Comments by "Tony Wilson" (@tonywilson4713) on "Thom Hartmann Program" channel.

  1. 3
  2. I really like Prof Wolff, because he's at the very least giving an educated alternative opinion on economics, but there are times he lets brain take it too far. To call Capitalism unstable is to ignore what the terms stable and unstable actually mean. I'm an engineer and we have to learn and understand what stable and unstable actually mean because otherwise the modern world can't exist. Power stations and the power grid wont work, your car wont work and airplanes will tear themselves apart mid-air- that kind of stuff. Sorry this is a longish explanation. This is basic high school science level. Something that is naturally stable is something that will self correct from a disturbance. An example of stable system is a ball in a bowl. If you bump the bowl and the ball moves, it will eventually settle back down to the bottom of the bowl. An unstable system will not recover from a disturbance. If you balance a broom stick on its end. Any disturbance and it will just fall over. HOWEVER if we stand the broom stick upright on our hand and move our hand to correct for disturbances you then have something not entirely stable or unstable. We call that "artificially stable," as in there is something else keeping the system in a stable state. In engineering we have many systems that are artificially stable and quite often there's a combination of stabilisers. The suspension in your car has shock absorbers that allow you to hit bumps and not have the suspension bounce around. There's also the tires and suspension geometry. A main part of it is the drivers brain which makes corrections like steering inputs. One of the incredibly important concepts of artificially stable systems is that the stabilisers have limits and if you exceed those limits the system can break or fail. If 1 of the shock absorbers fails and reduces the cars stability. If the car hits a big enough bump and shock absorbers reach their limit. IF driver's brain cannot compensate then the car crashes. Modern capitalist systems are "artificially stable." There are shock absorbers and adjustments that governments use to keep there economies stable. Part of that system are interest rates, but there's also government spending (via policies and projects), the rate at which they print new money, bond rates and the regulations they place on private industry (like banking rules). The real problem is we are now bumping into the limits that our economic stabilisers can handle.
    3
  3. 3
  4. 3
  5. 3
  6. 2
  7. HEY THOM You really need to bring Professor Robert McChesney in on discussions of the media and how its been slowly eroded over decades. He was one of the people who helped make the 2004 documentary "Outfoxed: Rupert Murdoch's War on Journalism" He's actually a professor from my Alma Mater, but joined the faculty after I graduated. Circa 2008/09 he was here in Australia on a book tour. I caught the 2nd half of one of his talks on TV. At the time I didn't realise who he was, but I do remember an incredible point that he brought out. After WW2 most American newspapers had people around the country and the majors had people around the world. Journalists actually went out of the office and met people. So if you heard on the radio or read in the newspaper and they quoted someone it was because a journalist had gone and met that person and asked questions and written down their replies. The stories that weren't done that way were about actors, sports stars and businessmen which involved PR people. I remember that after Robert McChesney explained how journalists used to work he then explained that there were around 4 or 5 journalists for every PR person AT THAT TIME. Then when news papers, radio and TV started to merge into larger and larger conglomerates that ratio of 5 to 1 started to change. Shareholders didn't care about facts. They wanted dividends. Into that environment came people like Rupert Murdoch, Robert Maxwell and others. By the early 2000s that ratio of 5 to 1 had flipped to 1 to 5. Journalists didn't go and meet people. They stayed at their desks pumping out story after story chasing clicks. Information in stories STOPPED coming from research and started coming from PR people. Journalists shifted from doing research and investigating to "cutting & pasting & posting" from what the PR people handed them. Think about how many news stories in the media (all types) are just like an advertisement. I'm certain you already know some of this. But you should really try and get Robert McChesney on. he's done a couple of interviews for people like Paul Jay (the Analysisnews)
    2
  8. 2
  9. 2
  10. 2
  11. 2
  12. 2
  13. 2
  14. AUSTRALIAN HERE: Thom you are wrong on where the Australian Liberal party is on the political spectrum. They ARE NOT far Right but Centre right. However they have been steadily moving to the right for the last 25years or so. Economically speaking they are almost identical to America's Democrats. The National party of Australia which forms the junior partner of the Liberal-National Coalition is further to the right and is closer to the rural conservatives of the American Republican Party. In recent years we have had some smaller parties emerge that are VERY FAR Right like Clive Palmer's United Australia Party which is just one of its names. Clive is like Trump a billionaire of dubious means and with questionable business practices. Clive's ideology is almost identical to people like Charles Koch and his Party is similar to the American Tea Party. FYI - I went to college in America and even though I did engineering I am reasonably familiar with the differences between the American Liberals and American Libertarians. The way I would describe that difference is as an outsider looking in is: American Liberals believe that individual Liberty is best defended by a healthy set of regulations and laws upheld by a functioning court system and effective government so that no individual can be stripped of their basic rights by another person or a corporate entity and that they can get restitution through the courts from injury. American Libertarians believe that individual Liberty is best defended by removing any and all controls the government has except the protection of the state from foreigner nations, the protection of individual property through the police and that the main purpose of the courts is to uphold contracts. That was expressed by Milton Friedman many times.
    2
  15. Actually, there's some veracity in that. I'm Australian but in the aftermath we an English Historian explain WHY? It turns out that Bush Senior and Bin Laden Snr did oil business together and to help that they set up their sons to do some business together. So Dubya owned a business 50/50 with a Bin Laden. Its been many years so I might have some details less than perfect. Osama wasn't the Bin Laden Bush did business with that was another of the 17 (or so) Bin Laden boys. Osama was way down the Bin Laden list. His mother was Lebanese?? and became wife number 4 via a business deal. Osama's older brothers used to give him crap so he became the "better Muslim" and to prove that joined the Mujahadeen in Afghanistan to fight against the godless Russians. That 1 brother who was in business with Bush supposedly told Osama "I get what your doing and its commendable. If you get in trouble call me, my business partner's father is ex-CIA and now Vice POTUS." Osama goes to Afghanistan where they are getting hammered by the Russians with their helicopter gunships. Osama calls his brother who calls Bush Jnr who calls Bush Snr and Osama gets stinger missiles and lots of Russian helicopters get shot out of the sky. That brother who supported Osama gets whacked by a Saudi Prince who then takes a chunk of Bin Laden enterprises for himself. Osama calls George Bush Jnr and says something like "We have to get this Saudi Prince" to which Duba says "*NO WAY* we do business with him!" Osama does NOT take that well. In his brain that's a kind of super-hyper-betrayal and decides American has to be punished and we know how that went. Again I might have some details wrong but my understanding is that it was super personal with Dubya over the murder of his brother by a Saudi Prince.
    2
  16. 2
  17. 2
  18. 2
  19. ​ @soulslip  I'll give you this explanation and sorry if its a longish. I'm Australian but went to college in America. I did engineering but a bunch of my friends were pre-law and they used to drag me into all sorts of discussions probably because I could throw in different perspectives. I uses to argue all the time that any country could fail and fall into a totalitarian dictatorship because that was the main lesson I got from studying Orwell (Animal Farm and 1984) in high school. I didn't mind Animal Farm but 1984 was a headache for teenager but these days I'm grateful. One thing people sometimes miss with Orwell is that he wasn't really anti-communist but anti-dictatorship and dictatorships can be Left (like Soviet Russia, Communist China,...) or Right (like Imperial Russia or Imperial China. Iran is an interesting case because before its current Right wing RELIGIOUS dictatorship it had a Right wing monarchy. The point Orwell made was that dictatorships can take almost any from from almost any political system. People forget the Adolf Hitler and his Nazis were elected. As was Mussolini and his Fascists. My friends used to argue that I was wrong. America could NEVER FAIL because America had this system of "checks and balances." It was hardwired into the American system with multiple layers - POTUS with executive control, The House who write laws, The Senate who make certain bigger states don't dominate an SCOTUS who check those institutions are doing things in a lawful way. What NONE of us every discussed was what might happen if that system of checks and balances was undermined by very determined people with enough money to get what they wanted. There's a great PBS Frontline on Citizens United. Its here on YT and EVERY person who lives in a democracy should watch it. Its title is "How the Citizens United Decision Changed U.S. Political Campaigns" About 20 minutes in they interview the lawyer who won Citizens United. His name is Jim Bopp and he started as a pro-lifer and wanted abortions banned. To get what he wanted he had to be able to make money work how he wanted it to work. It was also exactly what some of the Fossil Fuel billionaires needed to get what they wanted. I once had the term "High Machiavellian" explained to me. Machiavelli has been wrongly credited with approving of "the end justifies the means" when in fact he was describing how certain people operated. Its important to understand this isn't about how people "act" but how they "operate" because operation implies planning and goals rather than just responding. If you watch that documentary Jim Bopp is a "High Machiavellian" and that means he truly believes that he has to do whatever it takes to get the end result he wants and any collateral damage is irrelevant. So when he says Citizens United was necessary to democracy he really believes it because the consequences to other people is irrelevant because his task was to rid America of "Roe V Wade." Nothing else mattered to him and his people. At the same time its also allowed the billionaires who backed Jim Bopp to get the people they wanted elected to congress and put on SCOTUS so they could dismantle the IRS, FBI, EPA, FDA, FAA and any other 3 letter agency that restricted their profits. The craziest aspect of throwing out "Roe V Wade" is that its also thrown out the right to privacy over medical records that were (past tense) covered by the 4th Amendment. Go look up the Wikipedia page on Roe V Wade. One of the main arguments was the right to privacy between a medical practitioner and their patient. Remember how on all those TV crime shows like "Law and Order" where they'd go to a doctor and ask for something and the doctor would say "Go get your warrant" and the judge would say "give me a GOOD SOUND reason or go away." Yeah sorry mate but that's gone. Because when Jim Bopp finally got what he wanted he also threw out you basic right to privacy over your medical records. America is now a lesson to the rest of the Western democratic world that if you allow High Machiavellians to go unchecked they will eventually do staggering amounts of damage to your nation and society that CANNOT be easily fixed. Sorry for the length of this but I have a soft spot for America and wished I did have magic wand to fix it. I really had a great time going to college there. The vast bulk of Americans I met are good people and they deserve better than the situation they now have.
    2
  20. As an engineer I am READY TO SCREAM AT PEOPLE WHO BLAME THE WAR IN UKRAINE FOR ENERGY PRICES. Energy prices across the world have been rising for years all that the war in Ukraine has done is exacerbated the situation. The reason why every economist on the planet keeps claiming its the war is because they don't want to admit it was the widespread privatisation of energy assets that they championed during the 1990s that's caused this. I have spent a lot of time over the last few years informally studying economics so that I could make the argument for what they did. Prior to privatisation when governments built big massive energy projects like Tennessee Valley (America) or Snowy Hydro (Australia) or the nuclear programs in Canada, Britain, France, Japan they had 2 main metrics - GDP growth and Employment. It was a fairly simple concept they built the power stations ahead of the demand created by population growth. It created lots of extra energy so that factories and businesses could be started and they'd have cheap power making it easier to EMPLOY people and be profitable. When the flipped to privatised power ALL OF THAT WENT OUT THE DOOR. Private companies have no social responsibility to GDO growth or employment. Milton Freidman said "There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits..." Its just taken 25 years for the privatisation nightmare to get to this point where we are shutting down older power stations NOT because they have emissions or they are nuclear BUT BECAUSE they are just so old they can't keep running. Just this week in Australia we shut down the Liddell power station which just adds to our list of power stations we have shut down. We have built out a huge amount of solar and wind but NONE OF THAT is BASE LOAD POWER which is what industry needs.
    2
  21. 2
  22. 2
  23. TO ALL: I am an Australian engineer and there is some very concerning stuff here and some stuff that really doesn't mean anything. The cruise ship stuff doesn't really mean anything. It might be something that's easily explainable. In any form of engineering there are parts that can be used almost anywhere. The fact that somebody used the same generators and pumps off a cruise ship might not look good to the average person but it means nothing compared to the FUNCTIONAL SPECIFICATIONS and REQUIREMENTS. The "what does it have to do" stuff. For any engineered system the first question that should be asked is "What does it have to do?" followed by a string of questions regarding how well it has to do it. So for emergency generators and pumps it starts with things like: How fast does it have to respond? What's the minimum amount of time it has to be able to run at full power? If its a generator what's the power does it has to deliver? If its a pump how much water (flow rate & pressure) must it be capable of pumping? HOW RELIABLE DOES IT HAVE TO BE? Those answers become the Functional Specifications and Requirements. It may or may not include the specific industry. What can happen is that devices made for one industry are well enough designed to meet the requirements and or standards of other industries. An emergency generator for a cruise ship would have to have very high reliability because part of its specification would be the ship is at sea, in a storm and help is days away. Forget nuclear power station and cruise ship and think - its an emergency system so when its actually needed ITS AN EMERGENCY. I work in control system and part of that are the control circuits behind those big red buttons with EMERGENCY STOP written on them. You'd be amazed how many people, including other engineers, who just forget that the reason someone actually presses and E/STOP is because something bad is already happening. The REQUIREMENTS for any EMERGENCY device isn't what it has to do when everything is normal. It has to do its job when the shit has already hit the fan and being thrown everywhere. So the cruise ship stuff is meaningless BUT the failure to perform as SPECIFIED and REQUIRED is absolutely scream as loud as you can stuff.
    2
  24. 2
  25. 2
  26. 2
  27. 2
  28. 2
  29. 2
  30. ​ @justadbeer  Your right to some extent. What your forgetting is that America made the rest of the world dependant on it and in particular security but it wasn't the only thing. You should go and listen to Peter Zeihan who's a geopolitical strategist. I don't agree with all that he says particularly when he talks technology, but then I'm an engineer. People like yourself are quite right. The rest of us all run to America when there's a problem. But then a lot of those problems were in part caused by various American entities in the first place. Lost in the disaster of Ukraine are a string of broken promises that America made to Russia after the fall of the Soviet System. Then there's all the economic interference that Americans advised Russia on that lead to the rise of the Russian Oligarchs. I recently heard Jeffrey Sachs, whining about how the Russians didn't listen to their advice. BS - the Russians are in the mess they are in because they DID LISTEN to American advisors who told them to sell of all their state assets. What your also forgetting is that BEFORE WW2 was even over there was the Breton Woods conference. Where America with its staggering gold reserve basically forced the rest of us to accept the US Dollar as the future worlds reserve currency. Along with that (as Peter Zeihan points out) American basically promised the rest of us it would keep international trade safe. With that we all agreed to be the cannon fodder between American capitalism and Soviet Communism. Peter even points out that China would never have had the chance for its economic growth without America keeping the world's trade routes safe and open. So there's been a lot of benefits and costs to all of us. The bug in that whole system is that certain American's learned how to take advantage of the system and these people are now a problem for ALL OF US. I'm Australian but went to college in America. I'm a very rare person in that I'm a huge fan of the US Constitution. I often say that I believe its one of the greatest achievements in human history AND I REALLY DO BELIEVE THAT. However the US Constitution is not perfect and the institutions it birthed are now failing. Without doubt SCOTUS is one of the most important institutions in the world and its been so badly corrupted that its almost non-functional and that has some incredibly serious consequences. No matter what the rest of us feel about any particular American or the nation, American is still 1/4 of the world's economy and almost all international trade is reliant on the US Dollar. Either that trade is done in $US or the transactions are done via banks that operate in $US. That's what it is to be the World's reserve currency AND NONE OF US ASKED FOR IT - we inherited it and a dysfunctional America is a nightmare. So you might think that Russia is the topic but in fact America is ALWAYS the topic. America wanted to be number 1. Well you got there and with that comes responsibility and if America has an Achilles heel its responsibility. None us are really good at it, but we aren't the World's reserve currency. Our Economists don't trapse around re-organising other countries. Our agencies don't sneak in and overthrow governments so our companies can come in and strip those nations. Most of all we don't have an arsenal of nuclear weapons to wave at people like its a giant middle finger. Apologies for the long rant.
    2
  31. 2
  32.  @justadbeer  If you look through the comments you'll find there are a lot of Australians and others watching people like Thom. I don't think Americans really get how scared we are of an American collapse and I don't just mean financial. Trump has tapped into a staggering amount of anger and frustration that IS LEGITIMATE. Richard Wolff who's a Marxist economist had this great comment about West Virginia in one of the Michael Brooks tributes (panel 3 just before 35mins). He points out how much the Dems & GOP have screwed those people. Trump gave them an alternative to being screwed yet again. I keep pointing out to Americans there's Congressional Budget Office report Bernie Sanders had updated on Family Wealth 1989-2019. If you just look at the first graph it shows how screwed 50% of America really is. Even when the economy has been better they haven't been better. The Top 10% have got it better the middle 40% have had it reasonable but the bottom 50% have been screwed and screwed and screwed. I've checked what I can of Australian data and its the same basic story. It should be because many of our top economists went to Harvard, Yale,.... etc. Trump and people like him aren't the problem. They're symptoms of a much larger economic issue. Thom is one of the very few with even 1/2 a grasp of it. He understands what the Neoliberals have done. What he might not realise is that they have done it across the entire Western World. But here's the issue. If Australia collapses, then so what? We won't take the world down with us. Neither will many other countries. BUT if America collapses we all go down. Global trade relies on the US dollar because back in 1944 at Breton Woods we all agree it would be the World's reserve currency. So if the US dollar breaks the worlds economy breaks. We can't afford 4 more years of either Biden or Trump, but especially Trump. I can give legitimate security and financial security reasons to at least 100 countries to give him a Chitown love tap. FYI - I went to college at U. of Illinois so I know what a Chitown love tap is. And I do mean that we really can't have Trump 2.0.
    2
  33. 2
  34. 2
  35. 2
  36. 2
  37. 2
  38. 2
  39. 2
  40. 2
  41. 2
  42. 2
  43. 2
  44. 2
  45. 2
  46. 2
  47. 2
  48. 2
  49. 2
  50. 2