Can we avoid another financial crisis? Steve Keen and Paul Buitink
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Steve explains how he became a rebel economist and what’s wrong with the neo-classical mainstream economic models. Those models are based on false assumptions such as men being rational actors. Also banks, credit and money are missing in them. Therefore they couldn’t predict the Great Financial Crisis. Steve and Paul discuss how to avoid a next crisis including writing off debts, initiating People’s QE and a modern debt jubilee. The Swiss Vollgeld referendum was too radical in Steve’s view. Main crisis metric to watch according to Steve are changes in private debt levels in different countries. Highly indebted countries he calls zombies. Eventually Steve thinks that something that will threaten our existence will lead to governments worldwide coordinating efforts to spend and deleverage private debt. Steve Keen is professor at Kingston University and author of books such as Debunking Economics and Can We Avoid Another Financial Crisis? Follow and support Steve at