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Roving Cavaliers of Credit
Read Some Minsky
Monetary Profits Paradox
Are We "It" Yet?
Monetary Multisectoral Model
"No-one saw this coming"?
Why the Crisis is not over
Deleveraging with a twist
Bernanke doesn't understand the Great Depression
The Case Against Bernanke
Rescuing the Bubble
Australian house prices
Competition No Panacea
House Prices & Banks I
House Prices & Banks II
Lectures on Endogenous Money
Debt and Australian housing
BBC HARDtalk Interview
INET Interview on why I saw "It" coming
This is an unplanned post that partly pre-empts what I’ll be writing in the February Debtwatch Report, where I will explain in full my theory of money creation in a pure credit economy. So this is somewhat out of sequence, and will undoubtedly be badly explained compared to what I put together for February. I […] ↓ Read the rest of this entry…
Debunking Economics was first published in 2001 by Pluto Press (Australia) and Zed Books (UK). There has been renewed interest in it since I began warning of the impending financial crisis, and I decided to release the book in electronic format to make it more accessible (the hard copy can still be purchased, if your bookshop […] ↓ Read the rest of this entry…
Two days ago the FBI indicted Bernie Madoff, principal of Bernard L. Madoff Investment Securities LLC, on securities fraud. Though the case has yet to run, in the indictment the FBI reported that Madoff confessed that his was “basically a giant Ponzi Scheme” that may have lost some extremely high net worth individuals over US$50 billion. […] ↓ Read the rest of this entry…
University of Texas Economics Professor James Galbraith is a son of the great US Institutional economist John Kenneth Galbraith, and a leading non-orthodox economist in his own right. He has developed highly innovative methods to measure economic inequality that are well documented here; he is a strident critic of conventional economics; and he has been as […] ↓ Read the rest of this entry…
Several people have commented on the speech by Glenn Stevens (for international readers, Stevens is the Governor of Australia’s central bank, the Reserve Bank of Australia) yesterday in which he commented, inter alia, that: “I do not know anyone who predicted this course of events. This should give us cause to reflect on how hard […] ↓ Read the rest of this entry…
Ross Gittins finally comes aboard the debt-deflation train, with an article in today’s (December 8 2008) Sydney Morning Herald entitled ”It’s not inflation that did us in, it’s the borrowing“. For non-Australian readers, Ross has been a regular economic commentator for Sydney’s leading newspaper for about forty years. His economic position in the past could be described as predominantly […] ↓ Read the rest of this entry…
The UK Government has taken the first tentative steps towards a solution to this crisis with its decision today to give stressed borrowers an interest repayment holiday of up to two years (New scheme to help people at risk of repossession). The scheme is limited in scope to households that suffer ”a significant and temporary loss […] ↓ Read the rest of this entry…
What’s Really Going On? or… Why Did I See it Coming and “They” Didn’t? Part 2: The Models “But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us […] ↓ Read the rest of this entry…
Dear Subscribers, There is some technical glitch affecting the blog at present that delays approval of new posts, and often results in multiple postings from the same post. I know these would be irritating to receive, but they are the fault of either the underlying software (WordPress) or my ISP host, or both. Once I […] ↓ Read the rest of this entry…
Reports that the USA government’s total financial commitments from the financial crisis now top US$5 trillion raise the obvious question “Can they afford it?”. The answer isn’t obvious. Some economists, from a range of schools of economic thought, argue that the government sector (lumping the Treasury and the Federal Reserve together) has a limitless capacity […] ↓ Read the rest of this entry…
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