Occupy Economics
Dec01
on December 1, 2011
at 11:07 am
The Occupy movement is broadening. I was just alerted to the existence of this site:
Econ 4 people, 4 The Planet, 4 the future
They are calling for academic and professional economists to sign up, which I have done.
Occupy Economics from Softbox on Vimeo.
Here is an Australian’s review of Debunking Economics:
http://www.macrobusiness.com.au/2011/11/reviewing-steve-keen/
First time I have seen the blog. One blogger has referred to the Australian School of Economics or Keensian School!!
Well done Steve. Please keep going. I am watching the events unfold from the UK. It is depressing to see these senior politicians so clueless, I guess that reflects they have never actual done anything in the real world!
Anyway, I log in everyday, you are saying something very profound. Your message will be heard eventually because it is right! Thanks.
Hi Steve
Talking to someone who was in the high ranks of financial management. It appears The Establishment still believes that the financial crisis was caused recently as a result of unregulated activity which eventually led to downright criminal activity such as the sub-prime scam. They can find no fault with the bankers except naivety over the gold plating of dodgy assets schemes. Of course they think that reinstating strict controls over investment banking aka The Glass Stegel Act would restore stability to the financial system!
If our masters continue to hold to this line isn’t a total crash of the banking system inevitable under these circumstances as they seem to be oblivious to the dynamics of debt creation?
Alan – short answer I think is “yes.” We are headed for a calamity one way or another on the current path. Is really just a matter of time now. The banking system, like many other aspects of our society, is dependant on constant growth which cannot be sustained and is inconsistent on an indefinate basis with physical reality. So many folks just hopelessly lost in details, dogma, etc. Likewise, social reinforcing makes talking about this stuff almost akin to “insanity” it seems. Normalcy bias is definately part of the train wreck.
I agree Alan. They are still in ignorance about the cause of the crisis, and in denial about its severity. So what they do will be generally too little of the wrong thing. It’s a repeat of the experiences of the Great Depression itself.
Hi Steve
Hope you dont get too bored with the simplistic questions!
So far it appears to me that you have in the current financial crisis necessarily focussed on the the very real dangers of bank creation of private debt exploited by the Ponzi merchants. How much or far is income distribution over time, in a dynamic sense, a factor in destabilising the growth cycle?
Could one argue that over-accumulation of capital and underconsumption from workers encourages irresponsible lending by the banks and the movement by industrial capitalists into parasitic financial speculation? I understand that from being an adjunct to industrial capital finance capital is now dominant and doesn’t see any point in wasting time on a long winded production cycle with risky outcomes in the advanced countries.