Why credit money fails

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I’ve giv­en sev­er­al talks on this gen­er­al top­ic recently–at the ASSA (Acad­e­my of Social Sci­ences of Aus­tralia) annu­al sym­po­sium “Fam­i­ly for­tunes in the after­math of the glob­al finan­cial cri­sis”, The Gold Sym­po­sium, the Aus­tralian Investors’ Asso­ci­a­tionBulls vs Bears” Sym­po­sium, and final­ly at the Local Future 2010 Con­fer­ence on Sus­tain­abil­i­ty: Ener­gy, Econ­o­my & Envi­ron­ment in Grand Rapids, Michi­gan.

I was giv­en one and a half hours to present at the Local Future event, which gave me the oppor­tu­ni­ty to present a com­pre­hen­sive treat­ment of the dynam­ics of cred­it mon­ey and the “Glob­al Finan­cial Cri­sis” (to use the Aus­tralian moniker for it) or “Great Reces­sion” (as econ­o­mists in the US refer to it). At the oth­er talks, I had to skip over sub­stan­tial parts of my argu­ment to fit with­in short­er time slots.

I’m still at the Grand Rapids con­fer­ence, and sched­uled to give two more talks today (one on using QED, the oth­er on Debunk­ing Economics–I’m writ­ing a sec­ond edi­tion for pub­li­ca­tion ear­ly next year), so I’ll make this a brief post and let the screen cap­ture video below speak for itself.

Aaron Wiss­ner’s intro­duc­tion

Steve Keen’s Debt­watch Pod­cast


Video cap­ture of my talk (with audio)

Steve Keen’s Debt­watch Pod­cast 

| Open Play­er in New Win­dow

Record­ing of the dis­cus­sion

Steve Keen’s Debt­watch Pod­cast


MP3 record­ing of my speech

Steve Keen’s Debt­watch Pod­cast


I make exten­sive use of the pro­gram QED (which has been devel­oped for me by a col­lab­o­ra­tor who wish­es to remain anony­mous for now), and the pro­gram is embed­ded as a zip archive in slide 17 in my Pow­er­point Pre­sen­ta­tion. To run it, right click on the icon on the slide, save the ZIP file to some­where on your com­put­er, unzip the con­tents, change to the sub­di­rec­to­ry and dou­ble click on QED.EXE. I hope to be able to do a screen cap­ture of my demon­stra­tion of the pro­gram at the con­fer­ence today, which should make it eas­i­er to work out how to dri­ve it.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.