Interview with Lelde Smits on Finance News Network

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I was inter­viewed by Lelde Smits for the Finance News Net­work on my recent trip back to Syd­ney. Below is the begin­ning of the tran­script; you can read the rest by click­ing on this link. Or click below to watch the inter­view with Lelde.

Tran­script of Finance News Net­work inter­view with Kingston Uni­ver­si­ty Head of Eco­nom­ics, Pol­i­tics and His­to­ry, Dr Steve Keen

Lelde Smits: Hel­lo, I’m Lelde Smits for the Finance News Net­work and join­ing me from London’s Kingston Uni­ver­si­ty is Head of Eco­nom­ics, Pol­i­tics and His­to­ry, Dr Steve Keen. Steve, wel­come back to Syd­ney and to FNN.

Steve Keen: Love­ly to be here again.

Lelde Smits: 2014 has just wound up. What is your assess­ment of the glob­al economy’s per­for­mance?

Steve Keen: Well it’s a clas­sic Parson’s Egg. You know parts of it were excel­lent but the parts of it that were excel­lent were quite tiny, basi­cal­ly being Amer­i­ca and Eng­land both going through a form of revival after the glob­al finan­cial cri­sis. So I think you can cer­tain­ly say that those two Anglo-Sax­on nations are out of the glob­al finan­cial cri­sis, what­ev­er is going to come along will be a new expe­ri­ence, not a con­tin­u­a­tion of the old one.

But Europe is trapped in a total quag­mire, and China’s growth which has been slow­ing down, of course it has to slow down because it sim­ply can’t grow at that rate indef­i­nite­ly, that slow­down is start­ing to wor­ry peo­ple about what is going to be the engine of growth in the glob­al econ­o­my. If I had to use one word to describe the econ­o­my, it’s frag­ile. And that’s where the egg anal­o­gy comes in as well, what’s going to crack the egg?

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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.