まず1時間以上の動画を思い切って2:20に編集してみた。
ミンスキーの動画はこれと1987年のインタビュー動画の二本しか確認されていない。
ミッチェルやレイは批判したが、アメリカのインフレ率が高騰した現在(2022年)ではミンスキーの徴税観も妥当に聞こえる。
Minsky1991字幕
https://love-and-theft-2014.blogspot.com/2022/10/minsky1991.html @
https://www.blogger.com/blog/post/edit/2133355681582705445/8073008350762610698
digest
Hyman Minsky at Westminster College SLC - 1991 https://t.co/FnNO61G9la
— 地域通貨花子１ (@TiikituukaHana) October 18, 2022
digest pic.twitter.com/5qVjYuBmq6
https://twitter.com/tiikituukahana/status/1582414723202834434?s=61&t=4Bzsqg4D02COOod1GjTtjw
Minsky1991 （作業中）
https://iitomo2010.blogspot.com/2022/10/1991.html?zx=9cc4126e20f1592a
https://iitomo2010.blogspot.com/2022/10/minsky1991_16.html?zx=6d484c75f275c242
https://love-and-theft-2014.blogspot.com/2022/10/james-seidelman-10.html
youtube
https://iitomo2010.blogspot.com/2022/10/foreignthank-you-foreignyou-musicknowum.html
1991Minsky （ダイジェスト）
Minsky(1991)[digest]
Problem of the financial structure and performance of the economy has been with us since the birth of the Republic. Alexander Hamilton our first and great Secretary of the Treasury.
he also created the first bank of the United States.
the conflict between Biddle and Jackson.
as in Hoover's term in the white house.
it is wrong to say that Mr Roosevelt closed the banks.
we must not forget that we are the legacies we have inherited.
in order to understand the financial structure the fundamental concept is a balance [sheet]. a balance sheet lists the assets on one side and the liabilities on another the liabilities go to another balance.
they become Assets in another balance.
so the people's capitalism that we've entered have here as a new facet.
the new face is the money management the people who manage the portfolios of the insurance company.
the people that manage the portfolios we also had the housing problem.
and remember Jerry Stewart. okay and what's the film It's a Wonderful Life. the hero of the Town. who was it? what was it? what was Jimmy saying what you ran an SNL.
snls had a limited function and had a limited job and they did it.
now side by side with the financial strategy comes with physical effect.
where did the Eisenhower Administration we have their clothes facility Highway Network.
it was introducing new resource creating facilities.
between being one interest on the government debt. Two Social Security. and three the military.
we also should emphasize that government spending must be resource creation rather than just transfer system spending that we now have.
now what we also must remember government is an issuer of liability.
we need a government steering wheel to make sure that gross profits gross aggregate demand doesn't collapse.
at a chart which I commend you.
and the government debt relative to the size of the economy was decreasing up until 1980.
we've allowed our government's credit to code whether we can afford certain types of Economic Development measures.
we are not resource constrained what we are is [Wilkinson?]
the will the will to tax ourselves so that the government's liabilities are fully validated by extending by receipts.
but we have to validate that we cannot misuse.
now when I say in principle it doesn't mean that we need a balanced budget every year.
I don't have a very clear concise summation.
we need to say not that government is just that parasite of the economy.
we have to recognize the government are beginning until almost yesterday played a constructive part.
the most important thing that an economy generates is the opportunity for employment for all of them.
so we have to recognize that there is more well is the way in which people approach Texas only we would get up people to think of taxes as Oliver went home taxes are the price you pay for civilization.
so what we've done.
in that case is transform what the IRA potentially could do is transform our income tax into a spending for consumption.
thank you very much foreign.
[Applause]
ミンスキー(1991)ダイジェスト
経済の金融構造とパフォーマンスの問題は、共和制の誕生以来、私たちと共にある。アレクサンダー・ハミルトン（Alexander Hamilton）は、我々の最初の偉大な財務長官である。彼はまた、米国初の銀行を設立した。
…ジャクソンの対立の期間…。
フーバーのホワイトハウスでの任期…。
ルーズベルトが銀行を閉めたというのは間違いです。
私たちは、自分たちが受け継いだ遺産であることを忘れてはならない。
金融の仕組みを理解するための基本的な考え方は、「バランス[シート]」である。貸借対照表は、一方に資産、もう一方に負債を記載します。負債は別の残高に移動します。
負債が別の残高で資産になるのです。
私たちが入った人民の資本主義は、ここに新しい面を持っています。新しい顔は、お金の管理です。保険会社のポートフォリオを管理する人たちです。
ポートフォリオを管理する人たちです。私たちは住宅問題も経験しました。
ジェリー・スチュワートを覚えていますか？
そして、映画「素晴らしき哉、人生」はどうでしょう。「素晴らしき哉、人生」の主人公です。それは誰ですか？それは誰ですか？ジミーは何を言っていたのか......あなたはSNLを運営していましたね。
SNLは限られた機能で、限られた仕事をこなしたのです。
今すぐサイドバイサイドの財務戦略は、物理的な効果が付属しています。
アイゼンハワー政権は、彼らの服の施設ハイウェイネットワークを持っていた場所。
新しい資源を生み出す施設を導入していたのです。一つは国債の利子。二つは社会保障。そして3は軍事費である。
政府支出は、現在のような単なる移転制度による支出ではなく、資源創出でなければならないことも強調しなければなりません。
今、私たちが忘れてはならないのは、政府は負債の発行者であるということです。
総利益、総需要が崩壊しないようにするために、政府のハンドルが必要なのです。
1980年まで、経済規模に対する政府の借金は減少していました。
政府の信用が、ある種の経済開発策を講じる余裕があるかどうかを規定するようになったのです。
私たちは資源の制約を受けているわけではありません。政府の負債が領収書によって拡張されることによって完全に検証されるように、自分自身に課税する意志があることです。
しかし、我々は我々が誤用することはできませんことを検証する必要があります。
今、私が原則と言ったのは、毎年均衡のとれた予算が必要だということではありません。
私は非常に明確で簡潔な要約を持っていません。
政府は経済に寄生しているだけだと言ってはいけません。
政府は昨日まで建設的な役割を果たし始めていたことを認識しなければなりません。
経済が生み出す最も重要なものは、すべての人に雇用の機会を与えることです。
オリバーホームが言ったように税金は文明のために支払う代償であると考えるように人々を立ち直らせるだけです。そう私たちはしてきました。
その場合、IRAが潜在的にできることは、所得税を消費支出に変換することです。
ありがとうございました。
[拍手］
改訂版後半 pic.twitter.com/doKrXjU4Us
— 地域通貨花子１ (@TiikituukaHana) October 15, 2022
。。。。
話題になったミンスキー講演動画。全編。
Hyman Minsky at Westminster College SLC - 1991
ケルトンは明らかにミンスキーのアイデアを受け継いでいる（発行者と利用者の違いの指摘など…）
ただし、ミッチェル、レイはミンスキー講演動画1991の内容、特にその徴税観に批判的である。
ミッチェル：
Hyman Minsky was not a guiding light for MMT – Bill Mitchell – Modern Monetary Theory
2016/11/09
http://bilbo.economicoutlook.net/blog/?p=34749
…
Many readers have E-mailed me in the last week after becoming aware of a rare video of – Hyman Minsky at Westminster College SLC – speaking in Salt Lake City on October 30, 1991.
The video and audio quality is very poor and the presentation goes for 1:32:59, so I congratulate anyone who bothered to watch the entire thing.
What prompted the E-mails, it seems, were comments made by Minksy starting around the 47 minute mark about the viability of government debt and fiscal deficits.
He is seen to be advocating what we call ‘sound finance’ the anathema to the ‘functional finance’, which underpins aspects of Modern Monetary Theory (MMT).
He says things such as:
1. “the government must validate our debt with taxes”.
2. In the context of rising government deficits in the 1980s, he claimed that “the quality of the government’s debt in international markets is deteriorating”.
3. “we lack the will to tax ourselves so that the government liabilities are fully validated by receipts”.
There were many other similar statements in the video, which appears to amount to a rejection of basic MMT propositions.
And that should not come as a surprise.
Earlier in his career, Hyman Minsky advocated Abba Lerner’s functional finance.
ハイマン・ミンスキーはMMTの指導者ではなかった - Bill Mitchell - Modern Monetary Theory
…
先週、多くの読者が、ハイマン・ミンスキーが1991年10月30日にソルトレイクシティで講演した貴重なビデオ（Westminster College SLC）を知って、私に電子メールを送ってきた。
このビデオと音声の質は非常に悪く、1分32秒59秒もあるので、わざわざ最後まで見た人にはおめでとうと言いたい。
Eメールのきっかけは、47分あたりから始まるミンスキーの、政府債務と財政赤字の実行可能性に関するコメントだったようだ。
彼は、現代金融論（MMT）を支える「機能的金融」に対する異端として、我々が「健全な金融」と呼ぶものを提唱しているように見える。
彼は次のようなことを言っている。
1.「1.政府は税金で借金を補填しなければならない。
2.1980年代の政府赤字の増大の中で、「国際市場における国債の質が低下している」と主張した。
3. 「政府負債がレシートによって十分に検証されるように、自ら課税する意志が欠如している」。
その他、ビデオには同様の発言が多数あり、MMTの基本命題の否定に等しいと思われる。
そして、それは驚くことではないのだ。
ミンスキーは、アバ・ラーナーの機能的金融を提唱していた。
～～
A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner
レイ：ラーナーとミンスキーを比較する Part 1
https://blog.goo.ne.jp/wankonyankoricky/e/8a6be43bc68ce66181511d122587a6afレイが着目した二箇所
https://youtube.com/watch?v=FLi2wdSA66A&t=45m
https://youtube.com/watch?v=FLi2wdSA66A&t=65m
A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner
機能的財政論：
ハイマン・ミンスキーとアバ・ラーナーのスタンスの変化を比較する
[ http://www.levyinstitute.org/pubs/wp_900.pdf 2018/1 40p ]
THE VIDEO: DID MINSKY REPUDIATE HIS EARLY POSITIONS ON DEFICITS?
ビデオ：ミンズキーは財政赤字に対する初期の立場を変更したのか？
先に述べたとおり、今では1991年のミンスキーの講演ビデオを見ていると、彼が
初期の機能的財政を支持する立場を変更したことを示しているように、さらには
財政ハト派的――あるいはタカ派的――立場をとったかのように思われてしまう。
このビデオには特に注意を要する点が二つある。
第一は、45分ごろに出てくるニューディールを論じている箇所で、ニューディールでは
新しい生産力が創造されたのに対し、当時（そして現在も）、ほとんどの政府支出が移転所得、軍事費、債務への
利払い――大部分、資源創出的ではない項目――となっている状況を論じている。支出が税収を上回り、
慢性的に政府赤字によって政府債務は増加してきた(民間部門の債務も増加傾向であった)。
ミンスキーによるなら、これは問題を引き起こす。アメリカの債務(公共部門・民間部門)は
かつてないほど大きく、それ故、必要なことは、政府というステアリング・ホイールを使って
集計的需要と所得を十分な高さに維持し、確実に債務を償還できるよう保つことである。1980年代まで、
政府債務は対GDP比では低下していたが、レーガンのGDP比で5%の赤字および、
成長下においても赤字支出が続くバイアスが生まれたことも相まって、国際的な市場での
政府債務の質の劣化が引き起こされた。これにより政府債のデフォルトリスクが高まったことが
示されているように見えるかもしれないが、ミンスキーは債務を償還するのに必要な支出を
行う能力について疑問はない、と述べている。
関連する第二の部分が現れるのは65分ごろの、租税について論じている箇所である。政府は
いつでも債務の支払いを行うことができるが、それを妥当にするvalidateため租税の引上げを行う意思を
欠いていることを懸念している。彼は、債務を税金によって妥当にしなければならない、と主張し、
続けてよくある冗談を繰り返す。「税金はあなたが文明に支払う代金だ」。しかし彼は、
1960年代には我々は以前と同じ立場ではないことにいらだっていたのである――今では我々には
競争相手がいる。円とマルクだ。さらに、我々は国民所得のうち金利に由来する部分の比率を高めているが、
資産の大きな部分は海外の、高所得層、金融、保険、不動産（FIRE)部門に保有されている。言い換えると、
金利支払いはそのまま排出口へと向かってしまい、国内生産の需要（あるいは供給）に
火をつけることにはならないだろう。
彼は、米国はアルゼンチンになる危険性があると警告している。租税なしに支出すること、つまり
札を刷ることはインフレーションにつながりうる。課税の代替はインフレ税である。
司会：
here you are here here Good evening, and welcome to tonight's welcome Jay Taylor executive lecture. My name is James seidelman and as dean of film dorsal business, I'm delighted to have the opportunity to open this evening's program which begins 10 here lecture. The goal of the Taylor lecture series is to expose our students and invited. Yes. So broad spectrum World business example by in the lives and accomplishments of distinguished men and women who are invited to participate those invited the lecture represent, excellent and sectors that she's business government education community service and the Arts. The representative way of life a sense of values and a business philosophy which we endorse School business our product Associated the wealth and Jay Taylor lecture series began in 1982 and was directly associated with a lectured learning masters of management class entitled philosophy of management. This class was first taught at Westminster by Dr. Wilkin Taylor has been a great friend of the college and the School of Business for many years because of his unwavering support dedication and development in westminster's MBA program. This lecture learning experience was named in his honor. Dr. Taylor was born in Provo, Utah. Here in the BS and economics at Brigham Young University in 1934 and an MBA from Harvard Graduate School of Business in 1937 and a PhD from New York University Graduate School of Business Administration in 1957, Dr. Taylor has been teaching business courses since 1936. We might ask students what Focus published today here at Brigham Young University of South Dakota west Memphis, or excuse me, the American University of Cairo University of New Mexico. And I'm here at Westminster have all our places of Wellness has spent his teaching career Dr. Taylor has also authored a number of textbooks and journal articles. He has served as a Ford Foundation consultant with the United Arab Republican Cairo Egypt and as dean of BYU School of Business from 1957 to 1974 as dean of a School of Business. I have great appreciation for the longevity Wellness commitment. Since his retirement from BYU Dr. Taylor has taught classes and served as chairman of the Masters of management committee at Westminster College and has remained active in church Civic and Community Affairs. His present title is Dean Emeritus School of Management Brigham Young University. Outside Academia Dr. Taylor was cited by the Harvard Business School Club of Utah as its businessman of the year for Utah in 1962. He was cited by President Reagan at the White House as chairman of the citizens Committee of the Provo River Trail as a winner in the take pride in America program. His participated in leadership for groups is diverse as the Kiwanis Club the Provo Chamber of Commerce the export expansion Council. You United States Department of Commerce and the Ralph Woodward Corral. Here at Westminster College Dr. Taylor assisted in developing a School of Business and to help School of Business determine a structure and curriculum for a master's of management program, which is involved into the present masters of Business Administration program Westminster College and the bill and be more School of Business. A very grateful to Dr. Taylor for all he has done in our behalf welded. Would you please stand and be recognized by us here tonight?
At this time is also my pleasure to introduce Dr. John Watkins who is director of our economics program. Dr. Watkins has the honor of introducing this year's distinguished residents for the villains today for School of Business. And tonight's welding Jay Taylor and executive lecture Dr. Hyman.
（司会：
今晩は、ようこそ、今夜のウエルカム・ジェイ・テイラー エグゼクティブ・レクチャーにお越し下さいました。私の名前はジェームス・サイデルマンです。フィルム背面ビジネスの学部長として、私は10ここで講義が始まる今晩のプログラムを開く機会を持つことを嬉しく思っています。テイラー講演会の目的は我々の学生と招待客に公開することです。そうです。
そう広いスペクトルの世界ビジネスの例は、講義が表す、優れた、彼女はビジネス、政府、教育、コミュニティサービス、芸術の分野であることを参加するために招待されたそれらの著名な男性と女性の生活や業績によって。
人生の代表的な方法価値観と我々は支持するビジネス哲学スクールビジネス当社の製品は、富とジェイテイラー講義シリーズは1982年に始まり、直接経営の哲学と題する経営クラスの講義学習マスターズに関連付けられていた。このクラスは、最初に博士ウィルキンによってウェストミンスターで教えられたテイラーは、ウェストミンスターのMBAプログラムの彼の揺るぎないサポートの献身と開発のために、長年にわたって大学とビジネススクールの素晴らしい友人であった。この講義の学習体験は、彼に敬意を表して名づけられました。テイラー博士は、ユタ州プロボで生まれました。ここでは、1934年にブリガム・ヤング大学でBSと経済学、1937年にハーバード大学経営大学院でMBA、1957年にニューヨーク大学経営大学院で博士号を取得し、テイラー博士は1936年からビジネスコースを教えている。私たちは、サウスダコタ西メンフィスのブリガムヤング大学、または失礼、ニューメキシコ州のカイロ大学のアメリカン大学で今日公開されたフォーカスは、学生に尋ねるかもしれません。そして、私はここウェストミンスターで、ウェルネスのすべての場所を持っているテイラー博士は、彼の教育キャリアを費やしてきた、多くの教科書やジャーナル記事を執筆しています。彼はアラブ連合共和国カイロエジプトでフォード財団のコンサルタントを務め、1957年から1974年までBYUビジネススクールの学部長として勤務しています。長年のウェルネスへの傾倒に大きな感謝をしています。BYUを退職してからもテイラー博士はウェストミンスター大学でクラスを教え、経営学修士委員会の委員長を務め、教会のシビックとコミュニティーの問題にも積極的に取り組んでいます。現在の肩書きはブリガム・ヤング大学経営学名誉学長です。学外では、1962年にハーバード・ビジネス・スクール・クラブ・オブ・ユタからユタのビジネスマン・オブ・ザ・イヤーに選ばれました。プロボ・リバー・トレイルの市民委員会の委員長として、ホワイトハウスでレーガン大統領から「テイク・プライド・イン・アメリカ」プログラムの勝者として表彰された。キワニスクラブ、プロボ商工会議所、輸出拡大協議会など、さまざまな団体のリーダーシップに参画した。また、米国商務省、ラルフ・ウッドワード・コラルなど、さまざまな団体でリーダーシップを発揮しています。ここウェストミンスター大学でテイラー博士は、ビジネススクールの開発を支援し、ビジネススクールが経営管理プログラムウェストミンスター大学と法案の現在のマスターに関与している管理プログラムの修士課程のための構造とカリキュラムを決定するために、より多くのビジネススクールであること。私たちのために溶接してくださったテイラー博士にとても感謝しています。あなたは今夜ここで私たちによって認識され、立ってくださいますか？
この際、経済学プログラムのディレクターであるジョン・ワトキンス博士をご紹介することも私の喜びです。ワトキンス博士は、今日のビジネススクールの悪役のために、今年の著名な研修生を紹介する名誉を持っています。そして今夜の溶接ジェイ・テイラーとエグゼクティブレクチャーハイマン博士です。）
John:
economics faculty in particular and the school of businesses a whole please to have Professor Hyman Minsky as our distinguished resident.
Our decision to invite Professor Minsky rests on two considerations first economic theory is more than a means to confuse students. Theory should shed light on understanding Should shed light on understanding actual problems and processes with a view towards formulating policies towards resolving this problems, ultimately the goal of economic theory should be to alleviate the material causes of human suffering or in the words of George Bush to create a Kinder gentler. The second consideration simply observation to economic ideas are too often inaccessible to the general public in part. This is because of the esoteric nature of economic theory. heart the lack of intellectual curiosity on the part of the public economics originated as a branch of moral philosophy and service of governments and people alike.
7:50
in a society in which government all levels consumes one-third of gross national product policies must and will be made.
and these policies will be faced on some Vision how the economic process works. Even if that vision is fundamentally wrong.
Professor. Minsky received the Bachelor of Science degree in mathematics from the University of Chicago. Master's degree in public administration and the PHD in economics from Harvard University. He has published over 100 articles and written numerous books including John Maynard King's Canon happen again and stabilizing and unstable economy his professor emeritus of Economics at Washington University prior to his tenure of Washington University Professor.
Minsky taught at Carnegie Mellon University Brown University Saint John. Cambridge Harvard And the University of California at Berkeley his served as consultant to the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance support life. He has served on the board of directors and advisor. To the market between Bank shares Professor Minsky is currently at the Jerome Levy Institute at Bard College the central trust Professor Minsky scholarship has been to understand the financial and institutional underpinnings of economic instability the recurrent cycles of prosperity and recession. It played the capitalist system 30 years ago. Most economists believe. The department of Economics instability had been solved Minsky alone caution that the manner in which investment is financed necessarily generates instability. As have indicated the credit crunches of 1966 of 1970 1974-75 1979 1980 8283 the failure of Continental, Illinois Banks The Leverage. Stock market crash of 1987 the Savings and Loan Fiasco 1990 and so on point to a financial system, that is unraveling. In addition, we have witnessed over the past decade dramatic increases in consumer corporate and federal debts, the disasters fiscal policy of the past decade has tripled the federal debt unless than 10 years. This combined with the monetary policy of high interest rates has led to an interest payment on the federal debt that now exceeds spending on Social Security and National Defense in brief recent events make Professor Minsky among the most important and relevant Economist of our time. It's my pleasure and honor to introduce to you Professor Hyman.
（ジョン：
ハイマン・ミンスキー教授をお招きすることになり、特に経済学部と商学部は喜んでいます。
ミンスキー教授をお招きすることにしたのは、次の2つの理由からです。理論とは、実際の問題やプロセスを理解するために光を当てるべきものであり、その問題解決に向けた政策立案を目的とするものです。最終的に経済理論の目標は、人間の苦しみの物質的原因を軽減すること、ジョージ・ブッシュの言葉を借りれば「より優しい人間を作ること」であるべきです。第二に、経済学の考え方は、一般大衆には理解しがたいことが多いということである。これは、経済理論が難解であるためである。また、一般市民の知的好奇心の欠如のためでもある。 経済学は、道徳哲学の一分野として、また政府や国民への奉仕として生まれた。
7:50
政府全体が国民総生産の3分の1を消費する社会では、政策がなされなければならないし、なされるであろう。
これらの政策は、経済プロセスがどのように機能するかというビジョンに直面することになる。たとえそのビジョンが根本的に間違っていたとしても。
ミンスキー教授 ミンスキーは、シカゴ大学で数学の理学士号を取得した。ハーバード大学で行政学の修士号と経済学の博士号を取得。100以上の論文を発表し、John Maynard King's Canon happen again、Stabilizing and unstable economyなどの著書がある。ワシントン大学教授になる前は、同大学の経済学名誉教授だった。
ミンスキーはカーネギーメロン大学、ブラウン大学、セントジョン大学で教鞭をとった。ケンブリッジ大学、ハーバード大学、カリフォルニア大学バークレー校で教鞭をとり、連邦準備制度理事会および連邦預金保険公社にコンサルタントとして勤務した。彼は取締役とアドバイザーを務めています。ミンスキー教授は現在、バード大学のジェローム・レヴィ研究所に在籍しており、ミンスキー教授の研究は、経済の不安定さ、繁栄と後退の繰り返しのサイクルの金融と制度の裏付けを理解することであった。それは30年前に資本主義システムを演じた。ほとんどの経済学者は信じている。経済学部の不安定性は解決されていた。ミンスキーは、投資の資金調達の方法が必ずしも不安定性を生むと警告している。1970年1974年75年1979年1980年8283年コンチネンタル、イリノイ銀行の失敗の1966年の信用収縮を示したように、レバレッジ。1987年の株式市場の暴落、貯蓄貸付金騒動1990年などは、金融システムが崩壊しつつあることを指し示している。さらに、過去10年間で、消費者、企業、連邦政府の債務が劇的に増加した。過去10年間の災害財政政策は、10年以内に連邦政府の債務を3倍にした。このことは、高金利の金融政策と相まって、連邦債務の利払いが、社会保障や国防への支出を上回る事態を招いた。ハイマン教授を紹介するのは、私の喜びであり、名誉である。）
M:
Just you have to be wired up before you take off the convenience. They're going to travel around here speak to the right or the left which one gets tape. It's a great pleasure and even enjoy within here with you. Kind of attention. Yes. So let's just care and one place is fine Better Homes than John Watkins and sit-side I commended.
The problem of the financial structure and performance of the economy has been with us since the first of the Republic. Alexander Hamilton, our first and great secretary Sorry vitally important.
（経済の金融構造とパフォーマンスの問題は、共和国の最初の以来、私たちと一緒です。アレクサンダー・ハミルトンは、私たちの最初の、偉大な書記であり、 申し訳ありませんが、極めて重要です。）
That the federal government assumed the state debts. Because the federal debt was viewed as an unifying effect upon the economy. He also created the first bank of the United States and we all recall that part of our history the developed the Second Bank of the United States to conflict between middle and Jackson and then that mysterious period to all the air Wildcat banking throughout the United States where my home state as is typical of my own State never did get it right.
I come from Illinois so long before modern era of corruption in the City, Illinois experience corruption in the country now, and then we went on To the National Banking Act unified systems last dominant and bathing system for 50 years, and then we went on to the Federal Reserve System.
Which was supposed to correct the problems of business cycles and instability forever and ever. and it about 10-12 years of Peace time. until pop went the Great Depression Crusty Us in October of 29th stock and then a process of decline with many recoveries find that many recoveries that lasted 42 months. 42 of the 80 of the 48 months of Mr. Hoover's tournament White House for the economy was sink until finally in the winter of 1932-33.
the American economy collapsed our witnessing observing of the noting the collapse the implosion to decline of the Soviet Union and it settlement very quick if you Avail Nike chaotic situation in the winter of 1932 33 the same thing happened in the United States capitalism in America is Germany Europe Japan was a failed system. but beginning in 1933 after the bank holiday And it was wrong to say that Mr. Roosevelt posed the banks when he was inaugurated because many of the state Governors had already closed the banks in their states.
prior so he wasn't he just finished it off you might say and he started a new with a banking system liabilities were guaranteed as being Sound like federal government the ones that were allowed for over many there did. Of the banks that went into the great crash with both and we put in place in the next four years. between 1933 and 1936 a financial and economic system Which served this country well. Getting feedback service again. We're served this country. Well. And gave us what in retrospect. Who called between night gave us between 1946 to 1970? So what in retrospect we can consider not a golden egg. but a practical best a practical best means that their imperfections things go wrong. But that's the nature of human beings and humans Society. but all we not only had year after year substantial really economic growth. But the benefits of our economy were more widely and equally and fairly distributed than ever before. And then that began to unravel. as John pointed out in some early articles I pointed out that during. the period 1946 1960 Trends in the financial structure Were of a kind that we had seen in the 1920s. But I also argued that we were far from the height of indebtedness situation and we'd been in the 20s and all so argue that we did not know the power of the institutions that have been put in place in the early 30s. Which were designed aimed to prevent the recurrence of a 29 33 again?
We must not forget. That we are the legacies we have inherited.
An economy that had a history. Of failure, which was transformed into success. And then like all human institutions. Success is very transitory. And you have to be aware of the nature of the Beast the nature of the economy. You must suffer from an illusion about what it is that makes our life function if we are going to be successful and harnessing its powers for betterment of our people. Not a day goes by now. Without our reading in Wall Street Journal or New York Times. When our daily press hearing it on CNN or NBC whatever else you want to listen to about another financial institution in trouble. another leverage buyout we can take the famous names in Americans Westinghouse having the whole city court is it or is it not bank? That's the question every day not long as all I received the phone call from a worry friend is Chase gonna open with a Friday is Chase can open on Monday? It's talking about we had some gossip about some some deals unraveled. What is it that's going on. We found that we have and desk and table comes going through countries a reform of the financial structure. There's an old slogan. It ain't broke. Don't fix it. What is it that they're trying to fix? What is it? That's broke. There are some things that are clearly broke in our account clear and have to be fixed and only Congress of the presidency convicted. There are other things where we may be taking the wrong path and we haven't thought through what we're doing and I want to talk about that as you go on. now 40 years after 1933 we lived in an essentially translated World Democratic crunches here and there of a special kind of different from the credit cards we have now. Now we'll talk about what a credit crunch is as we go along.
Then begin the middle 7 maybe with the Franklin National crisis.
The first time you had a series of bank failures allowing company. Nick and Central Fiasco a little bit early for a while and looked at the zoo the commercial paperwork was in trouble. But then with increasing frequency and with greater. We had more and more of the financial structure going under pressure. Why? That's what we're going to. Now the third thing we have going on right now. Is what's going on in the Soviet Union and there's former saddle. They're trying to construct out of whatever they've inherited 70 years and 50 years of Soviet communist rule a marketing company. But they creating a marketing economy requires first of all that you create a financial system. A financial system and a society where they were barred from thinking about interest rates and Present Value the future returns for 70 years. Is going to be different. But there are no clear property rights. Is going to be very good and that has been avoided so far to discussion of what's going on. I just did a joke. Between August 7th and October 7th. I went around the world. Right around the world because people were concerned about credit crunches in the right time. They're concerned about credit crunches diploma. So when I discovered we are not alone. In New Zealand in Australia, they were concerned about credit cards. It's turkey they were concerned about it.
They're trying to restructure to financial institutions and privatize some of them in Italy. and I don't wonder why they want to do something like that because it doesn't seem to be they don't seem to be broke in the same sense and with And what talk about what Financial is?
in order to understand the financial structures fundamental concept is a balance. Balance sheet lists the assets on one side and the liability.
But the liability in an our economy for all practical purposes. Capital assets of the economy beside what the government our own Bike Corporation So one place to start is analysis of the finance just to start with the idea of a corporate allergy in which the good factories machinery. Inventory stores hotels which are empty the empty office basis around the country our homeless and put a dollar value. And then on the other side you have liability. the liabilities consistent deaths and ownership interests or equities.
The liabilities go to another balance. They become Assets in another balance.
Every time you do something in our economy, you have to effectively support balance. And you do something you add an asset you add a liability. Analy ability as a gliability becomes an asset. You have to change something in the other side so you affect for balance. In a simple world. There's been a balance sheet of the household. Families Our balancing personal balancing and there would be the balance each of the corporations and all of the corporation liabilities will be home directly by somehow, but we never live in between the household and what we people to myself and the business organization's on the other
there's a structure of financial intermediate. Thanks. Saving the loan associations of any of them survive. Credit you. insurance attention Mutual And you find that sometimes you get convoluted. So that the liabilities the equities of equity liabilities of banks are owned by pensions.
And so so you get a convoluted structure and of course. Foreign assets and foreign ownership of American liabilities are all parties. All right. So what we are increasingly not in the rep ownership business. But we have positions and Financial intermediators. We have constructed. over the past Let's start in 1930s right between 1933 and 1991. We have constructed of people's capital. and popular capitals Where more family have a significant positive Network? Than ever before high percentage in almost any country. but the private net worth of most spent consists of the equity of a home and one of the most successful things we have done over the past 60 years was created a nation of homeless. And one of the other things we did. The other part is interested in a pension. portfol Beyond that maybe a savings account. Would you think it's an immutable? only rarely do we have that most of these are rich people. Private ownership of equities or Bonds in the workplace.
So the people's capitalism that we've had here as a new facet. The new face is the money management the people who manage the portfolios of the endurance the people that manage the portfolios, Thank you that managed the portfolios of your mutual fund the Fidelity drivers vampire or whatever family belong to in these family of sons. I bet I am very important to all academics who are involved in CIA prep because one of my students the president of Turkey, that's Tia the largest it's just now what we have is complex convolutions. In 1929-33 the acid values of Banks and other financial institutions. Okay. Just like acid values of Banks and financial institutions are probably now when we have this vast array of non-performing assets and what happened is declines and acid we're transformed into imputation of their deposit line. One of the things that was done in the 1930s was to say that for the ordinary household. working man that sort of pass through from Bank losses to losses on their assets. Under the positive asset should not occur. And the positive insurance was put in place. We're talking today 1991 about the great burden of Deposit Insurance. How is becoming a large part of the cup bailout cost to the government? But the positive church is doing the job it was designed to do. On a scale it was never imagined it would have to do it which is that there has been no loss by any. Deposit in any of our banks and financial institutions of the availability most significant loss of the availability. And value in dollars of is the past. That and one of the reasons why? A situation that is fraught with Danger. As it actually left the capacity is because that passed through hasn't happened.
now we notify Financial structure.
Now what we asked about the financial system we ask about creating. Yes about what Congress is doing. We should ask. What do we want our financial system? What is it? In fact that our economy? And here becomes an issue that's provided economists. That really is a struggle for the distance. that is can we rely upon the market mechanism? To achieve that which we want our economic system. It is not popular today to quote the site made of King. He has lost some of his value in the marketplace of ideas. Big and iconoclast I will break with today's routine and make us text for the rest of us a citation for many campus. The citation is followed. See how well it sums up. What our problems are today? If I may be alive to appropriate term speculation for the activity of forecasting College of the mark and the term Enterprise for the activity of forecasting the perspective yield of assets over their life. I'll come back go away. It is by no means all we certain that speculation predominates over animals. as the organization of investment markets improves the risk of the predominance of speculation does however increase speculators Do no harm as bubbles on a sea of enterprise but the position of series but Enterprise becomes the bubble on a world of speculation when the capital development of a country become the five product the activities of the casino the job is likely to be able to Now what did we have in the last decade on Wall Street The Leverage buyout of takeovers to gains that were described in barbarians of the gate. What is it that they did? when they increased the indebtedness of RJR rentals and the Visa, what did they constrained the funds that we're available from internal operations for Progressive development of the technology of making gloryos or Winston cigarettes or whatever else they make we make the technological Improvement for production of Shredded Wheat was lost as they increase the indebt now the other thing that happened. And this is the difference between Enterprise and speculation. This is what happened in 29 28 27 the stock market boom. You can get returns of owning an asset two ways.
One is the asset community of dividends can be your interest and then you pay I already asked that can be productive and yield profits in the market is blessed or alternatively you can buy. our five dollars tomorrow when the aim and buying essence comes the appreciation of the asset in the market. Then the capital development. Depends upon the perspective cash flows and how you're going to earn in the market. It's likely to be no good and it is the capital development of the country. That is the primary thing. We want the market system. We live in a world. We're capitalized Machinery Factory robots, whatever you need highways Bridges. Our way in which we produce our instruments produce our life. We also have a labor. And it's a combination of the quality of our labor force the willingness of our labor to force to work the moral of our children Force to Commitment of our labor force and Technical conditions of production, which determine how well off. And in this world today's technology for Generations. Is not going to be tomorrow. and when Cain spoke of the capital development of the country He was stopping exactly of the process of putting in place. Tomorrow's technology did you do today?
And today we live. with the legacy of past and Legacies of the pastor too in our butt one Legacy of the past capital s should say three Bill second Legacy of the past is a liability structure and when the system is working normally. indebted this increases and the ability to produce in the ability to have and when the system is gets off of the speculative binge the increase in the deadness loses all contact with the increase in production capacity and when you increase more and more of the cash flows prior committed to validation that and less and less left renewedness and that's exactly what happened in the last and then we have indented the situation. Which can't be valid and we build productive and in this game speculation.
You also have fun coming in. You know going in boom things that are gonna appreciate that. Like commercial real estate and then having after 1989 by stock market crash, excess space and Commercial Real Estate as Investment Banking houses cut their staffs and released space. and you have a plethora of non-performing acid throughout our retiring time and because the capital development that's very commonly reflected over the past decade we have problems producing competitive, but now Which we must recognize is that the world has become. much more when you buy Financial works. And that the same things that are happening here. are happening But I want to go back. response to the financial crisis in 2019 We put in place a particular kite. It was one which we first brought the powers our system. I mentioned earlier we introduced insurance. Began a regime of transparency. In which the financial posture of our companies were to be open and clear?
So when Solomon Brothers did something like bid for too much of the stock of the bug resignation became parent and they're ready to go to jail for breaking the law and paying large money because we had a transparency. We also simplified the corporate structure. We eliminated holy companies and layering to one company owning another company in the third which both made for clarity.
And then we did something what I like to call horses for courses.
（ですから、ソロモンブラザーズが虫の居直りの株を買いすぎるようなことをすると親になり、法律を破って多額の金を払って刑務所に入る覚悟があるのは、透明性を確保したためです。また、企業構造も簡素化しました。ある会社が別の会社を所有するような、神聖な会社やレイヤーを排除し、どちらも明確にしました。
そして、私が「コース用の馬」と呼んでいることを行いました。）
If you're interested in the capital development of the country, you need financial institutions, which can focus on what you think of us the important development important Dimensions the capital so in the 1930s world, so you have a special organization Administration which issue bonds and finance as a result we have The farm in the small town you see the electricity.
We also had the housing problem and remember Jimmy Stewart. okay, and what's the film It's a Wonderful Life the hero of the Town who was what was What was Jim's what?
（SNLファイナンシャル、米国の金融サービス会社。SNL Financial, a financial data company, now part of S&P Global 2015~）
Anyway, we'll just I all these things that wow, there's a very important for economic theory because I'm very important for the announcements because the modern radio circuits prevent wild by shutting themselves off and starting up and sometimes you have to do that with a financial crisis you so believe it or not. Wow, public addresses and behavior and economic system are not relate.
the place the horses for courses then involved specialized financial institutions the splitting off Investment Banking from Commercial Banking.
（あなたが国の資本開発に興味を持っている場合は、あなたが私たちの重要な開発重要な寸法は、1930年代の世界でそう資本を考えるものに焦点を当てることができる金融機関が必要ですので、あなたは特別な組織を持っている 行政は、債券や金融の結果として、我々は持っている 小さな町の農場は、電気を参照してください。
また、住宅問題もありましたし、ジミー・スチュワートも覚えています。「素晴らしき哉、人生」という映画で、この町の主人公は、ジムの何だったのでしょうか？彼はSNLを運営してた......ビデオで作られた相互だったのかもしれない。ここだしかし、彼は唯一の彼のホモの周りの最初の50マイルで約ローンを作ることができました。そして彼のローンのほとんどは 1〜4世帯住宅でなければならなかった。土地開発はできなかった。彼らは、ジャック・コノリーという大物が、このような開発の一つを立ち上げ、150ドルを投入した後、最終的に5千万ドルで撤退しました。彼らは5千万ドルを手に入れたのです。彼らは自分たちがラッキーだと思ったのです。このように、彼らは銀行ショートに手を出したのですが、自分たちのやることに固執しませんでした。1980年代には、馬で移動することを許可したのです。SNLは限られた機能しか持たず、限られた仕事しかしていませんでした。彼らは長期的な住宅ローンを保持し、現在の国民のような金融。住宅ローンは現在20年30年以上になっている。1929年から33年にかけての資金調達構造の失敗に対する反動として、このような制度が導入されました。新しい法律ができたことで、私たちは国を再建することができました。しかしそこには、暗黙の了解がありました。連邦準備制度理事会が、それを見守るという暗黙の了解がありました。資金調達の条件は、資産に見合ったものでなければならないということです。6％の資産を持つのであれば、3％を預金とする、ということですね？そうです。それで18%になるのなら、インフレ抑制のために金融制約をかけることはできないのでしょうか。なぜなんでしょう？どうなってるんだ？
とにかく、私たちはちょうど私がすべてのこれらのことは、うわー、経済理論にとって非常に重要であるので、現代の無線回路は、自分自身をシャットダウンして起動することによって野生を防止し、時にはあなたがそれを信じるかどうかそう金融危機とそれを行う必要がありますアナウンスメントがあります。うわー、パブリックアドレスと行動と経済システムは関連していない。
コース用の馬は、その後、専門の金融機関、コマーシャルバンキングから投資銀行を分割に関与している場所。）
The development of Housing Finance is the development of the world the Federal Financing agencies for agricultural products with specialized organization banking community and Commercial Banks, which would handle the rest and I was going on now in the reforms that both Congress and the administration. Ideally is really a fundamental change away from that philosophy towards a universal. Financial institutions whose limitations in terms of geographical spirit and what they can find is and how they can find as unlimited and this is a radical trip. It's a return today where you had? very large dominant Financial organization like the house of Morgan who love will it merge out of and the question is when we want that concentration. Now sagged by side with the financial structure comes with physical Over to 19 one of the other responses to the 1930s was the development of a bigger government than we ever had.
And the bigger government had two sons.
One side of the bigger government was a series of regulations of intervention. Food and Drug And things like that.
Another side of the government was resource creation. When the government intervened and of course the West Was the great beneficiary when the government spent a dance the water conservation water purposes and dance for electricity generation. It was introducing new productive facilities.
（住宅金融の発展は、専門的な組織である銀行界と商業銀行を持つ農産物のための連邦金融機関が世界の発展であり、私は議会と政権の両方が改革で今起こっていた残りの部分を処理するだろう。理想は、本当に普遍的なに向かって、その哲学から離れて根本的な変化である。金融機関の地理的な限界と、無制限で何をどのように見つけるかという点で、これは急進的な旅です。それはあなたが持っていた今日のリターンです？ 愛は、それが外にマージされますモルガンの家のような非常に大規模な支配的な金融組織と問題は、我々はその濃度をしたいときです。1930年代への他の反応の一つは、これまでよりも大きな政府の発展でした。
大きな政府には2人の息子がいました。
大きな政府のもう一つの側面は、一連の介入規制です。食品と医薬品、そしてそのようなものです。
もう一つの側面は、資源の創出です。
政府が介入したとき、もちろん西洋は大きな受益者でした。政府が節水や発電のためにダンスを使ったとき。新しい生産設備を導入していたのです。）
Where did the Eisenhower Administration we answered both the building Highway Network? It was introducing new resource creating facilities.
（アイゼンハワー政権では、高速道路網の構築の両方に答えましたね？それは新しい資源を生み出す施設を導入していたのです。）
John in this introduction, I mentioned the big three in the federal scheduling side.
The Big Three being one interest on the government debt,
two - Social Security,
three - Military.
Much as we find Social Security and the military necessary.
They are not resource created in the same sense as the highway networks or even in the same sense as WPA Nya CCC VW. The sort of alphabet soup of the Roosevelt administration that people who were to create whether it be Parks highways trails. and as long as we have that we needed. to set some of the variations in spending the company privacy we also should emphasize that government spending must be resource creation rather than this transverse systems spending the event and now that the need For this massive defense, perhaps you should remember the purpose of our government from the day.
The internal improvements to rise in our day was to create resources that have back and cooperate with private resources and generating. Good Services income that leads the welfare.
（このイントロダクションでジョンさんは、連邦政府のスケジューリング側のビッグスリーに言及しました。
ビッグ3とは、1つは国債利子、
2 - 社会保障費、
3つ目は「軍事」です。
社会保障と軍隊は必要なものですが、高速道路網のように資源を生み出すものではありません。
これらは、高速道路網やWPA Nya CCC VWと同じ意味での資源創出ではありません。ルーズベルト政権のアルファベットスープのようなものは、それが公園高速道路トレイルであるかどうかを作成するためにあった人々。そして、限り、我々は我々が必要であったこと。会社のプライバシーを過ごすのバリエーションの一部を設定するには、我々はまた、政府の支出がリソース作成ではなく、この横のシステムを支出する必要があることを強調すべきである イベントと今、この大規模な防衛のための必要性、おそらくあなたは一日から我々の政府の目的を覚えておくべきです。
私たちの日に上昇する内部改善は、バックと協力し、民間資源と生成しているリソースを作成することでした。福祉をリードする良いサービス収入。）
Now what we also must remember? That the government is an issuer of liability.
business issue was household issue One of us who have credit cards and our pocketed here can go out and spend our current there was a vast increase in healthcare, but every time you have increases that every time you have a day. What you are doing is committing future income to the repayment of that repayment of the interest repayment.
（さて、私たちが忘れてはならないことは？政府は責任の発行者であるということです。
ビジネスの問題は、家庭の問題でした。クレジットカードを持ち、ポケットに入れた私たちの一人は、外に出て、現在を過ごすことができます。
医療の膨大な増加があったが、毎回、あなたは一日を持っていることを増加させるたびに、。
あなたがやっていることは、その金利の返済の返済に将来の収入をコミットしています。）
We live in a world where prior commitment. Are larger than ever before as a percentage of the current capital in order to sustains of the world. We need a government steering to make sure that gross profits gross aggregate demand doesn't collapse.
Thank you. Had a chart if I commend you. To chart of government spending and government taxation Government taxes the years 45 to 90 and what it shows is that between 1950. And 1975 government spending in taxing were both playing around we have Services. We had minor the deficit may rise to as much as 3% chance of recession here. The typically they were small Corrections. And the government debt relative to the size of the economy was decreasing up until 1980. And then 19 beginning in 1975. Carrying on we met government deficits that have been 5% 7% 6% of GMT a year. That means that the quality of the American government one of the reasons for the high interest rate. Best industry is now from an instrument which is not as high in quality as it was 20 years ago Philippines. We've allowed our government's credit to go today. You hear talks about whether we can afford. Whether we can afford certified Economic Development. It isn't a question of 40. We are not resource constrained.
What we are is will constrained . We lack the will, the will to tax ourselves so that the government liabilities are fully validated by extended by receipts.
（私たちは、先約がある世界に住んでいます。世の中を維持するために、現在の資本に占める割合はかつてないほど大きくなっています。総需要が崩壊しないようにするために、政府の舵取りが必要なのです。
ありがとうございました。私が褒めるなら、グラフがありました。45年から90年までの政府支出と政府課税のチャートで、これを見ると、1950年から1975年までの政府支出と政府課税が示されています。1950年から1975年にかけて、政府支出と政府課税の両方が遊んでいたのです。赤字は3%まで増加する可能性があり、景気後退の可能性があります。典型的な例として、彼らは小さな矯正施設でした。そして、経済規模に対する政府債務は、1980年までは減少していました。そして、1975年から19 運ぶ私たちは、年間GMTの5％7％6％であった政府の赤字に会いました。それは、高金利の理由の一つであるアメリカ政府の質ということです。最高の業界は、それが20年前のフィリピンのように品質が高くはない楽器から今です。政府の信用を今日まで許してきたのです。私たちに余裕があるのかどうかという話を耳にします。経済開発の認定を受ける余裕があるかどうか。それは40%の問題ではありません。私たちは資源に制約を受けているわけではありません。
私たちが抱えているのは、意志の問題なのです。政府の負債を、収入によって十分に補填するために、自分たちで課税しようという意志がないのです。）
Now when you talk what I talk about a balance budget taxes Because we now have to raise maybe 240 million a year. So just again so taxes have to be higher than ever before in order to have the same end product in public Building Services that we have this but we have to validate that we have so we have to have an in principle balance budget as the foundation of our Prime Ministry now when I say in principle, it doesn't mean that we need a balance budget every year. You have a recession as we do move when you have unsatisfactory performance of the economy. It's fine to run events. We may actually be running too smaller business. but when the economy is functioning as well as it did during the part of the 80s, we should not be running against the economy has to be able to monetary financial institutions. We have to keep close approximation without a massive problem in the government and that was true during the entire period of what I call the golden age for 1940. It was not being propped up by defenses, but it was being supported by a large government. That was free.
Now, where do we go? When we have a government that 20 to 25% of GM. Good job with you. You need to big government, but it may not need to be as big as it is. when we reconsitive the financial structure is what Congress is doing that have to prevent the type of pain such as such when you do that the eye must be kept on the targeting in place. Not concerns the bankers that serves the community that leads to the capital development of the country being done with that is the Target because what we are doing today. Basic framework for tomorrow. And unless we think of our society of our coach our civilization. As something that's going to stretch out in the future. We won't do the job of living well today. So what?
I don't have a very clear concise summation.
Will we have a fresh will the barri? ERS depression that we put in place it's cold. That is not the writing that is not meeting the appropriate question the appropriate questions. Can we put in place out of this period of retardation? A financial structure which the emphasizes the speculative developments that are so prominent the 80s and which emphasizes the resource development which would Latin the good party. And in that we need to say not the government is just that parasites. We have to recognize the government art and beginning. to almost later constructive part in the development of.
I thank you very much. questions until you take me out.
0:55:00
Any questions any comments? Thank you.
I'm sort of like the great marks. whoever the power I'm again the only surviving marks.
Q:
but I guess I just got seeing a focus. By the leadership of the nation currently on even giving any of just serious thoughts. I mean Ronald Reagan, I don't know what but very best. Of course. My question is basically start movement in this country for do we just need to shout loud？
M:
you know one of the interesting things in this country in this country right now, it's the difference between the editorial pages of the Wall Street Journal and the News pages is the most and with the editorial thing is take one respect how much attention and he the what we bought and what we had so you get well well structured staff papers coming out of the White House on our journey budget. on issues of importance But no problem. and without support support people who carried about and it sort of confrontational politics with the people that will Drew draw the put in the eyes and not the eyes and cross the t's of these specific legislation. Congress best has been an attribute of the American political scenes since Mr. Washington president and you know, there are people and they're there are protections against Terrence prevent George the third Rising this country that we gave so much power we get our Republican and the secret That's what a small r. that and You know, we don't count down to monarchies and the equivalent around the world, but forgetting that. Congressman president What he thinks what you even on Bank reform it is spokesman your presence to talk about what it should be and they're threatening to veto anything that is enough to be standards the notable legislation we have with us. joining Then it's very difficult to make precise why it is that there's been this decline not in the excellent. Of all but an increased dispersed. Of welfare and well-being and changes in opportunity.
The most important thing that an economy General is the opportunity for employment for all.It isn't that you want to take care of. you you want the poor to be able to put their effort into the system and get their return in exchange Fair exchange is no problem income by right by performance should be every person right but the conditions for quote achievement of the closest approximation period should be the goal major goal as a policy of government policy and we have a lesson in our history that can be done because we did that in the 1946 1965 was Secure so that we now know. that we can achieve close approximation and I still that if the private Marketing System does not generate jobs. Best program for government is employed people to take resources that we use in common and in every country and every part of our country the opposite cry out in our parts schools. It there it was impossible for us to lock our house. We had one of these houses without fees coming in on the right left. And if someone wanted to give him they could get in some questions. Now we go to the same house. We look at it. They were burglar alarms here, and it's something that you and we have to think seriously about what it is is creative inferioration and a very important part of our family was We all get our standards living to it two sources increase and more one is what our private income span combined. The other is what we get in common. later piece of school teaching schools having children Right. We were in Europe recently. She saw some wonderful things for children, and she resented as he wasn't a grandmother so she couldn't find it. So we have to recognize that there is more living well.
Q:
It sounded like you said the absolutely need new taxes, but on the other hand, we're absolutely not going to get it. So what is our.…?
M:
I think we get to as I said if there's anything what is wrong real?
1:04:00
It's not a lack of resource to relax with and the belief that you can get something that there's Is the way which people approach taxes if only we would get our people to think of taxes as Oliver Wendell homes taxes at a price and pay for civilization. I think it's just that.
（ それは、リラックスするためのリソースの不足と、そこにある何かを得ることができるという信念ではありません。 人々は税金にアプローチする方法です。
オリバー・ウェンデル・ホームズの税金を対価として考え、文明のために支払うと国民に思ってもらえれば。だけだと思うのです。）
（Taxes Are What We Pay for Civilized Society – Quote Investigator
https://quoteinvestigator.com/2012/04/13/taxes-civilize/）
（オリバー・ウェンデル・ホームズ・ジュニア - Wikipedia
Mondale didn't present himself at all, but it isn't see we had to depend down we have 10 years. and 12 years of listening to the siren Call of Duty the validate our dead. The United States was something special when it's dead for this dollars. This International Day were used as the monetary asset by the rest of the world, but now the end mark Swiss franc Are all competitive and successful we have. We had an enormous advantage of the western world 6 we had very much very close to the greater than Society. And the last 20 years we lost we ended up with men's. Can I read the speed of computational attitude between management and labor which is destructive, you know workers. have one and feel committed we live the same rules the Saint Louis prisoner of TWA. 85% of the flights on the same as you give away. Apparently, you're going to be in the same role in relation to help among these days. I hope dealt with better to do with CWA was to speak those because TWA is not with nothing and pleasant Airlines flight last night because Now, you know the trays will come out will be just as bad. But the manner with the phrase come out is an important part of how you look at the airlines. We now buy Swiss Air. It's amazing. Same link same number. I'm TWA. The bathrooms are unusual Swiss here. Women obviously they care about what it's been morale of the work. This is very good and complicational policies in the past weeks have continued describe.
（モンデールは、すべてで自分自身を提示しなかったが、それは我々が10年を持っているダウン依存しなければならなかった参照してくださいではありません。アメリカ合衆国は、何か特別なこのドルのために死んでいるときだった。この国際デーは、世界の他の国々によって通貨資産として使用されていましたが、今エンドマークスイスフランは、すべての競争と成功を持っています。我々は西側世界の巨大な利点を持っていた 6 我々は非常に非常に大きな社会よりも近くに持っていた。そして、最後の20年間は、私たちは男性で終わる失われた。私は破壊的である経営陣と労働者の間の計算態度の速度を読むことができます、あなたは労働者を知っている。 1を持っていると我々はTWAのセントルイス囚人と同じルールを生きるコミットメントを感じる。のフライトの85％は、あなたが与えるのと同じです。どうやら、あなたはこれらの日の間で助けることに関連して、同じ役割になるつもりです。CWA を行うにはより良い対処を願ってそれらを話すことだったので TWA は何もないと快適な航空会社のフライト最後の夜今、トレイが出てくる知っている同じように悪いだろうからです。しかし、フレーズが出てくるとの方法は、あなたが航空会社を見る方法の重要な部分です。今はスイスエアーを買っています。驚くべきことです。同じリンク同じ番号です。私はTWAです。バスルームは、ここでは珍しいスイスです。女性は明らかに彼らはそれが仕事の士気をされているものを気にしています。これは非常に良いと過去数週間の合併症のポリシーは、説明を続けている。）
Q:…
M:
The money the interest on debt right becomes private. What we have done in the United States is increased the proportion of interest income the wage income and to Divinity and retained earnings. This is man, of course is that the people who owned the type right results? We see more interesting and yourself. But also a large part of the desolate a large part of Arizona insurance and then you can also find the greatest funds so it goes back into income people. No questions about that. It's a transcript but it's not the same thing as the same income going back to the people when you're using that to buy better roads. What are the characteristics of the United States is how poorly Highway service.
（Q:...
M:
お金のことです。借金の利息は、私的なものになります。我々が米国で行ったことは、金利収入、賃金収入、神性および内部留保の割合を増加させたことです。これは、男は、もちろん、タイプ右の結果を所有していた人々ということですか？我々は、より興味深く、自分自身を参照してください。しかし、また、荒涼としたアリゾナ保険の大部分と、その後、あなたはまた、最大の資金を見つけることができるので、それは所得の人々に戻って行く。それについての質問はありません。それは転写ですが、それはあなたがより良い道路を購入するためにそれを使用しているときに、人々に戻って同じ所得とは異なるものです。アメリカの特徴は、高速道路のサービスがいかに悪いかということです。）
（M:
もちろん問題はないのですが、人々は、社会保障制度を通じて、脅威となる病気や主な植物が、社会保障制度に基づいて作られたあらゆる種類の年齢で固定されており、私が言いたいことは、非常に難しい問題です。ビスマルクがドイツの社会保障制度のために65歳を採用したとき、65歳まで生きる人はほとんどいなかったからです。だから、私の心に疑いはありません70歳の退職管理5年以上の蓄積の人口の現状を考えると、私自身の感覚は、資金と社会保障は、すべての年の間に3パーセントで蓄積された人々は、必要な文を持って、過去20 30 40年の間に本当にマーケティングスペースを獲得することができた場合、彼らは大統領の社会保障費と同じようにやっているかもしれませんが社会保障は驚くことはありません保証はケース教育2点目です 私が生きていたとき、私はあなたに私の好意を与えることができます社会保障について提起された私は何をお願いしたいのですが、我々は我々の足の後ろに開いて、それは100万ドルを与え、あなたがすぐにIRAにしたい場合は、あなたの資産からそれらの多くを転送することによって拒否したものであったことを確認します。デイビスのプログラムでは、彼は100万ドルまで取得します。その後、あなたが稼いだ収入の任意の割合を取り、このテキストでIRAに入れ、あなたは資産を蓄積するすべての収入を取ることができると言います。
この場合、IRAができることは、所得税を消費税に変えることです。
そして、税制の構築にはインセンティブがあり、そうすれば、雇用主が年金への雇用主拠出を行うというビジネスからの注目から離れ、プライベートエージェントを馬鹿にして、自分の好きなことをすることができるかもしれません。社会保障制度のように、エンジンの最低所得が高くなるように、その範囲と規模を拡大しなければなりませんが、所得税の変革を通じて、補完が促進されるでしょう。 社会保障制度については、私たちは常に左から右へと進みたいと考えています。）
（Q:
the comment about social security taxes and I was interested because current interest in Congress as well as in America about the taxation of social security for our senior citizens you comment on that. perhaps on Social Security benefits being taxed should they be reduced and what crafts impact they have on the wrong time? So you made a comment sir for me that? We should feel good about paying taxes. I think we do. I think the thing the objectives the waste of which are taxes are spent. How could we control that? Our Congress waste that's going on.
Minsky:
Is people are locked in Social Security?
And be made plans for every time age but made it on the basis of Social Security maintenance and you can't take through the day just because you have met you and that's a very difficult problem.
One of the things we forgot is how much our health and our vitality and There be no problem with Social Security if we still had the mortalities to data 1935, right? Because it's very few people live to Beyond 65 when this smart took the 65 age for his German Social Security Programs what he talked because hardly any workers 65, so there's no doubt in my mind with five more years. My own feeling is that the funds and Social Security accumulated to 3% is getting all the years. They have nothing if the people who hate in and have required statement and over the past 20 30 40 years, okay. That the type of they might have done just as well as they are because of Social Security to think that Social Security does is most private engine is guarantee. It's engaged in place. the second point to raise about social security that enables me to give you my favorite. What I would love. What I would ask that I have. Is that he opened the open up IRAs opening and something rejected despite moving transfer as much program you get up to a million dollars, then you can take any percentage of the income that you earn. the IRA just take any of the income that accumulates the assets. You haven't done our tax exam, but every any you take up. tax as the community.
So what we've done in that case is transformed what the IRA intentionally could do is transform our income tax and we'll spend it but consumption.
（その場合、意図的にIRAができることは、所得税を変換し、それを消費に回すということです。）
（米国の個人退職勘定IRAと日本への導入の可能性についてペンション・リサーチ・センター研究理事 杉田 健
https://www.smtb.jp/-/media/tb/business/pension/column/journal/pdf/penjournal_140203.pdf
IRAとは米国の個人年金制度の一. 種で、Individual Retirement Accountの略であり、個人退職勘定という意味。）
And we have incentives to say in the tax system building and once you do that, we may be able to get away from detention from businesses have the employer take the employer contribution potential government. And making fun of private and do what you want. It is not to have So if we move that way we would also have to increase. The scope and scale so that the minimum incomes for the engine. Would be higher. Right through Social Security scheme, but the supplements would be encouraged through this transformation again.
so I've already How is the power and Social Security noises? I want to go from left to right.）
（ミンスキー：
人々は、社会保障にロックされていますか？そして、すべての時間の年齢のための計画を作ったが、社会保障の維持に基づいてそれを作った、あなたがあなたに会ったというだけの理由で一日を通して取ることができない、それは非常に困難な問題です。私たちが忘れてしまったことの一つは、私たちの健康や活力がどれほどのものか、そして、1935年のデータに基づく死亡率がまだあれば、社会保障の問題はない、ということです。65歳まで生きる人はほとんどいませんから。この賢い人がドイツの社会保障制度のために65歳を選んだのは、65歳の労働者がほとんどいなかったからです。私自身の感覚は、3％に蓄積された資金と社会保障は、すべての年を得ていることです。彼らは何も持っていない場合は、憎しみと必要なステートメントと過去20 30 40年の間に、大丈夫を持っている人。その社会保障のために、彼らは同じようにやっているかもしれないタイプの社会保障は、ほとんどのプライベートエンジンが保証されていることを考えることです。
社会保障制度について2つ目のポイントを挙げると、私のお気に入りをあげることができます。私が好きなもの。私が持っていることをお願いしたいこと。彼はIRAの開口部を開くと、あなたが100万ドルにまで取得し、その後、あなたが稼いだ収入の任意の割合を取ることができる多くのプログラムとして移動転送にもかかわらず拒否された何かということです。私たちの税務調査をしていないのですが、どのようなものでも取り上げることができるのです。そして、税制の構築にはインセンティブがあり、一旦そうすれば、企業による抑留から逃れることができるかもしれません。そして、私的なことをバカにして、好き勝手なことをする。だから、もしそのように動いたら、私たちも増やさなければならないでしょう。エンジンの最低所得が高くなるように、範囲と規模を。高くなるでしょう。右から社会保障制度を通じて、しかし、サプリメントは、再びこの変換を通じて奨励されるだろう。 だから私はすでに 電力と社会保障のノイズはどうですか？
私は左から右へ行きたいです。）
質問：
and it's National debt increases and here's famous increase because of that can point to ride anymore.
1:16:00
Yeah. Okay, how much did you give me last night? I got 380,000 pesos last night Gale. How much was it worth? Okay, that's what inflation can do. Okay. So what happens? is if you have a system. Where you have government spending for any purposes at all? It is the Soviet problem. Right? So many problem right? There's that you have a government spending an army military Civil Service schools and no taxes, but tax system in the Soviet Union was a complicated value. Something different, Texas, and now if you have spending no bond. No place to sell government debt, right if you have spending and no revenues, how do you spend? you print and of course the different peso he was a phrase for the American history is not worth the Continental, right, you know, so that the story Is that if the interest payments on the government debt become so large in the unwilling to tax pay on the current expenditures program and we don't have milk tax and the ability tax right and your interest on the debt. The difference is made up in our country economy by selling ball, right? But then the banks start rejecting about okay, right? Okay taxation is the taxation inflation means great.
So the Argentina which is riches the United States in 1914 for Capital basis for being a developing economy being Gross mismanagement of the economy the ability to tax in the military like one more question. Yeah, the first Administration can see quite happy not to do any difficult. Bad design five using monitor that's been quite active yet here. It's already remark on why you think that fed policy? Okay so many factors.
（質問：
そして、国の負債が増加し、ここで有名な増加は、もはや乗ることを指すことができますので。
1:16:00
M:
それから、アルゼンチンになるんだ。1年で500パーセントのインフレになったんだ。
そうだ オーケー、昨夜はいくらくれたんだ？38万ペソだ ゲイル いくらだった？インフレのせいだ では、どうなるのでしょうか？どんな目的であれ、政府が支出するようなシステムがあったら？それはソ連の問題です そうでしょう？多くの問題がありますね？政府が軍隊を支出し、軍隊があり、公務員がいて、税金がない、しかし、ソ連の税制は複雑な値でした。ソ連の税制は複雑で、テキサスとは違うものでした。国債を売る場所がない、右の場合は、支出と収入がない、どのように過ごすのですか？ あなたは印刷し、もちろん別のペソは、彼はアメリカの歴史のためのフレーズだった右、あなたが知っているので、物語は、政府債務の利払いは、現在の支出プログラムで支払う税に不本意で非常に大きくなると我々は牛乳税と能力税を持っていない右と債務のあなたの利子であることであること。その差額は、我が国の経済では玉を売って補填していますね。しかし、その時、銀行は大丈夫と拒否し始めますよね？なるほど税制は税制インフレは素晴らしいということです。
1914年に米国を豊かにしたアルゼンチンは、発展途上国であるための資本基盤として、経済の重大な不始末を行い、もう一つの質問のように軍で課税する能力を持っています。ああ、最初の政権はどんな困難なことをしないようにかなり幸せに見えることができます。このような、まだかなりアクティブなモニターを使用して、5つの悪い設計がここにされています。それはすでにあなたがその供給政策を考える理由を発言している？さて、非常に多くの要因。）
Ｍｉｎｓｋｙ：
Once Upon a Time How I see to expand the economy my increasing the monetary base and by lowering it having low interest rates was likened to pushing with the strength. The reason was that there was a reluctance. Banks are not thanks, but other institutions are not confined you Office Buildings. We have 25% vacancy. Credit crunch is different from the credit crunches of earlier in the most War periods. The credit crunches of the 1960s were kind of crunches that were manipulated by the Federal Reserve raising interest rates causing the current and leading decreasing the amount of lending capacity and causing decreases. This time the credit crunch is there not because of insufficiency of reserves, but the banks have just been burned. And they had non-performing us there were no not performing assets speaking systems the assets were performed. The only thing is I live through I enjoy it. I was a 13% world. I enjoy things but they said abundant and 13% They were losing money every day. So that was a chronic French. Then this credit crunch is that the mortgage is on?
So Bankers know that they made the states and judging the quality of credits that they have done in the past. They recognized that they were fallible. And when you're recognized with your family more cautious. And there is no way.
Greenspan Mr. Bush or anybody in between can create optimism by talking about And create a willingness to rush right ahead and acquire real assets that you think of a low grade right? Because remember if any of you go into the bank. if you do shouldn't convention tonight. You go into banking remember first question. You got any credit analysis is how are you going to repaint? That's why we get a help because credit cards you have to describe your incomes. That's why when you get mortgage record, that's why business firm comes up with these programs. Right? Would you present to the banker which is a scenario for repaint. and of course the banker has to be a specialist in raising his left eyebrow and saying real Banker has to be to skip and say yeah this that aren't you being optimistic Here and Now what happens? Like to the Pro Forums of the entrepreneurs and they forgot bill jangway's first law. Phil James first floor his Adventure capitalist Finance here Wall Street student and to real famous first law is entrepreneurs a lot.
（Minsky's car. Larry's first of all. is that Bankers Life so you have to do as a banker just Through the web itself selflessly, you know take care of a hard note nealisman picture and when the prospect is done and today the banking community business Community same that the prospects and Decline and gross crops. Are so good many of the projects. And there's no way Mr. Bush and Mr. Guitar briefing again a self-respecting banker that hasn't his net worth on their says Thank you. Here just thank you.
So there goes the Romans New York trucks. WEBVTT - This file was automatically generated by VIMEO）
（ミンスキー：
昔々、マネタリーベースを増やし、低金利にすることで経済を拡大させるというやり方は、力づくで押すことに例えられた。その理由は、消極的だったからです。銀行は感謝されませんが、他の機関は、あなたがオフィスビルに閉じ込められていない。25％の空室がある。クレジットクランチは、それ以前の最戦時期のクレジットクランチとは異なる。1960年代の信用収縮は、連邦準備制度が金利を引き上げて電流を引き起こし、貸出能力の量を減少させ、減少を引き起こすことによって操作されたクランチの一種であった。今回の信用収縮は、準備金の不足が原因ではなく、銀行が焦げ付いただけです。そして、銀行は不良債権を抱え、不良債権はなく、資産は履行された。ただ一つ言えることは、私はそれを楽しんで生きているということです。私は13％の世界でした。私は物事を楽しんでいますが、彼らは豊富と13％ 彼らは毎日お金を失っていた。それが慢性的なフランス語だったわけです。それからこの信用収縮は、住宅ローンがかかっていることですか？
だから銀行家は、自分たちが作った国家と、過去に行った信用の質を判断することが誤りやすいと認識したのです。そして、あなたが家族と一緒に認識されているとき、より慎重に。そして、方法はありません。
グリーンスパンやブッシュ、あるいはその間にいる誰かが、楽観論を口にすることで、先を急ぎ、低級と思われる実物資産を取得しようという意欲を生み出すことができるのでしょうか。なぜなら、もしあなた方の誰かが銀行に行っても、今夜は大会に出るべきでないことを思い出してください。銀行に行ったら、最初の質問を思い出してください。どのような信用分析があったとしても、どうやって塗り替えるつもりなのでしょうか？だから、クレジットカードの審査では、収入を証明する必要があります。そのため、住宅ローンの記録を取得するとき、ビジネス会社はこれらのプログラムを考え出す理由です。そうでしょう？そしてもちろん、銀行員は彼の左眉を上げると本当のバンカーを言う専門家でなければなりませんスキップして、ええ、これはあなたがここに楽観的であると言うことではありませんし、今何が起こるのでしょうか？起業家のプロフォーラムと同じように、彼らはビル・ジャングウェイの第一法則を忘れている。フィル・ジェームス1階彼の冒険資本家金融ここウォール街の学生に、本当の有名な第一法則は、多くの起業家です。
ミンスキーの車。ラリーの最初の。は、銀行家として行う必要がありますので、ちょうどウェブ自体を通して無私、あなたはハードノートニャリスマン絵の世話をし、見通しが行われると今日銀行界ビジネスコミュニティは、見通しとDeclineと総作物を同じであることですバンカーズライフ。プロジェクトの多くはとても良いです。そして、ミスターブッシュとミスターギターブリーフィングは再び彼らの上に彼の純資産を持っていない自尊心のバンカーが言う方法はありません ありがとうございました。ここでちょうど
あなたに感謝します。
だから、そこにロマンスニューヨークトラックが行く。 WEBVTT - このファイルは、VIMEOによって自動的に生成されました。）
ミンスキー
Ｍｉｎｓｋｙ：
Once Upon a Time How I see to expand the economy my increasing the monetary base and by lowering it having low interest rates was likened to pushing with the strength. The reason was that there was a reluctance. Banks are not thanks, but other institutions are not confined you Office Buildings. We have 25% vacancy. Credit crunch is different from the credit crunches of earlier in the most War periods. The credit crunches of the 1960s were kind of crunches that were manipulated by the Federal Reserve raising interest rates causing the current and leading decreasing the amount of lending capacity and causing decreases. This time the credit crunch is there not because of insufficiency of reserves, but the banks have just been burned. And they had non-performing us there were no not performing assets speaking systems the assets were performed. The only thing is I live through I enjoy it. I was a 13% world. I enjoy things but they said abundant and 13% They were losing money every day. So that was a chronic French. Then this credit crunch is that the mortgage is on?
So Bankers know that they made the states and judging the quality of credits that they have done in the past. They recognized that they were fallible. And when you're recognized with your family more cautious. And there is no way.
Greenspan Mr. Bush or anybody in between can create optimism by talking about And create a willingness to rush right ahead and acquire real assets that you think of a low grade right? Because remember if any of you go into the bank. if you do shouldn't convention tonight. You go into banking remember first question. You got any credit analysis is how are you going to repaint? That's why we get a help because credit cards you have to describe your incomes. That's why when you get mortgage record, that's why business firm comes up with these programs. Right?
Would you present to the banker which is a scenario for repaint. and of course the banker has to be a specialist in raising his left eyebrow and saying real Banker has to be to skip and say yeah this that aren't you being optimistic Here and Now what happens?
Like to the Pro Forums of the entrepreneurs and they forgot bill jangway's first law.
Phil James first floor his Adventure capitalist Finance here Wall Street student and to real famous first law is entrepreneurs.
a lot, a lot Minsky's corollary to take place first of all is that Bankers lie also so what you have to do as a banker or a businessman cut through the web itself.
self-dece is hard enough and today the banking community business Community the same that the prospects were declined and gross profit closed so good that many of the projects that we would have accepted five years ago.
and there's no way Mr Bush or Mr Speaker and again a self-respecting banker that has in his net worth on theirsis.
okay. any others?
thank you very much.
昔々、マネタリーベースを増やし、低金利にすることで経済を拡大させるというやり方は、力づくで押すことに例えられた。その理由は、消極的だったからです。銀行は感謝されませんが、他の機関は、あなたがオフィスビルに閉じ込められていない。25％の空室がある。クレジットクランチは、それ以前の最戦時期のクレジットクランチとは異なる。1960年代の信用収縮は、連邦準備制度が金利を引き上げて電流を引き起こし、貸出能力の量を減少させ、減少を引き起こすことによって操作されたクランチの一種であった。今回の信用収縮は、準備金の不足が原因ではなく、銀行が焦げ付いただけです。そして、銀行には不良債権があり、不良債権はなく、資産は履行されました。ただ一つ言えることは、私はそれを楽しんで生きているということです。私は13％の世界でした。私は物事を楽しんでいますが、彼らは豊富と13％ 彼らは毎日お金を失っていた。それが慢性的なフランス語だったわけです。それからこの信用収縮は、住宅ローンがかかっていることですか？
だから銀行家は、自分たちが作った国家と、過去に行った信用の質を判断することが 誤りやすいと認識したのです。そして、あなたが家族と一緒に認識されているとき、より慎重に。そして、方法はありません。
グリーンスパンやブッシュ、あるいはその間にいる誰かが、楽観論を口にすることで、先を急ぎ、低級と思われる実物資産を取得しようという意欲を生み出すことができますよね？なぜなら、もしあなた方の誰かが銀行に行ったとしたら、今夜は大会に出るべきではないことを思い出してください。銀行に行ったら、最初の質問を思い出してください。どのような信用分析があったとしても、どのように塗り替えるつもりなのか？クレジットカードは収入を記入しなければならないので、そのための手助けが必要です。そのため、住宅ローンの記録を取得するとき、ビジネス会社はこれらのプログラムを考え出す理由です。そうでしょう？
そしてもちろん、銀行員は彼の左眉を上げると本当のバンカーを言う専門家でなければなりませんスキップして、ええ、これはあなたがここに楽観的であると言うことではありませんと今何が起こるのでしょうか？
起業家のプロフォーラムと同じように、彼らはビル・ジャングウェイの第一法則を忘れている。
フィル・ジェームス1階彼の冒険資本主義者金融ここウォール街の学生に、本当の有名な第一法則は起業家です。
多くの、すべての最初の場所を取るために多くのミンスキーのコロラリーは、銀行家は、あなたが銀行家やビジネスマンとして何をしなければならないので、ウェブ自体を介してカットも嘘をつくということです。
自己欺瞞は十分に困難であり、今日の銀行業界のビジネスコミュニティは、見通しが減少し、粗利益は、我々は5年前に受け入れたであろうプロジェクトの多くはとても良い閉鎖されたことと同じである。
そして、ブッシュ氏や議長、また自尊心のある銀行家が、その論文で純資産を持つことはあり得ないのです。
オーケー、他には？
ありがとうございました。
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