Steve Keen on Hardtalk
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Opening of Golden Gate Bridge May 27 1937 This is an absolute must see, and a joy to watch. Longtime friend of the Automatic Earth Steve Keen was on B
[See the full post at: Steve Keen on Hardtalk]This was more ABH than hardtalk. It’s good to see that our bbc licence fee is being well spent.
Comedy gold from the interviewer; Schauble is an economic genius? Wow. Sure, just ask Greece! That and pretty much everything else he said only illustrated how economically illiterate this guy is. Yeah, Australia’s fine. Norway, Canada, Sweden, all doing great. All except Britain, that is – they will pay for their insolence!
When the next crash goes down this muppet will probably claim that no-one could possibly have seen it coming.
Agree with Steve Keen on the European Union. They can work out good trade agreements between the countries and make it work; they don’t have to be joined at the hip. Nations and cultures are just wiped out with a union. Maybe that’s what TPTB want, one nation under God, or something. I read that that’s why the U.S. (CIA) set it up, so that it would become one nation; easier to deal with one entity. Ends up like a bad marriage where one is stronger than the other, and you end up losing your identity and it becomes: “We’re all Germans now.”
I do not agree with Steve Keen on a debt jubilee. I do not think he’s thought this through. He says to give only one side (the debtors) the jubilee would create moral hazard; you’ve got to give the same amount to debtors and non-debtors alike. Fine, agreed.
Let’s take a house, for instance. The debtor lives in a $400,000.00 house that should be worth $200,000.00, but the asset has been forced up in price because of the Fed’s game of reducing interest rates (great for the first ones in). Let’s say he put $50,000.00 down on the house, owing $350,000.00. Now let’s give him a $50,000.00 jubilee to put towards the debt, so he now owes $300,000.00. He’s still sitting in the asset.
Now let’s give every non-debtor $50,000.00 too. Maybe some of those people start chasing houses, and before long that house (above) is now asking $450,000.00, maybe more, because the non-debtors are all competing against each other. There goes the $50,000.00 the non-debtor received in helicopter money, and where does it go? Into the pocket of the debtor who just got bailed out because his house is now worth more.
The debtor is the winner here – again! The banks are winners – again. Everybody else gets to twist.
Prices do not come down; instead, they go up. The game starts all over, and we’re back to stupid growth, paving more forests, and staring at another jubilee down the line. This is exactly the same as raising the minimum wage. Prices end up higher, and they’re back asking for more a few years later.
Prices need to come down, and this is not the way to get us there. And the last thing we need is more growth.
Steve Keen = more stupid!
Hi Raleigh,
On what basis do you conclude that Steve Keen is stupid instead of bought and paid controlled opposition? I think Steve Keen is very smart. He knows his proposals will never be taken seriously and he actively conceals the fraud of all debt-money systems when they are brought up to his specific attention. Go to the comments section and read the dialogue… and Keen’s complete dedication to avoiding the specific arguments of debt-money fraud here:The Principle and Interest on Debt Myth (Exposes the Myth of Steve Keen!)
https://www.forbes.com/sites/stevekeen/2015/03/30/the-principal-and-interest-on-debt-myth-2/#31e550268238He thinks that linking an article that discusses derivatives will deceive people into thinking he actually answered the question he avoided at all costs…
It sounds to me like Keen got this memo, too…Krugman to Lietaer: “Never touch the [debt-]money system!”
“Didn’t they (MIT economics professors) tell you, never touch the money system!”
~Paul Krugman
“You are killing yourself academically if you touch the money system.”
~Paul KrugmanSteve Keen is like a guy who promotes caffeine for slaves not allowed to sleep while never addressing the real issue of the sleep deprivation… and avoiding addressing sleep deprivation when it is brought up as the root cause of the problem. He’s no idiot. He KNOWS EXACTLY what he’s doing.
Trivium – I didn’t mean that Steve Keen was stupid, but what he was proposing was just “more stupid”, as in another stupid solution, and one that keeps the ball in the air – again!
He comes across as so down-to-earth, so next door neighbor type. It would be hard to believe that he could be “bought and paid controlled opposition”. Do you mean that he purposely puts forward this idea because he’s paid to say it, that he’s part of the academic elite who want to maintain the status quo? Or does he actually believe this, and was hired for his position because he does? Like a useful idiot that the elite can use, like a Krugman, another Keynesian, albeit with a different take? Is Krugman bought-and-paid for, or does he actually believe what he says, and keeps his position because he does? I always said that Krugman won his Nobel Prize in Economics because he said what the elite wanted people to hear.
Raleigh
Debt jubilees go back before Sumer; everybody “potentially” wins; and it’s a one off. But there is no helping the stupid.
Read “Debt, The First 5000 Years” by David Graeber. It’s one hell of a great history of debt and money.
Here’s a link for the audio book, free;
https://www.unwelcomeguests.net/Category:AudiobooksAnd agree with TheTrivium4TW; Keen is no idiot; he’s a very smart guy.
Erm, I do not agree with TheTrivium4TW’s last paragraph; Kenn has and speaks to solutions.
He certainly is not supplying “caffeine to sleves”.
The problem is that most humans do not understand economics; thereby easily swayed by the likes of Krugman et al.
There are three “economists” I trust; Bill Black, Steve Keen, and Michael Hudson. Those three in a round-table would be just grand…V. Arnold – see my response to Trivium. I said Steve Keen equaled “more stupid”, as in more stupid solutions coming our way.
And you said the jubilee would be a “one-off”? And when that doesn’t work, we’d call for another jolt of electricity, a two-off, or maybe a three-off? We are continually being “off’d”, choosing winners and losers.
How about we just “piss off” and stop bailing, manipulating, steering, engineering the economy! The problem is that prices are too high, way too high. If we let them come down, the economy would pick up again.
But, no, we want to keep those high prices and then give everybody a wad of cash and push prices higher, which only bails out those who made poor decisions in the first place. That is how history has played out: prices go up and up and up, they get too high, and then prices go down and down and down. We’re trying to eliminate the “down” part.
The stupidity, it hurts.
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