Are We It Yet posted

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This is a “remedial” post: I have just posted “Are We It Yet?” to this site, but for some reason it was posted after the “Naked Capitalism” post below.

If you’ve already read the paper I gave at the Minsky conference, then you’ve read what’s published there; the main reasons for putting it here in blog form were to make it more accessible, and to post a video of the talk I gave at the Levy. I’ve also reproduced this below.

Steve Keen's Debtwatch Podcast 

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Naked Capitalism and My Scary Minsky Model

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I met with Yves Smith of Naked Capitalism on the weekend, at a superb Japanese restaurant that only New York locals could find (and I’ll keep its location quiet for their benefit–too much publicity could spoil a spectacular thing). Yves was kind enough to post details of my latest academic paper at her site in a post she entitled “Steve Keen’s scary Minsky model“.

Yves found the model scary, not because it revealed anything about the economy that she didn’t already know, but because it so easily reproduced the Ponzi features of the economy she knows so well.

Are We “It” Yet?

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If you’ve downloaded and read the paper and presentation I posted in my previous entry, then there’s nothing new for you to read in the body of this post; the main addition is the video below of my talk.

Steve Keen's Debtwatch Podcast 

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That in part gives you rather too good a view of the back of the heads of Randy Wray and Dimitry Papadimitriou, both of whom sat down in front of the camera after my talk began, but the slides are still easily visible.

There is no GFC…

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One of the unexpected things I’ve learnt in Boston is that the Global Financial Crisis is not called the Global Financial Crisis in America–and therefore the TLA of the GFC has no meaning here.

Instead, in America this might be The Crisis That Has No Name (TCTHNN), because they don’t call it anything at all: it’s just how the economy is right now.

Australians, it seems, are the ones who invented the moniker GFC as a way of describing what they think they don’t have to understand. Over here, where it is actually happening, it is just the day to day reality that must be contended with.

Steve Keen Talk in New York

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A blog member has arranged for me to give a talk during my trip to NY.  I will cover the causes of the global financial crisis, the policy response thus far, and the outlook for the world economy, with a focus on the US and Australia.

LOCATION: ‘In Good Company’ workplaces, 4th floor of 16 West 23rd Street in Manhattan.  Google Maps link.

DATE & TIME: Wednesday 7th July, from 6-9pm

AVAILABILITY: the space has capacity for 20 people, so please confirm your attendance ASAP so spaces can be offered to others who may be interested in attending.

Commemorative Envelopes

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Unexpected and wonderful things can happen when you stick your neck out, as I have done over Australia’s private debt bubble. The “tall poppy” syndrome can still cut you down, but you also find that people are willing to assist in ways that you’d never think of yourself.

One of those has just occurred with respect to the Keen Walk to Kosciuszko, where out of the blue Noel Almeida has prepared a commemorative envelope–the sales of which will raise money for Swags for Homeless. Here is a sample:

Noel has made a mere 23 for sale, and he describes the product in the following way:

Grantham on the Australian Housing Market

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Jeremy Grantham pricked, if not the housing bubble itself, then at least the bubble that property market spruikers live in, with the quip that:

“Bubbles have quite a few things in common but housing bubbles have a spectacular thing in common, and that is every one of them is considered unique and different.” (Housing market a ‘time bomb’, says investment legend: The Australian June 16, 2010)

Empirical and theoretical reasons why the GFC is not behind us

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Preliminary Remarks

As noted in Debtwatch No. 44, I have stopped writing the monthly Debtwatch Report to focus on my more long term research. I’m still posting occasional blog posts when I feel the need—like the two recently on Australia’s new resources tax—but generally I’ll be working on more technical matters, and posting entries based on those here in lieu of the more topical Debtwatch. This post is a halfway post between the two: it’s a paper that I have just submitted to the 2010 Australian Conference of Economists, which will be held in Sydney in September. I have written it largely as a briefing paper for mainstream economists who would not have come across the analysis that I present here before, let alone the vast volume of literature in Post Keynesian and Austrian economics.

Boston & New York, June 20-July 9

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I will be in Boston and New York soon, either side of the Hyman Minsky Conference that I’m speaking at at the Levy Institute.

I am committed to meetings on Tuesday-Wednesday June 22-23 (and possibly Friday June 25), to the Levy conference June 27-29, and there may be a seminar jointly organised with Eric Janszen of iTulip on July 2. I will be free at other times, and open to suggestions for meetings or seminars. If you’d like to arrange something, please contact me via my gmail email address (debunking at or via a comment to this blog entry.