What Bernanke doesn’t understand about deflation

Published in August 29th, 2010

Bernanke’s recent Jackson Hole speech didn’t contain one reference to the key force driving the American economy right now: private sector deleveraging (here’s the previous year’s speech for comparison’s sake). The reason the US economy is not recovering from this crisis is because all sectors of American society took on too much debt during the [...]

Webinar on the Australian Economy

Published in August 19th, 2010

Posted by Steve Keen in Debtwatch

165 Comments

Broadcaster and podcaster Phil Dobbie, who amongst other roles conducts the podcasts for BNET.com, is launching a Webinar seminar series with a talk by me on the Australian economy. A webinar is an online version of a seminar at which the speaker can give a lecture (complete with slides, simulations, etc.) that up to 1,000 [...]

Giving the Bird to the Stimulus?

Published in August 18th, 2010

Posted by Steve Keen in Debtwatch

170 Comments

Peter Martin reports in The Age today that Professor Ron Bird of UTS has weighed into the debate over the Rudd stimulus package. Professor Bird claimed that the stimulus was far less important than our strong economy prior to the crisis, and the secondary effect on our exports of stimulus packages undertaken elsewhere. ”The position [...]

Bank Profits a sign of economic sickness, not health

Published in August 11th, 2010

Posted by Steve Keen in Debtwatch

145 Comments

The record $6 billion profit that the Commonwealth Bank is expected to announce today is a sign of an economy that has been taken over by Ponzi finance. Fundamentally, banks make money by creating debt, and the amount of debt we’ve been enticed into taking on is the sign of a sick economy rather than [...]

IQ Squared debate on capitalism and the planet

Published in August 2nd, 2010

Posted by Steve Keen in Debtwatch

85 Comments

I’m taking part in an Intelligence Squared debate on Tuesday next week–August 10 2010–on the topic: “That only capitalism can save the planet” I’m on the Opposition side, along with the poet and novelist Kate Jennings, and former Executive Director of Greenpeace International Paul Gilding. The Government side is Economics Editor of The Sydney Morning Herald [...]

Thanks for the Manna

Published in July 30th, 2010

Posted by Steve Keen in Debtwatch

125 Comments

Chris Joye comments in his release of the recent RP Data-Rismark index that the news of a 0.7% fall in one month will be “manna from heaven for the housing market bears”. Far be it from me to disappoint him, so thanks for the manna. But what adds spice to the manna is the way [...]

Aussie house prices fall 0.7% in June 2010

Published in July 30th, 2010

Posted by Steve Keen in Debtwatch

14 Comments

The RPData-Rismark index has just been released, and it has fallen 0.7% in the month of June 2010. I’ll have more to say on this shortly, but for now I can do no better than to direct you to the Business Spectator news report of the fall: House prices fall 0.7% in June, flat in [...]

American Monetary Institute Conference Chicago Sept 30–Oct 3

Published in July 20th, 2010

Posted by Steve Keen in Debtwatch

142 Comments

The American Monetary Institute has invited me to speak at their 2010 Monetary Reform Conference, at the University Center in downtown Chicago, between September 30th and October 3rd. I have agreed, though since this is in the middle of a teaching period for me it will be a “lightning trip” to the USA–leaving Sydney on Wednesday 29th [...]

New York Debtwatch Talk: Modelling Debt Deflation

Published in July 14th, 2010

Posted by Steve Keen in Debtwatch

106 Comments

The blog now has over 5000 members, and about 40 of them crowded into a small room in the FlatIron district of New York to hear me give a talk on debt-deflation. Since I had the luxury of more time than you get at an academic conference, and an engaging and intelligent audience, I gave [...]

Are We It Yet posted

Published in July 12th, 2010

Posted by Steve Keen in Debtwatch

33 Comments

This is a “remedial” post: I have just posted “Are We It Yet?” to this site, but for some reason it was posted after the “Naked Capitalism” post below. If you’ve already read the paper I gave at the Minsky conference, then you’ve read what’s published there; the main reasons for putting it here in [...]

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