The Biggest Ponzi Scheme in History: The Last 20 Years
Recently spotted over at Steve Keen’s Debtwatch was this neat little mini-documentary from the Institute of New Economic Thinking (we certainly need more of that) about contemporary economic theory and how it relates to financial market instability in which about a dozen more enlightened economists look at the causes of the ongoing financial crisis and the failings of their profession.
As a reminder, the second half of PBS Frontline’s Money, Power & Wall Street (in which we learn that the financial crisis has never ended) airs tomorrow night.
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The people in this video are totally and I mean totally lost. They do not have the slightest idea of what they are talking about! . Economics tends toward equilibrium. It may never reach an equilibrium, but will always be moving towards an equilibrium. The problem is the FRAUDULENT fractional reserve banking system (read the “mystery of banking” free online). It is not deregulation that is the problem,, but deregulation in a world where the government (through deposit insurance) guaranteed that you privatize the gains and socialize the losses. If you really want to understand economics read the best book ever written: “Human Actions” by Mises.