Who’s gonna pay~?

Here is a rough transcription of the presentation for people who are hard of hearing. Apologies for the lack of grammar, I am working to improve the automated transcriptions -
you’ll was sexy dudes are less have a go at what we can call comments are worked in this way your first of all is banned from yesterday’s video another videos are what we don’t do by and will work with the liberal about this problem this money problem this banking problem this debt problem etc are one of the property am favourite ideas coming out from people like the occupy people is get take the money from the 1% because they’ve got loads of it they’ve got Loadsamoney so take it from them that question comes okay it was the question why harm as in you’ve got lots let’s say you do it the government have to be the American government that the sides that there was a problem and they could do with lots of money and they don’t take lots of money say $1 trillion from the richest people are in United States okay it is you got to go thirsty but go along way to get $1 trillion even of rich people are really long way am but the question arises okay now you’ve got this trillion dollars you American government what you can do with it and before you can know what she gone a bill with it you got to work out what the actual problem is here there’s no point having just taking the money just than no particular reason you got to know what then to do with it to solve another problem and this is what we’ve got to establish what the other problem is that say $1 trillion could go some way towards arm and is ameliorating a look at relieving right go on to a quick note what the problem name problem is this too much debt and the economy isn’t good enough so those debts to read be repaid easily enough and that it okay will either okay Too much debt and economy isn’t good enough for those debts to be repaid and the economy isn’t good enough because people are worried about those debts not being repaid the banks aren’t lending this extra amount of money into the economy so money is too tight in the economy because the arm the banks aren’t lending because they know people are tight for money to ridiculous situation but there we are okay and that knocks the demand side of the economy there aren’t that that great amount of going out and buying jetskis any more here riders go to Ricardo’s question from yesterday where I was saying that the creditors want to be paid back in good solid money but worth every dollar of the dollar and the debtors just want to pay them no most everybody are decent people and they do want to pay their debts back but if the powers that be could make it easier for them to pay debts back whatever way that might be therein for whatever that might be because they do want a their debts back and they don’t they then not really too fussed about where the money extra money might come from as long as it comes to them so they can pay their debts off so they can do the honourable thing Mercado is questioning but handing very importantly where would all where do the banks stand on this question of what would they prefer would they prefer “solid money every dollar to be a dollar award they are prefer annual thing to happen as long as the debt get payback and obviously it’s more of the second Charlene and now could leave it there can now that does get a bit complicated but the week week and we can think of the banks as debtors in as in they would like the government to spending more money for stimulus and the central bank to spending more money on quantitative easing so there’s plenty of liquidity going on but that’s only the quantitative easing one is only psychological quantitative easing in a way is good for the government but it really doesn’t do the banks much/any good at all all does for is make their books good enough so they won’t be wound up in the next year basically it keeps them going arm the accountants can pass it through because they got cash on their asset side and not what might be called a dodgy securities assets you like movies backed securities the Fed has taken one quarter trillion off the banks books that sort of think it’s better that they had that one quarter trillion on their books than the mortgage-backed securities because they might have been written down written down if they were doing any mark to market and which are not at the moment but if they wear that the value of those might be written down by the accountants and that be knocking down the value of the asset side with a liability side staying up which means that the bank is moving towards insolvency so they’re happier with the cash on the balance sheet but they’re not going to be lending that to you may the next door neighbour or anybody else because they know that no bank is lending so there’s not much money in the economy so there are many people spending summers not much movement of money and pets would be harder to repay in that situation selling up and lenders in the first place right go to Johnny now arm in his comment which I think is issued to move him harm her eyes I respect Johnny as probably and the biggest thing Home these things are looking so the best thing Because that doesn’t go generally long I think he and I properly do more thinking about this sort of stuff than anybody else am which just makes us sad dudes really very sad to get but we do a lot of thinking back to bid in just because you do a lot of thinking about it doesn’t make mean that you got the best answers are somebody that gives it 5 min talking, with better answers aren’t an eye I think it hurts somebody like Johnny beakers he would like things to be one way but can see that the world just isn’t that way in a and then he’s moved towards at least considering the Steve keen idea is maybe not a bad one now it’s gone up into the top bracket of it really can’t see too much better than this because it is this demand-side problem that the people just aren’t buying is enough things any more to keep the economy going so the idea would be that the government which would drive Johnny mad would somehow have to get money into the economy paying arm money to everybody to keep it fair otherwise if you just paid to the debtors the moral hazard and the just basic natural human unfairness of that would be unbearable arm so you pay the money to everybody so summit sticks with them they can buy a new jet ski and others are forced to pay down their debt so now we flop right back to the beginning and we can mix that with home fee 1% think and say we’ve been through the video now we know roughly where the problems are would it be worth instead of making up new money via the central bank doing a deal with the central bank or the government just saying hi this is now the law the government is the government they can say what the hell they like this is now the law and every year we are allowed to just spend into the economy $1 trillion if we want to them all they can do anything they like so you can say the government just spend it in or if you did not like that idea and thought I would lead to Weimar Germany before you can say that is the money has to come from the economy so take that whatever amount of money that you want to spread to everybody else that is indebted and everybody else in the economy to balance that out morally and fairly you take that from the richest 1% and spread that around and see how far that would go out I don’t think that would go very far blurts it would go some way to take the say $1 trillion from just started the top whoever is in the richest and keep going down and take a certain amount you know a huge amount from that the richest and going down to somebody who’s only got 5 million you would only take 3 million from them or whatever the least until you had your trillion dollars and then you spread at trillion dollars among everybody in the harm country the trouble is I don’t think $1 trillion goes very far 1 trillion divided by 300,000 for United States for instance work it out yourself and then you got the problem well that seem to be working lights do it again am that the well has been sucked dry it it would be a one hit wonder realistically and it would be arm a terrible kick in the gonads for the American dream it would be the end of white male America now you might say that’s that’s not a bad thing that it would be the end of white male America white male America would hate this is an idea even if there were terribly indebted the view that the polls are quite amazing on a I’ll use a proxy sort of thing I am appalled of white males in the United States there are overwhelmingly in favour of keeping V inheritance laws that them that that the figure before it hits somewhere up 5 million that there were polled wouldn’t it be better if we brought it down to 3,000,000 or 1 million and they said absolutely not even if there you know real blue-collar 35,000 a year workers they are still in some little clues of their imagination still living the American dream that one day they will hit it big and they will be a big earner and they will be able to pass on their glorious clan established wealth onto their little poxy children if you do the 1% think it would wipe that out completely and America would never be the same again but maybe that is what the world needs to move on from what was the American dream white male America and move into a more egalitarian sort of regime but it would not cause a lot of fuss comments if you feel so fit I