Comments
Transcript
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DSHere is an idea that is fair to the borrower the lender the public and the those who pay their debts. if you borrow the money for whatever purpose. Pay it back. Don S.
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JMGood interview. Don't agree with the comment on Trump election. Lots of good reasons why he was elected - failure of free trade to bring prosperity to all segments of society, wealth disparity, prior POTUS completely ineffective, Democrats corrupt & incompetent.......the list goes on and on! I hope I haven't offended anyone (FYI I am Canadian so I don't vote in your elections),
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MHJoe likes to censor valid comments on his blog just because they disagree with views he presents. Sad, but typical of media these days!
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LBFantastic video. I really enjoyed the tone of the discussion; very pragmatic and thoughtful.
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JPThe comments on student debt Jubilee are interesting because we already have jubilee (forgiveness) programs in place. Minimum payments of around 15% of discretionary income for 20 years in private sector, 10 years in public sector and the debt is erased. These programs are so advantageous that for many professional degrees like medicine it is actually the preferred option because they effectively equal an interest rate of -1% to 1.5% depending on income.
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DSThere is no doubt that the student loan program was/is out of control. How can we expect an 18-year-old student to understand that the loan must be paid back? Government do not understand. I would prefer to investigate the government paying the interest on the loan up to a certain amount for everyone. The ones borrowed a lot more to go to major private schools should pay interest after the free interest level is reached. Community service is a good idea, but at a pay scale reasonable for the value given to the community. College educations is way overpriced because they are funded by student loans. Colleges and universities have morphed into something other than teaching universities. DLS
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jiAnother pundit focusing on the symptoms of the problem and not the root cause of these booms itself. Fiat currency and central banking is the problem, sound money that can’t be manipulated is a clear solution but this wasn’t mentioned once ....
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arOne more thing. The recovery from 1920 -- with no government intervention (except for a slashing of the govt budget! imagine that ...) -- began in the summer of 1921, and led to the best decade of growth the US ever had up until that point. Unemployment never got much above 4% the entire time. Ten years later there was another recession. This time, policymakers did the opposite, and got the opposite result (15-year depression -- yes, including the early 1940s, despite the absurdly misleading GDP numbers).
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arGood discussion, but they left out the most critical part to the credit-expansion-led booms: the artificial suppression of the price of credit (interest rates)! And, preventing the healing from the boom (liquidating malinvestment) by "propping up institutions" is exactly the wrong medicine. But still, good interview; thumbs up from me.
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TZThe interviewer definitely needs a studio-quality microphone! The audio quality from his side is just terrible!
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DFA little something on Mr. Vague's book, which uses nothing from Austrian economists, who have done the most illuminating work on booms and busts https://www.douglasinvegas.com/blog/2019/9/19/more-financial-doom-on-the-way
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JRI'd love to see Joe Walker speak to Jeff Snider, as Joe is very steeped in academic economics tradition, and belief in the mastery of central bankers over currencies and economies. While Jeff spends most of his blog space criticising how ineffective central bank economists are, how hopelessly divorced from the true monetary system - the Eurodollar system - they are, and it was multiplication of money here that has funded our most recent bubbles. He regularly says central banks only have expectations policy in their toolkit, and that monetary policy no longer contain any money in it.
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ABExcellent interview. Focused and informative content. Look forward to seeing both on RV again.
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DSVery good content, BUT is no one paying attention to the new & existing home sales prices? Case-Shiller? Pull up the chart and see how ridiculously far above the prior 2008 price bubble we are right now. Plus bank lending standards now tightened and mortgage credit available is nowhere near supporting this.
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cdOne of the most straightforward but deeply insightful interviews you’ve had. An interesting question is why when we really do see from history how It plays out, we don’t take steps to avoid it. The behavioural and regulatory aspects are worth diving into even more deeply. If you go back and see the report by the controller of the currency into the Conti Illinois collapse, their analysis and playbook to avoid said it all. But a few decades later it all happens again. Trouble is you have to be a lot older to get it!
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KR...'Building after Building after Building after Building' Sounds like all the cranes in Toronto currently !!
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MJGreat to see the Swagman on Real Vision!
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JKGreat interview !
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acWhat about Steve Keen's idea of giving everyone an equal amount out of new money in a debt Jubilee. Which they are then use to pay down any existing debt they hold. If they are debt free they are required to buy new issue shares and the companies have to use that money to pay down their company debt. I am completely guessing here but I imagine interest rates would then be allowed normalize.
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GKUnbelievable content, just priceless! Richard Vague is so insightful.
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cdPS I’m definitely going to get his book!
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DSExcellent. It is a pleasure to listen to someone who is practical and experienced in both macro and micro effects of lending. I am looking forward to seeing both gentlemen back on RV soon. DLS
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RCGood to have Joe back, his recent interview with the ex-reserve bank governor of Australia was a very insightful conversation.
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EKAm reading "A Brief History of Doom" this VERY second! Enjoying it. Appreciate the effort put into this book. I sense that the book is underappreciated and likely should've made a bigger splash in the financial media and business press. Also do highly recommend unique and interesting podcast by Joe Walker "The Jolly Swagman".
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acWhat about Steve Keen's idea of giving everyone an equal amount out of new money in a debt Jubilee. Which they are then use to pay down any existing debt they hold. If they are debt free they are required to buy new issue shares and the companies have to use that money to pay down their company debt. I am completely guessing here but I imagine interest rates would then be allowed normalize.
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VDjoe is a great interviewer
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JLIt's refreshing to hear someone that actually understands the great depression. Ben Bernanke's views on it are unbelievably ignorant.
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AOThis was a great video and thank you.I liked the fact that it was easy to understand and could relate really well to 2007 and 2008.
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BGCC subtitles are from Pedro da Costa interview.. just sayin' ;)