Steve Keen: We are in a Depression but There is a Way Out

Econintersect:  Australian Economist Steve Keen (pictured) of Western Sydney University was interviewed on the BBC HARDtalk TV program this past week and he did not have good news for listeners.  Of course, what he had to say was not news for Global Economic Intersection readers, since he has laid out data that has clearly explained the dire economic straits of the world in his Analysis Blog posts here.  Keen told his the UK viewers that the world is in another depression, the first since the 1930s, and what is being done is not what must be done to end it.  Watch the video after the continuation break.

You may want to review Steve’s posts at Global Economic Intersection after watching the interview.

Steve Keen has just released the second edition of his epic book “Debunking Economics” which this editor is currently reading and will be writing a book review shortly.  The first edition in 2001 outlined the fundamental errors in economic thinking which were allowing unsustainable stresses to build in the world financial systems.  By 2005 he was publishing research that described much of the magnitude and timing of the current crisis.  Keen was identified in a research paper by Prof. Dirk Bezemer of Groningen University as one of twelve economists in the world that accurately described both the precise nature of and the timing of the financial crisis.

Hat tip to John L (a different John L than the editor).