a paper originally called the i mean ski couth theory of debt and i said we don't mean well then minsky was the guy gave us the first sure thing fischer talk about it called that is what caused the great depression he said it was too much debt and fall in process at the same time so people reducing their debt levels process fell even faster and it got out of control because income fell faster than debt and the huge process and that was his explanation minsky developed further to say that capitalism has an inherent instability with its financial system and i've built a mathematical model of that but we also saw in the twenty's the federal reserve kept interest rates pretty low and we saw some would argue especially the austrian that it was the federal reserve that blew the bubble does minsky have a place outside in a non fed i mean they're not in center i'm working on the sets right now with the with the governors what foundation and what's called the dead economics program and we find the same cycles occurred in the idea of hundreds every ten to twenty years so this is a description of

bubble does minsky have a place outside in a non fed yeah i mean you do not in center i'm working on the sets right now with the with the governor's wood foundation and what's called the dead economics program and we. could in the idea hundreds every ten twenty years so this is it's a scription of capitalism with or without a government sector in fact if you what the government does is provide and it provides spending when there's a downturn that would enable corporations to pay their debts so to actually minimize the damage it's worse in the i'd in century without the government spending because then when you will fall into debt all there's nobody to pump you out of that again what we saw in the especially during the civil war we had the national banking acts and we saw a cause i federal reserve system or at least the prototypical central bank started and it was based on the buying of treasury debt and that was exchanged between banks is apostle and we also had moral hazard the government also bailed out a number of banks during these financial panic i would say what the federal res

of control because income fell faster than did and the huge process and that was his explanation minsky develop it further to say that capitalism has an inherent instability with its financial system and i build a mathematical model of that ok but we also saw in the twenty's the federal reserve . interest rates pretty low and we saw some would argue especially the austrian camp that it was the federal reserve that blew the bubble does minsky have a place outside in a non fed yeah i mean you did not in center i'm working on the sets right now with the with the governors what foundation and what's called the dead economics program and we. could in the idea hundreds every ten twenty years so this is its description of capitalism with or without a government sector and point if you what the government does is provide did provide spending when there's a downturn that wouldn't corporations to pay their debts so it actually minimise the damage it's worse than the idea in century without the government spending because then when you will fall into debt all there's nobody to pump you out of it a

a paper originally called the i mean ski couth theory of debt and i said we didn't mean well then minsky was the guy gave us the first sure thing fischer talk about it called that is what caused the great depression he said it was too much debt and fall in process at the same time so people reducing their debt levels process fell even faster and it got out of control because income fell faster than debt and the huge process and that was his explanation minsky developed further to say that capitalism has an inherent instability with its financial system and i've built a mathematical model of that but we also saw in the twenty's the federal reserve kept interest rates pretty low and we saw some would argue especially austrian that it was the federal reserve that blew the bubble does minsky have a place outside. fed i mean they're not in center i'm working on the sets right now with the with the governors what foundation and what's called the dead economics program and we found the same cycles occurred in the i mean hundreds every ten twenty years so this is a description of capitalism with

a paper originally called the i mean ski couth theory of debt and i said we don't mean well then minsky was the guy gave us the first sure thing fischer talk about it called that is what caused the great depression he said it was too much debt and fall in process at the same time so people reducing their debt levels process fell even faster and it got out of control because income fell faster than debt and the huge process and that was the. the decide that capitalism has an inherent instability with its financial system and i build a mathematical model of that but we also saw in the twenty's the federal reserve which kept interest rates pretty low and we saw some would argue especially the austrian camp that it was the federal reserve that blew the bubble does minsky have a place outside in a non fed yeah i mean they're not in center and working on those sets right now with the with the governors what foundation and what's called the dead economics program and we. could in the i mean hundreds every ten twenty years so this is a description of capitalism with or without a government sect

opportunities they can undermine they have done that whether election monitoring or whether it is the minsky issues. can you tell me how you will, whether you will assure this committee that in the relations particularly as you are responsible at the with the present administration to develop agendas or bilateral and international organizations, can we be assured that human rights with russia will remain a hide priority issue on those opportunities? >> absolutely senator. i have never in my career been shy about speaking out on human rights and i will certainly continue to do so if confirmed. >> mr. baer you are going to be confronted with some tough choices with russia. they are going to say you need a consensus and therefore back off on different issues. will you commit to us that the united states will stand strong on the human rights basket within the osce as it relates to russia? >> senator you have my full commitment to stand strong and it's part of the reason why i m. interested in serving, to stand strong for human rights. >> thank. >> thank you. mr. chairman i yield back the balance

the stirs minsky -- mr. sim eminski? guest: a study we did two years ago looked at global shale oil resources, and we also looked and tried to understand what was happening with shale oil resources around the world. thatwe have concluded is there are enormous resources of shale oil and shale gas in many countries around the world. on the oil side, russia, the u.s. has significant resources. on the gas side, it is china, argentina, and the u.s.. but the major activity that is underway right now in both of these areas is in the united states. there are a lot of above-ground issues that are slowing this down outside the u.s., and above-ground issues, as you might imagine, are not resource- based, which are found below ground, but economic and policy and social issues above ground. things like land ownership, environmental issues, having the right companies and technological skill sets to actually do the development. red the can see in basins that have resource estimates. resources in alaska down through canada and the unite