Professor Steve Keen explains how mainstream economics is driving the climate disaster
Professor Steve Keen was one of the few economists to realise that a serious economic crisis was imminent in 2005. He publicly warned the world, and helped his native Australia navigate the 2008 crash without the major repercussions that crippled markets everywhere else.
He is now working on a new model of economics for a post-crash world. He joined me today to discuss why and how capitalism needs to be constrained, the economics of climate change and what mainstream economists and academics are getting wrong—to the detriment of us all.
BREAKING: A Newsmax anchor just LOST IT, MELTED DOWN when a veteran criticized Trump on air.
–A compilation of moments from debates mostly between left and right-wing media personalities
00:00 David Pakman vs. Tim Pool
00:55 Joe Rogan vs. Dave Rubin
03:00 Cenk Uygur vs. Dinesh D’Souza
03:35 Sam Seder vs. Darryl Perry
05:28 Destiny vs. Tim Pool
06:31 David Pakman vs. Ben Shapiro
07:48 Kyle Kulinski vs. Michael Knowles
08:43 Joe Rogan vs. Steven Crowder
10:06 Sam Seder vs. Tim Pool
11:35 Ana Kasparian vs. Ann Coulter
13:03 Chris Hahn vs. Michael Knowles
14:29 Marianne Williamson vs. Dave Rubin
16:23 David Pakman vs. Jesse Lee Peterson
17:08 Andrew Neil vs. Ben Shapiro
18:44 Joe Rogan vs. Candace Owens
20:22 Vaush vs. Tim Pool
21:54 David Pakman vs. Dave Rubin
23:12 Sam Seder vs. Steven Crowder
John Bolton argues that the US should stay in Afghanistan to keep Iran in check and prop up Pakistan.
If you want to stop terrorists, cut off the Saudis who are the top exportors of Islamic extremism.
State Department spokesperson Ned Price refuses to effectively engage with the press over the current Israeli-Palestinian crisis. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/tyt/live
Read more HERE: https://www.commondreams.org/news/202… “Pressed repeatedly by reporters during a briefing on Monday, U.S. State Department spokesperson Ned Price refused to condemn Israel’s killing of children with airstrikes on Gaza, offering evasive and mealy-mouthed responses that members of Congress slammed as unacceptable.”
A straight line runs from Reagan to the Trump dead-enders.
Republicans spent most of 2020 rejecting science in the face of a runaway pandemic; now they’re rejecting democracy in the face of a clear election loss.
What do these rejections have in common? In each case, one of America’s two major parties simply refused to accept facts it didn’t like.
I’m not sure it’s right to say Republicans “believe” that, say, wearing face masks is useless or that there was widespread voter fraud. Framing the issue as one of belief suggests that some kind of evidence might change party loyalists’ minds.
In reality, what Republicans say they believe flows from what they want to do, whether it’s ignore a deadly disease or stay in power despite the voters’ verdict.
In other words, the point isn’t that the G.O.P. believes untrue things. It is, rather, that the party has become hostile to the very idea that there’s an objective reality that might conflict with its political goals.
Notice, by the way, that I’m not including qualifiers, like saying “some” Republicans. We’re talking about most of the party here. The Texas lawsuit calling on the Supreme Court to overturn the election was both absurd and deeply un-American, but more than 60 percent of Republicans in the House signed a brief supporting it, and only a handful of elected Republicans denounced the suit.
At this point, you aren’t considered a proper Republican unless you hate facts.
But when and how did the G.O.P. get that way? If you think it started with Donald Trump and will end when he leaves the scene (if he ever does), you’re naïve.
Republicans have been heading in this direction for decades. I’m not sure whether we can pinpoint the moment when the party began its descent into malignant madness, but the trajectory that led to this moment probably became irreversible under Ronald Reagan.
Republicans have, of course, turned Reagan into an icon, portraying him as the savior of a desperate, declining nation. Mostly, however, this is just propaganda. You’d never know from the legend that economic growth under Reagan was only slightly faster than it had been under Jimmy Carter, and slower than it would be under Bill Clinton.
And rapidly rising income inequality meant that a disproportionate share of the benefits from economic growth went to a small elite, with only a bit trickling down to most of the population. Poverty, measured properly, was higher in 1989 than it had been a decade earlier.
Anyway, gross domestic product isn’t the same thing as well-being. Other measures suggest that we were already veering off course.
For example, in 1980 life expectancy in America was similar to that in other wealthy nations; but the Reagan years mark the beginning of the great mortality divergence of the United States from the rest of the advanced world. Today, Americans can, on average, expect to live almost four fewer years than their counterparts in comparable countries.
The main point, however, is that under Reagan, irrationality and hatred for facts began to take over the G.O.P.
There has always been a conspiracy-theorizing, science-hating, anti-democratic faction in America. Before Reagan, however, mainstream conservatives and the Republican establishment refused to make alliance with that faction, keeping it on the political fringe.
Reagan, by contrast, brought the crazies inside the tent.
Many people are, I think, aware that Reagan embraced a crank economic doctrine — belief in the magical power of tax cuts. I’m not sure how many remember that the Reagan administration was also remarkably hostile to science.
Reagan’s ability to act on this hostility was limited by Democratic control of the House and the fact that the Senate still contained a number of genuinely moderate Republicans. Still, Reagan and his officials spent years denying the threat from acid rain while insisting that evolution was just a theory and promoting the teaching of creationism in schools.
This rejection of science partly reflected deference to special interests that didn’t want science-based regulation. Even more important, however, was the influence of the religious right, which first became a major political force under Reagan, has become ever more central to the Republican coalition and is now a major driver of the party’s rejection of facts — and democracy.
For rejecting facts comes naturally to people who insist that they’re acting on behalf of God. So does refusing to accept election results that don’t go their way. After all, if liberals are servants of Satan trying to destroy America’s soul, they shouldn’t be allowed to exercise power even if they should happen to win more votes.
Sure enough, a few days ago the televangelist Pat Robertson — who first became politically influential under Reagan — pronounced the Texas lawsuit a “miracle,” an intervention by God that would keep Trump in office.
The point is that the G.O.P. rejection of facts that has been so conspicuous this year wasn’t an aberration. What we’re seeing is the culmination of a degradation that began a long time ago and is almost surely irreversible.
There will be no V-, U-, W-, or L-shaped recovery. The recovery will be K-shaped. An initial drop straight down, followed by a bifurcation of the ascending “haves” gaining more wealth at the cost of the descending “have nots” losing their wealth. You have a short window of opportunity to choose which side of the bifurcation that you want to take.If you understand “economic hitmen“, you’ll understand that people, companies and even countries are allowed to get over leveraged for a reason. There is no intention to save those over leveraged. The intent is to take assets they want – legally.Whenever a company brings in an “optimization” company, you better start sprucing up that resume. I’ve seen it happen so many times. Prepare for the pinks, don’t ever be surprised by it.Saw this same thing with Doctors offices in my area. These management services, rolled into town. They promised an increase in profits. The docs jumped in with both feet. Long time employees jumped ship because part of the restructuring double their workload. New computer systems did not delivery efficiency. Retraining new employees ended up being costly. The family atmosphere of the old practice disappeared and it quickly became a factory environment. Patients started going to other providers for better care. Some of the practices split from their partnerships due to bad blood caused by the ill treatment of long time devoted employees. End result was loss of profits and weakening relationships to the point that the local monster sized hospitals were able to come in a buyout those practices for a song. Here is the thing. All these docs were warned not to do this. Only a couple practices heeded the advice. They survived the other practices didn’t.The writing appears to be on the wall. The Fed reports, NBER reports, and others are pretty damning. Kashkari has also mentioned he is concerned about banks being unable to absorb the coming wave of defaults he expects are very possible. Also now people are realizing the markets being propped up are creating a bubble if not keeping a bubble going and growing. Save your money people and pay off your debts. Very tough road ahead of us. It’s so unfortunate that our economy is failing so hard and people don’t seem to grasp the harsh reality that we are facing.Housing: 20 years ago you could buy an average house 2x your average annual salary (in your location)…. now its 5x+. Think about it….The one thing I learned in business: Any rumor about how bad a business youre working at is doing is always 100% true Any assurance your manager gives you about how youre bad business is gonna turn around is always 100% a lieThat’s why people like Warren Buffet is sitting on the sidelines and waiting.