Page 27 - Tech Revolution News Today

If instead, youre just kind of putting helicopter money into the system — as we did, by the way, after the financial crisis, where trillions were poured in — most of that finance just ended up back in the financial sector. so it was undirected. the same response after the initial panic over covid, the federal reserve poured money into the us economy. exactly, so the point is, we have to stop just pouring money in last—minute when we have huge problems. we need to be thinking, in this missi...

Are going to respond to you saying, "you know what, as long as youve got a coherent, mission—based strategic view of how youre spending the money, you can spend, print, frankly, as much money as you like, because what matters is the outcome, not how you get there." but the irony is... argentinas history tells us something very different. but thats. .. i mean, i would argue that its precisely when you have governments that think their role is simply to kind of inject money into the system and t...

Today is a gambling casino. i mean, look at the billions pfizer is making off the back of a vaccine, where, in that case, as well, there was not only public money, but it shouldn�*t be the goal during a pandemic just to make a lot of profits from the vaccine. it should, at least, because it�*s a pandemic, it�*s a global pandemic, we must have a mission and work together to, as i mentioned before, vaccinate everybody. and if we don�*t have the local capacity in africa also to deliver the ...

By the fortune 500 companies just in buying back their shares to boost stock prices, stock options and executive pay. so that financialization of the private sector and a public sector that is often too bureaucratic, inertial, not flexible and agile, theyre both, you know, equally... problematic. ..important problems. huge problems. we have just seen a minister in the uk resign because... we talked covid, in the covid response, he says billions of pounds was wasted because the government couldnt...

Money in last—minute when we have huge problems. we need to be thinking, in this mission—oriented way, where public money, taxpayer money, is going after big problems, working alongside the private sector, and in so doing, expanding our productive capacity. but if i may say so... much of the book is looking at the structures on the ground. its notjust about money. youre explaining its not just about money, but i am very well aware that you work with governments not just in the industrialised...

Together to meet them, i get it all. but youre an economist, and you do seem to be abandoning some, what i would have regarded as fairly fundamental economic principles. you seem to be saying, "it doesnt matter how much money the state throws at these problems, it should just throw everything at these problems." what matters, you say, is the outcome, not how you get there. and if you — im paraphrasing — but if you build up mountains of sovereign debt, that doesnt seem to concern you. so firs...

..with no purpose in mind. so what im interested in in these kinds of countries is to say, if you do have, for example, a public bank, a public fund, which many developing countries have, we need to build conditionality within those public funds so you dontjust give out money, its conditional on, for example, a green, sustainable growth path. and what happens if even in the most sort of proactive and strategic governments, civil servants, officials make the wrong call, get things wrong? i mean, ...

Spending the money, you can spend, print, frankly, as much money as you like, because what matters is the outcome, not how you get there." but the irony is... argentinas history tells us something very different. but thats. .. i mean, i would argue that its precisely when you have governments that think their role is simply to kind of inject money into the system and that dont actually have a design of economic policy that is purpose—oriented, that ends up with these huge problems like we had ...

Investment as long as youre expanding the productive capacity of the system. if instead, youre just kind of putting helicopter money into the system, as we did, by the way, after the financial crisis, where trillions were poured in, most of that finance just ended up back in the financial sector. so it was undirected. the same response after the initial panic over covid, the federal reserve poured money into the us economy. exactly, so the point is, we have to stop just pouring money in last min...

Margaret thatcher and others, the power, the positive, proactive power of the state has been underplayed. so when you look at recent history, you pick those elements which work best for your argument. you take the tech revolution, inspired by, you, say, money as an investment made by big government, specifically the us department of defence in the 1950s and 1960s, which led to the invention of the internet. but you can read the tech revolution in different ways. there are other ways of reading i...