The Power And The Impo­tence Of The ECB

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I’ve attended two con­fer­ences in two days where both the power and the impo­tence of the Euro­pean Cen­tral Bank (EBC) have been on vivid dis­play.

Its polit­i­cal power is con­sid­er­able, both in form and in sub­stance. At both sem­i­nars, the ECB speaker—ECB Board mem­ber Peter Praet at the first, and ECB Pres­i­dent Mario Draghi at the second—spoke first, and then left. In form, the ECB has no need to defend its poli­cies because it is unim­peach­able in its exe­cu­tion of them. In sub­stance, it does not even con­sid­er­ing engag­ing with its subjects—I use the word deliberately—in open and robust dis­cus­sion.

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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.
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  • Bhaskara II

    Was read­ing recent italy news.

    Italy has at least a plan B!

    Will spaghetti be a cred­i­tor? *

    * Sophia Lauren´s advice on a hav­ing beau­ti­ful fig­ure, “Every­thing you see I owe to spaghetti.”

  • Bhaskara II

    Well, I should cor­rect and state that it Beppe Grillo´s plan be, not ness­esar­ily Italy´s.

    But his stance hard­ened sig­nif­i­cantly in a blog­post on Thurs­day in which he com­pared the Greek bailout nego­ti­a­tions to “explicit nazism”.

    Grillo con­structed what he called a “Plan B” for Italy, which he said needed to heed the lessons of Greece so that it was ready “when the debtors come round”.

  • Thank you much for the lec­tures. I’m won­der­ing iwhether there are more lec­tures in the works?

  • neiljhar­vey

    couldn’t find any where else to put it but just wanted to say thanks to steve for debunk­ing eco­nom­ics. I bor­rowed it of a friend at no cost but was so that impressed that i felt a dona­tion to your “Keep Rus­sell Stan­dish on the Min­sky Project” at the price of the book on ama­zon was a fair exchange.
    i wish i could have had this book back in 1998 when i was writ­ing my dis­ser­ta­tion on neo-liberlism, pol­i­tics and the media it would have cer­tainly added a cou­ple of chap­ters at least.

    thanks once again for the book and my newly tuned bull shit deflec­tors, and most of all steve keep chip­ping away because small cracks can bring down the biggest struc­tures when stress increases unex­pect­edly.


  • Thanks for the kind words and the sup­port for Minsky’s devel­op­ment Neil.

    On the lec­ture front, I’m about to give a dozen lec­tures or so on Finan­cial­i­sa­tion, where I’ll start from ther­mo­dy­nam­ics and cover Marx, Schum­peter, Min­sky and non­lin­ear dynam­ics.