Economy The US and European Economic crisis

Episode 5:
 
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Oriental, please delete posts 167 to 171. These are infomercials for their books and website to buy gold and silver from them. This is forbidden on Eupedia.
For the rest, please, be more critical and logical, what you post. Most of the videos are full of conspiracy theories and propaganda of some ideological groups.
I don't have time to check everything now, but I'm sure I will delete most of them later. So be kind and don't make me work too hard. :)
 
I actually haven't seen all of them. I only went by the title and snippets like the first two minutes. They are too long. I assumed #167 was #157 and #171 was #161. I deleted the Bush stuff as they can get nasty.
 
oriental said:
I actually haven't seen all of them. I only went by the title and snippets like the first two minutes. They are too long. I assumed #167 was #157 and #171 was #161. I deleted the Bush stuff as they can get nasty.
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lol, I thought you post them because they fit your geo-political views, not just the titles do. Anyway thanks.
 
fit your geo-political views
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India was under socialism with Nehru. They were bragging how things were going to improve once the British left. Well as the British were leaving little by little year by year and things were getting worse. I didn't know what socialism was as I was just a kid. But from my experience socialism isn't what they imagine and definitely a disappointment. However, learning about the how the Scandinavian countries handled socialism made me less skeptical. So I think it is how you handle socialism.

Basically I want want people to know about money and how the system works and how they can fix it by knowing the system. I never provided any solution as I too am learning. I learnt about the Net Capital Rule in another forum and it triggered my imagination how Wall Street used it. It is just leverage. It was sad to know that bankers whom I had always trusted were actually ripping off the system. That is human nature. People will abuse the system no matter what country. I see a lot of it in India, Hong Kong, United States but not so much in Canada. In Toronto there was a guy named Deer and he was ripping off welfare. He admitted to me he worked for cash (he was actually bragging) and was receiving welfare and he owned the home that he used to rent us rooms. I was new so I didn't know enough about how things worked. I never applied for welfare and I didn't know he was ripping off welfare at the time. Ha, that's how people are.
 
No, India was not "under socialism with Nehru", since AFAIK the Indian economy remained in private hands. The New Palgrave Dictionary of Economics defines socialism thusly.

"A society may be defined as socialist if the major part of the means of production of goods and services is in some sense socially owned and operated, by state, socialized or cooperative enterprises. The practical issues of socialism comprise the relationships between management and workforce within the enterprise, the interrelationships between production units (plan versus markets), and, if the state owns and operates any part of the economy, who controls it and how."

The last bit of that definition is, I think, meant to suggest that a system where the states owns and operates all or part of the economy may not actually be socialist if the government is controlled by an elite (e.g. the Communist Party in various East Bloc countries in the recent past) and the economy is actually operated mainly for the benefit of that elite. Of course, there are a lot of possible variations on full or partial socialism, and a lot of disagreement about definitions, but basically it's not socialism unless at least a major part of the means of production is at least theoretically owned, directly or indirectly, by the workers and operated in accordance with their wishes and for their benefit.

In summary, the word "socialism" is not a vague reference to "a political system I like" or "a political system I don't like". Whether or not one approves of socialism, the term has to do with who owns the major means of production and who benefits from it.

And I agree with LeBrok - most of those things you posted are nonsense. Of course, it's easy to turn to conspiracy theories when you see just how screwed up the world economy is and how unfairly it operates, often to the advantage of a tiny elite. But nobody has actually organized the whole world in accordance with some massive conspiracy - we just have a world economy that's so badly skewed that some people are taking unfair advantage because they can.
 
You are welcome to your views. I have not identified if they are conspiracies or otherwise. They are just different points of views. This is what is called thinking out of the box. I think they are interesting but like I pointed out on some of the videos I wasn't sure of the accuracies. Some had bad spellings which shows the author(s) show no concern for correctness. These videos are just like many religious books filled with facts and fiction.
 
oriental said:
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These videos are just like many religious books filled with facts and fiction.
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I agree with that part of your comment. These videos are just like many religious books. They mix together fact and fiction without bothering to distinguish between the two.
 
Here is CBC documentary on the world financial meltdown:


It is very long. I only skimmed through it.
 
Here is Elizabeth Warren , a Harvard professor on the meltdown.:


She could run for US president against Hilary Clinton in 2016.
 
And here is Alan Greenspan, the first Fed chairman to use low interest rates over extended period vs. other chairmen who alternated between high and low interest rates to contain inflation and deflation, on the meltdown.


Mind you these videos I have not gone through as I am in a silent zone no speakers allowed. I am just going by the written descriptions and titles. I assume they (the videos) are respectable as these are people in the public eye.

I look at it this way. The bankers have complete knowledge of the knowns and manipulate the financial levers to their advantage but are as blind to unknowns as everyone else so unintended consequences really screw up their plans.

Economics is not not a science and there are a lot of unknowns. The use of statistics is a sure sign that there is a lot of guessing involved.

The panics and depressions could very well be intentionally set and also it could be that there is a situation which developed that they could intensify it and take advantage. There are all kinds of possibilities. It is also human nature. Gifted people are not necessarily moral people and they could just as anyone else do bad things if they can get away with it.
 
Here is a visual how money is created by the Bank of England:

 
An illustrated explanation of the origin of banking:

 
Story of Gold:

Very interesting!!!

 
Uses for precious metals:

 
How gold is processed:

 
Gold processing with mercury:

 
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