What Most Economists Get Wrong - Richard Werner

Part 3 of Prof. Richard Werner's - 'The Case for Abundance'
Why do economists misunderstand inflation? Do interest rates actually work? How did China create the most successful economy ever? Richard Werner answers these questions, and more, as he talks through the Washington Consensus, the damaging policies of the IMF & World Bank, and the real driver of economic growth & inflation.
Part 3 of Richard Werner's brilliant talk at the Northern Light Convention in Sweden, organised by Scandinavian Freedom Events.
Richard is the Chair of Valhalla Network, a DAO whose mission it is to establish a global network of community banks; building a banking system owned by the people, for the people. Richard holds a First Class Honours B.Sc. in Economics from the London School of Economics and a doctorate in Economics from the University of Oxford. In the early 2000s, Richard authored the Japanese #1 best-seller 'Princes of the Yen', and in 1995 he invented the policy tool 'quantitative easing'.
Valhalla Network: ValhallaNetwork.io
Prof. Richard A. Werner's Official Telegram Channel: t.me/WernerEco...
Prof. Richard Werner: professorwerne...

[@chaddy2409]

What most economists get wrong: everything

[@milanradovanovic3693]

Although these kind of issues that Dr is raising makes sense in the West, vast majority of the world needs to concentrate on more fundamental non monetary issues their economies lacks : freedom of individuals to freely poses and manage their private property first and protect that right from politics is what lacks most east of Austria... Some might argue that after Ukraine war its not more the case but for decades it has been that is why even as US economy as percentage or world GDP shrinks dollar is still used in vast majority of world trade, on a level of more then 3 times more then US economy of the world. Not even vast monetary stimuluses for the past decades that FED has done didnt change that much. But recent war might do that

[@johnallison1362]

Please come to New Zealand and teach our finance minister!

[@TDHARLEY79]

I think you could say the united states military..especially the navy have kept the peace in the world....like kept a lid on the corruption across the seas..at least in the the most important areas....

[@cheesemccheese5780]

5:47 What about Hong Kong?

[@AndrewManook]

Hong Kong is basically a trade port of China.

[@beaujeste1]

This should be compulsory viewing for everyone in society. The game is rigged…

[@mudin1736]

This man is utterly br💡ll💡ant. He is light years passed most economists, banking professionals, and attorneys representing clients in consumer debt suits.

[@tommackling]

As a Christian (Gnostic) anti-capitalist, (I basically regard capitalism as a form of economic-materialism or "money worship"), I don't know how far I can enthusiastically embrace even Richard's somewhat heretical views on the importance of capital creation via banking and with respect to economic theory more generally. But nonetheless, I tend to find myself feeling that Richard Werner is well worth listening to. Cheers

[@jonathonjubb6626]

Economics is NOT a science. J Jubb: Economics degree (2.1)

[@nonstopthroughdesert]

Thanks Richard for all that you have shared with us over the years, although I must admit it has been somewhat of a burden.

[@stevenmacdonald6790]

Thank you for the insight into how the financial world really works, good luck with the Valhalla network, I hope to see one of your community banks in my area.

[@wernereconomics]

Thank you. Support like this from the community is incredibly important.

[@thumperhunts6250]

amazing lecture

[@23drcharles]

The reality is the fact that Central Bank has created an ideological narrative. However, The Bank of Japan has shown that the Central Bank has the power to reshape and transform the economic structure of the Japanese economy. The political discretionary power of the Central Bank is the key to evolving credit dictatorship.

[@willobrien2872]

Once again the only Professor with the cajones to tell the simple Truth, exposes the naked Emperor. Richard Werner

[@Hypoxemica]

All prices are very elastic due to their imperfect discovery, so in practice the equilibrium is always a region rather than a point. But it doesn't mean there's no equilibrium.

[@bouzianeilyes8081]

Instructive. Thanks. we read in Math logics A => B 7B => 7A "7A is Negation of A" starting from your empiric rules of (growth, interest rate), we can get the old rules

[@lowersaxon]

Sometimes he‘s totally confused. France sent aircraft carriers? Keynes‘ saving imperative? Sheer nonsense.

[@user-iy3gx9qg4y]

there is like 90% gibberish here. assumptions about equilibrium? where did these conclusions come from? where terms like "transaction costs" come from? not from economists analysing equilibrium, like Coase? etc Post-Keynesians support interest rates? He cites one lesser known post-keynesian, not Minsky or Kalecki. Relationship between IR never studied? Has he even typed "inside lag" into Google Scholar?

[@toddstevens8506]

This makes perfect sense, even the Nazi's learned propaganda from the Americans. Btw, how does this video only get a handful of hits? Should be millions.

[@thomasbentele2468]

Not many knows, that Göbbels only took, what the american council on information in WW1 invented and applied.

[@wernereconomics]

People are becoming more aware and views are increasing. Please share and spread the word.

[@toddstevens8506]

@@thomasbentele2468 And Edward Bernays in WW2.

[@Rob-fx2dw]

What has Not been described in this presentation by Mr Werner is the nature of the government designated official money today which is it's underlying nature being that of a pure financial instrument that is essentially like any other financial instrument. It follows from that understanding that it has to be backed by an obligation of the institutional process that backs it and requires a debt obligation on the party who first obtains the money to spend.

[@laurenth7187]

There is only one thing to know in economics, and that is the work of J.B. Say. To cut the chase, the baker can never eat all of his breads, nor buy them, meaning, on a large scale, every region is in overproduction : Every business produced 2 THINGS : products AND buying power (wages), the wages being payed with the sales of the productions, they can never buy more than that; there is always less buying power than production. This can only be corrected buy debts, temporally.

[@dmytrosoroka7335]

Thanks from Ukraine!

[@pa4450]

One of the best Economists in the world, an Economist for the people who exposes the lies of the banking industry and explains things for the average person to understand.

[@notyrad7419]

Brilliant analogy with Alice in Wonderland😃 - "economists have to believe in 8 impossible things all time"

[@shabanamahfooz7380]

Great video

[@thomasbentele2468]

Nach vielen (zu kurzen) Videos wieder mal eins, das man teilen kann, ohne viel vorauszusetzen.

[@twhelostl61]

I would be interested in thoughts about Forex. Where individual currencies prices are set against one another. China and others in Asia in particular since our trade with them is so large. The transport expenses to deliver all those goods matter to end purchaser.

[@hasancoool]

Phenomenal!

[@richardparker5425]

Need more videos from you.

[@lindyswing4368]

Prof when was this lecture delivered?

[@sourabhbhattacharya3411]

Means... scarcity drives economic growth

[@janetjacks3406]

Really appreciate how refreshing this information is but would like to understand more about Japan and the other four nations that are quoted as successful as i'm a bit confused as I thought Japan was struggling and had super low interest rates, which benefitted them as they are an exporting nation but I heard the Yen had to be propped last week as it fell 30% low to the dollar.

[@r1clas]

the study was conducted in 2018 about the previous 40 years in those countries. I'm sure there are blips in the graphs where there was indeed further downmarket while interest rates increased

[@shingoinu3123]

Japan has been in a period of low economic growth for a few decades, and the government was trying to use low interest rates to increase liquidity in the economy to increase inflation and hence increase the economy. While Japan is an exporting nations, because global trade is priced in USD, the strong USD is also increasing the price of importing raw materials. What the economist in this video is saying is that central banks tend to increase interest rates AFTER the markets have already started to increase liquidity in the economy, and hence it is not a tool that can be used to sway an economy one way or the other.

[@janetjacks3406]

@@shingoinu3123 Thanks for your thoughts and I see what you mean. I've been listing to quite a lot of Richard Werner in the last couple of weeks and it's interesting that he suggest that Japan's economy was successful until the late 80's until the US try to persuade it to change a policy which was initially ignored but later implemented which then created this boom and bust cycle which they have not been able to get out of ever since. He implies that the US deliberately did this in order to undermine Japan's success and perhaps make it less of a competitive threat to themselves.

[@AndrewManook]

Yes that was the goal of the Plaza Accords one could say. @@janetjacks3406

[@E_incognito]

Thank you

[@js_guyman]

Notes for myself 9:14

[@pravda5386]

Comment

[@koombaloomba]

Prof Werner, it is so refreshing and liberating to listen to you cut through established economic dogma

[@eroceanos]

I like Richard's work, but he's wrong on growth. The trophic theory proves that growth is always related to and limited by agriculture and resources. There are limits to growth. The good news is, that quality of life can still increase, even with degrowth. And that requires human ingenuity indeed. The challenge is to continuously increase life quality in a steady state, sustainable economy. Resources and energy are limited. We need to accept reality. But models prove that even with these limitations, abundance is possible in a qualitative sense.

[@AndrewManook]

"The trophic theory proves that growth is always related to and limited by agriculture and resources. There are limits to growth." This nonsense has already been debunked, the real limit to growth is human ingenuity, with ingenuity we can overcome any resource constraints. Also impossible to increase quality of life with degrowth, that doesn't even make sense.

[@NineInchTyrone]

PSUEDO science