Boston & New York, June 20-July 9

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I will be in Boston and New York soon, either side of the Hyman Min­sky Con­fer­ence that I’m speak­ing at at the Levy Insti­tute.

I am com­mit­ted to meet­ings on Tues­day-Wednes­day June 22–23 (and pos­si­bly Fri­day June 25), to the Levy con­fer­ence June 27–29, and there may be a sem­i­nar jointly organ­ised with Eric Jan­szen of iTulip on July 2. I will be free at other times, and open to sug­ges­tions for meet­ings or sem­i­nars. If you’d like to arrange some­thing, please con­tact me via my gmail email address (debunk­ing at or via a com­ment to this blog entry.

News item on Inter­est Only Mort­gages

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Chan­nel 7’s Today Tonight is doing an item on “Inter­est Only Mortgages”–like the prod­uct that ING has recently promoted–and the whole hous­ing bub­ble issue.

They are look­ing for any­one who has been “burnt” by either an inter­est-only loan, or a loan that was pred­i­cated on the expec­ta­tion that house prices would always rise–as is ING’s new product–who is will­ing to be inter­viewed about the expe­ri­ence on cam­era.

The item is being put together by James Thomas, who did the excellent–and yes, I do mean excel­lent!–“Chang­ing Times” on debt defla­tion in Feb­ru­ary of last year (unfor­tu­nately the clip is no longer avail­able online). I can vouch for James’s pro­fes­sion­al­ism and tact: the item will be well con­structed, and inter­vie­wees will be treated well.

Excel­lent pre­sen­ta­tion on Scribd on Aus­tralian hous­ing

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This pre­sen­ta­tion was noted by a blog mem­ber today. Take par­tic­u­lar note of slides 21–20 which com­pare the bal­ance sheets of US and UK banks to that of one Aus­tralian bank, the Com­mon­wealth.

How to Profit From the Com­ing Aussie Prop­erty Crash (and Bank­ing Cri­sis)

Also a quick note that the site’s server crashed this morn­ing and had to be restored from back­ups. Sev­eral blog com­ments were lost, includ­ing some from new mem­bers. These records of these new mem­bers might also have been lost, so if that applies to you, please rejoin and resend your com­ment.

Stan­ford and Keen dou­ble bill

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Jim Stan­ford, the author of the pop­u­lar  Eco­nom­ics for Every­one (from which the car­toon to the left is taken), and I spoke at a dou­ble bill on the global debt cri­sis for the ven­er­a­ble Syd­ney insti­tu­tion “Pol­i­tics in the Pub” last night.

We had a full house for an provoca­tive evening on why the Dis­mal Sci­ence is nei­ther nec­es­sar­ily Dis­mal, nor any­thing close to a Sci­ence, and why the debt cri­sis is still with us.

Jim, as well as being an out­stand­ing non-ortho­dox econ­o­mist, is also a very engag­ing speaker–as I whis­pered to the Chair (Pro­fes­sor Frank Stil­well, from Syd­ney University’s Depart­ment of Polit­i­cal Econ­omy) while Jim spoke, he was a very hard act to fol­low!

Revere Award for Eco­nom­ics

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This has just been posted on the Real World Eco­nom­ics Review

Revere Award for Eco­nom­ics for the 3 econ­o­mists who warned the world


For Imme­di­ate Release

13 May 2010

Keen, Roubini and Baker win Revere Award for Eco­nom­ics

Steve Keen (Uni­ver­sity of West­ern Syd­ney), receiv­ing more than twice as many votes as his near­est rival, has been judged the econ­o­mist who first and most cogently warned the world of the com­ing Global Finan­cial Cri­sis. He and 2nd and 3rd place fin­ish­ers Nouriel Roubini (New York Uni­ver­sity) and Dean Baker (Cen­ter for Eco­nomic and Pol­icy Research) have won the Revere Award for Eco­nom­ics.  The award, spon­sored by the Real World Eco­nom­ics Review Blog is named in hon­our of Paul Revere and his famous ride through the night to warn Amer­i­cans of the approach­ing British army.

Pol­i­tics in the Pub (Syd­ney) tomor­row

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Speak­ers [each giv­ing 20 minute talks on the topic]:

  • Dr Jim Stan­ford, Cana­dian Auto Work­ers Union, author of ‘Eco­nom­ics for Every­one’ and pre­sen­ter of last year’s Ted Wheel­wright lec­ture at the Uni­ver­sity of Syd­ney.
  • Asso­ciate Pro­fes­sor Steve Keen, Uni­ver­sity of West­ern Syd­ney, author of DeBunk­ing Eco­nom­ics and recently well pub­li­cised walker to the top of Mount Kosiosko.
  • Chair: Frank Stil­well

Date: Fri­day, May 14, 2010

Time: 6:00pm – 7.30pm

Loca­tion: Gaelic Club, Level 1 upstairs/lift, 64 Devon­shire Street, Surry Hills, Syd­ney

A mon­key off my back

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The Keen Walk to Kosciuszko was a fab­u­lous experience—as Matt Car­roll (one of the orga­niz­ers) put it, it was “the best hol­i­day ever”. That’s not to min­i­mize the effort involved: cov­er­ing 235 kilo­me­tres on foot in 8 days is no mean feat. But the com­bi­na­tion of great com­pany, per­sonal suc­cess for all involved in an impres­sive phys­i­cal chal­lenge, lovely scenery, excel­lent weather, and a cause that united a remark­able group of peo­ple, made The Walk far more plea­sure than pain.

Inter­view on Ten’s The 7pm Project

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After Aus­tralian house prices rose 20 per­cent in one year, everyone’s talk­ing a bub­ble.  Chan­nel Ten’s new(ish) avant-garde cur­rent affairs pro­gram asked for my per­spec­tive on the day the RBA yet again increased inter­est rates.

After lead­ing in with the news and a fea­ture on Neil Rober­ston, the 26-year-old Aus­tralian snooker player who won the World Cham­pi­onship, the story on house prices began 4 min­utes and 5 sec­onds into the video below.

Let­ter to PM on Res­i­den­tial Prop­erty Prices and For­eign Invest­ment Laws

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The news that the Rudd Gov­ern­ment was rolling back its changes to Australia’s for­eign invest­ment rules on hous­ing came as we were still on The Walk. Just prior to start­ing it, I received a note from Dr John Daffy, with the fol­low­ing let­ter from him to the PM attached. I asked John whether I could pub­lish his let­ter on the blog, and he agreed.

Just as the absence of sta­tis­tics on for­eign pur­chasers means we’ll never really know the impact they had on the mar­ket, we’ll prob­a­bly never know how many indi­vid­u­als like Dr Daffy sent sim­i­lar let­ters to their MPs and the PM; but judg­ing from the rapid back­flip on that pol­icy, there must have been plenty.

Revere Award Vot­ing

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Edward Full­brook, the edi­tor of the Real World Eco­nom­ics Review that cre­ated the Dyna­mite Prize in Eco­nom­ics and the Revere Award, has just sent out the mes­sage repro­duced below.

Vot­ing for the Revere Award for Eco­nom­ics for the three econ­o­mists who first and most clearly antic­i­pated and gave pub­lic warn­ing of the Global Finan­cial Col­lapse and whose work is most likely to pre­vent another GFC in the future, will close in a few days.  Please vote. So far the num­ber of peo­ple vot­ing has been dis­ap­point­ing.  To stim­u­late inter­est, the poll has now been set to reveal to you the cur­rent results once you have cast your votes.  You can vote for three. To view a time­line and to vote now, click here .  It takes only sec­onds.  By vot­ing you reward the deserv­ing.