Steve Keen's Debtwatch

I’m cur­rent­ly at the Fields Insti­tute in Toron­to, work­ing with math­e­mati­cians here to devel­op my mon­e­tary mod­els. I am tak­ing part in some “no maths barred” sem­i­nars every Tues­day:

http://www.fields.utoronto.ca/programs/scientific/11–12/nonlineareconomics/

But I will also give two rather more acces­si­ble talks while here. The first is on the pri­vate debt bub­ble and its impli­ca­tions for Cana­da:

Below is Lec­ture 3 from Steve’s Advanced Polit­i­cal Econ­o­my class at the Uni­ver­si­ty of West­ern Syd­ney. The class offers an in depth cri­tique of the fail­ures of neo­clas­si­cal the­o­ries, as well as detail­ing my approach to a new eco­nom­ics.

Lec­ture 3 — Neo­clas­si­cal Pro­duc­tion Fal­lac­i­es

Geoff Davies

Micheal Pas­coe wrote a great arti­cle yes­ter­day enti­tled; Throw­ing mon­ey at hous­ing is no cure for fear. He did a poet­ic job of con­trast­ing recent record car sales to the con­tin­u­ing stag­na­tion of the hous­ing mar­ket. Michael ref­er­enced ‘the warn­ing issued by the Reserve Bank two years ago about rely­ing on res­i­den­tial real estate for­ev­er ris­ing.’ To recap, Glenn Steven’s offi­cial state­ment was:

 “I think it is a mis­take to assume that a risk-less, guar­an­teed way to pros­per­i­ty is just to be lever­aged up into prop­er­ty”

Please join the Cana­di­an Cen­tre for Pol­i­cy Alter­na­tives’ Ontario team for an evening of wine, cheese and cut­ting-edge analy­sis about the risks in Cana­da and world­wide from the con­tin­ued expan­sion of debt – fea­tur­ing renowned Aus­tralian econ­o­mist Steve Keen.

The Con­tin­u­ing Debt Bub­ble: What It Could Mean for Cana­da
Thurs­day, June 28, 2012
7:00–9:00 pm
The Arts and Let­ters Club
14 Elm Street, Toron­to ON

Spon­sored by the Cana­di­an Cen­tre for Pol­i­cy Alter­na­tives’ Ontario office, the Pro­gres­sive Eco­nom­ics Forum, and Ryer­son University’s Depart­ment of Pol­i­tics and Pub­lic Admin­is­tra­tion.

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I’m giv­ing a talk on Debunk­ing Eco­nom­ics, and the future of eco­nom­ics, to the INET Young Schol­ars Ini­tia­tive at 11am New York time today (5pm Cen­tral Euro­pean time). The Young schol­ars have kind­ly agreed to let me open this event up to read­ers of this blog. Below is a bit more infor­ma­tion about YSI from the organ­is­ers, and the login details for today’s talk.

The pur­pose of the Young Schol­ars Ini­tia­tive is to find ways to sup­port new eco­nom­ic thinkers at the ear­li­est stages of their career tra­jec­to­ry, from grad­u­ate stu­dents to new junior fac­ul­ty through to new­ly tenured fac­ul­ty. So far a social media plat­form and a face­book group have been formed in an attempt to vir­tu­al­ly recre­ate the ener­gy and momen­tum gen­er­at­ed at INET’s Berlin con­fer­ence this April.

This is the first video on endoge­nous mon­ey from Steve’s talks at the Fields Insti­tute in Toron­to Cana­da. The talk cov­ers a com­pres­sive intro­duc­tion to endoge­nous mon­ey, along with some of Steve’s lat­est mod­el­ing devel­op­ments. Here is a Primer on Endoge­nous Mon­ey:

In a very time­ly move, the Aus­tralian Sen­ate Stand­ing Com­mit­tee on Eco­nom­ics estab­lished a hear­ing into the post-GFC bank­ing sec­tor. I was pleased to be invit­ed to make a sub­mis­sion, which I com­plet­ed just before leav­ing Aus­tralia for one mon­th’s research into mon­e­tary eco­nom­ics with math­e­mati­cians at the Fields Insti­tute in Toron­to.

The sub­mis­sions have just been made pub­lic. Mine is avail­able here in PDF, and is also repro­duced below. I have improved on my mod­el­ing of mon­ey cre­ation in the last two weeks at the Fields, but I’ll leave details of that for a lat­er post.

Here is a short insight­ful arti­cle from europe online mag­a­zine about pan­ic and uncer­tain­ty over the Greek finan­cial future. To quote the arti­cle:

Reports said approx­i­mate­ly 5 to 6 bil­lion euros had van­ished from accounts dur­ing the month of May and the sit­u­a­tion had not improved since the start of June.

We will have to wait and see what is to come after Sun­day’s elec­tion out­come…

Check out Steve’s lat­est inter­view with Chris Marten­son.