Rudd’s essay is on the money

flattr this!

Aus­tralian Prime Min­is­ter Kevin Rudd has fol­lowed up his cri­tique of neolib­er­al­ism with a new essay in the Syd­ney Morn­ing Her­ald on the causes of the cri­sis, and the poli­cies needed after recovery.

With one excep­tion, his key expla­na­tions for the cri­sis are the same as those iden­ti­fied by myself and the hand­ful of other econ­o­mists who pre­dicted this cri­sis before it hap­pened:

Talk to the Fabian Forum: The Global Financial Crisis: How bad will it get?

flattr this!

Broad­cast on March 11 2009 by ABC Radio National Big Ideas

A blog mem­ber has kindly pro­duced a tran­script of the off-the-cuff talk I gave at this forum. I’ve made minor cor­rec­tions to the punc­tu­a­tion below, but the text is oth­er­wise as deliv­ered on the night with­out speak­ing notes–so there are some gram­mat­i­cal slips. For those who want to lis­ten to this alone–without also lis­ten­ing to Bernie Fraser beforehand–here is a link to the MP3 of my talk.

Steve Keen’s Debtwatch No. 33 April 2009: Lies, Damned Lies, and Housing Statistics

flattr this!

Lies, damned lies, and sta­tis­tics” is part of a phrase attrib­uted to Ben­jamin Dis­raeli and pop­u­larised in the United States by Mark Twain: “There are three kinds of lies: lies, damned lies, and sta­tis­tics.” The state­ment refers to the per­sua­sive power of num­bers, the use of sta­tis­tics to bol­ster weak argu­ments, and the ten­dency of peo­ple to dis­par­age sta­tis­tics that do not sup­port their posi­tions. (Wikipedia)

It’s just a flesh wound…”

flattr this!

It seems we’ve moved from Stan­ley Kubrick to John Cleese. Rory Robertson’s reply to my “Rory Robert­son Designs a Car” post reminds me of one of my many favourite scenes from Monty Python, the fight between King Arthur and the Black Knight:

King Arthur: [after Arthur’s cut off both of the Black Knight’s arms] Look, you stu­pid Bas­tard. You’ve got no arms left. 

Always look on the bright side of … economic data?

flattr this!

If things are really grim, it helps to have an inde­fati­ga­ble nature, and there’s no doubt that RBA Deputy Gov­er­nor Ric Bat­tellino has that in spades—at least in the speeches he makes at pub­lic con­fer­ences. Were I being cru­ci­fied, I’d like to have Ric up there with me, singing “Cheer up Brian!…”, to take my mind off the nails.

Defer the RBA “Enhanced Independence” Act

flattr this!

Steve Keen’s Debt­Watch No 22 May 2008

The Reserve Bank Amend­ment (Enhanced Inde­pen­dence) Bill 2008, which was tabled in Par­lia­ment in March, aims to give the RBA Gov­er­nor and Deputy Gov­er­nor “the same level of statu­tory inde­pen­dence as the Com­mis­sioner of Tax­a­tion and the Aus­tralian Sta­tis­ti­cian” (Wayne Swann, Hansard, Thurs­day, 20 March 2008, p. 2381).