Masters of Money

[Gentile]

Anybody been watching Masters of Money on BBC 2 the past few weeks? I found it pretty interesting, comparing the three main economic theorists of the past hundred years (Keynes, Hayek and Marx) side-by-side. Mostly, the impression I was left with is just how unpredictable the global economy actually is, and how nobody can be sure of the best way to 'fix' it when things go wrong.

[mudskipper]

My son has been watching it for GCSE economics. He says it's boring.

[Gentile]

My son has been watching it for GCSE economics. He says it's boring.

Is that boy teenogre for "Stephanie Flanders isn't wearing a skirt"?

[MarillionFan]

I've got all three recorded, but whenever I'm say down with Mrs MF and I go to put it on her eyes glaze over like she's had a dose of Rhyponol so, so far I've not seen it.

Had a couple of quick shags though.

[Gentile]

I've got all three recorded, but whenever I'm say down with Mrs MF and I go to put it on her eyes glaze over like she's had a dose of Rhyponol so, so far I've not seen it.

Had a couple of quick shags though.

Yes, it's not a chick flick or romantic viewing, that's for sure.

I thought there were some interesting parts, though. Like the episode on Friedrich Hayek. He advocated a radically free laissez-faire approach to economics, with markets regulating themselves, without any government interference to stimulate growth or limit inflation. He considered incidents like the Great Depression and the present GFC as just being features of the market "righting" itself. There was a part in that episode about the Liberty Dollar, which was invented as an alternative to the US Dollar by Bernard von NotHaus. Kind of like BitCoins, but with real notes and coins that were circulated in direct competition with the currency produced by the US Government. The FBI accused him of "domestic terrorism", of which he was convicted in 2011. Makes you think, doesn't it? I thought terrorists carried guns and flew planes into skyscrapers. Turns out they're just followers of the most radical approach to free market economics there is: one in which you can actually choose to create your own currency, if enough people will value it.

Anyway, how did your negotiations for a return to permiedom pan out this week?

[VectraMan]

I watched the last two. Hopefully the Keynes episode will be reshown at some point as presumably that's the most relevant.

Most interesting was Marx's assertion that capitalism was doomed to failure, as capitalism could only ever drive wages downwards with the inevitable conclusion that nobody would be able to afford to buy any of the things that companies were making. Interesting, but obviously entirely wrong.

[doodab]

Interesting, but obviously entirely wrong.

Only because he forgot to factor in credit cards.

[Gentile]

I watched the last two. Hopefully the Keynes episode will be reshown at some point as presumably that's the most relevant.

Most interesting was Marx's assertion that capitalism was doomed to failure, as capitalism could only ever drive wages downwards with the inevitable conclusion that nobody would be able to afford to buy any of the things that companies were making. Interesting, but obviously entirely wrong.

They're still available on BBC iPlayer (link above). You should still be able to catch the Keynes episode if you want to.

[Sysman]

Yes, it's not a chick flick or romantic viewing, that's for sure.

I thought there were some interesting parts, though.

If you are interested in this kind of thing, I can recommend Niall Ferguson's "The Ascent of Money" and also "Empire: How Britain Made the Modern World".

Both grabbed and stashed from Youtube. If no longer available gimme a PM.

[Gentile]

If you are interested in this kind of thing, I can recommend Niall Ferguson's "The Ascent of Money" and also "Empire: How Britain Made the Modern World".

Both grabbed and stashed from Youtube. If no longer available gimme a PM.

Good suggestions. I watched "The Ascent of Money" discussion this evening, and will watch the other one when I get time.