Please feel free to zoom this video ahead to the 12:40 point and begin watching Steve Keen from that point. He understands debt, money and banking. Listen closely to what he is saying about fractional reserves and how it just doesn’t and isn’t working as most people think. He is correct! To produce more and more money means more and more DEBT. This is one reason why I say that we have another bout of deflation coming UNLESS they get serious about printing money without debt behind it.
Note that Steve states that banks should have been nationalized, but otherwise does not present solutions as to how to get from our present state to an unsaturated debt state. Defaulting the debt away on all levels is the only way under the current system, and that is simply not being allowed. So, the alternative is to change the game. We are about to present answers…
Enjoy this video, Keen is always a pleasure to listen to because he understands the debt dynamics… Oh, and he even understands that debt affects the velocity of money! His thinking backs our position in finding the correct solutions..
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