EPOG seminar #51: Steve KEEN – Debt, Inequality, and Crisis
EPOG seminar #51 – Steve Keen
"Debt, Inequality, and Crisis"
Speaker: Steve Keen, Professor of economics, Head of the School of Economics, History and Politics at Kingston University
Discussants: Adam Aboobaker (option C) and Esra Nur Urgurlu (option B)
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The 2008 crash to now: A decade of crisis
In this talk from the 2018 Revolution Festival, Rob Sewell (editor of Socialist Appeal) explains the causes behind the 2008 crash and discusses the revolutionary way forward for society.
September 2018 marked the 10th anniversary since the collapse of Lehman Brothers and the beginning of the deepest economic crisis in the history of capitalism.
Now, over a decade on, none of the mainstream economists or establishment politicians can explain how we got here or offer a way out of the crisis.
The economic ideas and analysis provided by Karl Marx, by contrast, provide a clear explanation of why crises occur under capitalism.
Only by breaking with the profit system and establishing a socialist plan of production can we stop the slump and put an end to these crises once and for all.
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The Financial Crisis of 2008 Explained Crash Course | Essentials of Investments
In this video, I discuss the financial crisis of 2008. The 2008 financial crisis was caused by financial deregulation. It led to one of the worst U.S. recessions. Deregulation could set it off again.
n early 2007, most observers thought it inconceivable that within two years the world financial system would be facing its worse crisis since the Great Depression. At the time, the economy seemed to be marching from strength to strength. The last significant macroeconomic threat had been from the collapse of the high-tech bubble in 2000–2002. But the Federal Reserve responded to an emerging recession by aggressively reducing interest rates. Figure 1.1 shows that Treasury bill rates dropped drastically between 2001 and 2004, and the LIBOR rate (LIBOR is an acronym for the London Interbank Offer Rate), which is the interest rate at which major money-center banks lend to each other, fell in tandem.6 These actions appeared to have been successful, and the recession was short-lived and mild.
By mid-decade the economy was once again apparently healthy. While the stock market had declined substantially between 2001 and 2002, Figure 1.2 shows that it reversed direction just as dramatically beginning in 2003, fully recovering all of its post-tech-meltdown losses within a few years. Of equal importance, the banking sector seemed healthy. The spread between the LIBOR rate (at which banks borrow from each other) and the Treasury bill rate (at which the U.S. government borrows), a common measure of credit risk in the banking sector (often referred to as the TED spread),was only around 0.25% in early 2007 , suggesting that fears of default or “counterparty” risk in the banking sector were extremely low.
But confidence in the power of macroeconomic policy to reduce risk, the impressive recovery of the economy from the high-tech implosion, and particularly the housing price boom following the aggressive reduction in interest rates may have sown the seeds for the debacle that played out in 2008. On the one hand, the Fed’s policy of reducing interest rates had resulted in low yields on a wide variety of investments, and investors were hungry for higher-yielding alternatives. On the other hand, low volatility and optimism about macroeconomic prospects encouraged greater tolerance for risk in the search for these higher-yielding investments. Nowhere was this more evident than in the exploding market for securitized mortgages. The U.S. housing and mortgage finance markets were at the center of a gathering storm.
Changes in Housing Finance
Prior to 1970, most mortgage loans would come from a local lender such as a neighborhood savings bank or credit union. A homeowner would borrow funds for a home purchase and repay it over a long period, commonly 30 years. A typical thrift institution would have as its major asset a portfolio of these long-term home loans, while its major liability would be the accounts of its depositors. This landscape began to change in the 1970s when Fannie Mae (FNMA, or Federal National Mortgage Association) and Freddie Mac (FHLMC, or Federal Home Loan Mortgage Corporation) began buying large quantities of mortgage loans from originators and bundling them into pools that could be traded like any other financial asset. These pools, which were essentially claims on the underlying mortgages, were soon dubbed “mortgage-backed securities,” and the process was called securitization. Fannie and Freddie quickly became the behemoths of the mortgage market, between them buying more than half of all mortgages originated by the private sector.
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Mr. Beast’s New Video Sparks a Conversation About the Cruelty of Capitalism
Mr. Beast's new video has sparked a conversation about healthcare and why governments don't cure citizens of unnecessary illnesses. This is a great opportunity to educate young people about the barbaric nature of our late stage capitalist system.
I Said MrBeast 1,000,000 Times
For 12 days I've been saying Mr. Beast! This was the hardest, most challenging thing I did on YouTube until today. Why did I do this? Mr Beast is my inspiration and we want to grow this YouTube channel!
If you didn't already subscribe - SUBSCRIBE FOR MORE CRAZY STUFF TO COME!
Where's Chicky? Funny Chicky 2020 | THE BIG JUMP | Chicky Cartoon in English for Kids
Where’s Chicky?
Nobody knows where Chicky is.
We just know he is cute and deeply naïve. His life is full of difficulties, always finding himself in the wrong place at the wrong time, which don’t always end well! Fortunately, Chicky is immortal and after every real blow, he is back for another adventure
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The Best Oggy and the Cockroaches Cartoons New compilation 2017 - Best episodes #Amazing
Subscribe and get new episodes of Oggy and the Cockroaches every week!
Watch tons of gags and discover lots of exclusive material: assortment of episodes sorted by theme, a grab-bag of wacky excerpts, making-of, behind-the-scenes videos… and a lot more!
Join Oggy channel and boost your fun with Oggy, Joey, Dee Dee and Marky!!
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New Funny Animal Compilation fail - Super Funny
The Channel is a collection of Funny Videos related to all category which includes funny animal , kids funny, Indian funny, English funny , cartoons, cat and people falling . These videos really make you laughing and entertaining. So enjoy your time.
If you really like daily haso videos, please LIKE | SHARE | COMMENT
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Wrong Number Mr Bean! | Mr Bean's Holiday Movie Clip | Classic Mr Bean
Rowan Atkinson's madcap, quirky creation Mr Bean is a global phenomenon having been sold to over 200 territories worldwide and has been in continual distribution in many territories for over 20 years. Now available in HD, the show follows Mr Bean as he tries to extricate himself from embarrassing situations but only ends up getting himself in more trouble. Mr Bean has won six awards including the Golden Rose of Montreux and an International EMMY and is written by some of the UK's leading comic talent including Richard Curtis (Four Weddings and A Funeral, Notting Hill) and Ben Elton (Blackadder, The Young Ones).
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Bean Deleted Scenes | RARE UNSEEN Clips | Mr Bean
Rare clips from Classic Bean which you've probably never seen before!
Rowan Atkinson's madcap, quirky creation Mr Bean is a global phenomenon having been sold to over 200 territories worldwide and has been in continual distribution in many territories for over 20 years. Now available in HD, the show follows Mr Bean as he tries to extricate himself from embarrassing situations but only ends up getting himself in more trouble. Mr Bean has won six awards including the Golden Rose of Montreux and an International EMMY and is written by some of the UK's leading comic talent including Richard Curtis (Four Weddings and A Funeral, Notting Hill) and Ben Elton (Blackadder, The Young Ones).
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Strictly BEAN 🕺(Try Not To Laugh!) | Funny Clips | Mr Bean Comedy
Mr Bean goes out to a nightclub with Irma but she is simply not impressed with his dancing skills!
Rowan Atkinson's madcap, quirky creation Mr Bean is a global phenomenon having been sold to over 200 territories worldwide and has been in continual distribution in many territories for over 20 years. Now available in HD, the show follows Mr Bean as he tries to extricate himself from embarrassing situations but only ends up getting himself in more trouble. Mr Bean has won six awards including the Golden Rose of Montreux and an International EMMY and is written by some of the UK's leading comic talent including Richard Curtis (Four Weddings and A Funeral, Notting Hill) and Ben Elton (Blackadder, The Young Ones).
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Bean ARMY | Funny Clips | Mr Bean Comedy
Mr Bean has fun shouting orders at some army personnel!
Rowan Atkinson's madcap, quirky creation Mr Bean is a global phenomenon having been sold to over 200 territories worldwide and has been in continual distribution in many territories for over 20 years. Now available in HD, the show follows Mr Bean as he tries to extricate himself from embarrassing situations but only ends up getting himself in more trouble. Mr Bean has won six awards including the Golden Rose of Montreux and an International EMMY and is written by some of the UK's leading comic talent including Richard Curtis (Four Weddings and A Funeral, Notting Hill) and Ben Elton (Blackadder, The Young Ones).
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DIVE Mr Bean! | Funny Clips | Mr Bean
Mr Bean goes swimming and tries to attempt the diving board!
Rowan Atkinson's madcap, quirky creation Mr Bean is a global phenomenon having been sold to over 200 territories worldwide and has been in continual distribution in many territories for over 20 years. Now available in HD, the show follows Mr Bean as he tries to extricate himself from embarrassing situations but only ends up getting himself in more trouble. Mr Bean has won six awards including the Golden Rose of Montreux and an International EMMY and is written by some of the UK's leading comic talent including Richard Curtis (Four Weddings and A Funeral, Notting Hill) and Ben Elton (Blackadder, The Young Ones).
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cats speaking english /funny cats vedio
Talking cats compilation. These Cats Can Speak Better English Than Humans!
If you enjoyed this talking cats video please like and comment below.
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