Below is the press release from the Centre for Policy Development for the launch ofÂ my “mini-book” on debt. Please pass the news on, andÂ I hopeÂ to meet some of you at the launch.
You load sixteen tons, and what do you get?
Another day older and deeper in debt”
(Merle Travis, 1946)
Australia has been on a 45 year private debt binge that has now reachedÂ unsustainable levels. It’s been going on so long that our entire system is becoming reliant on it: we almost can’t afford to stop borrowing.
CPD fellow Steve Keen will release his paper ‘Deeper in Debt: Australia’s obsession with borrowed money’ next Tuesday 18 September.
With characteristic clarity and humour, Steve makes the numbers speak — explaining the dynamics of debt accumulation and the statisticalÂ evidence for the current crisis. His paper outlines the probable economicÂ consequences of the end of the debt binge, offers advice on how to cope with the debt hangover, and proposes reforms to prevent it happening again.
The paper will be launched by Michael McNamara, general manager of Australian Property Monitors at the Sydney Mechanics School of Arts <http://www.sydneymsa.com.au/> in the Sydney CBD (L1, 280 Pitt St) at 12:00 on Tuesday 18 September.
Please let us knowÂ if you would like to join us for the launch.