Terrific presentation by Australian economist Steve Keen. Keen is definitely keeping his eye on the ball and sees/presents the correlation between debt and the economy very well. Debt levels are WAY higher than prior to the great depression as he points out.
He makes the contention that resuming the growth of debt is one way to pull the economy out, but later states that he doesn't believe that can happen - bravo. So, he thinks that some type of debt forgiveness needs to happen, and I don't think we're going to see that because there are too many dollar holders around the globe that would not be pleased by that type of extreme moral hazard. Therefore, in my opinion, change on a major league scale is coming.
I would also interject that with each prior bubble and collapse, interest rates were lowered to stimulate the creation of more debt. This time is DIFFERENT in that interest rates hit zero. Think about that.
Steve Keen - Getting to Grips with the Economy part I (9:44):
Steve Keen - Getting to Grips with the Economy part II (10:44):
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