Author Archives: Steve Keen

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.

By David Law­son

Click here for excel data: Debt­watch; CfE­SI

The recent stall in Com­mon­wealth Gov­ern­ment Secu­ri­ties on issue will con­tin­ue to put pres­sure on the Reserve Bank of Aus­tralia to reduce the cash rate. As not­ed by Glenn Stevens in this weeks Media Release on the June Mon­e­tary Pol­i­cy Deci­sion:

‘Long-term inter­est rates faced by high­ly rat­ed sov­er­eigns, includ­ing Aus­tralia, have fall­en to excep­tion­al­ly low lev­els.’

10-year bond yields aver­aged a decline of 3 basis points per trad­ing day for the month of April. The spread on gov­ern­ment bond yields and the Tar­get rate con­tin­ues to widen.

“From Finan­cial Cri­sis to Stag­na­tion: The Destruc­tion of Shared Pros­per­i­ty and the Role of Eco­nom­ics” by Thomas Pal­ley, Cam­bridge Uni­ver­si­ty Press, 2012.

If you missed the inter­view live, here is the pod­cast link:

http://www.bbc.co.uk/iplayer/episode/b01j5h51/Analysis_Steve_Keen_Why_Economics_Is_Bunk/

And here is the tinyURL equiv­a­lent:

http://www.bbc.co.uk/i/b01j5h51/

Going live in 2 min­utes. Click below to lis­ten:

http://www.bbc.co.uk/radio/player/bbc_radio_fourfm

By Craig Tin­dale

There is a cri­sis of con­fi­dence unfold­ing in Chi­na that is like­ly to end in a full scale cap­i­tal flight and a dis­or­der­ly col­lapse in both eco­nom­ic and polit­i­cal cohe­sive­ness. The low­er­ing of the reserve require­ments for Chi­nese banks, while report­ed in the media as a loos­en­ing of cred­it, is more like­ly an ear­ly sign of cap­i­tal flight. Sim­i­lar­ly reflec­tive of this, are the large increas­es of gold pur­chas­es by Chi­nese cit­i­zens who have few diver­si­fi­ca­tion options away from the RMB.