In conversation with: Prof. Steve Keen

Ross Ashcroft from Renegade Economist speaks with Steve Keen whilst he was in London to launch his new book ' Debunking Economics: The Emperor Dethroned?'

See Steve's blog at: http://www.debtdeflation.com

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News & Politics

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• Renegade Economist
• Steve Keen
• DebtWatch
• Debunking Economics
• The
• Emperor
• Dethroned
• Ross
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[KenMacMillan]

@fishfear07 This guy is the polar opposite of Ron Paul.

[diurdi]

@813Noisetube A good one would be the FDIC and Glass-Steagall. Alot of free market economists ultimately believe that the glass-steagal is harmful for the economy, as it is government regulation.

However, the FDIC was never intended to exist without glass-steagal. The FDIC is a huge creator of moral hazard, only restrained by the glass-steagal. When the G-S was repealed but FDIC left intact, all hell broke lose.

[moneytrendsresearch]

We don't have capitalism, what in the world are these guys talking about. We have private central banks that control the money supply at their discretion and governments that spend at least 25% of their countries GDP. Regulation is almost completely disregarded at the highest levels of the economic totem pole and is rigged in the favor of the biggest banks. That is cronyism or fascism. It is very naive to blame capitalism because of a rigged financial system and corrupted government. What MORONS

[CaptainBluebear08]

"Capitalism produces crises like the dog piles of shit" (Bert Brecht)

[feelthewyrd]

dont be too hasty to admire steve keen. He himself was "amazed" that he got such backing from the mainstream media from the start. The mainstream media are elevating him. BUT what does he advocate? A jubilee to those in the most debt. HOWEVER those debtors cannot touch the money, it must be used to pay the debt immediately! Think about it. The worst borrowers get bailed out & their lenders get paid off. Lovely IF you focus on the micro second that the householder (in debt) holds the money.

[Fireinthedawn]

fuck Peter schiff! steve keen predicted the housing crisis a full 2 years before him! A LOT OF PEOPLE Saw it coming-most of them keynesians!

[starmanskye]

@Mrdabizworkz -- Check out the Nov. 25 BBC Hardtalk interview of Keen for more detailed discussion of Keen's prescription: allow over-leveraged banks to fail, nationalize them (at least initially), write-off bad sovereign & private debt, etc. The interviewer, Sarah Montegue is *bit* overbearing & tends to badger (!) but it provokes Keen to expound on what I think are very practical, intelligent & forward-thinking solutions to monstrosity of corrupt, institutionalized fraud & defective thinking..

[psikeyhackr]

So what happened to Demand Side Depreciation for the last 60 years? What did Keynes say about planned obsolescence? Like economic theory with missing data is supposed to control the economy.

The economy depends on consumers being dumber than economists. Since double entry accounting is 700 years old why isn't it mandatory in the schools? Maybe workers would not need unions then.

[mrzack888]

@DavidByrne85 technology has reduced inflation. anything that can be globalized thru "free trade" has deflated in price. But domestic services such as health care, college education, movie tickets, has gone up.

most of the industries that took advantage of easy credit ended up being bubbles. stocks/commodities still a bubble re-inflated by bailout, college tuition bubble yet to burst, housing already burst, intragovt debt such as S.S. and medicare is yet to be seen how it will play out. 

[DavidByrne85]

@mrzack888 Yeah, true mate, but whether the money is being created digitally or physically it's still circulating in the economy being used to buy things. If new money is created as debt and debt to gdp ratio has risen so steeply in the last 30 years it's strange that such an expansion in money supply has coincided with generally reduced inflation rates. I'm just hoping somebody can explain what part of the process im missing or getting muddled there

[mrzack888]

@DavidByrne85 Most money now created is in digital form. globalization and deregulation under neoclassical economics created massive free flow of capital around the world, and credit cards were given out much more freely starting in the late 90s.