A Pre­lude to Steve’s New Zealand Tour

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Below is a great inter­view with Steve and Simon Maude — a pre­lude to Steve’s New Zealand tour, hosted by talk­sNZ. Steve reit­er­ates how today’s eco­nomic envi­ron­ment is the begin­ning of a debt induced depres­sion, how this could give rise to polit­i­cal insta­bil­ity, and hits some of his well regarded notes on exces­sive bank lend­ing.

Click here to lis­ten to the record­ing.
Steve will be tour­ing New Zealand, start­ing with two sem­i­nars in Auck­land on the Fri­day 7th and Sat­ur­day 8th of Sep­tem­ber, fol­lowed by one sem­i­nar in Welling­ton on the Mon­day 10th Sep­tem­ber. Click here for the sem­i­nar pro­gramme and to secure your seat now!
The next five peo­ple who com­plete reg­is­tra­tion will receive a com­pli­men­tary signed copy of Steve’s lat­est edi­tion of Debunk­ing Eco­nom­icsTo be in the run­ning just men­tion the word ‘Debunk­ing’ when you email your reg­is­tra­tion details to admin@talks.co.nz.

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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  • Paul Vallejo

    Well done Steve. You hit the crit­i­cal issues on the head!

  • Glenn Stehle

    Great inter­view, Steve.

    National Geo­graphic did a doc­u­men­tary film on Hitler’s rise to power:

    http://www.youtube.com/watch?v=oNConq5SLWY

    http://www.youtube.com/watch?v=y7-I4MThZWA

    My eyes rolled back in my head when in the intro­duc­tion the nar­ra­tor asks: “How did he [Hitler] sew the seeds of hatred and vio­lence?”

    I said to myself, “This nar­ra­tor needs to pick up a copy of Keynes’ The Eco­nomic Con­se­quences of the Peace.”

    Stick with the film, how­ever, because it ends up being far bet­ter than this sloppy intro­duc­tion, and actu­ally does show that eco­nomic dis­tress was the lifeblood of Nazism.

    Another timely read is Han­nah Arendt’s The Ori­gins of Total­i­tar­i­an­ism. She shows how lais­sez faire cap­i­tal­ism, impe­ri­al­ism and racism are con­nected at the hip, and traces the evo­lu­tion of lais­sez faire cap­i­tal­ism into impe­ri­al­ism and finally into Nazism.

    The National Geo­graphic doc­u­men­tary shows how the Ger­man plutocrats—-e.g. Alfred Hugen­berg, Franz von Papen, Fritz Thyssen—-threw their sup­port behind Hitler. They thought they could con­trol him like the Ital­ian plu­to­crats con­trolled Mus­solini. Boy, did they get fooled. 

    The only Anglo-Amer­i­can plu­to­crat the film shows throw­ing his sup­port behind Hitler is Henry Ford. Actu­ally, though, the ranks of for­eign plu­to­crats who enthu­si­as­ti­cally sup­ported Hitler would have filled a sta­dium, as George Orwell points out in “Look­ing Back on the Span­ish War.” 

    And as Orwell goes on to explain in “Eng­land Your Eng­land”:

    After years of aggres­sion and mas­sacres, they [the British rul­ing class] had grasped only one fact, that Hitler and Mus­solini were hos­tile to Com­mu­nism. There­fore, it was argued, they must be friendly to the British div­i­dend-drawer. Hence the truly fright­en­ing spec­ta­cle of Con­ser­v­a­tive M.P.s wildly cheer­ing the news that British ships, bring­ing food to the Span­ish Repub­li­can gov­ern­ment, had been bombed by Ital­ian aero­planes.

  • LCTesla

    Another post about Miles Kimball’s idea of Fed­eral Lines of Credit, an idea sim­i­lar to the debt jubilee: http://blog.supplysideliberal.com/post/30097327709/why-george-osborne-should-give-everyone-in-britain-a

  • Derek R

    Miles Kim­ball is obvi­ously well mean­ing but this is just another gen­eral stim­u­lus idea which does noth­ing to reduce the ordi­nary person’s debt level. In the best case, assum­ing that those who are in debt to pri­vate lenders use the FLoC card to reduce their high-inter­est debt, it will allow some reduc­tion. How­ever in the worst case it will sim­ply be used to fund con­sump­tion spend­ing by those who can­not make ends meet. This would cause a short-term stim­u­la­tory effect by increas­ing the indebt­ed­ness of ordi­nary peo­ple even more and thus would put ordi­nary peo­ple even deeper into the hole. Thing stu­dent debt bur­den — except for food and shel­ter.

    No. Steve’s debt jubilee idea is far supe­rior.