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Roving Cavaliers of Credit
Read Some Minsky
Monetary Profits Paradox
Are We "It" Yet?
Monetary Multisectoral Model
"No-one saw this coming"?
Why the Crisis is not over
Deleveraging with a twist
Bernanke doesn't understand the Great Depression
The Case Against Bernanke
Rescuing the Bubble
Australian house prices
Competition No Panacea
House Prices & Banks I
House Prices & Banks II
Lectures on Endogenous Money
Debt and Australian housing
BBC HARDtalk Interview
INET Interview on why I saw "It" coming
Today Tonight’s James Thomas put together “Changing Times“, an excellent program on what a Depression is like, and the danger that we may be facing one today. The centrepiece of the story was an interview with Eric Aarons, who at almost 90, lived through the Great Depression. His recollections frame an item that includes archival […] ↓ Read the rest of this entry…
“Economists are the forgotten guilty men Academics – and their mad theories – are to blame for the financial crisis. They too deserve to be hauled into the dock” So begins Anatole Kaletsky‘s essay in The Times for February 5 2009. He is spot on. Economic theory played a direct role in this crisis, by legitimising […] ↓ Read the rest of this entry…
The Today Tonight segment has been delayed till this evening (Wednesday February 4th)–which is a pity in a way because I will also be speaking at a public forum tonight at Circular Quay organised by the Property Knowledge Forum: An excerpt from the promotional flyer: ARE WE HEADING FOR A DEPRESSION? When will the bottom […] ↓ Read the rest of this entry…
Channel Seven’s Today Tonight is doing a piece on whether we might face a Depression, and if so what it might be like. It should go to air tomorrow–Tuesday February 3rd. They have interviewed me for analysis, and Eric Aarons–who lived through the Great Depression and at 90 is still a dynamic sculptor and author. […] ↓ Read the rest of this entry…
“Talk about centralisation! The credit system, which has its focus in the so-called national banks and the big money-lenders and usurers surrounding them, constitutes enormous centralisation, and gives this class of parasites the fabulous power, not only to periodically despoil industrial capitalists, but also to interfere in actual production in a most dangerous manner— and […] ↓ Read the rest of this entry…
I’ve just been interviewed for an SBS News piece on China (for non-Australian readers, SBS is Australia’s multicultural television station, and its news has a strong international focus). Ordinarily I don’t comment on China, because I don’t know enough about their economy right now–except to deride the belief that was popular in Australia last year […] ↓ Read the rest of this entry…
What’s Really Going On? or… Why Did I See it Coming and “They” Didn’t? Part 2: The Models “But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us […] ↓ Read the rest of this entry…
The Parliamentary Library arranged a debate between myself and Rory Robertson of the Macquarie Group on the financial crisis today. We had a good audience of about 70 Parliament House denizens. You can download the Powerpoint Slides slides for my presentation, and the Vissim model of Minsky’s Financial Instability Hypothesis which was part of the presentation ( Right click and […] ↓ Read the rest of this entry…
Yesterday the RBA (Australia’s Central Bank) cut its reserve rate by three quarters of a percent, to 5.25 percent. This is the third cut in 3 months, bringing the cumulative reduction since September to 2 percent This is a far cry from the RBA’s expectations in 2007, that in 2008 it would be raising rates […] ↓ Read the rest of this entry…
2nd Anniversary Issue… Why Did I See it Coming and “They” Didn’t? The financial crisis is widely accepted as having started in August 9 2007, with the BNP’s announcement that it was suspending redemptions from three of its funds that were heavily exposed to the US securitisation market (click here for the BNP August 9 […] ↓ Read the rest of this entry…
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