Prof Steve Keen YouTube Channel in business again

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Some time back a YouTube Channel “ProfSteveKeen” was established to collate my video interviews. It’s been inactive since then, but recently Sydney writer/director and multimedia reporter Benny Sutton–who has more than a decade’s experience in filmmaking and Australian broadcast journalism–volunteered to produce professionally recorded, regular “Vidcasts” on a range of topics.

The first two, on whether the US economy will experience a “Double Dip”, have now been posted to YouTube; you can watch them below, or via subscribing to the YouTube Channel.

Will there be a US “Double Dip”? Part One

Will there be a US “Double Dip”? Part Two

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.
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66 Responses to Prof Steve Keen YouTube Channel in business again

  1. ak says:

    So who is funding these great Austrian sites?

    http://blog.mises.org/13906/whos-funding-this/

    If Koch Bro are so efficient and get so much attention for so little money spent maybe I should throw away my “statist” views and convert to Austrianism on the spot as this is a proof that the marginal efficiency of private Austrian funding appears to be far greater than the state competitors.

    Never mind who is right or wrong…

  2. peterjbolton says:

    @ Mish – Who is to blame?

    http://globaleconomicanalysis.blogspot.com/2011/05/europe-at-abyss-us-housing-in-abyss-who.html

    “The markets failed. All this would not have occurred if banks in Germany and France had not lent so much,” says economist Desmond Lachman of the American Enterprise Institute. “It was like the U.S. housing market.” Both American and European banks went overboard in relaxing credit standards.

    “Markets Failed” Says Desmond Lachman

    Comment by Mish:

    “Few economic statement make my hair stand straight up more than that bit of complete nonsense from Lachman. The markets did not fail. Bureaucrats who dreamed up the Euro failed.”

    My comment: Clearly it is “leadership” that has failed and as a result the current models of statism – within the brew and slews and stews of Fascism. Marxism, Socialism etc., tighten their grip of social controls as desperate measures to have the full burden of payments (for their incompetences met by the unwashed public through the wonderful pain of Austerity-for-all (except the usual chosen ones).

    These failed “Leaders” who are having their gross incompetences and irresponsibility’s displayed publically and globally to levels that leave no doubts, whatsoever, are now preparing for a confrontation between “Us & Them” – which is no obviously building like a wild fire before the wind.

    Greece is no desperate at the run on the banks continue and fiat is being exchanged for Gold which leaves Greece less Gold and cannot borrow at 25% interest rates while the IMF cannot do its stuff because Greece has technically defaulted. Greece was bailed out 3 years ago and here we are again – to be followed by the other PIIGS + more.

    Any doubts as to the trend?

    There is no phenomena more prolific that “bureaucracy”.

  3. Lyonwiss says:

    Ak May 31, 2011 at 7:50 am

    It is an interesting link on research funding. Note that Art Carden did not deny the existence of conflict of interest, saying: “…we worry way too much about intellectual corruption from private money and way too little about intellectual corruption from government money, but I could very well be wrong.” He is absolutely right in that there is intellectual corruption nearly everywhere.

    Government research generally means finding evidence to support a public policy or political bias, nowadays often paying “independent” consultants to come out with the required results. Economic research grants are given to support and elaborate on different religions: the mainstream, Austrian, post-Keynesian etc, depending on the source. Lobby groups for banks, investment managers, estate agents are constantly coming out with research to support their own industries. Tobacco research is to cast doubt on the link between smoking and health etc. The saying “He who pays the piper calls the tune” is self-evidently true, but is ultimately counter-productive.

    Considering the large amount of money, the large numbers of researchers and advanced technology deployed, the achievement in recent decades is rather disappointing, to say the least. I note that some of the greatest advances in the arts and sciences occurred in the 17th and 18th century, when there was hardly any institutional funding for research. Relatively few people of independent means, often supported by rich patrons, pursuing knowledge mostly as hobbies, without financial motives, made enormous advances, laying the foundation for European domination in the subsequent industrial revolution.

  4. peterjbolton says:

    @ Lyonwiss May 31, 2011 at 6:57 pm | #

    In my opinion, paid for “art” is not art but fashion – look at Roubine and Krugman for example.

    “Intellect”: – in the main it doesn’t exist -especially in the paid domain.

    We need to understand the characteristics and attributes ie nature of the “collective” while attempting to break free to achieve the nature and being of the “individual”. I speak of natural physics.

    Until we do this, we remain doomed by the negative energies of our lower energies.

    The defence:

  5. Lyonwiss says:

    Peterjbolton May 31, 2011 at 8:52 pm

    Yes, enough of Roubini and Krugman: “It’s hard to think clearly when your pay depends on it”.

  6. Lyonwiss says:

    Some of the “mainstream” is finally coming around to an understanding of the reality, as opposed to many of the academic economists of fixed religious persuasions, who don’t even look at any data, before they sprout their fantasies. Not meaning to endorse everything they say, my browsing of Borio and Disyatat’s BIS paper indicates a departure from academic mainstream deserving of some consideration. The conclusion of their abstract reads:

    We conjecture that the main contributing factor to the financial crisis was not “excess saving” but the “excess elasticity” of the international monetary and financial system: the monetary and financial regimes in place failed to restrain the build-up of unsustainable credit and asset price booms (“financial imbalances”). Credit creation, a defining feature of a monetary economy, plays a key role in this story.

    I would interpret ‘the “excess elasticity” of the international monetary and financial system’ as due to the workings of the fiat money system. This full paper is here:

    http://www.bis.org/publ/work346.pdf

    I wait to see whether the BIS bureaucracy will permit their researchers to pursue this line of inquiry, which would or should logically lead to some radical reforms.

  7. ferb says:

    Seriously, you could not have made this shit up…..any more perfectly than what is comig out of the media this week.

    The banks aren’t bad….oh
    http://theage.domain.com.au/real-estate-news/blogs/domain-investor-centre-blog/banks-gone-wild-20110531-1fdqf.html

    Aussie economy is unique…..oh
    http://www.theage.com.au/business/national-economy-shrinks-12-20110601-1ffjw.html

    Housing is affordable…oh
    http://theage.domain.com.au/real-estate-news/hockey-australia-faces-housing-affordability-crisis-20110531-1fe6n.html

    Home sales goin gangbusters….oh
    http://theage.domain.com.au/home-investor-centre/softening-property-market-new-home-sales-slow-20110531-1fdpn.html

    This is hilarious. Just hilarious to watch everyone run for the books to figure out why it all went wrong….and then still get the blame/cause wrong.

    Australia, you are about to enter a world of hurt…brace yourselves..

  8. peterjbolton says:

    “The decommissioning of the Fukushima 1 nuclear plant is delayed by a single problem: Where to dispose of the uranium fuel rods? Many of those rods are extremely radioactive and partially melted, and some contain highly lethal plutonium.”

    http://www.globalresearch.ca/index.php?context=va&aid=25064

    “Under the Non-Proliferation Treaty (NPT), signed by Japan in 1970, Washington’s negotiators stipulated that used nuclear fuel from Japanese reactors must by law be shipped to the United States for storage or reprocessing to prevent the development of an atomic bomb. Washington has been unable to fulfill its treaty obligations to Tokyo due to the public outcry against the proposed Yucca Mountain storage facility near Las Vegas.”

    And our bent is to trust the Americans?

    This is something to watch, very closely indeed and ensure that it doesn’t come to Australia.

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  10. alainton says:

    One thing that would force a double dip is if financial regulators forced banks to de-leverage on behind mortgages – arn’t they aware of the paradox of de-leveraging?

    The numbskulled Financial Services Authority in the uk is urging strongly banks not to show forbearance,

    I have a go at them on my blog – managed forbearance is the solution not the problem.

    http://andrewlainton.wordpress.com/2011/06/01/will-us-housing-market-trigger-a-double-dip/

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  12. UNSW_kid says:

    I like this analysis Steve but i’m not so certain that the US is headed toward a double dip.
    You note that the private sector is experiencing the same type of recession as Japan (where asset prices collapsed and liabilities remain), and that govt. deficit spending is alleviating the situation, but so long as deficit spending remains large enough I don’t see the immediate problem with the US economy being supported by the govt.
    Since the private sector clearly needs more money, and can only run a surplus (able to save and pay down debt) when the net of the govt. and capital account is in deficit, it is clearly a case where govt. deficit spending has been just large enough to produce meager growth.

    No sovereign currency nation has to rely on the classical economic ideal of an always self sustaining private sector, after all the role of govt. is to further the prosperity of the private sector, not to benefit at its expense.
    However the banks should have failed, however they survived stronger then before. They feed off everyone, and everything, instead of providing their actual role of aiding capital distrubution and greasing the capitalism system they cannabalise every person who uses it to no benefit to the economy other then to themselves.
    This was bad policy and set a shocking precedent.
    Free markets, no more.

    I see the major risk to a major contraction would be congress pushing through some ridiculous ‘fiscally responsible’ plan reducing the deficit to a degree such that it instantly cripples the economy.
    You have witnessed it in Japan over the last two decades, every time the Japanese govt. has tapped the breaks on deficit spending it has lead to an instant recession.

  13. Steve Keen says:

    I agree that Congress pushing through a deficit reduction program will be a nightmare right now UNSW_kid–I think a double dip will appear without that given the dynamics of private debt, but that move would amplify the problem. I disagree with other aspect of the Chartalist argument however–which I think is well known here–and I’ll articulate why in coming months.

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