This video is funny in places. It tries to get it right. In many places, it does. However, it's not the whole story. It leaves things out that matter very much.
Quantitative Easing I (that's one) didn't do what they said it would because it didn't go to the right place: Main Street. It went to banks that parked the money at the Fed. It went to bonuses. It went to consolidation (monopolistic deals). It went to huge corporations with little to no oversight. It didn't go to stop foreclosures. The list is long. It went to people who simply used the money for the carry trade where they borrowed here (the U.S.) near zero and invested in countries paying higher interest.
That of course harms those other nations while not helping America much at all, especially not compare to how much direct investments in Main Street would have helped.
It could have gone to public jobs and projects like the WPA & CCC did only better: full employment. It could have gone to high-skills jobs training (on the job). It good have gone to public work now!
Keynesianism worked extremely well in spite of what the laissez-faire people want you to believe. In fact, continued government spending for WWII (military Keynesianism) put huge numbers of people to work (tens of millions actually) in the U.S. and Germany, so much so that there was a shortage of workers.
Now, if the same emphasis had been put on a war against something other than each other and a war where the products produced more rather than destroyed and killed, products and services that would have created a multiplier effect in productivity, the sky would have been the limit. Rather than that though, the war ended, and the Cold War ramped up where neither side got it right.
The Soviets got spent under the table, and the U.S. then squandered the peace dividend and shipped its jobs overseas after a deregulation frenzy — not bright at all, as the consequences show.
This only scratches the surface. I've given the real solutions in recent posts and posts going back years (long before the crisis started to show through to those who need an anvil to hit them in the head before they realize anythings happening).
Now, if we can only get the common people to think beyond the disastrous Austrian School of Economics that loves to point out how the Federal Reserve System is a scam (which it is) but veers off into its own nightmare creation....
Let me say it very emphatically. Greed is not good!
Oh, and we don't need a Gold Standard. In fact, going back to that would only enrich those who have tons of it and would only increase the ecological disaster that is gold and other mining. If you're going to mine, do it for practical reasons, not for the mistaken notion that "gold is money and nothing else is" sort of thinking.
Fiat money worked fine for hundreds and hundreds of years. Bill Still has done some nice work documenting this in his videos.
We just need interest- and tax-free United States Notes at this point and pegged to real productivity. I don't understand why people don't realize how to do that, but I do.
They partially understood it during the Populist Era.
Let me say it in the simplest terms so that those who have obviously been reading my blog but for some reason just can't bring themselves to writing my name, attaching it to the concept, you decide what's productive first, then you fund it. Look, I'm talking about socialism (albeit uncoerced) here, not capitalism, and leading to a moneyless society. To Hell with the mark where if you don't have it you can't buy or sell or eat or whatever. Everyone eats!
We're talking about a total transformation of the heart, the spirit of society, where everyone has pitching in instilled within, where everyone loves to help and to cooperate and to work for the common good. We're not talking about a communist dictatorship where everything is top down. We're talking about the consensus of the people whose desire is the highest and best for every member of society, the world.
Look, capitalism is a mindset. If you're going to choose a mindset, why choose that when the best is right there to be chosen?
The Robber Barons crushed the common, decent, hardworking people. We still need to fix that and can. The power of the common mind can be elevated to the point where the elites are by-passed and are obsolete and will want to change so as not to be inferior stock, so to speak.
We can end poverty and war and do all sorts of great things if we change the heart, if we soften rather than harden.
As I mentioned, look back at some of my recent posts for more details.