How Hitler Actually Rose To Power (Top Economist Proves)

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Who is Dr. Steve Keen?

Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.

[prismbrandingrealestatebra]

Seldomly discussed about the treaty of Versailles was that Germany was forced to eliminate all tariffs on imported goods while its trading partners embargoed German exports. This meant that neighboring countries could flood the german market with their goods but Germany could not retaliate. This led to massive imbalances and lack of hard capital.

[affirmagic]

So much of what people 'know' about history is flat wrong. When you take the time to look into history, real history not propaganda, it is fascinating and enlightening. Which explains why it is illegal to question 'history' in some places.

[ronbridges]

In the late 70’s my ex wife and I had dinner with some friends who were bragging about their investments. We didn’t have investments because we were a little younger and I had just started my career. On the way home my ex told me that she thought investing was stupid and that if you had money you should be buying things with it, a theme that lasted the next 15 years until I got away from her. In retrospect I think she may have had a point, if only accidentally, because inflation at that point in our lives was very high.

[djdos]

I also think he overlooks the destructive power of inflation, he claims 3-5% is good for a productive economy which means goods will rise at this price and double every 14-25 years so cost of living will increase at a compounded rate but wages will never keep up but also assets like property and equities will rise eventually causing speculative bubbles and increasing the wealth of asset holders against the working class causing an ever increasing wealth gap, so essentially incentivizing rent seeking assets and dis-incentivizing productive works

[notmyrealname]

The problem with inflation (money debasement) is that it causes bubbles, financial and real estate. The 1920's is a great example. Today's biggest bubble is the national debt, the interest on which is going to cause much higher inflation.

[darealtuck]

Steve I like your work here on Youtube, but I followed that application link in the description and it's giving off some strange vibes. Why not just show what the class offers and how much it costs at a glance? It seems like you have a questionnaire there to make the potential customer feel like they're part of some exclusive group so they are more likely to purchase the item. That isn't a tactic that aligns with the honesty I sense from these videos. Likewise, if your ebooks are free, why require that I give you my first and last name in order to download? Not sure what's going on with those websites but if it doesn't sit well with me there are probably many others that feel the same way. Just trying to give honest feedback because I think the core messages you are trying to give here are good intentioned and I want to see you succeed.

[jbay]

Prof. Keen, I see the value of a depreciating currency that you point out (eg. the stamp scrib notes), but I don't see how that reconciles with the rational incentive for people to purchase non-depreciating assets. If money depreciates (slowly but deliberately as a policy decision), then it seems that there's an unbalanced incentive to immediately flip your paycheque into assets gold / silver / bitcoin / real estate / etc. Anything that you don't want to buy in the very short term, like food, would be put towards assets.

Now, gold doesn't have that many important non-monetary purposes, so maybe it doesn't matter if people are hoarding gold as a means of storing value. But it does seem like there's a very delicate balance to be maintained here, because any alternative asset can make a play to become an appreciating shadow currency that people hoard to store value instead of exchanging with each other. Once it starts to appreciate, you'll get a runaway feedback where people prefer to flip their currency for that asset even more strongly, and may even borrow one to buy the other. (And if that asset is something that is actually useful, like real estate, then you have even bigger problems).

I don't see a way to defuse that loop other than for your currency to always maintain some non-negligible threat of appreciating against those assets, so that it's always risky to bet too strongly against currency. If the government always promises to intervene against deflation, then betting against the currency becomes too safe a bet. That's the conclusion I come to from thinking about this problem -- but maybe you know of a better solution?

[cortomaltese]

So basically what Germany did since WW2 is to keep wages caped not allowing inflation go up and German companies pocket big earnings on huge export. Employment was high and tax flow for government was huge enough.

[mefobills]

The secret was Bills of Credit, like Oeffa Bills. They were credit at first. They looked like a check, a three party instrument. The issuer was a state corporation. The receiver was a targeted corporation or municipality. They were discounted (paid in Reichsmarks upon turn in) by a bank. The bank would hold them and earn interest. In this way they were non usurious state credit as the new money flowed outward from the Reichsbank. The bill was also examined to make sure commensurate goods were produced. The bank was forced with a due date, to eventually turn in to Reichsbank. This then expanded the ledger at Reichsbank. Ford knew that a bill and a bond were both legal sovereign operations, but I doubt he comprehended the German bill system. That most likely was Reinhardt. Even Schacht had a hard time understanding them.

[ThomasVWorm]

Money origins in credit and vanishes with credit repayment.

Credit has a term.

Therefore: money has a term.

When the debtors cannot pay back their debt, because of long term saving, they go bust.

When to many go bust, the bank goes bust.

When the bank goes bust, the savings are lost.

Money does have a term.

[hongleongooi]

I've got a question about the Woergl Experiment. When was the tax on the scrip paid, upon issuance, or upon use?

[ProgressiveEconomicsSupporter]

According to the chart, unemployment was already decreasing, and inflation rate back up to almost 0% when Hitler took over. So, did he had influence already before his official start?

[Alan_Duval]

3:03 Um, no. The Nazis took over Austria the month before the referendum (referred to as the Anschluss). We can't take the reported result at face value because it was Nazi propaganda.

Additionally, Austria was very Catholic (around 80%). Throughout Germany, Catholics did not vote for the Nazis (see for example Spenkuch & Tillmann, 2017). The exception was German Catholics in Silesia, to distinguish themselves from Polish Catholics (because Silesia had, quite some time previously, been annexed from Poland). It's extremely unlikely that Catholics in Austria would be the exact opposite of their German counterparts. What's more likely is that the ~20% of Austrians that were Protestant would've voted for Hitler. Whilst Hitler was a Catholic, to begin with, as were a disproportionate number of the Nazi leadership, the majority of Nazi voters and followers (by followers I mean those that became SS members or parts of the Nazi Party apparatus) were Protestant. (That said, many of the party faithful became Gottgläubigkeit, non-denominational "Believers in God, " in the lead up to the war, including a good number of Nazi neo-pagans.)

6:14 Also no. For the 1930 through '32 elections (of which there were three), the Nazi Party had significantly dialed down their racism in order to do better in elections (see Voigtländer & Voth, 2012). And even then they only got 37.3% of the vote in mid-1932, dropping to 33% for the follow-up election in late 1932, just prior to Hitler being made Chancellor. Their voting numbres shot up in the March 1933 elections, but that's because Nazis were already in enough places to falsify voter returns. All subseqent elections were not free and fair; so they'd had plenty of practice by the time they got to Austria.

[tomcop]

What about the German MEFO which I understand was a fiat currency used in German industry.

[oliverizzard]

There's a very good movie about the worgl experiment directed by Urs Egger ... who it seems died unexpectedly young ...

It was very informative.

[garrettosullivan]

The issute with making spending the most important thing in an economy is how we protect old and ill people who wont have money to live when they no longer can take part in spending and need others to look after them in their illness or old age. How do pension saving figure in your economic model??

[gabrielrodriguez]

Ford also built factories in the Soviet Union during the 30s, who of course, stole and implemented Fords famously efficient manufacturing processes in their own factories.

Meanwhile, the "German" way of manufacturing high quality individually fitted parts, aka German over engineering, made their manufacturing processes ridiculously time consuming and expensive.

The best way to imagine this is if your car could only use replacement parts, custom made at the factory for that specific car only. It's a logistical nightmare.

[edbehan]

Can I admire the obvious intellect, but have a sense he's off in the weeds. I've listed to him a few times and wonder how people retire independently. Not everyone wants to pump their products forever.

[necaro]

Excelente exposição de ideias. Plausível. É fundamental colocar os estudantes de Economia a pensar de forma não ortodoxa. Discutir alternativas às teorias comummente aceites, ensinadas nas faculdades e papagueadas acriticamente pela maioria da opinião especializada.

[keithalfred]

The thing I disagree with is the title as the video deals with the economy after Hitler came to power (Top Commentator Remarks)