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ProfSteveKeen

Economic theory: making Europe's crisis worse

3,326 views 1 month ago
The mainstream ignorance about money and how it is created has led to the EU policy emphasis on running permanent government surpluses. This mistaken view of government being "like a business" that needs to ensure receipts exceed expenditure is the main reason that Southern Europe is in a Depression now. I compare the crisis in Greece to the USA and show that the cause was the same--a private debt bubble--in contrast to the usual narrative that irresponsible government spending in Greece caused its crisis. Show less
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