Prof. Steve Keen
@ProfSteveKeen • 115,505 subscribers
Predicted the 2008 financial crisis years early. Honorary Professor at UCL. Learn 50+ years of real economics in only 7 weeks. Apply below on my website.
Videos
Piers Morgan asked if we are heading for a global recession. I said we are heading for a global depression. What followed was one of the more honest conversations I have had on television in a long time. Three economists. Three very different worldviews. And one question nobody in power seems willing to answer seriously. The physical infrastructure of the global economy is being destroyed in real time. The financial markets have not caught up yet. When they do, the overreaction will be severe. The clip is short. The implications are not. Full debate link in comments. #Macroeconomics #GlobalEconomy #OilCrisis #StraitOfHormuz #IranWar #EconomicPolicy #PostKeynesian
Prof. Steve Keen211,016 次观看 • 27 天前
I think we are watching the American empire decline in real time. And this war in Iran is accelerating that shift. What looks like a regional conflict is already reshaping the global balance of power, with China looking like the big winner and the fallout set to reach far beyond the battlefield. For further breakdown check out the comment section. #SteveKeen #IranWar #China #EconomicCollapse
Prof. Steve Keen29,109 次观看 • 8 天前
When I took out a mortgage for $1 million, the bank didn't get poorer. They simply typed new money into my account. Brand new money that didn't exist before. The person I bought the house from now has $1 million in their account. The money supply increased by $1 million. In my latest video, I demonstrate this using double-entry bookkeeping with two models side-by-side: The Textbook Model: Banks are intermediaries. Credit flows from creditors to debtors. GDP remains completely unchanged regardless of what happens with lending. The Real World Model: Banks create money through lending. Credit increases both the money supply and GDP. When credit contracts, GDP falls. I run both simulations in my Revel software. The difference is stark. In the textbook version, massive changes in credit have zero impact on the economy. In reality, bank lending is the primary driver of economic activity. This isn't just academic. These false models lead mainstream economists to catastrophic policy mistakes. They model capitalism as a barter system while completely ignoring the banking sector, private debt, and even the money supply. I'm not trying to be an irritating contrarian. I'm irritated by having models which are unrealistic, false, and lead us to making catastrophic mistakes about how we manage the real economy. The link to the full demonstration is in the comments. #Economics #BankingSystem #MoneyCreation #MacroeconomicPolicy
Prof. Steve Keen199,930 次观看 • 6 个月前
45 minutes. 3 flawed arguments. 1 walkout. I sat down to debate China’s economy. The other guy came in convinced China was heading for collapse. Every argument I made, he had a talking point ready. None of them held up under scrutiny. All of them came straight from Western media headlines. So after 45 minutes I had enough and left. Then I sat down with Dom Tweed, my former student who actually lives in China today, and reacted to the whole thing on camera. Full video link in comments. #ChinaEconomy #SteveKeen #EconomicDebate #PostKeynesianEconomics #MacroEconomics #China
Prof. Steve Keen37,928 次观看 • 1 个月前
The West will not take this seriously until it hits close to home. 45 million people are already being pushed toward hunger. Fertilizer is disappearing. Food production is dropping. And we still think goods just magically appear on shelves. This is the wakeup call. Full video at the link in the comments. #GlobalFoodCrisis #StraitOfHormuz #SteveKeen #EconomicReality #FoodSecurity
Prof. Steve Keen24,124 次观看 • 23 天前
I get irritated by this supply and demand nonsense because it sounds sensible until you actually look at how the economy works. Firms do not set prices by some neat textbook equilibrium, and the real world is a lot messier than neoclassical economists admit. Watch the full video at the link in the comments. #Economics #SteveKeen #SupplyAndDemand #PostKeynesian #HeterodoxEconomics
Prof. Steve Keen13,536 次观看 • 20 天前
The housing market is broken. Prices in the UK are 9 times the average salary. In Australia, they're rising at the fastest rate ever. The usual story is "supply and demand." But that's not the whole picture. For 130 years, from 1850 to 1980, house prices doubled. In the last 40 years, they’ve tripled. What changed? I'll tell you what changed. Watch the full video to understand the real cause. Link in the comments. #HousingCrisis #Debt #Economics
Dr. Steve Keen51,449 次观看 • 6 个月前
Tim Allen Primary Bond sales don't actually borrow money. Instead, they convert the asset backing fiat-money from Reserves to Bank-owned Treasury Bonds--as this Ravel video shows. There's much more to tell, but the paranoia over government debt is based on ignorance of the accounting.
Dr. Steve Keen23,942 次观看 • 3 个月前
Neoclassical economists are defending equilibrium theory on Twitter. They're telling students to ignore critics who question this framework. The timing is revealing. It's been 20 years since the Global Financial Crisis. Students entering university this year weren't born when it happened. The economists who failed to predict 2008 want the next generation to forget. But here's the historical irony they won't mention. Irving Fisher created equilibrium economics in 1907. He became the most prominent economist in America. His framework assumed markets move toward stable equilibrium through rational price adjustments. On October 15, 1929, Fisher publicly declared stocks had reached a "permanently high plateau." His equilibrium theory told him the market was fundamentally sound. Six days later, Black Tuesday happened. The market eventually fell 90 percent. Fisher didn't just lose his academic reputation. He lost everything financially. Between $100-200 million in today's money. His sister-in-law had to forgive his debts on her deathbed. Columbia University provided him housing because he'd lost his home. This catastrophic failure forced Fisher to reassess his entire framework. In 1933, he published The Debt Deflation Theory of Great Depressions. In it, he explicitly rejected equilibrium thinking. He wrote that assuming economic equilibrium is "as absurd as assuming that the Atlantic Ocean can never be without a wave." Fisher realized that capitalism is inherently dynamic. Debt levels fluctuate. Production and consumption oscillate. Investment moves in waves. Trying to analyze this system through an equilibrium lens meant missing the forces that actually drive economic change. Yet modern neoclassical economists still build their models on the equilibrium framework Fisher abandoned. This isn't just academic history. This matters for practical economic analysis. Equilibrium thinking led economists to miss the Great Depression. After World War II, they reconstructed neoclassical economics with equilibrium at its core. And it led them to miss the Global Financial Crisis. I began warning about the 2008 crisis in December 2005. Not because I had superior intelligence, but because I used a non-equilibrium framework that tracked private debt dynamics. The warning signs were clear once you stopped assuming equilibrium. The same pattern continues. Neoclassical economists remain committed to equilibrium despite its repeated failures. They cannot imagine an alternative framework. For anyone serious about understanding economic dynamics rather than forcing reality into convenient mathematical abstractions, this history is essential. Watch my full breakdown of Fisher's intellectual journey and why equilibrium thinking fundamentally misunderstands capitalism's dynamic nature in the comments #Economics #Finance #EconomicTheory #MachineLearning #FinancialCrisis #Capitalism
Dr. Steve Keen25,108 次观看 • 5 个月前
The moment Buffett destroys the "trade deficits are good" myth. While MMT claims imports are "free stuff," Buffett's Squanderville parable shows how sustained deficits transfer asset ownership abroad. The importing country eventually works extra hours just to pay rent to foreign creditors. This isn't theory; it's economic reality playing out today. Full breakdown in comments 👇 #Economics #TradeDeficit #WarrenBuffett #MMT #MonetaryTheory #EconomicDebate #GlobalTrade #PostKeynesian
Prof. Steve Keen41,112 次观看 • 11 个月前
Every hour, the government pumps $500 million into the US economy. Sounds like a lot, right? It is actually a tiny fraction of the real money creation story. The other $4 billion created daily comes from a source mainstream economists constantly ignore. They tell you government deficits are a disaster waiting to happen. They are wrong. I break down the actual accounting of money creation in my latest video. Link in the comments.
Prof. Steve Keen16,932 次观看 • 5 个月前
3 reasons economics will never fix itself: 1. No controlled experiments (unlike physics) 2. Crises are transient; economists forget what they got wrong. 3. They're ideologically wedded to a belief system that serves no one but themselves. The evidence is everywhere. Diminishing marginal productivity doesn't exist in the real world. Banks create money—which central banks admitted in 2014, then economists ignored. I lay it all out: #EconomicsTruth #Banking #Macroeconomics
Dr. Steve Keen15,954 次观看 • 4 个月前
