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These guys are happy a rapist and convict is going to be President ?

Who forces US to absorb the excess production? So every country should underproduce that so poor US will not have save the world by excessive borrowing to have these over production countries. What rubbish

This dude explains money creation just like my late father-in-law John G Ranlett does...from an academic, extremely boring viewpoint. He is correct, but does not go into who started this con, and how they use money creation to control the world...Bill Still with his documentaries The Money Masters and The secret of OZ, and Paul Grignon's documentaries Money as Debt 1 through 4 explain everything a lot better and easier to comprehend.

Trump broke Self😂😂😂

Another most recent interview by Prof. Pettis is here: ruclips.net/video/KyYJ1isVj3I/видео.html

Refreshing and engaging observations regarding what is "class" in America? ><<><><><><>><>< What is the status of a working class raised person who becomes rich (Dolly Parton, e.g.) relative to one of the inherited gentry?

Current American politics are: There are those who are terrified by the thought that removing the genitals of 8 year old boys is positive progression, do NOT think that moving all US jobs to China is sound economics, do not believe that teen aged boys should be in girl's bathrooms or in girls sports teams and are generally convinced that electric cars have a 300 mile range at maximum on a charge. And there are those to whom belonging on the perceived winning team, image in status and having and being part of impressive friends circles is more important than preserving American ideals like freedom of speech and freedom of religion. For to be a progressive, meaning a person who is hopeful and believes that there must be better ways to deal with societal challenges, it is almost prerequisite that one is an extremely bad student of history.

Lovely conversation. Thanks Oren!

please fix your audio quality and processing

Important conversation

Trade is and has always been win-win. If it wasn't nobody would bother. It is the best way for parties to prosper mutually. This is a historic and economic fact. The problem isn't China. The US made out like bandits on trading. The problem is the systemic wealth disparity in the US. Why blame China for the 1% who kept all the loot and shared none with the rest of America. That is your problem. You are despicable and shameful and stupid to boot.

Bullshit racist anti-China bashing. The US was already deindustrialized when China entered the WTO.

Corporate greed has absolutely nothing to do with your decline 😂 It's the same here at home in the UK. China forced you to deindustrialise is such a joke.

THE GLOBAL SOUTH MARKETS MAKES UP 88% OF THE GLOBAL POPULATION WITH EMERGING ECONOMIES AND RISING POPULATIONS. THE BRICS AND THE GLOBAL SOUTH MARKETS ARE GOING TO BE THE CENTER OF ECONOMICS GROW AND THE ECONOMIC ENGIN FOR THE NEXT 50 YEARS.. CHINA AND THE GLOBAL SOUTH MAKES UP OF AROUND 6.5 BILLION PEOPLE..THE CHINESE NOT NEED THE AMERICAN MARKET AND YOU TWO CLOWNS ARE STUPID TO UNDERSTAND BASIC ECONOMICS

THE AMERICAN MARKET IS 336 MILLION PEOPLE WITH A DECLINING MIDDLE CLASS AND POVERTY EXPANSION. BOTH OUR GOVERNMENT CITIZENS ARE BROKE..THE CHINESE MARKET IS 1.4 BILLION PEOPLE WITH AN EXPANSION MIDDLE CLASS AND 850 MILLION PEOPLE OUT OF POVERTY. THE CHINESE HAVE A DOMESTIC SAVINGS OF AROUND 18 TRILLION DOLLARS..80% OF ALL CHINESE MANUFACTURED GOODS ARE FOR THEIR DOMESTIC MARKET.L CHINA IS THE WORLDS LARGEST CONSUMER MARKET AND TRADING PARTNER.THE CHINESE DO NOT NEED THE AMERICAN MARKET FOR ITS ECONOMIC SURVIVAL. THEY HAVE A TRADE SURPLUS OF 100 BILLION DOLLARS A MONTH..THEY DO NOT NEED WESTERN INVESTORS EITHER.

these fools are the reason we'll have decades of high inflation.

I think that the American foreign policy establishment is unable to escape their Cold War mentality and applying it to China. Thus far, it has been counterproductive, resulting in the layoffs of 15,000 employees at Intel as sales to their largest customer was restricted by the State Department.

Two dummy talking

First time viewer here, very impressed with this interview. Both you and Mark are intelligent and provided to-the-point analysis. I subscribed to your website and look forward to reading more work from American Compass! Mark also gained a follower!

China has created so many high pay positions in a brand new job category. Congressmen, analysts, NGOs, businesses, and researchers...

AEROSPACE ENGINEER HERE: I agree with a lot of what's being said about various technologies BUT CAN YOU ECONOMISTS GET YOUR FACTS RIGHT ON CONCORDE. Concorde was NOT an economic failure and was in fact for most of its history British Airways most profitable division. What Concorde is a magnificent case study in *UNDERSTANDING YOUR MARKET.* This is a brief history of what happened. After a few years of dramatic losses they told the pilots to look for new jobs because it was losing too much. The pilots said that's impossible because the planes were full. Pilots have to do weights and balances before take-off so they knew how many people were flying. They claimed it had to be ticketing prices because the planes were flying at capacity and therefore should make money. British Airways challenged the pilots that if they could get Concorde to make money then they could run the division and the pilots accepted the challenge. They then did one of the great marketing exercises of all time and found out who were their regular travellers. What they found was an unusual group who were flying across the Atlantic 2 or 3 times a week. These very frequent flyers turned out to be mostly lawyers and bankers who'd fly across the Atlantic get something signed or deliver some papers and then fly back. When they approached them and asked what these people thought the value of a Concorde ticket was they found that these people had no idea, because their secretaries were buying the tickets. So they asked what they thought they were worth and the answer was 5-10 times the actual ticket prices. The pilots went and jacked the prices up and those regular customers kept using Concorde and the planes were still flying at capacity. They even helped out those frequent flyers by putting facilities for them in the terminal (meeting rooms, change rooms, etc.) so they didn't even need to go through customs to do their business. The RESULT was Concorde then became British Airways most profitable division up until September 11 when around 100 of Concordes most frequent flyers were killed in the Twin Towers. It wasn't the crash in France, it was Osama Bin Laden who killed Concorde. The trope or meme that Concorde was a failure was NEVER TRUE. The Reason why Boeing's option for an SST failed was because, just as American's do it had to be bigger and faster. In stead of 2+2 seating it was 3+3 and going faster meant using more fuel plus the Brits had better engines. So the Boeing SST was doomed in the engineering office not unlike stupid decisions made years later on the Max-8.

Hahahaha hahaha hahahaha!!! Industrial policy? Are you SHITTING me? Our “industrial policy” is to send all manufacturing to overseas cheap labor. DUH

Richard Werner just speaks the truth about modern money creation. It’s almost exclusively a private bank credit system, which is not a force for good and must periodically crash and demand public funding. Which it gets. This is worse than bad.

At the heart of the problem is America’s broken education system. No industrial policy will solve anything for low skill workers in a high cost of living country.

No ‘BAU’? ‘Most’ ‘economic thinking’ is ‘short run’ and ‘redundant’? ‘It’ ignores the ‘supply side’? ‘Growth’ {and ‘civilisation’} depends upon ‘cheap’ F.F. - those so called ‘halcyon days’ are ‘over’. ? “The crisis now unfolding, however, is entirely different to the 1970s in one crucial respect… The 1970s crisis was largely artificial. When all is said and done, the oil shock was nothing more than the emerging OPEC cartel asserting its newfound leverage following the peak of continental US oil production. There was no shortage of oil any more than the three-day-week had been caused by coal shortages. What they did, perhaps, give us a glimpse of was what might happen in the event that our economies depleted our fossil fuel reserves before we had found a more versatile and energy-dense alternative. . . . And this is why the crisis we are beginning to experience will make the 1970s look like a golden age of peace and tranquility. . . . The sad reality though, is that our leaders - at least within the western empire - have bought into a vision of the future which cannot work without some new and yet-to-be-discovered high-density energy source (which rules out all of the so-called green technologies whose main purpose is to concentrate relatively weak and diffuse energy sources). . . . Even as we struggle to reimagine the 1970s in an attempt to understand the current situation, the only people on Earth today who can even begin to imagine the economic and social horrors that await western populations are the survivors of the 1980s famine in Ethiopia, the hyperinflation in 1990s Zimbabwe, or, ironically, the Russians who survived the collapse of the Soviet Union.” ? No ‘green’ solution? “The problem with both visions of the future - and the spectrum of views between them - is a fundamental misunderstanding of the collapse which has begun to break over us. This is that each assumes the continuation of that part of industrial civilisation which is required to make their version of the future possible, even as the coming collapse wipes away ALL aspects of industrial civilisation. Most obviously, nobody had developed even an embryonic version of the renewable energy supply chain which is the essential first step to turning non-renewable renewable energy-harvesting technologies (NRREHTs) into the envisioned “renewables” upon which the promised techno-psychotic future is to be built. That is, until it is possible to mine the minerals, build the components, manufacture and transport the technologies without the use of fossil fuels at any stage in the process, then there is no such thing as “renewable energy” in the sense which the term is currently promoted. “

Everyone who I tell that banks create money out of nothing reply as if they knew this. If I ask them if banks can create money they say no.

Democracy does not work. The problem is ignorance, corruption, and very evil people - secretly - in power. The solution is justice. Justice would have corrupt politicians thrown out of office or forced to undo injustice.

Economic justice is when the individuals that made the bad decisions and then profited off of those bad decisions are forced to pay (and/or) go to jail. Banks/corporations failing never brings justice. But economic justice will never happen in our society.

LOL, conservatives losing the culture wares: "lets let parents vote for their children since we don't have enough votes to win on our ideas"... this is why the GOP is now run by fascists and classical goldwater conservatives are political ronin... and these dudes are the frog sitting in the bar with everything on fire saying "this is fine" while they engage in meaningless intellectual debates with eachother...

This will divide people just like the reparations argument does. My kid is grown so I get less representation than people with young kids?

If children need votes then give them the votes. Lower the voting age to 15. They are still better educated than people were historically.

Michael Pettis is now in Cambodia as Visiting Professor at "CamEd Business School"

Let's open our southern border to let in more Christians! Oh not THOSE Christians. Got it.

The anti pagan right always seems to dismiss centuries of Christian dictators and still rejects the systemic, liberation theology. Imposing a moral code from the 17th century and rejecting human liberation is acting like the pagan dictators they attempt to distinguish themselves too.

When we discuss Christians, are we talking about the Christians who ordain openly gay priests and bishops or the Christions who regard homosexuality as an abomination?

There is a problem with the analysis of what caused inflation. I did not and I do not know people whose assets increased so that consumption increased causing inflation. Inflation is the imposition of liabilities on society forcing the transfer of assets to those who impose a liabilities. That impacts balance sheets by reducing equity that people in society have. Assets minus liabilities equal equity. Those who impose the higher prices - liabilities on society - receive an increase in assets while facing the same liabilities so their balance sheets show an increase in their equity. Higher interest rates by central banks signals the banking industry to impose liabilities on society with their higher interest rates. And that forces assets - cash/money - to be transferred to the bankers.

Some commenters misunderstand Richard Werner. He doesn't promote QE as something we should aim to do. He proposes that governments with a sovereign currency can use it to fix a banking disaster, and he admits that this is a bank bailout and thus bad and creating moral hazard. If you listen to his wider work, he advocates that we need to stop banks from creating the boom and bust ecomomic cycles. He argues we need to stop loans for asset purchases, for example to finance the acquisition of a company, or to fund a large commercial property development. He advocates for more small regional banks who will loan to local businesses. Werner is not part of the corrupt establishment. They detest him for exposing their corrupt self interest. I detest the central banks and the too big to fail banks and so does richard.

If you look at any polling ever, progressive policies are more popular even among republicans. People just don't know which parties have what policies.

David is as much of a man as I am a head of lettuce 😂

Seems the Gold Standard would be a solution to a big part of this problem, since the exchange rate would be fixed. Doesn't mean a country couldn't subsidize their industry with other means ofc, but a gold standard + a heavy focus in trade agreements on disallowing subsidies, seems like a more natural way forward imo than trying to convince exporting countries to equalize their imports with their exports. Fantastic talk as usual from Pettis.

The power of the private bankers on money CREATION, "ex nihilo" lies on the ignorance of the people on the secrets of the banking system.

I know yall wouldn't consider yourselves very conservative if you didnt have reservations about immigration but if you seem to acknowledge there are net benefits of immigration according to people beyond the left like CATO then why oppose it? I don't see how appeasing the racists or misinformed and causing a recession would help anyone.

I love how conservatives always end up supporting the virtues of bills THAT THEY VOTED AGAINST. Either support the bills or stop taking credit for them. End the weird hypocrisy.

Cass' voice is very soothing

“Babe wake up, new American Compass just dropped!” -me unironically

So, now the right accepts higher taxes on the rich to support government social programs. The MAGA right is merging with the Bernie Sanders / Elizabeth Warren, populist wing of the Democrat party. Unreal!

There's a reason that the most advanced chips are made in Taiwan and South Korea. No one does it better than their manufacturing facilities and engineers. America is unable to compete no matter what industrial policy you do. Here's a thought, allow these brilliant engineers to immigrate to America to build the chips & semiconductors rather than keeping them out. Allow Intel to hire them. Other than that, this is just more central planning that will fail.

Conservatives are drifting leftward on economic issues. Give them time and they'll adopt the Green New Deal. Big Government rules the day on both sides.

The Fed Reserve needs to go. The Rothschilds' control most of the world's money. We went from a gold back system to a system of air.

“Taxation is a free lunch” boy if that isn’t the truth. I refuse to gift/bequests them any more.