I’m being interviewed about the Federal Reserve’s QE3 announcement today on BBC Radio:
6.15AM GMT on BBC Radio 4 BBC Business Daily LIVE
8.32AM GMT on BBC World Service
If you’re not in the UK, you can listen online:
I’m being interviewed about the Federal Reserve’s QE3 announcement today on BBC Radio:
6.15AM GMT on BBC Radio 4 BBC Business Daily LIVE
8.32AM GMT on BBC World Service
If you’re not in the UK, you can listen online:
This is probably the most detailed seminar I have given on my views on monetary macroeconomics. I begin with the data that, back in December 2005, led me to expect that a huge economic crisis was imminent: the ratio of private debt to GDP. Then I explain why this ratio matters, in contrast to the arguments that Neoclassical economists put that only the distribution of debt matters. This takes me through the empirical data, the theories of Schumpeter and Minsky, and the mathematics needed to prove that “aggregate demand equals income plus the change in debt” is correct, and that this does not involve double-counting.
The Sydney Morning Herald has a deal for academics and students right now that lets academics purchase a year’s subscription for $60 for digital and print (delivered on campus) and $40 for digital alone.
I think that’s excellent value, and I’ve signed up (to the digital–no sense wasting the trees). I’d urge other academics and students to do likewise, for several reasons:
The “From Alpha to Omega” podcast recorded the following interview with me about the “Modern Debt Jubilee”. We discuss a lot more than just that–starting with why people who are interested in Hyman Minsky’s work should NOT read Stabilizing an Unstable Economy, but should instead start with either John Maynard Keynes or Can “It” Happen Again?
Americans aren’t known for irony or surrealism, but one of the enduringly surreal and ironic pop songs is The Eagles’“Hotel California”. Written as a satire of American excess, its lyrics bear an uncanny resemblance to the trap the nations of Europe now find themselves in – especially its final stanza:
Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
“Relax,” said the night man,
“We are programmed to receive.
You can check-out any time you like,
But you can never leave!”
To read this post, click here.
Tony Abbott recently pledged himself to restore the “Golden Age of Prosperity” that Australia enjoyed under John Howard’s prime ministership:
“That’s why the longer this government lasts, the better the Howard government looks and that’s why the Howard government now looks like it created a golden age of prosperity, which is lost,” Abbott said in a speech to the South Australian Liberal Party.
I gave the talk below last Sunday at UWS’s Open Day, as an intoduction to economics for prospective university students. Preparing it made me reflect on the great good fortune I had to be appointed to UWS.
This might evoke a “Huh?” response from the usual suspects on such issues–why be pleased about being appointed to a second-rate University (and in an out-of-the-way place like Sydney to boot)? It’s because the Economics & Finance program at UWS has been almost unique amongst economics departments around the world in deliberately pursuing a “pluralist” approach to economics.
Bernie Madoff, is often the first person that comes to mind when you mention the words Ponzi scheme these days, in the midst of the ongoing financial crisis. The Madoff Ponzi scheme fabricated almost $65 billion of money that didn’t exist. The exponential relationship between finding new investors money to funding the old investors overzealous and unsustainable gains were bound to come crashing down as new investors were nowhere to be seen,having lost confidence in the markets in the aftermath of the 2008 crash. One would think that investors would have learnt their lesson on when returns are too high and can not be justified by any legitimate marketplace, but old habits die hard in the current financial crisis!
Below is a great interview with Steve and Simon Maude — a prelude to Steve’s New Zealand tour, hosted by talksNZ. Steve reiterates how today’s economic environment is the beginning of a debt induced depression, how this could give rise to political instability, and hits some of his well regarded notes on excessive bank lending.
We are all speaking at the American Monetary Institute conference in September–from Thursday 20th till Sunday 23rd. The full list of speakers is here. It’s a chance to hear people who are all interested in modeling the financial system and monetary reform in general, but who approach it in very different ways:
My dynamic non-equilibrium Circuit approach;
Michael Kumhof’s DSGE model with banking; and
Kaoru Yamaguchi’s systems engineering model (designed in Vensim)
As well as hearing Michael Hudson and Elizabeth Kucinich (wife of Congressman Dennis Kucinich).