as john maynard keynes said when the facts change, i change my mind. what do you do? the facts have changed. we have been staged on have to ask iran are saudi arabia to send it to us. we have so much natural gas we're talking about exporting at rise in the op-ed describes today that chemical manufacturers 1/2 unattractive back to america up for it it is so cheap rushes it is worried its hold on the eastern european economy will fail because we cannot supply them with natural gas. instead of russia. in this environment subsidizing wind and solar makes no sense. refi china and india and other emerging economies would sign nine so to reduce emissions i don't take a position nine whether man-made emissions cause global warming and i it china and india to make up 37% of the population not doing so. and the first chapter the book i talk about geo engineering solutions win to think we could reduce global temperatures by just came roofs white to reflect the race. what we're doing with a 12 billion-dollar hours it is pushing people into cars they do not want to buy raising you

as john maynard keynes once said, when the facts change, i change my mind. what do you do? well, the facts have changed. we have inexpensive energy right here without having to ask around saudi arabia to send it to us. we have so much natural gas that now we are talking about exporting liquid natural gas. a single year described in an op-ed in today's "wall street journal" it's so cheap that chemical manufacturers are attracted back to america. it's so cheap that russia is worried his hold on the eastern european economy is going to fail because we cannot supply them at natural gas in southern russia at the initial supply. in this environment, subsidizing wind and solar makes no sense. also five years ago, we thought china and india and other emerging economies might sign on to emissions reduction and therefore if we reduced emissions, perhaps global temperatures would be reduced. i don't take a position on whether man-made emissions cause global warming are not, but if we are reducing emissions in china and india, which make up 37% of the worlds population are not doing so

john maynard keynes echo davis with his famous observation about how the world is tied together, how an englishman can order from his doorstep product from faraway lands and have them delivered to them. it's kind of an early version of thomas friedman's theory, which claims the advanced country that used computers won't go to war with each other. i called the starbucks theory. any two countries that have starbucks won't fight unless they have triple espressos. another observer, i didn't book in a much different a positive or would be so bloody and weaponry so does the no one would dare risk a conflict. all these few six claim the leaders to be a stretch even in the present day. this of course finished in august 1914, it were sparked by one of the most unlikely of accidents when frantz ferdinand on its way back from his speeches. zero turned away from his planned route to visit a card and shared in an earlier failed attempt. of course he drove to his death, an incident that would plunge the world into a conflagration. i will delve into details of world war i here. perhaps the most sig

john maynard keynes echoed this with his famous observation about how an englishman could order from his doorstep products from far lands and have them -- faraway lands and have them delivered to him. it's kind of an early version of thomas friedman's delve theory which claims that advanced countries that use computers won't go to war together, i call it the starbucks theory. i guess unless they have triple espressos. in a much different way, it was posited that war would be so bloody that no one would dare risk a conflict. all of these views assume that european leaders would be rational, a stretch even in the present day. this, of course, vanished in august 1914. a war sparked by one of the most unlikely of accidents when archduke ferdinand on his way back from a speech turned away from his planned route to visit a guard injured in an earlier, failed assassination attempt. of course, he drove to his death, an incident that would plunge the world into a conflagration. i won't delve into the details of world war i here. perhaps the most significant aspect for the united states was th

we found we have all this and as john maynard keynes once said when the fact change i change my mind. what do you do? the fact >>>. we have inexpensive energy right here without having to ask iran or saudi arabia to send it over to us. we have so much natural gas that now we are talking about exporting liquid natural gas as daniel juergen described in the wall street journal. it is so cheap that chemical manufacturers are being attracted back to america. it is so cheap that russia is worried it stalled on the eastern european economy is going to fail because we can now supplied them with natural gas instead of russia being a bear sole supplier. subsidizing wind and solar makes no sense. also five years ago we fought that china and india and other emerging economies might sign on to emissions reductions. and therefore that if we reduce emissions perhaps global temperatures would be reduced. i don't take a position on whether man-made emissions cause global warming or not but if we are reducing our emissions and china and india which make up 37% of the world's population are not doing s

john maynard keynes at the precipice in this observation about how the world recite together, hot englishman could order from the store steps product from faraway lands and have them delivered to them. it's kind of an early version of thomas friedman still theory, which claims an advanced country that used computers will go to war with each other. i call it the starbucks theory. any two countries that have starbucks and fight. unless they have triple espressos. another observer, i didn't loss in a much different way posited that we would be so bloody and weaponry so deadly that no one would dare risk a conflict. all of the visas and european leaders of the rational and stretch even in the present day. this of course finished in august 1914, a war sparked by one of the most unlikely of accident when france ferdinand on his way back to his speech in sarajevo turned away from its planned route to the city guard injured in an earlier failed assassination attempt. of course he drove an incident would plunge a world into a nation. i won't tell them the details of world war i. perhaps the most sign

that was when john maynard keynes became most famous for his prescription spend, spend, spend, that's how you get the system up and moving again by pouring money into it. >> yes. when you're in a depression. so in that situation keynes said that more government spending could help restart the private sector by having the government lead the way. >> reporter: when j.m. keynes talked, people listened. among them johnson's academic predecessors. >> people working here at m.i.t. the department of economics and in other leading universities became convinced that the government could play a different role and a more helpful role in the economy and supporting the macro economy compared to what the previous orthodoxy had been before the 1930s. >> reporter: but that meant going into more and more debt. that's a good thing then you say? >> it meant being careful with the debt still. it meant that deficit spending was something that could be very useful to you. and when the economy needed some help. >> reporter: very useful and, of course, borrowing proved very necessary when world war ii broke

for the long-term, and like it or not, that means planning for your retirement, to misquote john maynard keynes long run, we all retire. i know that may not sound sexy. but trying to put together enough money to become financially independent is really what we do every night on "mad money." you have to contribute to your 401(k) plan if you have one, and you have to contribute to your individual retirement account or ira. that is the conventional wisdom. while it's mostly right, it's not exactly helpful. tonight instead of just telling you to park money in your ira, i'm going to give you suggestions on what stocks to buy with your retirement cash. these are both tax-blessed vehicles. the money in ira or 401(k) comes from pretaxing. even better, while your money stays in these accounts, you pay no profit taxes on your profits, so your investments can compound for years tax-free giving you a much larger return over decades and decades. you only pay when you withdraw it. it's a sweet deal. they do fluctuate over time. they've gone up and down throughout my trading career. however, as much as i like

to your keynesian point, the basic keynesian argument that john maynard keynes pushed during the great depression -- at the time, people had the notion that government should retrench. keep the budget balanced, do not be reckless. we should ride out the storm. keynes says that is not what will work out best. sector is retrenching. somebody has to step in, and a last resort is the government. when that happened with the fdr, it happened mildly at first. we thought keynes was full of himself. we had infrastructure and some infrastructure was taking so long. then world war ii came along and we cranked it up. the depression ended. the recovery is a classic example. what tim is suggesting that maybe that is not so great. maybe if the government stayed away and you hit rock bottom, that would lead to a more vibrant economy at the end of the day. there is an argument about that in guards to the banks. we should not bail out the banks. let them hit rock bottom. weed out the rotting wood. let them clean themselves up. maybe tim is right. maybe those folks are right about the banks. it's a hell

to your keynesian point, the basic keynesian argument that john maynard keynes pushed during the greatssion -- at the time, people had the notion that government should retrench. keep the budget balanced, do not be reckless. we should ride out the storm. keynes says that is not what will work out best. ife to fill the giap private sector is retrenching. somebody has to step in, and a last resort is the government. when that happened with the fdr, it happened mildly at first. we thought keynes was full of himself. we had infrastructure and some makeshift stuff when infrastructure was taking so long. then world war ii came along and we cranked it up. the depression ended. the recovery is a classic example. what tim is suggesting that maybe that is not so great. maybe if the government stayed away and you hit rock bottom, that would lead to a more vibrant economy at the end of the day. there is an argument about that in guards to the banks. we should not bail out the banks. let them hit rock bottom. weed out the rotting wood. let them clean themselves up. maybe tim is right. maybe those f