The Flo

The Flo

Cogitations from the mid-North Coast of NSW Oz

Episodes

  1. Hoodwinked. Mark Hornshaw talking about money and the economy.

    14/04/2023

    Hoodwinked. Mark Hornshaw talking about money and the economy.

    Mark Hornshaw is a lecturer in Economics, Entrepreneurship and Management at The University of Notre Dame Australia. He was the Liberal Democrat candidate for Lyne at the 2022 Federal election and is a member of the state executive of the Lib Dems. I thought that we'd talk about the RBA but Mark takes an historic deep dive into the formulation, creation and control of money. It's not pretty I'm afraid. You can read some of his work at https://fee.org/people/mark-hornshaw The quote that Keynes Mark that reads. “Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”― John Maynard Keynes, The Economic Consequences of the Peace 00:00-Intro 00:54-1st question - the RBA 01:29-What is economics? 02:54-Money 04:28-Were people forced to use it? 04:50-Create a standard 06:18-Inflation begins 07:16-Money creation from thin air 07:38-Central banks 08:10-Who created this con? 09:52-The noble cause 12:04-Government monopolisation and bank protection 12:54-The Fed 14:00-England's WWI debts 15:14-20's boom to 30's depression 15:48-The possible influence of German WWI reparations. 16:54-Keynes 18:24-The government swindle 19:22-The FDR edict of 1933 for the surrendering of gold. 20:20-The revaluing of gold. 21:10-Definition of inflation 22:16-Nixon 1971 23:00-More Keynes 1922 25:21-Other ways to pay off the English WWI debt? 26:28-Total government power since WWI 28:08-Nowhere to hide 28:52-More of that Keynes guy 29:18-Interest rates 29:54-Printing money 30:56-A gamble and a lottery 31:48-Crazy asset prices and the undermining of society 32:40-CPI rising 32:54-So we MUST raise interest rates 33:54-Class warfare 35:41-Has the RBA done anything good? Not really, no. 36:36-Austrian School of Economics 37:22-Paul Volker quote 38:22-Abolish the RBA 40:30-What if there was no RBA? 41:14-Booms and busts 42:40-Our wrong-headed beliefs 44:02-Two sides of a transaction 45:28-Who are the winners? 47:39-What a wonderful world 48:12-Venezuela 50:12-Thanks and outro

    52 min

Ratings & Reviews

5
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Cogitations from the mid-North Coast of NSW Oz