Steve Keen - The merciless exponential debt explosion

A lecture by the Australian economist and author of "Debunking Economics" Steve Keen arranged by Attac in Trondheim 2008.01.31.

Keen speaks about The merciless exponential debt explosion, illustrated by the Australian and American cases.

Keens web-page:
http://www.debunking-economics.com/
http://www.debtdeflation.com/blogs/

With comments fron Trond Andresen (NTNU)

Category:

Education

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[juujuuuujj]

@Justprayfirst Not really. Private ownership is good when you need innovation; public ownership is good in natural monopolies with little possible innovation. A tech company may invent the next generation communication device next year, but a bank won't invent a miracle 50% deposit rate or 0.1% mortgage rate. Private banks don't compete to give customers better deals; We need a public option for deposits and credit creation.

[oldickeastman]

Keen rebutted in the following video -- please paste WkdEHRpmG4k to YouTube Search - includes flow diagrams that really do explain this hyper-Deflation.

Populist social credit, debt-free treasury money and debt repudiation -- all three together -- is the answer: q40nXVkZsbE

[Justprayfirst]

Someday, like China, we will all be stacked and packed in the cities where we'll be easily controlled. Meanwhile they will prosper from the raping of the earths natural resources because we will be out of their way. We will forfeit our liberties willingly to save the planet, to have healthcare and for eugenic purposes. Sadly, this is not a farfetched prediction anymore.

[Justprayfirst]

In fact, Australia has sold out to the Chinese. China now owns how much of their mining rights?

[Justprayfirst]

@juujuuuujj Sure, just like China! Total control!

[psikeyhackr]

But going into debt for what?

For junk designed to become obsolete! So what happened to the DEPRECIATION of the junk?

Economists don't talk about NET Domestic Product. And their equation is WRONG. They only depreciate the CAPITAL GOODS. But cars purchased by consumers depreciate also.

So we are trying to run a world of 7 billion people on Defective Algebra.

Guy a $2000 laptop at 15% on a credit card. In 3 years the laptop will be worth $500. Economists don't subtract the $1,500.

[Andrewskji]

This is brilliant stuff, AMAZING that only 700 people have watched this.

This is a goldmine in being able to predict the big crash and to earn money on this.

[skc909887u]

Excellent!

[juujuuuujj]

Great lecture. I think one way to limit the accumulation of debt and promote savings is to centralize deposit banking and lending into one budget-independent, completely fiscally transparent, publicly-owned bank. Of course, with a sound currency, either backed by gold, or with a capped maximum amount (like bitcoin).