Steve Keen | Monetary Misperceptions, Climate Economics, and the Limits to Growth

Hidden Forces

Demetri Kofinas

Business, Government

4.8 • 1.6K Ratings

🗓️ 2 December 2019

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 112 of Hidden Forces, Demetri Kofinas speaks with Steve Keen one of the few economists to correctly anticipate the Global Financial Crisis of 2008, as well as the subsequent deflationary forces that would frustrate and confound policymakers in the years afterward. The two discuss Keen's latest work modeling the impact of climate on economic output, as well as debunking some of the most common misperceptions about money and credit held by Keynesian and Austrian theorists alike.

Demetri and Steve have known each other going back almost ten years. Dr. Keen was a frequent guest on Demetri's old television program Capital Account, where he would come on to share his views on markets and the economy. For years, Steve had been warning policymakers and the media about the dangers of a build-up in private sector debt through mortgage refinancing and consumer credit. In the years after the Great Financial Crisis of 2008, Steve Keen was one of the prominent voices alongside folks like Richard Koo, Mark Zandi, and others, who were ringing the alarm bell, warning about the risk of a deflationary spiral. Many of the more prominent, Austrian-trained economists like Thomas Woods, Peter Schiff, and others, were pounding the table about the risk of hyperinflation. In retrospect, it was those economists warning about deflation like Steve Keen, who had it right. In today's conversation, we explore the reasons why and examine if those conditions still hold to this present day.

You can gain access to this week's overtime segment, as well as to the transcript of Demetri's conversation with Steve Keen through the Hidden Forces Patreon Page. All subscribers also gain access to our overtime feed, which can be easily be added to your favorite podcast application.

Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Transcript

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0:00.0	Today's episode of Hidden Forces is made possible by listeners like you.
0:04.6	For more information about this week's episode or for easy access to related programming,
0:09.7	visit our website at hidden ForcesO. and subscribe to our free email list.
0:16.0	If you listen to the show on your Apple Podcast app,
0:19.0	remember, you can give us a review.
0:21.0	Each review helps more people find the show and join our amazing community.
0:26.7	And with that, please enjoy this week's episode. And the What's up everybody? My guest today is Professor Steve Keene.
0:54.0	Steve is a distinguished research fellow at University College London,
0:59.4	and one of the few economists to correctly and publicly anticipate the global financial crisis of 2008,
1:08.5	as well as the subsequent deflationary forces that would frustrate and confound policy makers in the years afterwards.
1:19.3	He is also the author of debunking economics, the Naked Emperor Dethroned, as well as his more recent book titled,
1:27.3	Can We Avoid Another Financial Crisis?
1:31.1	Steve and I have known each other going back almost 10 years now.
1:35.0	He was a frequent guest on my old television program capital account
1:40.0	and over those years he really helped me gain a more complete picture of the monetary system and how money is actually created, which I think is so counterintuitive that I think for most people,
1:58.1	it takes some time for it to really sink in.
2:02.2	And I think if you want to challenge your understanding, especially if you're
2:05.2	wedded to an Austrian theory of money and credit as I was for so many years, Dr. Keene's work can really help to stimulate your curiosity because it draws from so many different perspectives.
2:20.0	And also because Steve is a gadfly of sorts in the economics community.
2:26.0	He likes to find these areas where he feels that thinking has stagnated or become conventional or where the consensus has gotten it wrong
2:38.7	and go in there and stir things up.
2:42.4	And we stir things up today for sure, but it's also a jovial conversation because, again, we've known each other for so long, and also because I only found out Steve would be in town a few days before this
	...

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