Google now lets all hangouts be streamed live, so you don’t need a Livestream, Ustream or Manycam workaround anymore (which was a royal pain).
All you need is a Google+ account and a Youtube channel:
1. Start a Hangout and click Enable Hangout on Air when the Hangout window pops up. Add the people you want in. You can’t make an On Air-anything-goes hangout, you have to invite your followers, preferably just a selected few.
2. Hit OK, I’ve got it’ and start your hangout. It will still be off Youtube (If you’re not connected to Youtube, it will ask you to do so)
And yes, I eat my pencils.
Edit note: This post was edited to change "livestream" and any similar term, to "live streams," to avoid confusion with the live streaming service (see comments below).