Prof, you are clearly a brilliant mind. But may I humbly suggest that you tone down the technical analysis and put your arguments in a more layman friendly format. I personally believe that what is needed is an advocacy more digestible to the great mass of people. You have nothing to prove to your peers - they are, afterall, intellectually bankrupt. It is the great mass of people(voters) you need to convince and arm with a dialogue. Please address this. Thanks. Keep up the great work, love it.
Exactly my thoughts. There is so much knowledge in one presentation, that it's hard to grasp immense implications. Tempo is just to fast. Ah, professors :)
That's my point exactly. If he wants to attract a broader audience, he needs to speak in terms the great mass of people can easily digest. As tragic as it is, people love sound-bites.
I would propose the inequality distribution of wealth as a culprit. Govt needs to tax the super rich, and redistribute to us 99%via saftey nets, tax cut for workers, and free health care and college.
Prof Keen, I follow most of what you say (I'm definetly not equipped to follow the mathematical explenation, but I'll trust you know what you're talking about). In several of your uploads on youtube you briefly talk about the future - and the defaulting on private debt as one form of a solution (if not the only real one). Supposed this will never happen (defaulting on debt) what would be your outlook on our status if we continue this way for the coming 5 year. Could your model project into the future how the economy will continue to act and react? many thanks for your uploads - very informative.
If we don't change the system and drop neo-libaralism we will follow the same path we followed from tje 30's onwards. We either delete dabt now and start the 80 year boom again. Or we pay our debt causing a decade long deeper depression than the 30's depression and than start the boom again. Only problem with this is that the energy crises and global warming will interfere with the 80 year boom that should follow and basicly prevent it from really happening causing a zero/very low percent growth path into the next century.
In explaining bubbles and crashes I think you should also take in to account, shocks in technological development (creative destruction), momentarily moving and removing labor and tokens around the system at speeds not always interoperable by the system as a whole.
This is really a great presentation. Especially the parts where you do some projections on what we might be heading to. We can only hope you get some more help from mathematicians in refining the modeling. The only thing that would help is a slower pace for non economist folks like me. You talk 90 miles an hour & add some professor vocabulary on top of that, makes it hard for us who don't have your quick and able mind. Really, this is a fantastic presentation, I could only wish for another presenter to repeat your major points in commoner language so I can be sure I am understanding correctly.
Got to remember that he was giving this lecture to a crowd of economists and finance experts. So yes, this presentation is pretty deep. Best thing for the ordinary guy to do is to take a look at the series of lectures that he used to give to his undergrad students. It's still not easy stuff but it will give a bit of an easier introduction to his work.
Derek Ross Thanks, I have been viewing a number of them. I manage to muddle through, having to watch the same one several times. His accent seems to challenge my speech processor as well as the unfamiliar vocabulary I really must read his book.
Much is made of WWII as providing the needed Keysian stimulus to end the depression. What about the lessons from WWI and what impact did that have on the ability of England to finance 'the needed Keysian stimulus'? Given the high levels of pre existing debt in the US, is the current US situation analogous to the UK post WWI?
Hey Steve what do you think of my economic conspiracy theories this was a text I sent I just cut and pasted it here. the people at the fed look like idiots if you don't understand we're in Hail Mary territory economically but you could argue the fed put us here it all goes back to intrest rates keeping them so low for so long has been what has inflated so many bubbles around the world but that's also what has kept them from bursting so it's a perfect catch 22 ha it's all about when intrest rates rise and qe ends that will be the real reckoning day to see if the global economy can stand on its own two feet because there are bubbles everywhere im talking about national debts housing bubbles the over inflated stock market side note qe finds it's way too investment banks Jp Goldman who are investing that in asset markets like the stock market. 700 trillion dollar Derivatives markets much of which are actually intrest rate swap securities if you thought they were irresponsible in creating Mortgage backed securities it's going to be fun to find out what's really in all those intrest rate securities when they potentially blow the commodities market is overinflated the fricken bond market talk about a crisis of intrest rates in a deflationary cycle when debt hurts more and the intrest to borrow has increased the banking system is so over-levered it might not be able too withstand a spike in intrest rates a senior Goldman analyst admitted that one time if the 10 year bond went up to 4 percent he didn't know if the banking system could survive a spike like that you can watch him admit that and i mean in 2000 the 10 year was at 8 percent so there is bubbles everywhere created by the Feds suppression of intrest rates and cheap money and debt but they had to because all those markets would have potentially went under but that is only justified post 2008 they were doing this before so you could argue it was all their fault it's just how you want to look at it ha
thanks for publishing these videos- they are really eye opening.
Prof, you are clearly a brilliant mind. But may I humbly suggest that you tone down the technical analysis and put your arguments in a more layman friendly format. I personally believe that what is needed is an advocacy more digestible to the great mass of people. You have nothing to prove to your peers - they are, afterall, intellectually bankrupt.
It is the great mass of people(voters) you need to convince and arm with a dialogue. Please address this.
Thanks. Keep up the great work, love it.
Exactly my thoughts. There is so much knowledge in one presentation, that it's hard to grasp immense implications. Tempo is just to fast. Ah, professors :)
I believe Keen's lectures are mostly in college courses where economics is taught.
That's my point exactly. If he wants to attract a broader audience, he needs to speak in terms the great mass of people can easily digest.
As tragic as it is, people love sound-bites.
It's working fine on my iPad. I suggest you check you computer settings.
I would propose the inequality distribution of wealth as a culprit. Govt needs to tax the super rich, and redistribute to us 99%via saftey nets, tax cut for workers, and free health care and college.
Prof Keen, I follow most of what you say (I'm definetly not equipped to follow the mathematical explenation, but I'll trust you know what you're talking about).
In several of your uploads on youtube you briefly talk about the future - and the defaulting on private debt as one form of a solution (if not the only real one). Supposed this will never happen (defaulting on debt) what would be your outlook on our status if we continue this way for the coming 5 year. Could your model project into the future how the economy will continue to act and react?
many thanks for your uploads - very informative.
If we don't change the system and drop neo-libaralism we will follow the same path we followed from tje 30's onwards. We either delete dabt now and start the 80 year boom again. Or we pay our debt causing a decade long deeper depression than the 30's depression and than start the boom again.
Only problem with this is that the energy crises and global warming will interfere with the 80 year boom that should follow and basicly prevent it from really happening causing a zero/very low percent growth path into the next century.
In explaining bubbles and crashes I think you should also take in to account, shocks in technological development (creative destruction), momentarily moving and removing labor and tokens around the system at speeds not always interoperable by the system as a whole.
This is really a great presentation. Especially the parts where you do some projections on what we might be heading to. We can only hope you get some more help from mathematicians in refining the modeling. The only thing that would help is a slower pace for non economist folks like me. You talk 90 miles an hour & add some professor vocabulary on top of that, makes it hard for us who don't have your quick and able mind. Really, this is a fantastic presentation, I could only wish for another presenter to repeat your major points in commoner language so I can be sure I am understanding correctly.
Got to remember that he was giving this lecture to a crowd of economists and finance experts. So yes, this presentation is pretty deep. Best thing for the ordinary guy to do is to take a look at the series of lectures that he used to give to his undergrad students. It's still not easy stuff but it will give a bit of an easier introduction to his work.
Derek Ross Thanks, I have been viewing a number of them. I manage to muddle through, having to watch the same one several times. His accent seems to challenge my speech processor as well as the unfamiliar vocabulary I really must read his book.
Much is made of WWII as providing the needed Keysian stimulus to end the depression. What about the lessons from WWI and what impact did that have on the ability of England to finance 'the needed Keysian stimulus'? Given the high levels of pre existing debt in the US, is the current US situation analogous to the UK post WWI?
Is there a source to find private debt to GDP ratio for a particular country?
What program is used for economic modelling and where can I get copies of the model?
So govt deficit spending got us out of great depression 1.0 and private sector deleveraging. Now we need private sector debt jubilee.
Money is God - Vili Ross & Jelena Falatov
Hey Steve what do you think of my economic conspiracy theories this was a text I sent I just cut and pasted it here. the people at the fed look like idiots if you don't understand we're in Hail Mary territory economically but you could argue the fed put us here it all goes back to intrest rates keeping them so low for so long has been what has inflated so many bubbles around the world but that's also what has kept them from bursting so it's a perfect catch 22 ha it's all about when intrest rates rise and qe ends that will be the real reckoning day to see if the global economy can stand on its own two feet because there are bubbles everywhere im talking about national debts housing bubbles the over inflated stock market side note qe finds it's way too investment banks Jp Goldman who are investing that in asset markets like the stock market. 700 trillion dollar Derivatives markets much of which are actually intrest rate swap securities if you thought they were irresponsible in creating Mortgage backed securities it's going to be fun to find out what's really in all those intrest rate securities when they potentially blow the commodities market is overinflated the fricken bond market talk about a crisis of intrest rates in a deflationary cycle when debt hurts more and the intrest to borrow has increased the banking system is so over-levered it might not be able too withstand a spike in intrest rates a senior Goldman analyst admitted that one time if the 10 year bond went up to 4 percent he didn't know if the banking system could survive a spike like that you can watch him admit that and i mean in 2000 the 10 year was at 8 percent so there is bubbles everywhere created by the Feds suppression of intrest rates and cheap money and debt but they had to because all those markets would have potentially went under but that is only justified post 2008 they were doing this before so you could argue it was all their fault it's just how you want to look at it ha