Steve Keen talking sense #occupy
Steve Keen talking about debt ponzi and its eventual collapse
through deleverage. It seems the #occupy movement hits the
right targets: banks (the banking system including Central Banks,
hedge funds, investment banks and FRB); corporations and an inept
political class desperate for the status quo to remain.
As usual pokes fun at neo-classical economics, and the omission
of debt from economic thinking....
Don't think he's well read on Austrian school - Mises said
similar pre World War I in The Theory of Money and
Credit.
"The only circumstance that is of importance here is that
the loans are granted out of a fund that did not exist
before the loans were granted. In all other circumstances,
whenever loans are granted they are granted out of existing and
available funds of wealth."
http://mises.org/books/Theory_Money_Credit/Part3_Ch15.aspx#_ednref1
Watch Steve in action: Occupy Sydney Click to
watch