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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
Steve Keen’s Debtwatch No. 36 July 2009 It’s the Deleveraging, Stupid Gentleman, you have come sixty days too late. The depression is over. – Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930 “The past may not repeat itself, but it sure does rhyme” Mark Twain […] ↓ Read the rest of this entry…
Note: This post has been modified ni the light of comments that the initial version quoted Bernanke out of context. A link to this blog from a US legal advisory website the Practising Law Institute’s In Brief ( “DEFLATION IN THE REAL WORLD“) reminded me of Bernanke’s book Essays on the Great Depression, which I’ve been aware […] ↓ Read the rest of this entry…
Two days ago the FBI indicted Bernie Madoff, principal of Bernard L. Madoff Investment Securities LLC, on securities fraud. Though the case has yet to run, in the indictment the FBI reported that Madoff confessed that his was “basically a giant Ponzi Scheme” that may have lost some extremely high net worth individuals over US$50 billion. […] ↓ 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…
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…
Just two years ago, Central Banks appeared triumphant. Inflation, the scourge of the 1970s and 80s, appeared dead, the financial crisis of the Tech Wreck had been contained, economies worldwide were booming, and stock markets and house prices were spiralling ever upwards. Then along came the Subprime Crisis, and we received a rude reminder of […] ↓ Read the rest of this entry…
George negus is interviewing me and Peter Schiff on Dateline tonight. The topic is the attempted rescue of Fannie Mae and Freddie Mac, and what that may mean for the global economy and Australia in particular. Dateline goes to air tonight (Wednesday) at 8.30pm. It is also accessible on the web, the day after the […] ↓ Read the rest of this entry…
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 […] ↓ Read the rest of this entry…
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, […] ↓ Read the rest of this entry…
The biggest lender in the USA is looking the most vulnerable, and this article gives good background as to why. Well worth a read!
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