Steve Keen on BBC HARDtalk [good sync]

Sarah Montague talks to Steve Keen, one of the few economists to have predicted the global financial crisis, about the possibility of another Great Depression, and how to avoid it.

'Another Great Depression is all but inevitable' - that's the view of Steve Keen. He's been called the 'Merchant of Gloom', but he's one of the few economists to have predicted the global financial crisis. While he used to be a lone voice in challenging the economic consensus, more and more people are now listening to him. His way of avoiding depression? Write off the debt, bankrupt the banks, nationalise the financial system, and start all over again. He talks to Sarah Montague.

Category:

News & Politics

Tags:

• BBC
• HARDtalk
• Hard
• Talk
• hardtalk
• steve
• keen
• stevekeen
• depression
• Merchant
• of
• Gloom
• global
• financial
• crisis
• Great Depression
• Late-2000s Financial Crisis
• Radio
• Economy

[NewAmericaNow]

Even though I did consider this bottom up approach as superior to what had been done, inflation would be much higher and the banks would still have made out like bandits. Nationalizing the banks and creating debt free currency as a utility would go farther in solving the problem. The reality is right now there is too much debt to pay off because much of this is fictionally created by banks.

[kriskoster]

Ack! Don't you just hate it when the presenter isn't intelligent enough to keep up with her interviewee. It's frustrating to watch the guy correct her responses. She's out of her depth.

[OgallalaKnowhow]

@mrzack888

"I would propose to buy up 60-75% of the private debt."

Your *solution* amounts to FURTHER redistribution of wealth, from the public dime to the institutions at the credit side of these financial contracts. Keen's solution is outrageous because the situations that brought us to this point are so outrageous. The debt should just be written off and new institutions established.

[MISTY1770]

Was he RIGHT about any of his predictions? NO. That makes him just another brilliant "professor", Next.

[antmayfield]

Lol. If I am ever asked to speak on a show like Steve Keen is, when the bit is finished and they tell me 'thanks for coming on', I'm going to do like Steve Keen and just say 'you're welcome'

[lukegranger89]

@Teller3448 Yes, i'm sure Steve Keen who is an economics professor did not consider that point...

[lukegranger89]

@GuinnyIre She is a dumbass journalist. He is a Professor of Economics and Finance.

[mrzack888]

Keen's solution is outrageous. I would propose government buy up 60-75% of the private debt(credit cards, student loans, medical bills, lawyer fees, collection agency debts) as a form of consolidation and have the individuals pay the government. And the govt would only charge 1% on this debt. And depending on the situation the govt forgive only 15-25% of principal debt.

[yithril1]

"The system failed not the individuals in it." Uh, yeah....

[eatsimplefood]

fu** money ... why do we need money when we as a global society have the abilities to produce everything we need in abundance? watch on YouTube ZEITGEIST MOVING FORWARD