Không phải mọi đổi mới trong lĩnh vực tài chính đều có giá trị. Không phải tất cả giao dịch đều hữu ích. Và một hệ thống tài chính lớn hơn không nhất thiết phải tốt hơn. Các bộ phận của ngành dịch vụ tài chính có một khả năng duy nhất để thu hút lợi nhuận vượt trội và tạo ra sự bất ổn gây hại cho phần còn lại của xã hội. Liệu sự đổi mới tài chính có thể được khai thác để tài chính có thể mang lại lợi ích cho nền kinh tế thay vì đóng vai trò là bậc thầy phá hoại của nó không? Hội đồng này, gồm Joseph Stiglitz, Adair Turner, Axel Leijonhufvud và Ed Clark, do cựu Thủ tướng Canada Paul Martin kiểm duyệt, tìm cách giải quyết những vấn đề quan trọng này.
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Finance and the Real economy
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Finance and the Real economy
financial economics
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bs banking innovation ! Parasites, sell debt, UNEARNED INCOME IS COUNTER PRODUCTIVE
takes money away from the real economy. all fiat currencies have FAILED, Roman Empire, oops they were
Killed by credit and foreclosure
Hard to listen past 42:49 – this is a radical oversimplification. Failure rates are virtually identical across racial groups, meaning banks are accurately pricing risk.
I know about that because I read about congressional investigations and all sorts of arguments on that. This makes it so I can't listen further because I don't know about what else he talks about, and I can't trust his judgment b/c he's wrong on something I know about.
A panel full of idiots
So why do we use money at all, do we need to? Managing and messing around with money seems like a wast of time and destroys lives, not to mention the many people who exist outside of the system and the vast carelessness of the banking system. Is it so bad to cooperate with each other instead of competing with each other? Ubuntu.
In a monetary-finance system, where all money comes into existence through debt contracts, access to the money 'system' is necessarily through a screening process based on debt-contract (credit) -worthiness, and therefore those who have access to lower-cost money with which to make MORE money is increasingly limited to the fewer and fewer creditworthy, as the working class gets limited access, not to front office bank lending, but through the backroom's very expensive credit-card operation, forcing always-greater returns from the many to the few.
It's a money-system design problem.
We NEED a new money system, not based on debt contracts.
Such as, this :
https://www.govtrack.us/congress/bills/112/hr2990/text
The national money system should be seen as part of our institutional COMMONS, operated as a public utility providing exchange media and purchasing power to our society on the principal of public purpose.
It's OUR money system.
Thanks.
This was a good talk and panel. However, it was never mentioned that redtape makes it hard for aspiring entrepreneurs to pursue any risk, so the only thing financiers can target are consumerism and real estate. Factories can't be built with existing regulations the government has implemented. This leaves them to indulge in securitization with the excess reserves in their balance sheets.
Usually I'm a big fan of Joseph Stiglitz but he didn't deliver here. He says the regulators failed but then he says the solution is to have a regulated financial system? No wonder the people are upset. Economists have basically trapped themselves. The answers they give no longer make any logical sense.