What I Learned and (Un-Learned) at the Financial Crisis
2024 ж. 3 Мам.
68 922 Рет қаралды
Dr. Mark Blyth, Professor of International Political Economy at Brown University.
Dr. Mark Blyth, Professor of International Political Economy at Brown University.
I'll quote Myself: "Capitalism is "Musical Chairs," with Live Ammo."
Harry Kiralfy Broe Thanks, Harry
So you normally play musical chairs with blanks? Hand guns, or long guns? Is everyone armed or ...
is it paintball guns?
or tear gas.
4 more years later and 7 after this talk and its still relevant, maybe even more so.
I could listen to that marvelous Scottish accent all day!
No thanks !! Sounds too much like ex - SNP harridan - wee Jimmy Krankie. Thankfully now departed...
I discovered Mr. Blyth only the other day and his lectures have consumed as much of my time as I could extend to them ever since. IIn the process I became a fan. and a big one. Yet - and I say this from a position of a chess game observer who just may be more seeing the game from a less personal aspect - I wonder why political economy here stops at politics and economies of the West and only at economies of the East. I would luvv to hear his opinion on the role of geopolitics iand consequent military in (globalised) political economy.
He talks about Islamic finance at about 56:30.
Yes, saw that. I did not mean the role of religions in political economy. I tend to believe that to an extent Americans chose Trump and over here Corbyn got support based on their foreign policy stances. Namely - not going into lunacy of imposing no fly zone on Russians in Syria, as Ms Clinton advocated. And overall, no one and no entity is an island - including the US and EU. I believe that it wouold be great to hear Mr Blyth's view on the role and casualities of foreign policies to 'internal' political economies and interdependencies there.
Well Islamic finance isn't Western finance. Islamic finance is pretty important in the Middle East which is a Muslim majority region. It may also be important in Pakistan and Indonesia as well but I'm not sure since I've never studied those countries.
It is western finance. They just repackaged it but it works the same way as conventional finance and still has an effective interest rate. It's a sham, and while it hasn't blown up yet I wouldn't be at all surprised if it does in the future.
Uh, no.
Consistently great talks
That last few minutes comparing "mark to market" vs "mark to funding" was really profound. Think about if you buy a house, own it for 10 years, then the loaner can structure their portfolio to count your loan as the dollars you can sell it for "Mark to market". Even tho you didn't sell or appraise for that matter. This could increase property value for taxation purposes locally (your taxes). Creating opposing incentives of taxation (My property value going up doesn't increase my wealth but increases my tax burden only to fund local government). But "Mark to funding", accounting actual assets, how much was paid to acquire those assets, makes sense because the value is tied to the contracts and not the speculation of those contracts and assets. So the risk is mitigated. IE: you can't claim $500k of housing assets when the owner of that asset only paid $100k for said asset. It is literally wealth stealing.
What i learnt about the financial crisis is that the market, banks, rating agencies and government departments overseeing them are dumb, corrupt and nothing much has changed in the last eleven years
What do you think right now that its January 18, 202? Biden is about to be sworn in as America puts more troops into Washington than they have in Iraq. Trump's mob just recently stormed the capitol, killed a cop, tore down the American flag and replaced it. Its only a guess but this stuff is just as relevant right now as it was 7 years ago.
@@tonywilson4713 hehe or now, when the sp500 have dived :))
@@SirEmrik Yeah buddy look at what's happened these last few months. Biden got sworn in but hasn't really fixed anything. Trump and the whole Trump situation has gotten worse not better. Putin has invaded Ukraine and found out that his Army would be great if it was still 1985. Britain has its 3rd Prime Minister for the year and there's still time for a 4th. Stock markets are down but executive bonuses are up, but maybe that's not a surprise. China's 2 main stock indexes are being reported as down by 15% and 30% and there wasn't even the slightest mention of it in China because Xi Jinping is too busy making himself the new Emperor. OH and the Saudi's are threatening America with Jihad, while the Iranians go WTF that's our job.
@@SirEmrik Here's my predictions. Around mid November Trump will be made Speaker of the House and declare a new constitution and rename America the Holy White Christian Republic of America. A bit like Iran in 1979 but with more red, white and blue. I expect the Great Orange One also known as GOO will declare the following: 1) To counter the great replacement all white girls will be banned from college unless they have had 5 kids first, while all others will be given lots of sex ed and free contraceptives. 2) Except for NFL, NBA & MLB players, all African Americans will get a free 1 way trip back to Africa to help get back them back in touch with their African heritage. 3) All Asians will get free 1 way trips back to Asia to help get them in touch with there cultural heritage, except those who can cook noodles cos the GOO likes those. 4) All Latinos will get free 1 way trips back to Mexico to help get them in touch with there cultural heritage including all taco & enchilada chefs cos the GOO doesn't like spicy food. Around New Year I expect the GOO to hit the fan when he withdraws all support for South Korea cos his buddy Kim Jong-psycho has agreed to allow GOO to have a new Trump golf course in the DMZ. The Holy White Christian Republic of America will then withdraw from NATO so Vlad the Impaler 2.0 can lovingly shaft Ukraine, Belarus, Georgia, Azerbaijan, Armenia, Moldova, Romania, Bulgaria, Turkey, Czech Rep., Slovak Rep., Hungary, Poland, Estonia, Latvia, Lithuania, Sweden, Norway and Finland. Jared Kushner will announce a new name for his hedge fund calling it the Yeah-ha Universal Greatest Orbital Trumplicious Saudi Holy Alliance For Trump Extra Dosh (YUGOT SHAFTED). After that it will then announce new Trump golf resorts in Ukraine, Belarus, Georgia, Azerbaijan, Armenia, Moldova, Romania, Bulgaria, Turkey, Czech Rep., Slovak Rep., Hungary, Poland, Estonia, Latvia, Lithuania, Sweden, Norway and Finland. Jared will run this from the new American off shore financial center in Guantanamo Bay West cos the CIA still needs Gitmo East for _"that camp"_ nobody talks about. That CIA camp nobody talks about will be expanded with the new Joe Biden and Nancy Pelosi wings. Mike Pence will be sent there as the camp chaplain to help rehabilitate Hunter Biden. After Bidens Impeachment for being older than Trump and Kamala Harris being Impeached for being able to spell. Trump will be reinstalled with a new 44 year term cos somebody double tapped the '4' key. Ivana will be the Secretary of the Treasury cos she knows money and how to count it. Don Jnr. will be the Secretary for Defense cos we all know nukes a best handled by a junkie. Kimberly Guilfoyle will be the Secretary of State cos the "best is yet to come." Eric will be the Ambassador to the UN cos that's a safe place to keep him. Lara Trump will be Secretary for Energy, Secretary for the Interior and Head of the EPA so they can streamline new fossil fuel projects. Tiffany Trump will be the Secretary for Education cos she's brighter than Eric. Barron trump will take over Trump Inc. cos somebody has to. Rudy Giuliani with be the new AG. Lauren Boebert will replace Sonia Sotomayor, Marjorie Taylor Greene will replace Elena Kagan and Candace Owens will replace Ketanji Brown Jackson on SCOTUS because the GOO believes women should have a voice. To celebrate this Elon Musk the Secretary for Communications will replace the National Spelling Bee with a new game show where 2 children from each state will be let lose in the old Houston Astrodome. A Bucket of McNuggets will be tossed in and the last one alive will be declared the winner. This will be streamed live on Twitter and beamed to the world via the new Amazon does it all Network. Sometime after that Texas will be declared the new capital of the World.
Must say Blyth is one of the great
One of the great.... "..opinionated bores "....??
Liquidity crunch when banks stop lending to each other, interbank lending. Credit default swaps, mortgage bonds, deleveraging cycle mark to market individual disastrous, labor is 50 to 69% of business costs so layoffs begin. deleveraging hit consumption.
anyone have a link for this presentation with slides?
Would have been nice to see the slides.
I wonder what would happen if the government entered the banking sector with only the intention of serving the public interest at small to no profit, i.e. break even. Would this parallel system moderate some of the more usurious tendencies of the private sector.
very much agree 100 percent
Going to the bank would probably be like going to the DMV.
Marmocet It was like that when I was young. What's changed, is the technology, which could be used to shorten the lines.
What if it was online banking only?
Luther Blisset I was thinking of using post offices, and including banking agents to service customers. Online banking would be one of the services offered.
Old school Mark Blyth
"Margin Call."
4 more years later and 7 after this talk and its still relevant, maybe even more so.
He asks the BIIG MMT question right at the end, how much of this is Private Capital Creation? Where the hell did $2 Trillion go?? Why is it adding to the economy if I buy a computer but if the gov’t buys a computer it’s a waste?? Where does money come from... that’s the question. The answer is that real money is spent into existence by currency issuing governments.
6:51... on "your" planet?... something you want to share with the class mark ? :P
Not the Shrek thing YET AGAIN!
Yeah, I've heard about that comparison before. Some BODY ONCE TOLD ME
annnnnnnnnnndd he smashed that teacher
3:10 when he starts
When was this lecture given, was it just after 2008, 9, 10?
Adam Keefe at least 2010
2009, according to the copyright date at the end of the video
1982, if you go by color and decor.
and his suit
HA
I was watching my froggy stuff... O.O
"public debt... you'll have to pay that back whether you like it or not" -- totally incorrect. The national "debt" of a country with its own currency is the non-federal govt's net savings in USD.
hrmIwonder You haven't listened to Blyth much, huh? He often differentiates between the two. He often brings up the fact that The United States can print its' own currency, which is commonly accepted worldwide. But there is a thing such as public debt and it does have to be covered.
"But there is a thing such as public debt and it does have to be covered." only if that debt is denominated in a foreign currency (or if you're a member of the eurozone, where the euro is in effect a foreign currency for each country). What the US calls its "national debt" is the dollar net savings of the user's of the dollar (the fed govt is the issuer. The user's can only net save if the issuer net spends)... Yes, I know Blyth is aware of all of this, I've heard him say each of these pieces individually, but he never quite ties it together.
hrmIwonder I don't understand your original comment then. He's lecturing on the debt taken on by nations in the eurozone. Specifically Greece.
He said that at 13:30 and yes, he said "public debt of advanced economies" directly before. So unless that didn't include countries with their own currency, then he's conflating the term "public debt", which means totally different things in the two contexts.. but could just be sloppy language, when judged in the overall context.
hrmIwonder Perhaps. I've listened to quite a bit of Blyth and he often differentiates between those who can print their own currency and those who are enslaved by Deutsche Bank.
I can't get past that guy eating in the middle of a lecture. My professors would throw a fit. Is that normal in US?
How else are they going to put on all that weight?
DONKEY! 🤣🤣👍