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Human civilization is headed toward an economic crisis | Steve Keen and Lex Fridman

Lex Fridman Podcast full episode: https://www.youtube.com/watch?v=1XGiTDWfdpM
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Steve Keen is a heterodox economist and author.

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Written by Lex Clips

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  1. The covid lockdowns were about the economy, they slowed the global economy down to buy more time for the great financial reset, digital ID, carbon/social credit system and the incoming digital currency and cashless society its complete and total control over the population a digital prison were every aspect of your life is tracked and monitored including what you're allowed to say do and view, oops you said a "Hateful" comment online and now have banking privileges suspended for a week

  2. We need something better than capitalism, if we're gonna adapt to where technology is taking us. Capitalism only seems to concentrate wealth into the hands of the few, and justifies greedy behavior that is harmful to society.

  3. Supreme Leader Turdeau spent more money in the last two years than every past Canadian government combined. And now Canadians are suddenly vastly outnumbered in overcrowded Canadian cities.

  4. I am so grateful that I am 29 year old male that didn’t go to college . I currebtly am working a full time job and a part time job now too but I have zero debt whatsoever and since covid hit, i actually used that time to build my nonestient credit .

    I still am in rough shape but seriously, i have no idea how i would honestly feel knowing i have school loans that are getting taken out regardless of if i can afford to live off the remainder.

    And no, i really don’t feel sorry for the majority that do have college payments . Most i went to school with were not even smarter than me but wanted to put on an image so they went to the “best” school they could to get clout. Most got degrees in liberal arts and useless drivel 😂

    I don’t know how many of them will ever own their own homes though. Honestly, so many of them are screwed and I actually do feel bad 😞 I just wish people could think more for themselves , it’s so wild how far down we have fallen

  5. this guy knows his shit, I always get so tangled up dealing with the FEDs system I forget you can theorize about other systems and that other systems do exist they just don't really exist as the FEDs privatization is like the cancer that became dominant means of exchange.
    9:3810:48 also you can see Lex's bias on full blast here, instead of going deeper on the topics of a medium of exchange having a shelf life he clearly dislikes the idea .
    you can tell this guest is extremely well read and quite a gift

  6. We were heading towards it a few years ago – we are in it now. Economical/Environmental/Humanitarian/Political/Social – these things are all coalescing together at the same time for a perfect storm of crisis…..
    Scientists say that the reason we don't hear from ET is that most high level civilisations destroy themselves before contacting anyone; those that don't destroy themselves learn a valuable lesson and focus on their well being – not prioritizing travelling around the galaxy, but focusing on a much more peaceful and co operative life.
    i think we are entering a very pivotal period in human history that over the next 50 years will define which category we fall into.

  7. We're not in an economic crisis, we're in a crisis of Value. People are questioning the accepted representation of value being money. People are asking whether money is being fairly exchanged for labour at a dispersal ratio equal to the value provided. What is more valuable – an hours work as a farmer, or an hours work as a rubbish collector? An hours work as a rubbish collector, or an hours work as an olympic swimmer. Do we value things accurately when their representation is money?

  8. It's all about the cash. It always has been. It's a never ending game. At this point it's just a dick measuring contest. They don't give a shit about anyone, as long as they are getting paid.

  9. Short story… Banks print their own money. Then inject it into the society via debt through loans.
    Sooner we all wake-up to the FACT that all central banks are existing on the fact we all accept trading our time for pieces of paper with dead presidents on them

  10. "If you don't use it, you lose it". While true, if pay doesn't rise accordingly, then you just lose across the board, which is why inflation does not help the economy. Because people are then working the same but for less. Even right now, with $15 min wage in some areas, prices have risen soo much since then that even $7 minimum wage had more buying power. Inflation is ALWAYS bad, never beneficial. Less circulation also isn't a bad thing, because if people are buying more for less, then circulation would naturally be less, but obviously beneficial to buying power. So no, having a system that depreciates money does not actually benefit society.

    Technically the circulation is higher when buying power is higher because the weight of the currency has higher buying power. Inflation decreases circulation, because people buy less when things are expensive, even if they are spending more money, the weight of that currency is less. So it's a mistake to think of a higher circulation of total dollar amounts as positive. Stagnation is actually the height of prosperity, which occurs after everything normalizes, and it's the point where everything should be locked into place to maximize prosperity. By allowing inflation, we just decrease prosperity and cause chaos. So as long as you stagnate at a point after everything settles and normalizes (i.e. pay rises to a point considered very good for what it can buy), there is no detriment.

    That is the balance we should be aiming for but don't…..Why? Well…all these systems are merely designed to keep the rat race going, because they want people to be kept poor enough that they still run the rat race at full speed, when in reality society would be just fine if people didn't need to run the rat race as much, because it doesn't take 100% of the population to produce all the things we buy. This is why most jobs are service jobs. They technically contribute nothing to production, only really just shuffling around and attaching an extra cost on top of that production. So service jobs, even though some are necessary to get production into peoples hands, are largely a parasite on the production economy.

  11. Greater supply inflation correlates to greater velocity. Why is he claiming the opposite? Things that deflate i.e. There are less units in existence than there were yesterday, creates natural demand.

  12. Now imagine a financial system based on Bitcoin. Banks will actually have to own the Bitcoin that they're lending. I think this would make our world a better place.

  13. Peter Schiff claims that the claim "we need a little bit of inflation to stimulate demand" is bullshit. He claims that people don't wait for prices to go down, they want stuff and they want stuff now. He claims that the claim that we need inflation is made up by the government and the fed to justify their reckless monetary policy and budget deficits.

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