Steve Keen’s Oz Debtwatch

Analysing Australia’s 45 Year Obsession with Debt

Debtwatch No. 25: How much worse can “It” get?

Published in August 4th, 2008

Posted by Steve Keen in Australia, Debtwatch, USA

Last month closed with some far from comforting news about the state of the US housing market (sales and prices still falling), US financial institutions (Fannie Mae and Freddie Mac in need of rescue), Australian banks (NAB’s 90% write-down of its US CDO portfolio). Then ABS figures showed that retail sales had fallen “unexpectedly” by [...]

DebtWatch No 11 September 2007: Why didn’t they see it coming?

Published in September 2nd, 2007

Posted by Steve Keen in Australia, Debtwatch, USA

No Comments

I expect–and hope–that the tenor of discussion at this month’s RBA Board meeting will be very different to last month’s. In August, I imagine, the community members of the Board listened sagely as the RBA’s economists explained why the risk of future inflation had risen, why this justified a “pre-emptive strike” of raising interest rates, [...]

Fascinating New York Times profile of Countrywide

Published in August 26th, 2007

Posted by Steve Keen in USA

No Comments

The biggest lender in the USA is looking the most vulnerable, and this article gives good background as to why. Well worth a read!

7.30 Report on “American mortgage shock waves hit Australia”

Published in August 16th, 2007

Posted by Steve Keen in Australia, Debtwatch, Media Coverage, USA

3 Comments

Those of you who missed last night’s 7.30 Report (like myself–I was playing tennis at the time!) should check the link below:
Â American mortgage shock waves hit Australia
Apologies again for a tardy update cycle on this blog, but as you can imagine, I’m busy as hell right now. When the dust settles–in early October–I hope to [...]

Debtwatch No. 10: America’s Ponzi Schemes Unravel

Published in August 5th, 2007

Posted by Steve Keen in Australia, Debtwatch, USA

5 Comments

Named in mock honour of America’s greatest swindler, a Ponzi Scheme is a financial ruse that, for a time,Â generates apparently great returns from an investment that in fact produces nothing. Ponzi Schemes initially appear to work because the promoters pay early entrants seemingly fantastic returns, by the simple expedient of giving them money deposited [...]

Household Debt: US vs Australia

Published in March 15th, 2007

Posted by Steve Keen in Australia, Media Coverage, USA

11 Comments

As part of the background to the LateLine interview yesterday, I graphed the US household debt to GDP ratio against the Australian. All the news recently has been about the sub-prime crisis in the States, of course: but guess where household debt has been growing fastest? That’s right, good old Australia has out-done itself once [...]

Sub-Primes on LateLine

Published in March 14th, 2007

Posted by Steve Keen in Media Coverage, USA

6 Comments

ABC LateLine is doing an item on the sub-prime mortgage crisis in the USA tonight (Wednesday March 14th); I wasÂ one of thoseÂ interviewed for the story. Please tune in!Â LateLine goes to air at 10.35pm.