JHK’s Three-Act Play
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Steve Keen says of himself:
“I’ve been a rebel economist since long before it was fashionable: I led a student revolt against the teaching of economics at Sydney University in 1973. I became an academic in 1987 with the intention of helping to reform economics, and I’ve helped develop non-orthodox economics substantially over the last 30 years, especially by developing mathematical models of Hyman Minsky’s Financial Instability Hypothesis. Now I’ver retired from academia, with an Honorary Professorship at UCL, and I’m continuing the fight against a mainstream that thinks it’s defending capitalism, but is actually jeopardising its future. I publish my work on Patreon at www.patreon.com/profstevekeen.”
The new theme music for the podcast is the Two Rivers Waltz by Larry Unger.
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I certainly don’t agree with EVERYTHING Keen says, but if there is a guy who can convince me through theory that MMT can work in some manner if A+B+C are implemented, it’s Keen.
Thank you Jim!
Keen was yet another Euro who couldn’t see the BoJo victory… the media simply cannot be trusted for election predictions.
I really like Keen, and especially the fact that he calls out economists for being blind to reality. As a casual observer of what economists believe and say, it has been obvious to me for a long time that they almost disregard oil, and think that the only thing that matters is price. As exhibit A I would point to Russ Roberts, who has a sizable podcast audience. It’s like being blind to the reality of the sun, that’s how bad they misunderstand reality.
Just like another commenter said, however, MMT seems like a highly questionable idea. But it’s still refreshing to hear Keen talk about things in a way that I honestly don’t ever hear. And he sounds pretty logical, even to a guy like me who is not formally educated.
And the way he just factually states that we will be going back to the dark ages so casually really stunned me. I’ve basically believed that after listening to Kunstler for so long, but the fact that so many other people DON’T see that reality for what it is just goes to show that no matter how ‘advanced’ we think our country is, we are still as blind as can be and I think that this is deliberate on the part of the elites.
This guy advocating a debt jubilee is a moron. Instead of trying to pretend that there is an easy way out of this serious problem with our banks, we should be accepting the consequences of our collective stupidity.
I am debt free and would rather allow the system to correct itself via the process of bankruptcy. People can still get out of debt via bankruptcy and the foolishness of the creditors can be corrected as they see their “assets” vaporize.
The main reason the banks were bailed out in 2008 was because many politically connected people would have lost an enormous amount of wealth. The TARP should never have been allowed to pass. I think we would be in a lot better shape now had we stuck $800 billion into FDIC in 2008 and told the large banks that they were on their own.
The dollar would very quickly lose value and would no longer be the reserve currency of the world if we enact these crazy ideas.
I also think fiat currency may be more trouble than it is worth. People will always be dishonest with a fiat currency. Backing a currency with a hard asset enforces honesty in the banking system and greatly reduces foolish allocations of capital towards bad investments.
Hey neutron
I agree regarding the 2008 response – the bail-out should have been directed at Main St, and the FDIC idea would have been brilliant. However, Main St has no clout.
I do think a debt jubilee -aimed at Main St-would work.
Thank you James, another winner. I especially enjoyed the detailing of the American business shanghai to China for a 50% ownership in 5 years. I had no idea. What a sellout.
Funny thing about the monasteries retaining stored knowledge and culture during Dark Ages, but then there is much wisdom in the Divine is there not? By my count there are 13 long years between next year and 2033. Make the most of them.
Financial markets are self-destructive. If they do not take the rest of civilization with them, Civilization than gets stuck rebuilding the financial markets.
I think it is a good idea, I have thought of it but not as detailed as you.
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I have to take into account his ideas, opinions, and perspective about economics. His hypothesis and mathematical solutions are very new yet it makes sense and may not be acceptable to the elite. click
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