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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
Click here for this post in PDF: Debtwatch members; CfESI members Click here for the data in this post: Debtwatch members; CfESI members The “Global Financial Crisis”, which began in late 2007, marked a turning point in the nature of market economies. Their performance from at least the mid-1960s had been under-written by a faster […] ↓ Read the rest of this entry…
I was approached by Bloomberg to write an 800-word feature on “The Future of Economics” for the World Economic Forum, which starts today in Davos. Here is the Bloomberg newsletter, with my commentary on page 5. For its entire history, macroeconomics has been dominated by mathematical models that ignore the existence of money, debt and […] ↓ Read the rest of this entry…
Neil Wilson is a UK-based finance and information systems professional who blogs at 3Spoken.co.uk, and who is an active participant in monetary debates. He has just published a post where he takes my “Godley table” modeling approach and rejigs it to make it consistent with double-entry bookkeeping standards. I am no accountant–I never studied accounting at university […] ↓ Read the rest of this entry…
Debtwatch began in March 2007 as a way of distributing my monthly newsletter on the economic crisis I expected to soon erupt, and about which I had been warning in media interviews since December 2005. Click here for this post in PDF Figure 1: Excerpt from the 1st Debtwatch Report in November 2006 From humble […] ↓ Read the rest of this entry…
Click here for this post in PDF (Debtwatch Members; CfESI Members); Click here for the data in this post (Debtwatch Members; CfESI Members) Mortgage debt is by far the largest component of debt in Australia today—government debt, which is the focus of political debate, is trivial by comparison (a quick caveat though—finance sector debt may […] ↓ Read the rest of this entry…
Preamble Click here for this post in PDF The fundamental cause of the economic and financial crisis that began in late 2007 was lending by the finance sector that primarily financed speculation rather than investment. The private debt bubble this caused is unprecedented, probably in human history and certainly in the last century (see Figure […] ↓ Read the rest of this entry…
PDF Format: Debtwatch Subscribers; CfESI Subscribers Data: Debtwatch Subscribers; CfESI Subscribers As much as I criticize the US of A for its economic management, I can’t fault its statistical agencies on the collection and dissemination of data: data is readily available and almost always in an easily accessible format. That, and the fact that it’s the […] ↓ Read the rest of this entry…
Every year, The Age publishes a survey of economists’ opinions on the year ahead. Most of these are “market economists” rather than academics—working for banks, insurance companies and the like. Three academics are surveyed—myself, Jacob Marsden of Monash and Neville Norman of the University of Melbourne—and one economist working for a trade union, Brad Crofts […] ↓ Read the rest of this entry…
Economic Reform Australia has just alerted me to a proposal for a partial mortgage debt forgiveness proposal put forward by economists from the US Federal Reserve in January 2009. ERA reproduced this post from WhoWhatWhy, which in turn referred to a Boston Fed publication Communities & Banking and the paper “A proposal to Help Distressed Homeowners“. The […] ↓ Read the rest of this entry…
It’s always a pleasure to talk with Max, and in this interview he drops a bombshell that I still have a hard time even contemplating: the claim that the UK’s private debt to GDP ratio is 950%, and the finance sector alone has a debt ratio of 600% of GDP. Our discussion starts at the […] ↓ Read the rest of this entry…
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