbury set who become famous important artists do so I think because the war forced them to to confront the real world in a way that they had not they had not done before so and I'd include Canaan. Back up into something in that because I think it's important and then I'll just notice a as a side thing. I think it's funny that you say like odd. So stressful because I read it I'm like Oh so so boring. So boring here's canes do and he's doing a lot of work to but having. This fun artists community. They're all living art in a way. Right? They're. They're trying to to to be artists and live in a way that is artistically Dick. And something that you were talking about in terms of the philosophical underpinnings of the group, the way I it's in a.

Duncan grant Pablo Picasso Lydia lava Paris Europe Gertrude Stein Montparnasse Canaan Keynes
"keynes" Discussed on The Ezra Klein Show

The Ezra Klein Show

04:24 min | 1 year ago

"keynes" Discussed on The Ezra Klein Show

"Hello and welcome to be as Conn show on the Fox media podcast network. This podcast kicks off a series that I've been working on for a couple months now actually. Feel pretty strongly about which is this podcast is the first of four part series about remobilising the economy and we chose that word very carefully mobilizing. This is not like a typical financial crisis. This is like a normal recession we have frozen big parts of the economy we have told people can't supply their labor we have stopped. From producing what they produce, we have told businesses, they can't let people in the door. We have demobilized huge portions of the economy so much like during a war or after a different respect a war, we're going to have to mobilize parts of our economy, and then we're going to have to have a direction or set of directions in which we do it. There is going to be so much late in supply. So many people who can contribute who have not been allowed to somebody businesses that have shuttered so much that we could. Turn towards making this country better and making the economy better but also making our lives better. But we will have to decide to do it and we will have to have a purpose for which we will do it, and so this series is going to be about different ways. We could do that different visions, policy packages around which we could mobilize economy put people back to work get money back in people's pockets, but also build a better future. This series is done in partnership with the media or network a social impact philanthropy that works to re. Critical Systems, the ideas that govern them and to build more inclusive and equitable societies, and it's also part of a broader series on box called the great rebuild. You can visit box, dot, com, slash data, Dash Great Dash rebuild to get all the podcasts in the series and coming in September a special issue magazine. The highlight we'll be devoted how revolt the economy and the right way, but the first episode here is one I'm super excited about. So Zach harder is seen reporter at huffpost. Race covered congress white US and economic policy on be somebody I've trusted on these issues for years but he just wrote a book this year it's one of the best books I've read this year called the price of peace money democracy and the life of John Maynard Keynes and I'm going to a bit something told Zach this when he told me a couple of years ago he was writing a book about John Maynard Keynes I'm like well, that seems like a quixotic weird thing to do. and. Then he wrote this remarkable biography of Kane's just to absolutely terrific book the uses canes to explore deeper question, which is what isn't economy four. Next for and he uses the life of canes, which is more interesting than a lot of people know the ideas of canes but also the way in which canes understood economics to be subsumed other values be subsumed to another vision of society, which was supposed to serve to explore the these much more profound ideas, and so it's a perfect quick question or topic set to start the series because a fundamental question of the. Series is one something canes understood and pursued economically, which is how can the government get an economy back on its feet after it has been shattered by outside events or financial panics, wars, pandemics but number two what are the purposes of getting economy on beyond just getting people jobs? How do we think about economics tied to larger social values or purposes as always my email is kind show at vox. Dot. com here Zach Carter. Zach Carter with guest. How.

Zach Carter John Maynard Keynes Conn US Kane Critical Systems reporter Dot.
"keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

01:33 min | 1 year ago

"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
"keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

07:47 min | 1 year ago

"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
"keynes" Discussed on Capital Ideas Investing Podcast

Capital Ideas Investing Podcast

04:13 min | 1 year ago

"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
"keynes" Discussed on Odd Lots

Odd Lots

03:28 min | 1 year ago

"keynes" Discussed on Odd Lots

"Of like it was as pleasant as as like Ray, eating a pretzel covered in thorns right. It's just not great I'm glad I'm not the only one I was like a little nervous. I'm just glad that no, it's terrible. It's terrible. I be most the time as a beautiful writer. His friends or people like Virginia, Woolf, Lytton Strachey and enforcer. He's capable of doing beautiful things with language about economic policy with the general theory is just not. That's not. His most lyrical work so I went back and read the economic consequences of the peace, which is the book he writes at the end of the negotiations over the treaty of Versailles. He is the top representative from the British Treasury at at the talks about how to establish a both an economic and political order at the end of World War One and he is furious about about what his own government has done, and about the ultimate agreements, and he says look the economic terms that we have committed ourselves to in the treaty are going to. To march the entire continent toward dictatorship and war, and I think it's just there are people who have have quibble with some of his figures here and there over the years, but I think it's very difficult to argue with that basic premise. He was talking about something that came to pass, and and for reasons that are very closely connected to why they came to pass the reparations that were assigned to Germany were essentially unpayable. They destroyed the German economy and and that economic rest wreckage sort of created the breeding ground for fascism. And what I read that became clear to me. That canes wasn't just talking about money. A numbers economic consequences. The piece is not about deficit. Spending Canes hasn't even thought of that yet. He's just talking about international cooperation and figuring out a way to link economic policy with global harmony. Into the gold standard in Nineteen nineteen when he writes this book, but it seemed to me like it was a work of political fury like the works that I had studied when I was an undergraduate, I studied philosophy so hobbes locker so. Enlightenment, philosophy stuff, and and he just seemed like one of those guys to me, and so I started reading I kept reading. And when you read, Skidelsky and other accounts these are very good biographies. I don't want to denigrate them at all. But their written from the perspective of of looking at canes as an economist, and how he came to develop his economic ideas, they're very very useful for that purpose, but if you think of canes as a social theorist, and if you think of him as a statesman, there's a lot going on in the economic theory that is happening for these these moral political. Reasons that I think are really the things that are driving him I think in a Lotta ways. Canes comes up with a solution that he comes to believe is morally or politically necessary, and then sort of reverse engineers it to be economically acceptable to people in economics. He has a a a really great essay. On Isaac Newton. People don't know is what was important economist in the. The British Empire in the eighteenth. Century in charge of the British meant all sorts of monetary policy stuff he's doing, but he he talks about Putin and says you. Newton's great genius was this disability to have a flash of creative insight, and then he would dress up the creative insight with mathematics after the fact and I think Keynes was doing the same thing in economics. And that makes him. Sort of more of an artist's than an economist. As we would think of the economist today. It's really interesting..

Canes representative Lytton Strachey Isaac Newton Ray British Treasury Virginia Versailles Germany Keynes writer Skidelsky hobbes Putin Woolf
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
I Run Out of Things to Say - Jason Bay

Daily Sales Tips

04:33 min | 1 year ago

I Run Out of Things to Say - Jason Bay

"You're listening to daily sales tips. PODCAST I'm your host Scott. Ingram this is going to be the last time that we get to hear a great prospecting tip from Jason Bay at blissful prospecting for awhile because he's getting ready to launch his own podcast here. He is with his final tip for now cadences or sequences. As they're called with outreach. I Os Platform is essentially a series of touches. That you can use to get a hold of a prospect so there's outbound sequences and Keynes's inbound sequences in cadences. I want to talk to you about outbound. And the reason why this is a really relevant thing is that it typically when we work with companies. I tell them that you need to reach out to the prospect ten to fifteen times over the period of thirty forty five days and usually get a lot of concerns and and number one concern hail rented it things to say. Number two is all. Aren't we GONNA be bugging the prospect and number three is. I don't want to be a spinner and these are all legitimate concerns concerns but the reality is that most sales people might call once or twice send one or two emails and then they give up an avid theory on why this happens and I want to share why. It's really important to not quit after three or four times. Even if you're doing it outbound sequence where the person did not sign up to hear from you. The first theory I have of it is fear of persistence in the best way that I could describe. This is through ad campaigns. And if you think about really popular companies like Nike and whatnot. A lot of the studies that with ad campaigns is that we need to see an ad seven to ten plus times. The rule of seven is a really good one to us but we need to see get seven to ten plus times before acting in. It doesn't matter if it's a well known brand like ninety or bringing that you've never heard of so the takeaway there is that most of us don't have the brand recognition. Shen of accompany length. Thank you for listening to this. So it's not normal for a prospect to respond to your first few touches if you think of your outbound sequence like a highly targeted personalized ad campaign you approach it a lot. Different so now it becomes. How can create enough intrigue for this person to respond to this email ordering answer the phone own. So just keep in mind that if someone doesn't respond they don't respond to ad campaigns from really well known companies. Either see gotta be persistent the secondary theory. I have and this is a lot of what people have shared with me is. Hey I have nothing left to say. What do I say if I got to reach out to the person ten fifteen times so the action and hear that you can focus on is not blowing all of your talking points in bullet point form in your first email. The big mistake I see. Sales teams make is that I.. E Mail has three to five points. And it's all their value props all the challenges they fix. It's this huge long winded email and leaves them with nothing else to say when they follow out. So what you can do is come up with two to three. A strong value. Props are talking points that address. What your prospect wants to accomplish and then challenges. That might get in the way of them doing that and then you're going to spread read it out throughout the sequence sequences and Kane is. There's no magic formula but a way that you can approach. This is if I have three talking points so talking point it is something around saving time and you want it to obviously be more specific than that. But I'm just be something very generic we could talk about saving money and then for us we might use. WHO's the third one might be increasing response rates. Let's say by doing something with your cold emails. So that I talking point that I e mail is only going to talk about the value props associated with saving saving money and then any challenges associated with that. And then you're gonNA call the person and your value prop that you're gonNA lead within the challenge that you're going to talk about is around saving. Money can help people do that. The second email. Let's say the person doesn't pick up or respond to the first couple of outreaches that third touch. So you've already done a phone touch in an email. Touch is at third touch is going to be an email with a really short follow up might say any thoughts or might say hey forgotten which we have a case study with a company. That's very similar two years and I wanted to share for this reason. So That's three touches right there and then you can add a fourth tach connecting with someone on Lincoln and just sending a connection request. So there's four touches this with two emails one phone call in Lincoln a message. All centered around that I talking point sets four touches for for one talking point. Multiply that by three twelve touches with three talking points. So don't blow all your talking points in that. First he most of you have something else to say when you follow up and make sure to spread it out through the cadence and you won't run out of things to talk about.

Ingram Lincoln Nike Scott Jason Bay Keynes Shen Kane
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 | 2 years 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
The future of diplomacy in the Twitter era

Monocle 24: The Foreign Desk

05:07 min | 2 years ago

The future of diplomacy in the Twitter era

"You're listening to the foreign desk with me. Andrew Miller on today's show I'm joined by Carolina Age and Richard Seymour Caroliina is independent diplomat cyber security and technology lead. She joins us from Milton Keynes. Richard Seymour is a journalist and author of the twittering machine. He joins joins us here in the studio. Welcome both Richard. I'll start with you and we'll start with. I think first principles we are where we are twitter and social media but twitter twitter in particular new things but the clearly not going anywhere in a hurry or something like the muse going to be something that diplomats will have to deal with breath. Is there any way at all now. You can not be on twitter if you are engaged in diplomacy. Could you just decide to rise above it now. I don't think anybody nobody in power can turned on the communicate of advantages of it but we should be clear that there's different ways of interpreting diplomacy you know if you're talking about making peace if you're talking about striking negotiations all all the rest of it twitter's nor very good platform for doing that. It's much better for showboating and sabre-rattling and grandstanding ending the kind of trump approach. If you like so I would say that really. It's not so much that you can avoid it but if you're really interested in diplomacy it might be a bit of a curse us because what's happening here is that we've got this a very elaborate system of global writing in which the rules have fundamentally changed a no one really fully understands how it's possible that war is being fundamentally rewritten but that is changing the rules and it makes it a nightmare. If you want to do what we would traditionally understand US diplomacy which would involve concessions climbed arms thinks that might be difficult for politicians things that would be difficult to maintain in in a sort of an environmental you know Phibro attention economy you know where everybody's struggling for likes and attention and so on and where a lot of the culture is driven by outrageous sentiment Caroliina are there any ways in which twitter has enabled diplomacy that it's actually made diplomacy easier or better or opened up constructive new ways in which it can be done. I think it has when we think about diplomacy in modern times really really realized in three pillars the first of these international law a complex subset of sort of the legal systems across the world and tweeter always it has very little impact on that but then manure start getting towards the second pillar of political strategy of negotiations of states wanting to achieve certain something in the the international system twitter might rate start playing some sort of a role but the third pillar which is public diplomacy of trying to get your message across I to audiences abroad. I think this is for twitter sort of potential of of just disseminating information in a way we can obviously debate whether it's not always positive information that gets resprayed around but it does have the power of getting messages across and then when we're looking at this third pillar of public diplomacy the twitter can have quite positive impact on on sort of statecraft. Richard does toy into your point. I think about how twitter is a useful tool for showboating. Thank sabre-rattling and grandstanding in fact. That's pretty much all anybody ever does with twitter but to what extent are those useful tools though to any ambassador the all or indeed state. Oh sure I mean there are absolutely vital tools their tools of war so I think it's very clear that if you look at the troll armies that it almost every major nation state has some form of troll army in other words they have paid individuals they have sock puppet spots and all the rest of it who exists to disseminate information that is likely to be destabilizing embarrassing problematic. Maybe fake it may be untrue but is going to cause problems for political industrial and other forms of opponent and even beyond states you think about a formation like the Islamic state which used the Internet to recruit the Grand Army for mobile theocracy never happened before and how did it do it. It did it by creating sewn own version of an online Omar a sort of almost like a national community from which it could draw resources recruits and using Hashtag jacking meaning and all the rest of it so obviously the standards are proving very useful but what's proven to be useful in terms of diplomacy as cyber war is often enough the the anticipated emerging properties of the system like nobody programmed the system for trolling for example that just happened to emerge out of it. Nobody programmed Graham D- Youtube to be good at so called Red pilling that just happens to be a feature of the system so actually I think a big part of our struggle now this to understand not what are the formal protocols and properties of twitter facebook all the rest of it but what are the emergent properties. What are the unintended consequences. What is if you like the unconscious of the

Twitter Richard Seymour Caroliina Richard Richard Seymour Andrew Miller Milton Keynes United States Grand Army Omar Phibro Graham Milton
Mark Twain: great novelist,  horrible investor

The Indicator from Planet Money

10:11 min | 3 years ago

Mark Twain: great novelist,  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
Wisconsin reports first death from Rocky Mountain spotted fever

Dr. Daliah

04:29 min | 3 years ago

Wisconsin reports first death from Rocky Mountain spotted fever

"A l i so i wanna talk about this was often has reported their first rocky mountain spotted fever death and i saw one piece of rocky mount spot fever and they really hit us hard with this and medical school because people can die from it but it's not very common but right now health officials in wisconsin are urging residents to take precautions because the state has now reported its first ever depth to this and it's caused by tics and we are in tick season officials have not named the victim but described her as a woman in her late fifties and she was bit by tick while camping in early may this is a tick borne illness or we're going to tell you about usually transmitted by dog ticks as opposed to lyme disease is transmitted by deer ticks and guess rocky mountain spot a fever well we usually see these takes in open areas like abandoned field or prairies and it usually affects central and southeast regions of the us so rocky mountain and maybe near the rocky mountains most tick borne diseases and wisconsin however are transmitted by black league ticks also called deer ticks and deer tics live in wooded areas so symptoms of rocky mountain spotted fever include fever rash nausea headache stomach pain and again it could lead to death so use insect repellent stay on trails of would walk it through vegetation wear long sleeves long pants take a shower immediately after time outdoors you know my son was just in new york what's my husband his mom had died and they were they're dead their dad maybe you know selling the house so he went out there to see if there was any memories you know last memories of the house you know that he wanted to have any brought my son and i guess my fatherinlaw lives in a nice of wooded area in upstate new york poughkeepsie and it's really beautiful trees etc and so my younger son said that he was running around and there was a fox so he starts chasing a little fox in the woods and i'm like is that supposed to be a good thing or a bad thing in my husband's looking at me like what is wrong with you you know when we grew up as kids we used to do that i grew up in l a and in phoenix so we didn't really have animals we chase after rattlesnakes crickets and scorpions i mean a fox oh my gosh so i get how my son was excited about the fox but my son ends up stopping because he runs out of breath but here's other breathing next to him and he freaks out because he thinks it was a bear and so he runs back now i don't know what kind of bear run around upstate new york but it didn't sound like a fox's breath it sounded like something bigger and taller than him so he fled and good and i doubt i don't eat i know the alaskan black bears could be pretty dangerous and none of those brown bears on what kind of a bear this was maybe we'll just winnie the pooh who knows so i guess it comes back inside and everybody high fives him or whatever and so i you know i'm at home i hear about all this and i'm like what did you kick them for tex yeah yeah yeah we check them for takes and my husband kind of looks at me when he gets back like i am the biggest weenie and i'm raising a kid to be a weenie let the caveat get into the woods olivia man let let me bernie there's ticks and there's bears and there's fox rabies and there's plague and there's cave disease cave disease yeah there's caves disease tie getting disease and their brock's age so yeah i'm worried about keynes's so my husband and i fight and he's actually in the right don't tell them i don't i don't know i'm gonna prove him wrong even if i'm wrong but i mean he's in the right i mean these kids need to know nature they need to get out there that needs to play the need to whatever i mean they need to learn how to you know build a fire and you know say goodbye to a bear and flake a scorpion off of them they need to learn how to do these things and.

"keynes" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

01:42 min | 4 years ago

"keynes" Discussed on The Majority Report with Sam Seder

"So i think there's a couple of reasons but the first one i want to stress is the one you've just emphasized which is that uh science you know in and seeking to describe sort of general rules that apply oftentimes presumes a universal human nature uh it doesn't always but it often does uh and there's been a very strong element within conservatism that has resisted that they had said no there is no such thing as he would that with that insofar as we have a human nature that we were all created unequal uh and that inequality is shown into the human condition so to try to come up with a set of universal rules that would apply to everybody not just in terms of biology and physicality but then morally and politically is from the point of view of many conservatives a disaster uh so i think that's one part of it uh but the second part of it is that there is at the heart of conservatism a vision this is a kind of a political or moral vision that the of the best of the best man and toughen men author of need to be and that these are these are kind of what keynes called animal spirits these are uh people who are aristocratic in nature um who are able to dominate um society they don't bend they don't benefit their need to society uh they don't bend their wilted they impose their will upon society and that uh this is this is not only good for them this is also good for the rest of us so i think that's a very strong element to that is that you know they had this vision of the of the noble man.

keynes