
English: 
It's unclear to me even if the system
We have now should even be called capitalism at least and the cool by many of the classical understandings of the term
It's largely based on rent-seeking
It's largely profits are largely from not from investment in production or even commerce
You know it's it's from the artificial production of debt and the human costs of this or enormous
I mean even if you compare Germany and on the UK to places which should be on roughly the same economic
Level no wages have gone up summat like 20%
In real terms in germany and the last word is it two decades or so?
But you know during the Kasane period they went down effectively here. Yeah, we have nurses using food banks
We have you know poverty level life experiences for people who are working quite hard, and it's all completely unnecessary
I think the terrible we really need to understand about the rhetoric of austerity
It was a moral rhetoric much more than it was an economic one it worked

English: 
I'm not clear even if the system
we have now should even be called
capitalism at least by
many of the classical understandings
of the term.
It's largely based on rent seeking.
Profits are largely
from not from investment
in production or even commerce.
It's from the artificial
production of debt
and the human costs of this are
enormous
I mean even if you compare Germany
and the U.K. two places which should
be on roughly the same economic
level,
wages have gone up something like 20
percent
in real terms in Germany in the last
two decades or so.
But during the same period they went
down
effectively here.
We have nurses using food
banks. We have a poverty
level life experiences for people
who are working quite hard
and it's all completely unnecessary.
I think what we really need to
understand
about the rhetoric of austerity
was a moral rhetoric much more than
it was an economic one
and it worked.
It made people think that you know
if

English: 
They made people think that you know if you sacrifice now this will mean your children or grandchildren be richer
And and you know the terrible irony is is not only is it not true that might well be the opposite
You know people sacrifices actually they're going to make their true and children poorer unless we do something about this very quickly
We've covered a fair bit of the landscape, and then we talked a lot about private debt
So let's wrap up with this question, which is this? Why are we blind to it? Why is it so taboo?
We have this fantasy that
Economists do that you know a economies of giant barter system
I think that a lot of people will be very uncomfortable of understanding this whole the whole political
Rhetoric is based on the assumption that economy works in a way that doesn't really work and people don't want to rethink everything
Especially you wouldn't be so many people have made so many sacrifices real human sacrifices in the name of a false understanding

English: 
you sacrifice now this will mean
your children
or grandchildren will be richer
and you know the terrible irony is
not only is it not true it might
well be the opposite.
People sacrifice is actually going
to make
their true children poorer unless we
do something about this very
quickly.
We've covered a fair bit of the
landscape
and then we talked a lot about
private debt so let's
wrap up with this question which is
this why
are we blind to it?
Why is it so taboo?
We have this fantasy that
economists do that you know
economies
are a giant barter system.
I think that a lot of people would
be very uncomfortable
of understanding this whole
political
rhetoric is based on the assumption
that economy works in a way that
doesn't really work
and people don't want to rethink
everything
especially when so many people have
made so
many sacrifices real human
sacrifices
in the name of a false
