joining me now from seafood in the sussex is the biographer of towering 20th century economist john maynard keynes. welcome to going underground i want to get on to what you describe as a silent revolution going on there in this country about economics but as to this week's budget what do you make of it continued feeling amongst commentators certainly that. we must understand the economics of a nation is the economics of a a grocery shop. yeah well that's the that's the standard line isn't it i mean they're not they're not connected the purpose of the budget is to balance to concert the nation that's what the purpose of a government's budget is and therefore it is the only grace show up so to speak it alone has access to money and it can print so in that sense the government isn't a tool like a grocer's shop a grocery shop your shop has to go to a bank if it gets into debt it borrows from bank it has to repay government to have to repay government can borrow without limits technically it can simply print the money it wants to spend now that is a fact whether it wise to do so when you want to stop

joining me now from seafood in the suffix is the biographer of towering 20th century economist john maynard keynes nord skidelsky scale ski welcome to going underground i want to get on to what you describe as a silent revolution going on there in this country about economics but as to this week's budget what do you make of it continued feeling amongst commentators certainly that. we must understand the economics of a nation is the economics of a a grocery shop. yeah well that's the that's the standard line isn't it i mean they're not they're not connected the purpose of the budget is to balance to concert the nation that's what the purpose of a government's budget is and therefore it is the only grace shop so to speak it alone has access to money and it can print so in that sense the government isn't a tool like a grocer's shop a grocery shop your shop has to go to a bank if it gets into debt it borrows from bank it has to repay government to have to repay the government can borrow without limit technically it can simply print the money it wants to spend now that is a fact whether it wise to do s

joining me now from seafood in the suffix is the biographer of towering 20th century economist john maynard keynes lord skidelsky. welcome to going underground i want to get on to what you describe as a silent revolution going on there in this country about economics but as to this week's budget what do you make of it continued feeling amongst commentators certainly that.

is she sort of looks at it i mean i have to ask the biographer of keynes what do you think john maynard keynes would have thought of the british government instituting a thought of soviet system of firm or effectively i mean presume he knew the cambridge spies but do you think he would be amused or do you think you mean a back door do you think he would have been surprised by a response which involved the soviet ties ation of the country in the sense of for . well you know there are many ways he would have or he would have wanted the economy supported while there was this big doubt sure but how you support it whether you supported by giving people. a paid holiday or an indefinite amount of time and just paying their wages well you do it that way whether you try and give them work you see what we've forgotten about as the old concept of public works i mean in some space for hand when when the government spent money to spend money on keeping people in work and if they were being made on employed by their companies the government did work now and i'm in favor of a work work guarantee for people e

and thank goodness, wrote the famous 20th century economist, john maynard keynes, because,“ if spontaneous leaving us to depend on nothing but a mathematical expectation, enterprise will fade and die.” florexil knows the risks, but along with her optimism... >> i'm scared of missing out, you know, not doing it. that's my biggest fear. so, i feel like now is the right time. you can't buy time. >> reporter: no, you can't. for the pbs newshour, this is paul solman. >> woodruff: as we heard earlier,he rollout of a third covid-19 vaccine raises hopes about moving toward a more typical kind of life in the months to come. but even as the country looks forward, there are calls for a new national "covid memorial day" to look back on the more than 500,000 lives lost. jeffrey brown has that conversation. >> brown: one of the most prominent voices advocating a national day of remembrance is kristin urquiza. she co-founded the advocacy group "marked by covid" after she lost her father to the virus last year. she joins me now from san francisco. >> thank you for talking to us. i know that this started f

the 929 wall street crash in the united states prompted the british economist john maynard keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. when we managed the financial system between 1905 and 971 there was not a single financial crisis anywhere in the world and then in $1071.00 the bankers lobbied and they said no no no we don't need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other 1st at the periphery and then in a coup. 1909 saw the birth of the euro and the european central bank had been created to ensure its stability. at the time global growth was strong the level of public debt was starting to decline europe was breathing easy. confident financial markets lent generously to governments and the weakest economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well fall out. mea