The ECONOMY is BROKEN and Economists are in DENIAL
The Diplomatic desk
[{'start': '0.066', 'end': '2.906', 'text': "World economy is broken. People are dying. And that's not because of your dogma test and traditionalist political leaders. That's because of lazy economists. Hi, guys. In today's video, I'm going to discuss about how world economy is totally broken rigged against common people. And I'm going to discuss not only the flaws but also a possible solution to all this. So if you want to understand how economy works, this is a good channel. You might want to consider subscribing. So I recently was able to see a debate between Jordan Peterson and Slavoj Zizek. These two people are incredible philosophers. Jordan Peterson gave perspective of capitalism, and he believes that capitalism not just only works, but it's also good. And Slavoj Zizek give an example how communism has the capacity to create an egalitarian society. And it's not the fact that communism does not work. He give an example of China, who seems to be quite literally taking over the world as we speak. So I'm going to talk about this debate, which had the title of capitalism, communism, happiness. Are we really that naive, that we think that capitalism, communism, has a capacity to be happy? Do you think economy has the capacity of you making happy? Let's talk about that. So it's a known fact almost amongst every therapist, every psychologist and psychotherapist, that money does not give you happiness. Now the reason is because with money comes incredible responsibilities. And those responsibilities sometimes are exhausting. If you don't know how to handle yourself in deep waters. Now, with communism, that this experiment has been conducted for ages. And all it produces is a totalitarian government which has no idea of how to really make people productive. And at the end of the day, it just kills a lot of people. Now, that said, I don't think there is any happiness to be had in economic well-being. Now there is, of course, an argument that, yes, to be happy, you need to have, you need to be productive. You need to have some money. So, you know, you can make something in your in this world which is valuable to yourself and society. So that's sort of the capitalistic perspective. But economic well-being while has an implication of happiness. So for you to be happy, you have to be economically. Well. It doesn't mean that if you have too much money, you're going to be happy automatically. You can have yourself. You can load yourself into pleasure and hedonistic pleasure. That but that's always going to you. That's all you going to have. Hedonistic pleasure might seem like a good thing to have. But to be honest, it makes person hollow from inside. And this is something I have experienced numerous of times. I consider myself okay with money. And if I don't myself too much in hedonistic pleasure, I do find myself becoming hollow every now and then. That said, I would like to explain a few things Jordan Peterson gave how, communism. The Communist Manifesto, which was a call to revolution, was not actually a call to revolution, but he was the the author was trying to play identity politics and how, you know, it's bad. Identity politics is just bad. That's what we are seeing right now. So let's discuss about the fall of Soviet Union, how communism fell and why capitalism continued. I think capitalism continued because it has the capacity of making people productive. It had the capacity of bringing people together in order to for them to be motivated to achieve something which is in front of them. Communism, on the other hand, created enemies. Enemies within our self, enemies within our family, and enemies within the economy. So if you, Nitzan, who was a very great, philosopher and an author who later in his life, won an award of of Nobel, Nobel Prize in literature, he was actually in the camps of Soviet Union. So he was in the concentration camp of Soviet Union. I have talked about so, of units and in my previous videos. So if you want to check that out, that would be great. So we all know the evil of capitalism, but what is little discussed is evil of, let's say, in the most good way, capitalism. Capitalism has some evils. In a recent I saw a recent interview of a very important person, and that person was the best trader in the world. And I'm going to give you his name. Unfortunately, I forgot. The trader. This name is Gary Stevenson, and Gary Stevenson is a person who talks about how the trading floor of his, company was, he belonged to one of the biggest banks, Citibank, and he was the best trader in the world, for 2017 or 18, I believe. I, I really don't remember. So explain how exploitive his work environment was. So his he explains it very precisely on how the person, sitting beside him, he was high on cocaine and nobody really cared because he was delivering. One problem he saw escalated to air was when a person when when when a person stole a trade from another trader, from another comrade adversary. And even then there was an understanding that that shouldn't have been taken into account, that should have been handled amongst themselves. Now, this is a very important perspective, right? Because traders are the are the people who actually make money for big banks and they sort of bet against the world. So, for example, Gary Stevenson explains how when hurricane hit, in Japan and he put in trade, he saw that, economy is going to collapse and he put in a trade. And then he sat with his friend and he talked about how that, well, why should we do something about it? So he talked to his friend, he said to his friend, actually, and his friend. Well, we did we put in the trade and he said, no, no, no, no. Should we do something about it? And his friend said, well, I don't know what you're talking about. We put in the trade what else we are supposed to do. Now, nobody really understood what he meant. And he sort of goes on to explain how people and banks and hedge funds actively bet against people. They actively bet against people in order to make profit. And I don't see any problem with that. It's just that it's just too much exploitive and nobody's trying to fix it. Whose responsibility is to fix the world is that of politicians. They don't seem to be doing that. Is it the responsibility of intellectuals? But they are in self loathing. They are thinking that they are so superior because they judge prospectus on facts and logics. Is it the probability? Is it the responsibility of economics? So Gary Stevenson sort of goes on to explain how top ten economies in the world are traders and hedge fund managers, and these people are responsible for making money for big banks. I'm not talking about Richard. I'm not dividing people in rich and poor. I'm just saying top ten economists are traders and hedge fund managers. So they find ways to exploit the economy. They don't fix it. There are multiple broken things, economy in the economy. And they don't try to fix it. Most economic research as of right now is a weed is on how to measure prospectives how to predict things. It's not on let's develop a better economic model. It's that's not what being researched in the current economy is about behavioral science, how to exploit people, or either how to make people have better things. And a very good example of that. We see in the current involvement of market evolution of marketing in product development. So as of right now, the the most common product everyone uses is social media. So social media actually optimizes for short term pleasure, which is hedonistic pleasure by the way. This is something Jordan Peterson talks about. So social media actually optimizes for hedonistic pleasure. And this is something about marketing. Also text marketing also tries to give you that, you know, short term happiness in order to convert into a paying customer. So that is something called predatory marketing. And there is a very good understanding amongst capitalism. Amongst capitalism is that in order for you to survive in this day and age, in this economy, you have to be little predatory in order to make profit. And I'm not seeing that. Oh, I reject the prospective, there are people. When I first was going to say that I reject the prospective, that capitalism has to be predatory in order to make profit. Well, look at the data. Don't you think hedge funds are predatory? Well, they are predatory, I'll tell you that much. Do you think the trading firms are not predatory? They are predatory. They make profit out of people. Misery. And I'm not talking about, like, shorting company stocks. No, I'm talking about shorting companies or countries, destroying world's economy and actually actively betting against people who are in head again. Well, is it fine to to take your money, you know, if you're in loss and you know, your, your bleeding to death. And I just say, well, I'm sorry, is this just that I'm going to take your wallet? Is that not predatory? I think it is. So hedge funds are predatory or very good example of it is actually, 2008 housing crisis. So in the, in that, and that was a very good movie where movie which explained how housing, housing crisis happened and how things worked at that time. It explained how rating agencies, banks and investors, all of them were controlled by a big banks. So rating agencies. So banks will put on bonds. Right. So they had home loans and on home loans they would put bonds. And if a home loan is in a good condition is going to rated Triple-A. If it's in bad condition, it's going to be so. But the rating agencies, they figured out a way to rate every every home loan to be rated accurately. So how is below five? A score of 600 were valued at Triple-A, which seems to be very stupid, right? But that happened. And when discussed in the film, that why does that happen is just that it's bank. Does it bank created the chain where they can exploit people, they can exploit investors. That happens. And hedge fund was was one of those things. Even the protagonist in the film, they bet against, American economy and they won because no one was looking that said, what happened exactly? So did big banks get because this is illegal, right? Because you are misleading investors. You're misleading. Government. What happened? What exactly happened? Shortly, people got prosecuted. Surely people were put in jail. They suffered. No. Nothing happened. Nothing like that happened. And I think the same problem is with, with pharmacy. I think the same problem is the world economy. I think the same problem is in India also. Well, what is in India? Well, in India, we have a startup culture. We have, well, industry, industrialists and I think industrialists are exploiting, industrialists are exploiting Indian economy, and nobody seems to care. So I think capitalism is not all good. Capitalism is not perfect, I agree. But I think that there are better ways of economy. There are. There has to be better economic systems to talk about, to discuss, about, to implement. I'm not talking about communism. I'm not talking about capitalism. I'm just thinking there should be a better solution. There has to be. There has to be a way for me to survive without being predatory. There has to be a way in order for me to become the richest man in the world, or to become the best person in the world in a particular trade without being a predator. And this is something I'm going to discuss, I think. Why is that? Why is this the case? Why can't we discuss better economic models? Why cannot we do economic experiments? I think there is just no environment in which you can do that. No, I if I ask you, what is your idea of conducting in economic creating an economic system and experimenting with it? What is that? What is the testing environment looks like? Is it in a lab? Is it in house? Is it in a society? Is it in a city or is it in a country? But the thing is, if you test an economic system and it feels millions of people die, we just don't have a we we just don't really have a way to test economic models. Now, that said, now let's come back to this perspective. And that's the reason the economic revolutions are led by idealists, not economists. Economists should be the one who's who's doing economic revolutions, not the philosopher and ideologies. They don't know [ __ ] about how people work. They don't know [ __ ] about how humans behave. So I think I think people are being stupid. We should really think about. Okay, fine. Capitalism is working. Now we are approaching almost an egalitarian society. Is there a better way to implement economy? Is there a better economic model than capitalism? And we have stopped to thinking that. And we have stopped thinking that because all of the economists are hedge fund managers and traders, and it's their responsibilities to exploit the economy, to exploit a middle class people. And it's not like it's not hard. It's very hard. It's very, very hard. And if you don't think big banks exploit hedge fund managers, you are stupid. Just go and I'll link this video somewhere in here or in description how Gary Stevens and explains his predatory and exploitive work environment. And that is the case. Hedge fund management is very bad. It's very strange. And people who volunteer to be exploited in some sense, and that is the reason we can have a better economy. We can have a better economy where we don't exploit people and we create good, good, good profit. And we can make everyone happy, not just riches. Now, a very good problem. I think I'm good. I think of good estimation of problem is that why is this happening? Oh well, the capitalist center of the world. In America there is a theory that there is a public static, there is a public sector and there is a private sector. And in every country, public sector and private sector keeps itself, each other in check. But right now, what is happening in America is that public private sector has grown in power, which is above the state, which is above the public sector. And that's the reason we are seeing such exploitative tactics being applied. So I think there has to be a limit. There has to be limited to stopping predatory marketing and stopping predatory product creations. And this is the reason I've started. I'm copyright I'm top is my company where we do I, we create AI reports. We use AI to do marketing and one of the reasons, I think, is that if we study the data, if we create the right product, we do not have to be predatory. This is my axiomatic assumption. So if you want to check that out, please, there will be a link in description. So yeah. Thank you very much for listening, guys. I really love you. And please consider liking and subscribing."}]