Thursday, 14 November 2013

Steve Keen takes on the banks

A lot of people are debating Australia's property markets and whether they are in a bubble.  None more entertaining than that between banking mogul John Symond of Aussie Home Loans and controversial economist Steve Keen.  The amusing video is here.

It is worth taking note of Keen's work - ahead of the curve throughout and before the crisis Keen has consistently pointed to the flaws leading up to the crisis and in the response and rightly identified the largesse which would be consumed by the banks and withheld from the functioning economy post 2008.  As noted in this article he has called the bubble in property and predicted  likely crash - as well as calling for unconventional measures which could actually have an impact like a debt jubilee (something being tried by the Occupy movement in America currently).  

Keen gets a mention in this article about a foreign central banker debating Australia's bubble (here). Stay tuned! 

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