challenging the recession can we change the economy? yes, we can! grand committee room april 23,...
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Debunking Economics The Naked Emperor of the Social Sciences Steve Keen –Assistant Professor, University of Western Sydney –www.debunking-economics.comwww.debunking-economics.comTRANSCRIPT
CHALLENGING the RECESSION
Can we Change the Economy?Yes, we Can!
Grand Committee Room – April 23, 2009
Sabine K McNeill
Debunking Economics
• The Naked Emperor of the Social Sciences
• Steve Keen – Assistant Professor,
University of Western Sydney – www.debunking-economics.com
The National Debt
• 1694: £1.2 million at 8%
• 1855
• 1998:DMO
Cash & Credit
• Issued by States– Interest free
• Notes• Coin
• Cash : Credit Ratio– 1945: 48% : 52%– 1968: 29% : 71%– 2008: 3% : 97%
Bad Money (Broad M1)
• Issued by Banks– Interest bearing– Wholesale
• Monetary & Financial Institutions (MFIs)
• Private Non-Financial Corporations (PNFCs)
• Other Financial Corporations (OFCs)
– Retail • Consumer Credit
Good Money (Narrow M0)
Today
Onwards & Upwards