Excellent Switzer interview on Sky News Australia

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I have just been inter­viewed by Peter Switzer on the Switzer show on Sky News Aus­tralia. Peter inter­viewed me for over 15 min­utes, which allowed plen­ty of time to dis­cuss such things as:

  • The “Revere Award” and the econ­o­mists who pre­dict­ed the cri­sis–includ­ing Michael Hud­son, Wynne God­ley, Ann Pet­ti­for as well as myself, Roubi­ni and Bak­er;
  • Why we saw a cri­sis com­ing (run­away pri­vate debt bub­ble that had to burst);
  • Why some of my post-cri­sis calls were wrong–at least in the imme­di­ate term in Aus­tralia (huge gov­ern­ment stim­u­lus and the First Home Ven­dors Boost [see also this link]);
  • What the prospects were for Aus­tralian real estate (down about 40% over 10–15 years, maybe 15–20% over next 2–3 years);
  • What the next two years might hold for asset mar­kets and unem­ploy­ment (stag­nant asset prices and ris­ing unem­ploy­ment); and
  • Whether it might be pos­si­ble to have a “Goldilocks Down­turn” where asset prices rise but slow­ly, unem­ploy­ment ris­es but not too much, and it’s all over in a few years rather than a decade (my answer was that “you can’t have all three”).

Click here to watch the inter­view on Sky News at a full frame rate, or click below to watch a record­ing at a low­er frame rate. And hats off to Peter for an excel­lent inter­view.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.