[Thork]

I just watched a fascinating video on the state of America financially.



I live in England. We have very similar problems but they aren't quite as acute. It is the staggering amount of human suffering behind all the graphs and charts that made me want to share this video.

I do have the odd financial rant on this site, but macro economics has become somewhat a hobby/interest for me over the last few years. As many of you know, I was unable to become a pilot having bet my entire financial future on it back in 2008. The NASDAQ crashed, airlines stopped recruiting and changed their business models to make recruitment a profitable enterprise. I was priced out of the market. Shortly after I lost my home etc. For about 3 years I didn't work (couldn't get any work) and wondered how someone of my education level (degree in aerospace, job as flight physics engineer for airbus, fully qualified pilot) couldn't even get a job in Tesco's. Its how I ended up at TFES. I had a lot of free time.

For years I blamed airlines. Then worse I blamed myself and became very ill because of it. I wanted to understand how the choices I made were wrong and how I could stop making such poor decisions in future. I'd done everything I was always told. Invested in education, training, bought a house (which I of course lost money on when I sold). I wanted to figure out how I could retire, what made people successful and how I could have a decent standard of living.

The more I learned about economics, the more everything made sense. The problems are systemic. They aren't due to me as an individual. I'm part of the statistics born out from the video above and many others besides.

I thought I'd post it, because it is understanding like this that firstly allowed me to forgive myself. I'm not an economist after all. Schools don't teach economics - not real economics, just Keynesian mumbo-jumbo if you take the course. I just figured many of you are young. Statistically many of you must be some of the human tragedy behind these facts and figures. And this may help you feel better about your situation and understand how you can try to improve it. 

[garygreen]

I have my own prediction: before the end of 2015, Thork will bid a permanent farewell to TFES because we are not anarcho-capitalists.

Watch it happen.

[Saddam Hussein]

Stefan Molyneux is a notorious loony.  There's no denying that the economy sucks, but you'd be much better off getting your facts from a more reliable source.

[EnigmaZV]

Schools don't teach economics - not real economics, just Keynesian mumbo-jumbo if you take the course.

I'd like to know where you get that idea from, seeing as the economists who were advising most major countries during the financial crisis were huge advocates of austerity. Surely some of them aren't teaching things they don't themselves believe.

[Benjamin Franklin]

The more I learned about economics, the more everything made sense.

As someone that has studied economics, I can tell you haven't studied economics in depth from this comment alone. The only people that think economics makes sense are people that have taken intro level courses and know the basics of supply and demand. As you delve further into the field, you realize that economic systems, especially the macro-economy on a national or transnational scale, are so amazingly complex that any individual that makes sweeping declarations is full of shit.

Schools don't teach economics - not real economics, just Keynesian mumbo-jumbo if you take the course.

Oh jeeze...

[Vindictus]

A fully qualified pilot couldn't get a job? Not even through military avenues?

Schools don't teach economics - not real economics, just Keynesian mumbo-jumbo if you take the course.

Oh jeeze...

lol

[Lemon]

The only way forward in any society is Fascism.

[Thork]

A fully qualified pilot couldn't get a job? Not even through military avenues?

No. You need to be under 25 years old. https://www.raf.mod.uk/recruitment/roles/aircrew/pilot/

I was even too old for air traffic control.


I think you all missed the point. It was the demographics and employment rates etc that I was shocked at in this video. Not the bald guy's interpretation.

[Rushy]

Wow, the UK military gets pretty shit pay.

[Thork]

They aren't expected to bomb hospitals and murder children like yours are.

[Rushy]

They aren't expected to bomb hospitals and murder children like yours are.

Ah, I expected a better comeback instead of attempting this shoddy derail.

Back to the thread topic, maybe you should concentrate on your own country's shitty economy, since apparently you can't even afford to pay people livable wages.