Comments by "Aden Wellsmith" (@adenwellsmith6908) on "Economists should learn to think" video.

Civil service accountants need to be put in special measures and redo the first lesson you get as an accountant. What's an asset, a liability, income and expense. None of this Bernie Maddoff Accounting.
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@mypointofview1111 The big issue is that they are playing fantasy economics. What if the welfare state had no pension debts, what could we do? Problem is, the pension debts are real.
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Such as the state? Look at labour, it's now demanding a bigger monopoly on education.
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So where are the trillions the workers have paid the socialist welfare state [no city involvement] for their old age?
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@knobfieldfox Doesn't work. The pensions debt is inflation linked. Turns out that 90%+ of the government's debt is inflation linked, directly or indirectly. Only a small fraction of the state's debt is fixed rate. So what happens if you print to pay? You get inflation. See the equation of exchange for that. See the current inflation. It's caused by printing. So double the money supply, prices double, and your debts double. Instead of you having a £600,000 share of the pension debts, you would have a £1.2 million share of the pension debts to pay.
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I tend to agree with you. Civil servants including Murphy are the problem. They hide the debts. Then economists play a game of fantasy economics. What would happen if the only debt was the borrowing? It's not reality.
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When will you realise the mess is socialist. Start off with the basics. How are you going to pay your £600,000 share [at 10% per annum] of the socialist welfare state's pension debts? Or are you going to evade your tax?
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@abody499 They are contradicting each other. ie. Monopolies are bad. Next day, lets have a new monopoly. They are based on ignorance. So I'll ask you. It's clear public sector workers are owed a pension. Same with people who have paid NI. Why are those debts omitted? When pushed the left say we aren't going to pay the pensions. Now you can't blame capitalism. There's no capital in state or civil service pensions. Zero. No investments. It's all debt. The money has all been redistributed, a socialist policy. So come on why are those debts omitted from the accounts, and how big are they?
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@Vroomfondle1066 Do you think every tax payer can afford 600K at 10%?
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@Vroomfondle1066 Have you not considered the consequences? The biggest losers will be the public sector workers. The state will not be able to pay the state pension, whatever makes you think that PS workers will get their pensions paid?
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Ah the lets create lots of money and spend it myth
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@lonevoice And? That's a disaster. It's not magic, its evil. I know why they did it, but the consequences are awful. 1. Austerity 2. Low take home pay 3. Pensioner poverty 4. Lack of investment 5. Wealth inequality Just for starters.
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