Monetary policy is more indirect.

So this is essentially lending money.

It's about 3.3 billion pounds per year out of 620 billion.

The financial system is built on the assumption of growth

It's so simple, and we thought, you know, okay, it costs between 20 and 50 bucks to provide school feeding for a year.

But the net effect of more utilization, and more investment is going to be an increase in supply. is going to be an increase in supply.

The second actor, different cast of guys, is the donors.

Now we're on the upswing.

And that started the Korean War. The North Koreans had China on their side the Chinese army.

Michael O'Donoghue Non voluntary labor's greatest advantage as an asset is the endless supply.

We've already received a record number of financial pledges tonight, Beth.

Could he finance Thé's army?

Every time we went through a recession, from the mid '80s, onwards, the government solution was to make financing easier.

And it's legitimate monopoly of means of violence, administrative control, management of public finances, investment in human capital, provision of citizenship rights, provision of infrastructure, management of the tangible and intangible assets of the state through regulation, creation of the market, international agreements, including public borrowing, and then, most importantly, rule of law.

We don't know what we're talking about.

So that's a way to get basic services scaled up.

Figure maybe one of more of them... are used to funnel cash to the Z.F.T.

Who will provide capital for the venture?

And so that money enters the system.

Aside from his salary, he receives money from investments.

But they never do.

In the general election, it's the citizens who get to vote, if you're over 18, in some states if you have an ID.

They're giving you supplies, helping you build a time machine.

This is the electrical supply for a hospital in rural Malawi.

And it considers just using existing hydro to match the hour by hour power demand.

At the time they were mostly losing money.

Let's think about ourselves as grape farmers and I'll make a little supply schedule right over here

KIO data supply error.

Jolt, electrify!

You know this place is funded by a special grant from the House of Unamerican Activities Committee.

I'm thinking about people's jobs, about their mortgages and pensions and their college funds for their kids.

And then this guy has more to give. so it raises supply.

I met him on the train.

Well, surprisingly of course venture capital always does follow on rounds so this was kind of a trick question.

(Laughter)

Now let's think about what happens with the number of suppliers.

In the news, the subject of where our future water is going to come from and where our power is going to come from is in all the papers all the time.

But we also will need a lot more full time farmers, otherwise, you know, what are we going to be eating?

You could have things like supply shocks.

It raises supply because some people maybe just took some of this cash and deposited it.

Now, who are they accountable to?

And so you're bound to make your new drug look better.

People were used to waiting for the government to give them what they needed, food, goods, and when that didn't come you had up to a million North Koreans who ended up starving to death.

But you must do extremely well.

So in 1971, when Richard Nixon decides to go off of the gold standard, if and this is a big if if you trust the government's ability to manage the money supply effectively, that they're not going to print so much money that we have hyperinflation or they're not going to print so little money that we end up with a deflationary spiral.