This guy says everything I've been thinking and trying to say. Only he says it a lot better.
@soapbxprod
10 жыл бұрын
He is brilliant! :)
@robertortiz-wilson1588
3 жыл бұрын
It's still amazing!
@Gauntlet_Videos
4 жыл бұрын
I am definitely a lay person in terms of economics and I have been taught the same public school stuff as everyone else in the USA. However, listening to this lecture and other lectures on Austrian economics has completely flipped my perception. I have always thought that it made sense that a stimulus package was needed to "restart" the economy. But I always wondered, "Where is that money coming from?" Thomas' explanation completely makes sense. The answer to my question is, "Nowhere." In fact such stimulus only makes the problem worse in the long run. Thank you for making this lecture public.
@futurethinking
Ай бұрын
Then, sorry to say this but, unfortunately you have been duped. please listen to Mark Blyth, you know this guys is talking about the only depression from 17 depression before new deal what we had a recovery and conveniently forget the other 16.
@Anthobean
4 жыл бұрын
One of Tom’s greatest strengths is his sense of humor on history.
@robertdress9112
Жыл бұрын
He would tell you as I will, take your F_cking mask off.
@MajorGeneralLordStirling_1776
10 ай бұрын
💯
@harmanpabla7315
4 жыл бұрын
Hearing this man speak a decade later is still as refreshing as the first time. Brilliant yet common sensical.
@danielvalmonte2873
Жыл бұрын
I was thinking exactly the same thing. I first watched this 12 years ago when I was 19. It feels as fresh and insightful now as it did then.
@51MontyPython
10 жыл бұрын
This is a damn good lecture.
@soapbxprod
10 жыл бұрын
Tom Woods, baby! :)
@MakMuk
9 жыл бұрын
Wikipedia says Woods is full of shit. Maybe you can go edit the page and set the record straight. LOL en.wikipedia.org/wiki/Depression_of_1920%E2%80%9321 *Daniel Kuehn's recent research calls into question many of the assertions Woods makes about the 1920-21 recession: 1) the most substantial downsizing of government was attributable to the Wilson administration, and occurred well before the onset of the 1920-21 recession. 2) the Harding administration raised revenues in 1921 by expanding the tax base considerably at the same time that it lowered rates. 3) Kuehn also argues that Woods underemphasizes the role the monetary stimulus played in reviving the depressed economy and that, since the 1920-21 recession was not characterized by a deficiency in aggregate demand, fiscal stimulus was unwarranted.*
@MakMuk
8 жыл бұрын
+Richard D. Moore So spending increased 250% from 1917 to 1923. If spending increased from 3 trillion in 2007 to 10.5 trillion in 2013, would Tom Woods call that austerity? LOL
@SFC5660
8 жыл бұрын
Many of the previous negative comments only confirms Wood's point that our education system has indoctrinated us to dislike someone like Harding.
@right-winglibertarian3896
7 жыл бұрын
Scott Collins I agree
@orange70383
7 жыл бұрын
The education system worked great on you, it made you the brainwashed drone you are today. You'll find this out someday. You believe that you have a point but you have no idea just how ignorant you really are.
@IronCavalier
5 жыл бұрын
^^^Someone has to stand up and prove your point.^^^. Thanks for the example!
@UncommonSenseUSA
10 жыл бұрын
I really like this guy!
@UncommonSenseUSA
8 жыл бұрын
Yeah, I have looked at the 1920s. Warren harding did what the EU economists now call austerity. They claim cutting government spending will hurt economic growth. In the 20s he cut government spending and taxes almost in half and it lead to the roaring 20s.
@TeddyTheYetti
7 жыл бұрын
UncommonSenseUSA ...land speculation an unsecured borrowing is what paved the way for FDR'S GREAT DEPRESSION
@right-winglibertarian3896
7 жыл бұрын
UncommonSenseUSA Yeah Tom Woods is great!
@xotoxpv
4 жыл бұрын
2020 and it's all about print, print, print. Very sad.
@flash12319
4 жыл бұрын
two weeks later and we hit new highs in the money supply
@C_R_O_M________
4 жыл бұрын
@@flash12319 it's gold time!
@MBarberfan4life
4 жыл бұрын
“Just print, baby”- Fed
@bryanb.386
3 жыл бұрын
2021, "2020, hold my whole case of beers."
@midwestcharm
15 жыл бұрын
I like that- "If the government hates someone, I'm interested in ATLEAST giving them the benefit of hearing what they have to say"
@benalor1973
3 жыл бұрын
This is the lecture that lead me down the path of Austrian Economics. All because it was in my feed one morning.
@andrewternet8370
4 жыл бұрын
If you like Harding, you're gonna LOVE Coolidge. The dude expanded his policy of tax cuts and lowered government spending, without the scandals of Harding. He even had 2 lion cubs named Budget Bureau and Tax Reduction. I'd encourage you all to read Coolidge by Amity Shales, or read his autobiography (in which a free audiobook is available here on KZitem!). He is perhaps the most recent example of a constitutionalist, libertarian president, with good morals to boot.
@jonswanson7766
2 жыл бұрын
If I'm not mistaken, Reagan's favorite president.
@joecurran2811
11 ай бұрын
Two lion cubs does not suggest morality.
@andrewternet8370
11 ай бұрын
Yeah a youtube comment dont either but that's never stopped you@@joecurran2811
@MajorGeneralLordStirling_1776
10 ай бұрын
Holy shmoly!
@machinebp23
Жыл бұрын
This should have like 10 million views and just as many likes. Thank you, Tom!
@MrChrisdube
10 жыл бұрын
This guy should run for President.
@right-winglibertarian3896
7 жыл бұрын
chris dube I wish Tom would!
@themaverickhistorian6257
6 жыл бұрын
chris dube Amen. He should start as a State Rep then run for Congress in the right district in the right state.
@arthurdent9186
5 жыл бұрын
@GenuineIntel Exactly, just like Kennedy. As Tom and many others have said, the president is not the true ruler, the deep state is. Tom himself frequently says "No matter who you vote for, you end up with John McCain.
@TerexJ
4 жыл бұрын
That's the problem. All the best presidents don't run for president. Can't really blame them.
@michaeldalton8374
Жыл бұрын
The President doesn’t have nearly any of the authority they currently sling. A true patriot President would get very little done, and wrongly be trashed for it.
@Attritive
12 жыл бұрын
Thank you, Mr. Woods.
@user9675
4 жыл бұрын
People today need to watch this Lecture!
@55Quirll
3 жыл бұрын
The politicians of today need to read and follow Warren Harding's speech as well as those who are pushing for $15/hr.
@thermionic1234567
11 ай бұрын
Greetings from a fellow former Essex County, MA resident! North Andover was on the edge of my range in high school and my maternal grandfather worked at the Western Electric plant in Andover.
@Evilmonkey7270
10 жыл бұрын
A president with a BRAIN?! Impossible!
@edwardrhoads7283
9 жыл бұрын
Just vote in an Astrophysicist then
@obviouslykaleb7998
4 жыл бұрын
Edward Rhoads I’d rather vote in a president
@0909umcia
4 жыл бұрын
@@edwardrhoads7283 to have NASA budget overblown out of proportion for many causes that not really reflect what people demand from science
@edwardrhoads7283
4 жыл бұрын
@@0909umcia No it would only get doubled to get people to Mars by end of century. So it would go from half a percent of the US budget to 1 percent. Not even close to where it was in 60s
@0909umcia
4 жыл бұрын
@@edwardrhoads7283but why do we need to go to Mars?
@bryanb.386
3 жыл бұрын
I remember my public school education on the Great Depression. It was essentially a full chapter praising FDR. In the last paragraph on the Great Depression there was sentence something to the effect that even though their was some improvement, WWII was what actually ended the great depression. The economic section of the WWII chapter, praised FDR for mobilizing private businesses to produce for the war efforts, thus in turn leading to a great economic "rebound", due to FDR, after WWII. What dicks...
@weignerleigner3037
2 жыл бұрын
Really learning about the depression changed how I look at the education system. I learned the same thing you just said then found out later the truth of the matter. America during world war 2 was arguable the worst time to be an American in the countries history. People lost their freedom and all goods and services were directed towards the war effort so the people in the country had to deal with shortages on basically everything. Some things people stopped producing in general as it was not needed for the war effort. And like you said academia says this was the strong point of the us economy during that time and that without the war the depression would have kept on going. Shows that academia always has been politically corrupted. Fdr is arguably the worst president we’ve had we lost so much of our freedom under his tyrannical reign. Only president not to leave office after 2 terms.
@EnFuego79
2 жыл бұрын
@@weignerleigner3037 Absolutely. Then, you start listening to what 3 time NY teacher of the year turned mainstream education whistleblower, John Taylor Gatto had to say, and what his research regarding the history of those who created the public school system had to say about it's purpose and goals and you very quickly realize that feudalism never ended, they just hid it in plain sight, and brainwashed everyone into a secular religion called statism lying to the people by making them think they have any influence in what happens once they agree to be systematically robbed of the fruits of their labor. The more REAL history and economics you learn, the more you realize that generation after generation have been living in a giant "Truman show". Here is an amazing interview with Gatto if you're interested: kzitem.info/door/PL463AA90FD04EC7A2
@dantean
9 жыл бұрын
A piece of genius.
@TeddyTheYetti
7 жыл бұрын
Sublime Music Channel He is..Lew Rockwell admitted that the Military Monitors his website. If the truth is so scary, Why are people trying to hide it.
@JO86288
2 жыл бұрын
It’s may 2022 today, and I’m listening to this genius.
@gildobacci4996
11 жыл бұрын
Great lecture dr. Woods
@MrMalkraz
7 жыл бұрын
Absolutely phenominal talk. Humorous at times, very informative and easy to understand even for folks just getting into economics. Woods is really one of the best speakers on economics of our time.
@fleetywoodymac
11 жыл бұрын
Thomas Woods is an excellent speaker and spot on throughout. Thanks for the video!
@GaminHasard
14 жыл бұрын
AWESOME!! I'm from the netherlands and i have never learned these things in school or from anyone. Because of these channels on youtube, misesmedia, ron paul, peter schiff and others i'm learning more about economic thinking then i ever did. I'm starting to see things differently about the economic policies in my own country (very social democratic thinking).
@peterpiper3790
2 жыл бұрын
schiff is awesome
@tobyw9573
8 жыл бұрын
Part of the reason for unequal wealth distribution is that everyone makes more money when they are old than when they were young, ignorant, had no experience, and had no time to buy a home, or accumulate an estate. The young also don't work 50-60 hours/week like top executives. So if you take a hypothetical population of two, one at age 18 and the same one an executive at age 60, there will be a tremendously unequal wealth distribution.
@immaculatesquid
6 жыл бұрын
Toby W wealth inequality also isnt a measure of economic success, like socialists claim it is. what bill gates makes if going to always be extremely proportionately more than i will make. whether i go on to make 50,000 or 10 million i will still be unequal with bill gates. for wealth inequality to have any merit it needs to at least be compared in times without minimum wage and in between certain age groups becuase these parameters matter
@immaculatesquid
6 жыл бұрын
too bad for socialists they eliminated one of those parameters
@SebastianLundh1988
Жыл бұрын
_Daaamn!!!_ It hurts to think that videos I watched when they were new are almost *14 years.* I mean, what heck, dude? I remember hearing about the Mises Institute, Ron Paul, Tom Woods, etcetera in the spring of 2009! I bought The Theory of Money and credit. Just writing down the last sentence gave me an emotional flashback to the joy I felt when I read it back in the day. I bought and read Bob Higgs' _Depression, War, and Cold War._ I can remember where I'd sit and read it. I remember watching his C-span interview, where some angry caller was rude. I remember printing out articles on Austrian Business Cycle Theory, and that they lay around in my room for years. Now I'm sitting here, well over a decade later. My memories of those days are about as old as me earliest memories of being in school were back then. I don't know if all of that happened a long time ago and I'm just imagining that it happened recently, of if it's the other way around. 2016, when Trump still ran for president, was half way between then and now, and I guess that just happened, so 2009 is "just happened" x 2, right?
@AleBober
8 жыл бұрын
35:00 I find it quite chilling that he said that in April 2009, half a year before the crisis began. Couldn't have asked for a better proof of him being right.
@ferdinandcavanaugh8155
2 жыл бұрын
Before?? You mean after...
@joecurran2811
11 ай бұрын
Crisis was well underway at this point.
@jstrattonlobdell4175
4 жыл бұрын
I've been listening to woods for a couple of years but have never heard this talk. Great talk.
@iL1keTurtlesPoker
11 жыл бұрын
The second part of this, once he started talking about monetary policy, is like the greatest thing I've seen on youtube. I always love it when Tom hosts the Peter Schiff Show, and at the end of this year I'll either be signing up to Liberty Classroom or some courses on Mises Institute. Thanks guys!
@y3g
12 жыл бұрын
I love this guy!
@dieselforge4181
4 жыл бұрын
Anybody here in 2020?
@jackolini
4 жыл бұрын
Yep, this worked to get America out of the depression. Today, the FED dropped interest rates to 0, printed up a bunch of money and there have been no talks of austerity. We didn't learn from history and unfortunately I think we are going to pay dearly for it in the future. Hopefully I'm wrong.
@robertortiz-wilson1588
3 жыл бұрын
I'll do you one better!
@JO86288
2 жыл бұрын
Fast forward to may 2022 here and now the crash has begun.
@mikelindgren7946
5 ай бұрын
@@jackolini 2024 here...inflation has been an issue for over a year, the Fed has been doing flacid .25 point increases repeatedly (over 5% now), the news is telling us how great everything is, while people are either broke or exausted working multiple jobs. I'm not looking forward to the second half of this year or 2025. Banks are starting to collapse and layoffs have been announced. I'm sure none of this is related though [/sarcasm]
@52000rightwing
12 жыл бұрын
The elegance and simplicity of truth is very attractive.
@natskis
12 жыл бұрын
Fantastic video!!! Austrian economics really does make sense!!!
@thenkdshorts9485
6 жыл бұрын
One of the best speeches on any topic ever. (And I never exaggerate.)
@LarsAndersenFrihed
7 жыл бұрын
Great great talk!
@bostjankramar11
12 жыл бұрын
What a great guy is this Tom Woods , keep up the good work ,really hope you will one day have an oppurtunity to rewrite this period of USA history in school books.
@misesmedia
15 жыл бұрын
The music at the beginning and end of the video is "Time Passes" by Kevin MacLeod, licensed under Creative Commons.
@dabruin2
15 жыл бұрын
Thomas Woods at his best. Simply brilliant.
@DragonYearJoji
15 жыл бұрын
Fantastic Speaker! Well done - 5 stars from me!
@TheLawrencePerspective
15 жыл бұрын
This is an outstanding talk, that most Americans need to hear. I loved it.
@Bigatari
14 жыл бұрын
GREAT!!!!!
@CarrotCakeMake
Жыл бұрын
Good luck to all of us.
@jscottupton
8 жыл бұрын
"A lie (Keynesian economics) can get half way around the world before the truth (Austrian economics) can put its pants on"
@teddyj.3198
4 жыл бұрын
@Michael Hemsley Wow
@ross2812
4 жыл бұрын
@Michael Hemsley Great comment.
@tothemax01
14 жыл бұрын
Wow. Fantastic speech. I'm stunned.
@michaelbyrneskiai
9 жыл бұрын
The solution is simple. End the government.
@michaelbyrneskiai
9 жыл бұрын
***** lol we are not Somalis.
@cdsilber
9 жыл бұрын
+hotpocketpoison Haha Somalia got the way it is with a stronghanded central planning Marxist-socialist dictator (Siad Barre) for 22 years starting in 1969 before disintegrating into civil war in 1991.
@buttshutter2441
9 жыл бұрын
+hotpocketpoison samolia has no government? even if that where the case (which it is not.) you can easily find many more collapsing governments in Africa. and i could say all these governments are proof of how that will end up
@buttshutter2441
9 жыл бұрын
+hotpocketpoison if a government is weaker than you would prefer, then you can just claim it doesn't exist? it is a internationally recognized government, but not to you because it doesn't have enough power??
@buttshutter2441
9 жыл бұрын
so because some warlord may be more powerful than the government (which I doubt, otherwise they would be the government), or some group may have some influence on the government, you can now say that government no longer exist?
@anaconda470
12 күн бұрын
I'm learning so much thanks to you guys.
@Alexkiplivelight
9 жыл бұрын
Fantastic vids! Way to go!!
@TheCenValley
13 жыл бұрын
Tom speaks in plain, factual ways.. Terrific stuff
@ladamyre1
8 жыл бұрын
I find it very interesting that he points out how some other economist writes one sentence admitting something he thinks is profound but dismisses the Federal Reserve Banks' role as "minimal". ALL of these economists, on both sides, never put the blame where it belongs: the violation of the US Constitution by Woodrow Wilson by his instituting the Federal Reserve Bank, the unconstitutional 16th Amendment that was NOT ratified by the required number of states and the subsequent manipulation of boom/bust cycles by a foreign agent, the Federal Reserve Bank. Apologist for the Federal Reserve is what he is. And as such he distracts people with the worn out toss-pot calling the kettle black routine. END the FED! Restore the Constitution of the United States of America!
@orange70383
7 жыл бұрын
Exactly, either this is clueless or he's pretending to be. I do not know why people are so blind.
@lamdash
12 жыл бұрын
By the way, this guy isn't even an economist by profession - he's a historian. Just goes to show you how incredibly knowledgeable and intelligent the scholars of the Austrian camp are!
@ForTehNguyen
15 жыл бұрын
Im reading Woods Meltdown book, its amazing so far. So simple and in layman terms. A stark contrast than the condescending tone some of these economists (Keynesians) have on the MSM. No one needs a PhD to understand economics
@tRuStThEsCiEnCeBiGoT
7 жыл бұрын
Judging from the lead in, the music, and the video editing at the beginning- I assumed this was produced in 1975 at first.
@stealthswimmer
15 жыл бұрын
great vid, especially towards the end "Do not give in to evil but proceed ever more boldly against it" =)
@tabletalk33
12 жыл бұрын
Splendid lecture! Bravo!
@bbunch05
11 жыл бұрын
God I love Tom Woods!
@Indivisible_Individual
2 ай бұрын
Excellent video, great speaker, interesting and relevant topic.
@coletrain2357
9 жыл бұрын
Sigh... don't get me wrong this is a great lecture, but this guy speaks in a way that just panders to the core audience. The problem with Austrian Economists is they don't understand it's the hearts and minds of the people who are suffering they need to focus on. Forget the academic community, they're hopeless as their careers depend on everything they were brainwashed to believe in. Austrian Economists need to start focusing on how to dismantle the cognitive dissonance that allows the poor to continue to believe inequality and poverty are symptoms of a free market. Come on, these people are just sick of living in poverty... of course they're going to get angry at rich people, so would you if you didn't know any better. We need to somehow communicate to the public that socialism began to take power in the United States when income tax was legalised. I personally think the focus should begin by dismantling the belief of the "natural monopoly", mainly by exposing how the corporate tax code created a breeding ground for the oligopoly' seen in almost every industry today. Anarchists also aren't doing anyone any favours, as even if you can convince me of the viability of anarchist society I still think things need to be taken in baby steps. Let's start by aiming for small government funded off of consumption taxes, at least that's a concept the average person can wrap their minds around. Read Martin Armstrong's 1996 tax reform proposal, that's the kind of detailed forensic analysis that explains exactly how direct taxation and interventionist government policy has been destroying America over the last 100 years. I'm talking about uncovering the actual mechanical details of how socialism does the opposite of what it looks like it would do to the untrained eye. When we can say "look this is EXACTLY how the Internet Service Provider conglomerate came to be" then they will start listening. Young people care more about the sanctity of the internet than anything, and who can blame them since it's probably going to have as big of an effect on humanity as the written word itself. BTW the federal government held Martin Armstrong for 7 years in contempt of court. If anyone has a solid understanding of economics it's going to be the guy getting falsely accused of large scale market manipulation purely on the basis that he seems to know too much. Austrian Economists need to start studying his work, ESPECIALLY the parts about the gold standard and it's artificial restriction on economic expansion. Edit: I made this comment before watching the second half, so I was wrong about my initial conclusion, but I still think most of this comment can provide some insight on how to spread the message.
@Frankdtankspanks
8 жыл бұрын
"you don't get what you deserve, you get what you negotiate"
@bernlin2000
7 жыл бұрын
"if we can find just one example to prove them wrong, we win" No Tom...you don't win, and neither do conservative libertarian-minded people, because they don't control the media effectively. People believe what they hear from their favorite news sources, and Tom just isn't making an impact that is needed to create a cultural shift, which we need to make real chances in our political systems.
@bernlin2000
7 жыл бұрын
Socialism only looks like it works opposite of what it "should" be if you have no understanding of market forces, innovation, and the crucial necessity of personal responsibility in finance. We ALL spend our own money more carefully than money given to us from others. That, as a fundamental premise, undermines the "good intentions" of the welfare state. You transfer money away from people who have learned how to build wealth (which is difficult, to be sure, but not impossible, even for people not educated in Ivy Leagues schools or who grew up influenced by the ways of Wall Street) and give it to people who have no idea how to build wealth...and the extra money won't help, it just gets spent. That's great for aggregate demand (and Keynesian theory), but it creates a society of "takers" and "givers", and pits them against one another. It's very destabilizing, and we're seeing that in our politics as of late. It's not a game or a joke: these socialist-inspired policies will tear far more than capitalism apart: it will destroy the very sociopolitical fabric of a nation. The idea of regional (even local) succession will grow less implausible in such cases...which is obviously bad for the who concept of a "nation-state" (especially one so large and powerful as the US still is, on the international front).
@Dr_Oleg_Kulikov
7 жыл бұрын
Rich people are bad asses but only poor people are worse. The fact is that some poor people just hate successful and smart people. They do not want to live better. They want the rich people to be killed and robbed. My grand-grand father and his wife were successful farmers in Ukraine working themselves out in efforts to get out of poverty. They have been killed and robed by commies just for this. And I tell you that successful people even robed from properties will work hard and eventually will get a decent level in life while poor people will always have an excuse to live miserable life. Socialism is a way to execute and exterminate smart, honest and hardworking people and to breed human trash instead.
@themaverickhistorian6257
6 жыл бұрын
Coletrain Lol, you tailor any speech to your audience. He was at a conference. The KZitem audience wasn't his primary focus.
@dannycorsaro546
3 жыл бұрын
Say what you will! We will not stop this juggernaut!
@XanatharEye
14 жыл бұрын
13:30 - 14:33 is the most epic part of this
@DGOODWIN19
2 жыл бұрын
Cool Photography, looking forward to see it later, I am on the West coast.
@WisdomProductions488
15 жыл бұрын
amazing
@ddgallion
13 жыл бұрын
Thomas Woods is a brilliant economist and an excellent author. The record clearly shows that so-called mainstream economists have been consistently incorrect in their evaluations of our fiscal and economic conditions and direction. Advocates of the Austrian School of economics have an excellent record regarding analysis of current conditions and likely events in both the near term and long term vis-à-vis the fiscal and monetary environment and the economic conditions in general.
@BrettRuiz585
12 жыл бұрын
Krugman: if this line is shaped like a V I win. Hey look, it's shaped like a V!
@Jordanehart
3 ай бұрын
Awesome video, thank you!
@shahman222
14 жыл бұрын
amazing wow
@JonathanSchattke
14 жыл бұрын
We've been in a REAL depression since 2000. We have not had ANY inflation-adjusted growth since then, except for one quarter. The government has been lying to you. "There are three types of lies today. Lies, damn lies, and statistics." - Mark Twain
@jamesmurphy9105
6 жыл бұрын
It's all about big government helping out the Federal Reserve
@sumitsingh-yz3vm
3 жыл бұрын
Amazing. So enlightening.
@rupert93r
10 жыл бұрын
This guy's a little too...excited. I have a hard time taking him seriously.
@BarrySlisk
10 жыл бұрын
Funny, that's what I like about him.
@crazy3d
9 жыл бұрын
But the animal spirits are real.
@Spydiggity
12 жыл бұрын
This is a really great video. 80 people are outta their minds.
@OldRangeRat
11 жыл бұрын
Question > Where would the world be if: 1. The Canals and Railroads were never built. 2. The Land Grant Colleges were never formed. 3. The TVA and the Hoover Dam were never built. 4. Inland water navigation was never embraced. 5. The US Highway bill was never enacted. Without government we would still be burning kerosene for our night lightning and farming with mules and horses, maybe we might have our computers without the internet. Simpletons without the knowledge of real history yield simple solutions. Never mind that the US economy in 1920 was adjusting from a wartime economy to a peacetime economy.
@Phl3xable
11 жыл бұрын
Oh, I get it. You're being sarcastic. Haha.
@gracilism
11 жыл бұрын
Who built those roads and railways? People did. The government was just an inefficient way of funding it. The NYC subway was built by private means and was highly successful (profitable) and was finish on schedule and in budget.
@OldRangeRat
11 жыл бұрын
gracilism Obviously people built them, unless you might be a whackobird. How many of them would have been built with private capital? I would wager that the NYC subway had some governmental backing in obtaining the easement rights and other governmental backing.
@GarrettPetersen
10 жыл бұрын
OldRangeRat You need to examine your counterfactual assumptions. You assume that everything the government is involved in wouldn't happen at all without the government, and that no worthwhile developments have ever been foregone because of government. When you assume the worst possible counterfactual, of course the status quo looks wonderful.
@OldRangeRat
10 жыл бұрын
The Economics Detective What?!! I did not make convey any of your conclusions that you concocted. How could you interpret any of my comments to come to such an idiotic summary? Government support hastens (greatly accelerates) technological and completion of large projects is the core idea of my comments. With a Federal Government lacking authority, we would be a continent of several hundred feudalism enclaves or perhaps British subjects again. Obviously, many of us still possess the piss-ant piecemeal confederate mindset.
@EdMan2012
15 жыл бұрын
that was an excellent speech.
@TeddyLeppard
12 жыл бұрын
Fantastic presentation by Tom Woods.
@steveoconnor6045
11 жыл бұрын
The normal working day for women and children as well as men was from 12 to 14 hours for six days a week, and at rush seasons factories sometimes ran day and night on one shift. Children, who in rush seasons worked 18 hours a day with only four hours for sleeping, often fell asleep at meals “with the victuals in their mouths.”.....
@PaulRizzo504
5 жыл бұрын
Hi guy from the the future here. US did stimulus and recovered within 1 year and went onto the longest bull market in history. Meanwhile Europe listened to this guy and embraced Austerity and now have negative interest rates and never recovered. An entire decade lost to economic stagnation. They just now started doing stimulus after their unemployment rate stayed at 15% for close to a decade.
@Rsambo00
11 жыл бұрын
May God Bless Thomas E Woods and his family.
@imonlyamanandiwilldiesomed4406
4 жыл бұрын
The boom/bust cycle is also a form of regime uncertainty.
@travlyr
14 жыл бұрын
Brilliant !
@realhxq
13 жыл бұрын
I think I can sum this up ,1: there are the good times and the bad times . 2:Bad times cannot be avoided . 3: Avoiding the bad times lead to worse times.
@DasGuntLord01
15 жыл бұрын
Electricity, the light bulb, the telephone, the radio, the theory of relativity, the automobile, the aeroplane, the printing press, (large sections of) the internet... Even if all those things WERE created by government funding, it doesn't mean it COULDN'T be funded by private means.
@friedrichb.616
3 жыл бұрын
Really interesting Lecture!!!
@QuicKnDead911
8 жыл бұрын
At 39:00 I had an epiphany as to why entertainment venues and all its marketing are so prevalent in society now and have been throughout history when you couple it with military spending although the the military spending is a necessity to what extent is debatable but both add to a pseudo economy both unfortunately lead to death either by a bullet or by clogged arteries.
@donotfret
15 жыл бұрын
Well said
@krasstian12
13 жыл бұрын
awesome speech!
@rightfitfitnessperformance8209
4 жыл бұрын
29:30 is gold
@noway63244
12 жыл бұрын
Thank you
@darris321
11 жыл бұрын
Depressions are not just "terrible conditions in the economy". They have to be there for a long enough time to grind the economy to a halt. This is based on misunderstanding of a basic definition of basic economics.
@kencoumou3166
4 жыл бұрын
So I’m watching this and Tom starts talking about how to fix this problem. I actually believe I know. I believe that if everyone understood how skewed the ratio of representation is in this country, they would see that the only solution is to contract the government by understanding the number. Representatives have zero allegiance to their constituents. Their allegiance goes to those that put them in such high and honorable potions. The corporations. Do the corporations do their own dirty work? Of course not. They hire lobbyists institutions to do it for them. And so goes the cycle of corruption from corporations to lobbyist to politician. One hand washing the other at the expense of the tax slave.
@sotospeak415
6 жыл бұрын
He's a great speaker
@johnbaugh2437
2 жыл бұрын
Yeah we are finally reaching the peak of the mother of all bubbles in 2022.
@layishevik
15 жыл бұрын
Japan suffered severe recession in the 90s because of thesame reason the west is suffering recession today. A bubble in the real-estate sector caused by artifically low interest rates set by central banks. Both economies became reliant on consumer spending inspite of the fact that savings were very low. This was due to monetary policy, fractional reverse banking and lax regulation and not fiscal policy.
@steveoconnor6045
11 жыл бұрын
GSE purchases represented 10.5% of non-GSE subprime mortgage-backed securities in 2001, with the share rising to 40% in 2004, and falling back to 28% by 2008. They relaxed their underwriting standards to purchase or guarantee riskier loans and related securities in order to meet stock market analysts’ and investors’ expectations for growth, to regain market share, and to ensure generous compensation for their executives and employees.
@panpiper
15 жыл бұрын
Doh! You are right. I wrote this summary too fast and did not check my work. If it's any consolation, I feel pretty stupid right now. I got the indicators backwards folks.
@panpiper
15 жыл бұрын
This has got to be the single most persuasive argument I have ever heard for the Austrian school of economics.
@PrivateAckbar
12 жыл бұрын
I like how often Hazlitt's "unseen" appears so often in market arguments. It's really the inverse of most statist arguments. In arguments with statists we often consume time trying to dismantle the imagined fears of a somehow violent free society. What we should always be doing is pointing out the unseen free society, the free hand operating against statist violence.
@JoshuaHults
15 жыл бұрын
he is my favorite speaker
@JerryLiuFilms
13 жыл бұрын
Very informative!!
@bsmith6784
8 жыл бұрын
29:30 -- a particularly valuable lesson. If we could just get big-govt supporters to wrap their heads around this *one* thing, we would be so much better off.
@glennmiddleton3324
4 жыл бұрын
People should look at Henry Ford, he just sped up production, he made workers work fast, regardless of the safety for workers
@steveoconnor6045
11 жыл бұрын
The record of our examination is replete with evidence of other failures: financial institutions made, bought, and sold mortgage securities they never examined, did not care to examine, or knew to be defective; firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night, secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
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