Steve Keen’s Debt Watch

Global warming will devastate economies. This isn’t just a catchy phrase. It’s a reality that’s being ignored. Many believe that economies are resilient. They think they can bounce back from anything. This is a comforting myth. The truth is, ignoring climate impacts is like ignoring a ticking time bomb. When it finally goes off, the damage will be catastrophic. Assuming no damage to capital, labor, or technology is absurd. It’s like saying a ship can...

Banks Create Money, Not Save It.

The assumption that climate change won't affect most of the economy is absurd. It’s like saying a ship can sail smoothly while ignoring a storm brewing on the horizon. Manufacturing relies on energy and raw materials, both highly climate-sensitive. Imagine trying to build a house with wet cement. Ignoring the effects of climate change is like ignoring the rain while constructing that house. It leads to gross underestimations of economic damage. When storms destroy supply...

Speculative Lending Fueled Economic Crises.

Quantitative easing is often seen as a necessary tool for economic recovery. Many believe it stimulates growth and helps everyone. But this belief is fundamentally flawed. It primarily inflates asset prices, benefiting the wealthy. The rich own most shares. So, when asset prices rise, they reap the rewards. Meanwhile, the majority, who own minimal shares, see no benefit. This creates a widening economic divide. Imagine a balloon. When you blow air into it, the balloon...

Economics Textbooks Are Stuck in Time!

"It's bleedingly obvious in the data, and they ignore it because credit's not part of their model." --- Join ~10,000 Other Truth-Seekers by Downloading my new 'Funny Money' Bundle for Free at https://new.stevekeenfree.com Are you an engineer, finance, or IT professional? If you are, the 7-Week Rebel Economist Challenge is for you. If you qualify, I will work closely with you every week to install 50+ years of real economics into you, in only 7 weeks. Working closely with the 5...

The common belief is that economic growth is a straightforward path to prosperity. This notion is wrong because it ignores the complex dynamics of debt and credit. When we chase growth without understanding the underlying financial structures, we end up in a cycle of increasing debt. Think of it like a balloon. You can keep inflating it, but if you don’t pay attention to the pressure, it will pop. In the 1920s, the U.S. experienced a roaring economy fueled by excessive...

Economics: The Dangerous Cult.

The belief that climate change will have minimal economic impact is dangerous. It’s like thinking a small crack in a dam won’t lead to a flood. At 10°C warming, regions like Florida will be underwater. Imagine your home being swallowed by the ocean. That’s not just a distant possibility; it’s a looming reality. We must take drastic action now to mitigate these effects. Ignoring this is like watching a forest fire spread while holding a garden hose....