Rebel Economics with Dr. Steve Keen

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)In Lecture 0 of the Rebel Economist Challenge, Professor Steve Keen dismantles some of the most persistent myths shaping today’s economic policy. He reveals how high-cost private debt is crushing American households and why current U.S. policies are quietly steering the economy toward another systemic crisis.Using clear double-entry accounting and Ravel visualizations, Keen explains how private bank lending, not government spending, creates the majority of money in circulation, why government deficits actually expand deposits and bank reserves, and how open-market operations merely reshuffle financial assets without generating real wealth.Challenging the austerity narrative, Keen argues that the real solution is not spending cuts or higher interest rates, but a Modern Debt Jubilee, a bold reset that cancels unpayable debts, repairs balance sheets, and restores sustainable economic growth without relying on the illusion of “money printing.”This lecture sets the foundation for the Rebel Economist Challenge, equipping you with the tools to see how the monetary system truly works—and why changing it is no longer optional.In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.• The government deficit isn’t a flaw in the system it is the mechanism that creates net financial assets for the private sector.• Bank reserves are balances held between commercial banks and the central bank. They enable payments and bond settlement; they are not money you spend in the real economy.• Open-market operations don’t automatically create new wealth. When the central bank buys assets from banks, it simply swaps one asset for another; purchases from non-banks are the cases that expand money holdings.• Loanable-funds theory fails at the starting line. By ignoring endogenous money creation, it artificially inflates government debt and misrepresents how the financial system actually works.• When accounting is done correctly, government negative financial equity is the mirror image of private-sector positive equity, they are two sides of the same balance sheet.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Is the U.S. dollar on the brink of collapse? Renowned economist Professor Steve Keen issues a dire warning about a coming financial storm that most economists are blind to. While the world focuses on the AI boom and tech sector promises, a far more dangerous sovereign debt crisis is brewing in global bond markets.Decades of debt-fueled growth, reckless Trump-era fiscal policies, and Wall Street dominance have left the U.S. dollar and the global financial system dangerously vulnerable. As foreign investors pull back from U.S. Treasury bonds, inflation pressures rise, and credit cycles hit their limit, ordinary Americans face the reality of working past 65 and navigating a collapsing financial safety net.In this critical analysis, Professor Keen explains why the current neoliberal economic model built on unsustainable debt, deregulation, and financial illusions cannot withstand the next shock. The AI boom, often hailed as a solution, is no safeguard; technology cannot fix a broken credit system.Topics covered in this video:✅ De-Dollarization Threat: Why the global shift away from the U.S. dollar is gaining momentum✅ Dollar Collapse Risk: How Trump’s policies reshaped debt markets and eroded dollar dominance✅ Bond Market Warnings: Why selling U.S. debt is becoming harder and the risks this poses to the economy✅ Inflation & Credit Crunch: How rising inflation and a tighter credit cycle threaten households and retirees✅ AI Hype vs. Reality: Why artificial intelligence cannot prevent structural financial failure✅ Economic Reckoning: The potential consequences for the U.S. economy, ordinary Americans, and global marketsIf you want to understand the forces threatening the U.S. dollar, sovereign debt stability, and the future of the global economy, this video is a must-watch.Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#dollarcollapse #USecconomycollapse #SteveKeen #EconomicCollapse #BondMarket #USDebt #CreditCrunch #Neoliberalism #GlobalEconomy #aibubble

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)This Economic Bubble is About to Burst & Most Economists Are BLIND to It! While the world is fixated on the artificial intelligence boom, a silent and far more dangerous crisis is brewing in the global bond markets. In this critical video, Professor Steve Keen, a top economist, issues a dire warning: the bursting of the ai bubble could directly trigger a devastating sovereign debt crisis.Discover why the neoliberal economic model, built on unsustainable debt, deregulation, and pure financial illusion, is on the brink of collapse. As millions face the reality of working past and the U.S. struggles to sell its debt in 2026, the tech sector's promise of infinite productivity is colliding head-on with a harsh credit crunch.Professor Keen masterfully dismantles the myth that markets, or even advanced AI, can simply "self-correct." He reveals how decades of ignored credit cycles and reckless Wall Street dominance have pushed our economic system to its absolute limit. With global buyers now pulling back from U.S. Treasury bonds, the consequences are rapidly hitting the real economy – and no algorithm will be able to print the productivity needed to pay the bill.In this video, we cover:✅ The ai illusion: Why technology cannot fix a broken credit system✅ The 2026 crisis: Why the U.S. is struggling to sell its debt right now✅ retirement reality: Why working past 65 is the new normal✅ System Failure: How mainstream economics ignored the warning signs✅ The Verdict: Will the ai crash finally break the US debt market?Don't miss this essential analysis that reveals why economists are blind to the next financial crisis and how it will impact you.Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#AIBubble #SovereignDebt #FinancialCrisis #SteveKeen #EconomicCollapse #BondMarket #USDebt #CreditCrunch #Neoliberalism #GlobalEconomy

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen reveals how high-cost debt is crushing Americans and why current U.S. policies are steering the economy toward crisis. He explains, with clear double-entry accounting and Ravel visualizations, how private bank lending still creates most of the money in circulation, why government deficits actually increase deposits and reserves, and how open-market operations simply shuffle assets without generating real wealth. Keen argues that the true solution isn’t austerity but a Modern Debt Jubilee—a bold reset that cancels unpayable debts, restores balance sheets, and revives real economic growth without relying on the illusion of “printing money.”In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here:...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)AI bubble is bursting?While the world is distracted by the hype around artificial intelligence, a far more dangerous reality is brewing in the bond markets. In this video, Professor Steve Keen warns that AI won't be the savior of the global economy in fact, the bursting of the 65 ai bubble might just be the trigger for a sovereign debt crisis.We are witnessing the inevitable collapse of a neoliberal economic model built on debt, deregulation, and financial illusion. While millions of Americans are forced to work past 65 and the U.S. struggles to sell its debt in 2026, the tech sector's promise of infinite productivity is colliding with the hard math of a credit crunch.Keen dismantles the myth that markets (or AI) self-correct, revealing how ignored credit cycles and reckless Wall Street dominance have pushed the system to the brink. As global buyers pull back from U.S. Treasury bonds, the consequences are hitting the real economy—and no algorithm can print the productivity needed to pay the bill.In this video, we cover:✅ The AI Illusion: Why technology cannot fix a broken credit system✅ The 2026 Crisis: Why the U.S. is struggling to sell its debt right now✅ Retirement Reality: Why working past 65 is the new normal✅ System Failure: How mainstream economics ignored the warning signs✅ The Verdict: Will the AI crash finally break the US debt market?Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#SteveKeen #FinancialCrisis #AIBubble #EconomicCollapse #DebtCrisis #Economics

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Is the "US Debt Crisis" actually an economic lie?While pundits like Niall Ferguson warn of a 2026 economic collapse, the accounting reality tells a different story. In this video, Steve Keen dismantles the alarmist myth surrounding the National Debt and Fiat money, and reveals why the US government can't go bankrupt like a household because of national debt.Using his Ravel simulation software, Steve exposes the "household analogy" trap, the dangerous myth that currency-issuing governments must balance their checkbooks. Discover why government deficits are actually the mathematical source of private sector wealth, and how austerity measures based on bad economics could trigger the very crash we're trying to avoid.In this breakdown:- The "Debt Crisis" Hoax: Why financial assets require government liabilities.- Steve Keen vs. Niall Ferguson: Debunking the "Great Power" collapse theory.- The 2026 Outlook: Why the real danger isn't debt, but the fear of debt.- Money Creation 101: How the Federal Reserve and Treasury actually interact.- The Ravel Model: Visualizing why deficits create private savings.Main Topics Covered:- The "National Debt" Myth and Fiat Money- Economic Gaslighting and Societal Burnout- Warfare vs. Welfare: The Historical Shift- The Expert's Mistake: Ignoring Bookkeeping- Visualizing the System with Ravel (Minsky)- The Conservation Law of Finance- Private Money vs. Government Money- The Deficit Seesaw- How Taxes Actually Work in the Model- Spending as Money Creation- The Treasury, Central Bank, and the "Overdraft"- Prioritizing Humanity Over Fiscal FallaciesWhy this matters? If we don't understand the difference between Fiat money and private borrowing, we risk destroying essential services like healthcare and education to "pay back" a debt that sustains our economy.What did you think? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, and government actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#macroeconomics #financialliteracy #usdebtcrisis #EconomicCollapse2026...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software we reference in this episode — as a bonus if you’re accepted and join.)Top Economist Steve Keen sits down with Richard J. Murphy for an insightful conversation about why textbook economics so often fail in the real world and what to do instead. From the “theory of the second best” to the Cambridge Capital Controversies, from double-entry bookkeeping to sectoral balances, they unpack how bad assumptions create bad policy, and where Steve agrees with MMT on government money creation and where he pushes back on trade.In this episode, you’ll hear:✅ “Textbooks are teaching a lie”: how clean curves hide messy realities✅ Why equilibrium thinking and perfect-competition myths mislead students and policymakers✅ The second-best insight: removing one “distortion” can make outcomes worse✅ Cambridge Capital Controversies and Samuelson’s quiet concession — and why it never reached textbooks✅ Double-entry as first principles for money and macro, not supply–demand parables✅ Where Steve aligns with MMT on deficits and money creation — and why he disputes “exports are a cost, imports a benefit”✅ Climate economics under fire: why trivializing risk derails the response we need✅ What Ravel brings to monetary and macro modeling (and what’s coming next)Key insights:• Start from accounting and definitions, not analogies.• Sectoral balances are conservation laws: one sector’s surplus is another’s deficit.• You can’t fix macro with micro parables; you need dynamic, accounting-consistent models.• Honest economics welcomes critique — even of our own side — when the data and logic demand it.What should Steve and Richard tackle next — deep dive on double-entry and Ravel, or a full episode on climate economics? Tell us below.Subscribe for reality-based economicsLike if this challenged the textbook stories you were taughtShare to spark better debates in policy and classroomsConnectSteve Keen — Website: https://stevekeen.comWho are the guests?Dr. Steve Keen is an economist known for accounting-consistent, dynamic models of money and debt, and the creator of the Minsky and Ravel tools. He challenges textbook myths with operational mechanics.Prof. Richard Murphy, a political economist, author of the Funding the Future blog, and a long-time critic of the failed ideas driving our economy, known for clear explanations of how real-world accounts should shape economic debate.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software discussed in this podcast — as a bonus if you’re accepted and join.)#SteveKeen #Economics #DoubleEntry #RichardJMurphy #MMT #Ravel #CambridgeControversies #SecondBest #economicpolicy #economicrecovery #economicimpact

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Why are mainstream economists still teaching the same theories that failed to predict the 2008 Global Financial Crisis? According to renowned economist Steve Keen, the answer lies in a fatal obsession with "equilibrium." While the real world is defined by disruption, volatility, and constant change, neoclassical economics relies on a stagnant model that assumes markets always return to a state of balance, a belief that even the creators of those theories eventually abandoned.In this video, Steve Keen breaks down why the "equilibrium" mindset is not just mathematically primitive, but dangerous. He explains how this flawed methodology ignored the role of private debt and banking, leading directly to the 2008 crash and the deeply imbalanced economy we face in 2026. Using his proprietary Ravel software and complex system dynamics, Keen demonstrates that capitalism is inherently cyclical and unstable, requiring a radical shift toward "Rebel Economics" to understand the shocks and disturbances of the real world.Dr. Steve Keen dismantles the myth of self-correcting markets and reveals how relying on micro-foundations to explain macroeconomics is a scientific fallacy. From the warnings of Irving Fisher to the modern breakthroughs of system dynamics, this video provides a roadmap for an economics that actually works.What You’ll Learn:✅ The Equilibrium Myth: Why the very people who invented equilibrium thinking (Fisher and Hicks) later rejected it.✅ Why the 2008 Crash Was "Invisible": How neoclassical models are designed to ignore the dark corners of financial chaos.✅ Chaos Theory & Economics: How Edward Lorenz’s discoveries in meteorology prove that real-world systems are normally far from equilibrium.✅ The 4 Incontestable Definitions: A superior way to build macroeconomics using wages, employment, private debt, and government deficits.✅ Minsky’s Financial Instability Hypothesis: Why private debt—not government spending—is the true engine of economic breakdown.✅ The Role of "Big Government": How counter-cyclical spending acts as a stabilizer for an inherently unstable system.What did you think of the critique of neoclassical "micro-foundations"? Share your thoughts on whether equilibrium has any place in modern policy below.Subscribe for reality-based economics.Like if this clarified why the "consensus" of economists is often wrong.Share to help others move beyond textbook myths and understand the true dynamics of debt.Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches.Curious minds, engineers, and finance professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky and Ravel software, which model financial instability through the lens of complex systems theory. Dr. Steve Keen’s work is essential for anyone seeking a deeper understanding of the forces that drive booms, busts, and the evolution of the global economy.Again, learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com#moneycreation #equilibrium #systemdynamics #privatedebt #economics #macroeconomics #financialcrisis

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Why is the U.S. struggling to sell its debt in 2026? Renowned economist Steve Keen delivers a revolutionary truth: this isn’t a personal finance failure or a demographic problem. It’s the inevitable collapse of a neoliberal economic model built on debt, deregulation, and financial illusion.In this must-watch video, Steve Keen breaks down how decades of runaway private debt, deficit denial, and flawed economic theory have pushed the U.S. toward a sovereign debt crisis and collapsing retirement security. He challenges the common narrative that rising interest is the unassailable enemy, revealing instead that the real issue is an economic system that makes even manageable interest payments unsustainable due to its deep-seated debt structure. Keen shows us that the "interest problem" can be solved by fundamentally rethinking our debt-driven economy.Using historical data, accounting-based economics, and system-dynamics models, Keen explains how mainstream economists ignored banks, money creation, and credit cycles leading directly to disasters like the 2008 financial crash, the growing pension crisis, and today’s unprecedented Treasury demand collapse.Keen dismantles the myth that markets self-correct and reveals how this belief drove reckless deregulation, Wall Street dominance, failed trade policy, and unsustainable government borrowing. As global buyers pull back from U.S. debt, the consequences are now hitting workers, retirees, and the real economy.Don't miss this critical analysis of the current economic crisis and the future of capitalism. Understand why the system is failing and what Steve Keen proposes to solve the underlying issues, including the misperceived "interest problem."✅ Why the U.S. debt market is breaking down✅ Neoliberalism & its economic impact✅ Why mainstream economics failed to predict every major crash✅ Private debt vs. public debt✅ Solving the interest problem in economics✅ What comes next for the U.S. economy-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software we reference in this episode — as a bonus if you’re accepted and join.)Top Economist Steve Keen sits down with Richard J. Murphy for an insightful conversation about why textbook economics so often fail in the real world and what to do instead. From the “theory of the second best” to the Cambridge Capital Controversies, from double-entry bookkeeping to sectoral balances, they unpack how bad assumptions create bad policy, and where Steve agrees with MMT on government money creation and where he pushes back on trade.In this episode, you’ll hear:✅ “Textbooks are teaching a lie”: how clean curves hide messy realities✅ Why equilibrium thinking and perfect-competition myths mislead students and policymakers✅ The second-best insight: removing one “distortion” can make outcomes worse✅ Cambridge Capital Controversies and Samuelson’s quiet concession — and why it never reached textbooks✅ Double-entry as first principles for money and macro, not supply–demand parables✅ Where Steve aligns with MMT on deficits and money creation — and why he disputes “exports are a cost, imports a benefit”✅ Climate economics under fire: why trivializing risk derails the response we need✅ What Ravel brings to monetary and macro modeling (and what’s coming next)Key insights:• Start from accounting and definitions, not analogies.• Sectoral balances are conservation laws: one sector’s surplus is another’s deficit.• You can’t fix macro with micro parables; you need dynamic, accounting-consistent models.• Honest economics welcomes critique — even of our own side — when the data and logic demand it.What should Steve and Richard tackle next — deep dive on double-entry and Ravel, or a full episode on climate economics? Tell us below.Subscribe for reality-based economicsLike if this challenged the textbook stories you were taughtShare to spark better debates in policy and classroomsConnectSteve Keen — Website: https://stevekeen.comWho are the guests?Dr. Steve Keen is an economist known for accounting-consistent, dynamic models of money and debt, and the creator of the Minsky and Ravel tools. He challenges textbook myths with operational mechanics.Prof. Richard Murphy, a political economist, author of the Funding the Future blog, and a long-time critic of the failed ideas driving our economy, known for clear explanations of how real-world accounts should shape economic debate.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software discussed in this podcast — as a bonus if you’re accepted and join.)#SteveKeen #Economics #DoubleEntry #RichardJMurphy #MMT #Ravel #CambridgeControversies #SecondBest #economicpolicy #economicrecovery #economicimpact

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen reveals how high-cost debt is crushing Americans and why current U.S. policies are steering the economy toward crisis. He explains, with clear double-entry accounting and Ravel visualizations, how private bank lending still creates most of the money in circulation, why government deficits actually increase deposits and reserves, and how open-market operations simply shuffle assets without generating real wealth. Keen argues that the true solution isn’t austerity but a Modern Debt Jubilee—a bold reset that cancels unpayable debts, restores balance sheets, and revives real economic growth without relying on the illusion of “printing money.”In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here:...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen reveals how high-cost debt is crushing Americans and why current U.S. policies are steering the economy toward crisis. He explains, with clear double-entry accounting and Ravel visualizations, how private bank lending still creates most of the money in circulation, why government deficits actually increase deposits and reserves, and how open-market operations simply shuffle assets without generating real wealth. Keen argues that the true solution isn’t austerity but a Modern Debt Jubilee—a bold reset that cancels unpayable debts, restores balance sheets, and revives real economic growth without relying on the illusion of “printing money.”In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here:...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen reveals how high-cost debt is crushing Americans and why current U.S. policies are steering the economy toward crisis. He explains, with clear double-entry accounting and Ravel visualizations, how private bank lending still creates most of the money in circulation, why government deficits actually increase deposits and reserves, and how open-market operations simply shuffle assets without generating real wealth. Keen argues that the true solution isn’t austerity but a Modern Debt Jubilee—a bold reset that cancels unpayable debts, restores balance sheets, and revives real economic growth without relying on the illusion of “printing money.”In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here:...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen reveals how high-cost debt is crushing Americans and why current U.S. policies are steering the economy toward crisis. He explains, with clear double-entry accounting and Ravel visualizations, how private bank lending still creates most of the money in circulation, why government deficits actually increase deposits and reserves, and how open-market operations simply shuffle assets without generating real wealth. Keen argues that the true solution isn’t austerity but a Modern Debt Jubilee—a bold reset that cancels unpayable debts, restores balance sheets, and revives real economic growth without relying on the illusion of “printing money.”In this breakdown, you’ll discover:✅ Government Spending & Taxes: How deposits rise and taxes fall—what actually impacts Americans’ wallets.✅ Bank Reserves 101: What banks can—and can’t—do with reserves, and why it doesn’t relieve high-cost debt.✅ Deficit Mechanics: Why deficits create money and reserves, and why surpluses can worsen economic stress.✅ Eight Key Entries: How government money creation works behind the scenes beyond basic double-entry.✅ Borrowing from the Private Sector: The accounting myth that misleads policymakers and the public.✅ OMOs & QE Explained: When these tools create real money—and when they fail to.✅ Money Data Since 2000: Most new money has been private credit, fueling debt pressures.✅ Government Negative Financial Equity: Why it’s necessary, but why Americans still feel the squeeze from high-cost debt.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.Learn 50+ Years of Economics in Only 7 Weeks, by applying here:...

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen exposes the ugly lies behind the Nobel Prize in Economics, revealing how the world’s faith in Ben S. Bernanke’s theories is fundamentally misplaced. He explains, with clear data analysis and accessible financial modeling, how Bernanke’s proposed banking system misrepresents how money is actually created, why his policies overstated the effectiveness of central bank interventions, and how the supposed “solutions” fail to address structural weaknesses in modern finance. According to [Name], those who blindly follow Bernanke are misled into thinking that manipulating reserves and interest rates can generate real economic stability, when in reality it often amplifies inequality and financial risk. The true path, he argues, lies in rethinking the foundations of banking and monetary policy, exposing the flawed assumptions behind the Nobel Prize’s most celebrated laureates, and pushing for reforms that reflect how money and credit genuinely function in the economy.In this breakdown, you’ll discover:✅ Bernanke’s Banking Fallacy: How his proposed bank operating system misrepresents money creation and misleads policymakers.✅ The Nobel Prize Myth: Why the most celebrated laureates often ignore real-world banking mechanics.✅ Private Bank Lending Truths: How most money in circulation is created by private banks—not central banks.✅ Government Policy Misconceptions: Why relying on interest rates and reserves doesn’t fix structural economic issues.✅ Accounting Illusions: How flawed interpretations of double-entry bookkeeping have skewed economic theory for decades.✅ Credit & Debt Realities: How Bernanke’s framework underestimates high-cost debt pressures on households and businesses.✅ Market Interventions Exposed: When tools like QE and central bank operations actually fail to generate real wealth.✅ Economic Consequences: How following the wrong model amplifies inequality, financial instability, and public misconceptions.Key insights:• Deficit is not a bug — it’s the feature that creates net financial assets for the private sector.• Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte.• Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system.• Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place.• Accounting done properly shows government negative financial equity mirrors private positive equity.-----What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below.Subscribe for reality-based economicsLike if this clarified how deficits, reserves, and QE actually workShare to help others move beyond textbook myths-----Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Curious Minds, Engineers, and Finance Professionals will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial...

Learn 50+ Years of Economics in Only 7 Weeks: apply at https://www.stevekeen.com(Bonus: accepted students who join get Ravel — the double-entry, macro visualization tool used in this video.)In this revealing video, Steve Keen takes us back to the 1929 Great Depression to show how similar economic conditions could lead us to another crisis. He critiques the conventional wisdom, explains why debt-fueled booms lead to catastrophic busts, and highlights a better way forward. Steve’s deep dive into private debt, inflation, and government spending offers a much-needed alternative perspective to mainstream economic thought.Key Takeaways:The True Cause of the Great Depression: How over-indebtedness and deflation triggered the collapse, and why we’re repeating these same mistakes today.Fisher's Paradox: How the more debtors try to reduce their debt, the more they actually increase it, exacerbating economic downturns.The Role of Private Debt: A detailed look at how high private debt, combined with low inflation, caused both the boom and bust of the 1920s and 1930s.Lessons from History: What went wrong in the 1920s, how it led to the Great Depression, and why we still haven't learned from it.Government Spending & Recovery: Steve shows why government intervention (like the New Deal) was key to stopping the economic collapse and why it’s critical to act similarly today.What’s the Real Crisis?Steve goes beyond the numbers to question whether we, as a society, are chasing the wrong crisis. With the UK and global economies facing mounting debt and the possibility of inflation spiraling out of control, it's time to ask: Are we truly prepared to face the same conditions that led to the Great Depression?The Truth About Debt and InflationSteve dives deep into the data to debunk the myths surrounding the "debt crisis." According to Steve, private debt, not government debt, is the real problem, and it’s being ignored in the current economic debate. The rise in private debt since the 1980s, fueled by deregulation and a focus on asset price speculation, has led us to the point where the next financial collapse may be just around the corner.Key Concepts Covered:Fisher’s Paradox: The idea that debt reduction efforts can lead to increased debt burdens in times of deflation.Private Debt vs Government Debt: How credit impacts the economy and why private debt is more dangerous than government debt.Government’s Role in Recovery: Why government spending—especially deficit spending—is necessary to prevent a crisis.Policy SolutionsSteve suggests three policy measures that could help avoid another Great Depression:Limit Private Debt: Regulate lending to prevent asset price bubbles.Government Spending: Use government debt to finance essential services and stop economic decline.Debt Jubilees: Cancel or restructure private debt to prevent another financial collapse.The Ravel Software DemonstrationSteve uses his proprietary Ravel software to demonstrate how the current financial system is designed to fail and what needs to be done to fix it. Using double-entry bookkeeping, he shows the difference between conventional economic models and the reality of how money and debt work in today's economy.Critical Insights:The Real Impact of Government Debt: The video challenges the conventional wisdom that government debt is the primary issue, arguing instead that private debt is the true threat.The Danger of Deflation:...

https://cyber.stevekeen.comGet exclusive Cyber Monday bonuses including Unlimited Ravel use (my proprietary software I use in this video), Q&A calls with me, 100-Day Guarantee and other exclusives at https://cyber.stevekeen.com⌛️ Ends on Monday Dec 1st 11:59PM EST.Banks don’t “lend out” your deposits, they create money when they lend.In this video, Steve Keen dissects the classcial economist's fractional-reserve story, responds to critics, and uses Ravel to show why the classic money-multiplier only “works” if loans are made in cash. Once you enforce real double-entry bookkeeping, the narrative collapses — and the real mechanics of bank-originated money and debt come into focus.What you’ll learn• Why the textbook money-multiplier breaks under proper accounting• How bank lending creates deposits (new money) on both sides of the ledger• Why reserves ≠ “loanable funds” and why deposits aren’t lent out• Where popular explanations violate assets = liabilities + equity• Why getting money creation right matters for debates on deficits, QE/QT, and “can we afford it?”• How Ravel exposes hidden assumptions in neat verbal stories — step by stepKey takeaways• If a model can’t balance the T-accounts, it’s wrong, regardless of how often it’s taught.• Loans create deposits; deposits aren’t a stockpile that gets parcelled out.• Cash is the only way to make the textbook multiplier arithmetic “work”, which tells you the model is not how modern banking operates.• Misunderstanding bank money leads to bad policy: deficit panic, confused takes on QE/QT, and misguided bank rules.About Steve KeenSteve Keen is an economist known for accounting-consistent, data-driven models of money, debt, and instability. Creator of the Minsky and Ravel tools, he replaces classroom myths with operational mechanics you can simulate and test.• Weekly live access & Q&A• Cohort of rigorous, curious learners• Ravel included for accepted students who joinSupport reality-based economics• Subscribe for more Ravel walk-throughs and myth-busting• Like if this clarified how banks actually create money• Share with someone still quoting the money-multiplierGet exclusive Cyber Monday bonuses including Unlimited Ravel use, Q&A calls with me, 100-Day Guarantee and other exclusives at 👉 https://cyber.stevekeen.com#economicseducation #moneycreation #banks #doubleentrysystem #ravel #macroeconomics #fiscalpolicy #monetarypolicy #banking101 #stevekeen

https://cyber.stevekeen.comGet exclusive Cyber Monday bonuses including Unlimited Ravel use (my proprietary software I use in this video), Q&A calls with me, 100-Day Guarantee and other exclusives at https://cyber.stevekeen.com⌛️ Ends on Monday Dec 1st 11:59PM EST.Why are homes unaffordable from London to Sydney?Steve Keen shows why the standard “supply & demand” story misses the engine underneath modern housing bubbles: bank-originated mortgage credit. Using long-run BIS datasets, Steve tracks how real house prices decoupled from consumer prices after the 1980s as banks ramped mortgage lending. The kicker: it’s not just the level of mortgage debt that drives prices — it’s the change in the change of mortgage debt. That credit pulse explains booms, busts, and today’s squeeze.What you’ll learn• Why real house prices were flat for a century… then went vertical after the 1980s• How bank lending (not “savers’ deposits”) creates new purchasing power for housing• The critical driver: ΔΔ Mortgage Debt → Δ Real House Prices (UK, US, Australia, more)• Why simple correlations mislead — and why differencing reveals the true causal link• How rising inequality and speculative demand amplify bank-fueled price cycles• Policy levers that actually bite: credit guidance, LTV/DTI caps, and curbing mortgage speculationKey takeaways• Housing became a credit-fueled asset: prices outran CPI and wages because banks created the demand.• The credit impulse (change in the change of household debt) best explains house-price swings.• Countries without a visible “crash” can still be in an oversized, fragile credit cycle.• Taming bubbles means steering bank credit toward productive uses — not bidding wars for existing homes.Policy ideas discussedCredit guidance for banks: prioritize business working capital & durable goods; restrict mortgage speculation.Macroprudential limits: tighten LTV/DTI during upswings; countercyclical buffers that lean against credit booms.Re-align incentives: discourage flipping/empty-home speculation; reward new supply without turbo-charging land prices.Measure what matters: track private-debt ratios and the credit impulse alongside CPI/unemployment.------About Steve KeenSteve Keen builds accounting-consistent, data-driven models of money, debt, and instability. Creator of Minsky and Ravel, he replaces classroom myths with the operational mechanics you can simulate and test.Get exclusive Cyber Monday bonuses including Unlimited Ravel use (the software I use in this video), Q&A calls with me, 100-Day Guarantee and other exclusives at 👉 https://cyber.stevekeen.com⌛️ Ends on Monday Dec 1st 11:59PM EST.• Weekly live Q&A access• Cohort of rigorous learners• Ravel included for accepted students who joinSupport reality-based economics• Subscribe for more Ravel walk-throughs and housing myth-busting• Like if this reframed housing beyond “just build more” takes• Share with anyone who thinks deposits fund mortgages#housingcrisis #houseprices #mortgagedebt #CreditImpulse #PrivateDebt #BIS #Ravel #Macroeconomics #FinancialStability #Inequality #UKHousing #australiahousing #ushousingmarket #SteveKeen

Learn 50+ Years of Economics in Only 7 Weeks: apply at https://www.stevekeen.com(Bonus: accepted students who join get Ravel — the double-entry, macro visualization tool used in this video.)Steve Keen sits down with Sky’s Ed Conway to stress-test the OBR’s terrifying long-run debt charts (274%… 600%+ of GDP) and shows why they rest on a false banking model. Using Ravel, Steve compares the textbook “loanable funds” view with the Bank of England’s 2014 statement on how money is actually created (banks create deposits when they lend). The result: debt-panic projections collapse, and a saner policy mix comes into view.What you’ll learn• Why “banks as mere intermediaries” breaks macro logic — and the forecasts built on it• The BoE’s money creation mechanism vs. the textbook story — and why it matters for deficits• How government deficits create fiat money, and why that’s a feature, not a bug• Why secondary bond sales by banks to non-banks destroy deposits (and how to rein that in)• How QE/QT and rate hikes ripple through bond prices, bank balance sheets, and yields• Why private debt and credit growth are the true cyclical drivers — and why policymakers ignore them• Practical fixes: deficit-fund essential services, cap secondary bond offloads, guide credit away from asset bubblesKey takeaways• OBR-style “debt to the sky” charts depend on a loanable-funds world that doesn’t exist.• In the real world, bank lending creates deposits; credit affects demand and GDP.• Deficits add fiat money to private balances and need not imply a debt doom loop.• Private debt and credit swings drive unemployment and crises; government debt usually reacts after the fact.• QT plus rapid rate hikes compress bond prices and can destabilize banks; policy must account for this transmission.Policy prescriptions discussedRun deficits to fund real needs (healthcare, winter heating, critical services).Limit banks’ secondary bond sales to non-banks (or sell new gilts directly to the central bank and pay interest on reserves).Use credit guidance: allow lending for productive business working capital and major consumer durables; restrict mortgage/asset-price speculation.Target private-debt/credit metrics in macro policy (e.g., keep private debt ≤ ~100% of GDP).About Steve KeenSteve Keen is an economist known for accounting-consistent, data-driven models of money, debt, and instability. Creator of the Minsky and Ravel tools, he replaces classroom myths with operational mechanics you can simulate and test.Try the Seven-Week Rebel Economist ChallengeApply here: https://www.stevekeen.com• Weekly live access for Q&A• Cohort of like-minded learners• Ravel software included for accepted students who joinSupport reality-based economics• Subscribe for more Ravel walk-throughs and myth-busting• Like if this clarified why “debt doom” charts go off the rails• Share with someone who follows fiscal headlines#Economics #SteveKeen #EdConway #UKDebt #OBR #BankOfEngland #Ravel #PrivateDebt #CreditCycles #QE #QT #BondYields #FiscalPolicy #Macro

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)📢 This is a reupload of the original video with improved visuals and audio for a better viewing experience.Top Economist Steve Keen breaks down why the UK’s housing market has gone from “crisis” to “ticking time bomb.” With long-run data and Ravel demos, Steve shows how deregulated mortgage lending not mere shortage pushed the price-to-income ratio from ~4.5× in the post-war era to ~9× today, and lays out two concrete, workable policies to restore affordability: PILL (Property Income Limited Leverage) and an Affordable Housing Authority offering zero-interest mortgages for median and below-median earners.In this video, you’ll discover:✅ Why today’s 9× price-to-income rivals 1876 — and what changed after the 1980s✅ Building societies vs banks: why one didn’t create money and the other does✅ How bank-created mortgage credit inflates prices far faster than wages✅ The post-Thatcher break: household debt explodes, real house prices double faster✅ PILL: cap mortgages to a multiple of rental income and phase it down toward ~10×✅ AHA: zero-interest public lending that turns “housing stress” into manageable payments✅ Why both must run together (one cools leverage, the other preserves access)✅ Bonus history: Ford and Edison’s case for interest-free public finance — and why it matters nowKey insights:• Price without leverage is fiction: new mortgage credit is the main source of housing demand.• Deregulation shifted lending from building societies to banks — expanding money and bidding up existing homes.• At 7% interest, over half of lifetime payments are interest; at 0%, typical payments drop near the 30% “stress” threshold.• Pairing PILL with AHA bends prices down while keeping doors open for average earners.• Private debt — not public debt — is the core macro risk behind UK housing volatility.Subscribe for reality-based economicsLike if this clarified why UK homes keep outrunning wagesShare to help others see what actually drives prices---Who is Dr. Steve Keen?Dr. Steve Keen is an economist known for accounting-consistent, data-driven models showing how bank money and private debt drive booms, busts, and asset bubbles. Creator of the Minsky and Ravel tools, he replaces classroom myths with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: [https://www.stevekeen.com](https://www.stevekeen.com)(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#UKDebt #MoneyCreation #ukeconomy #BOMD #SteveKeen #Ravel #Macroeconomics #FiscalPolicy #BankingSystem