Economist Steve Keen on BBC's Hardtalk: Bankrupt banks, Nationalise financial system

[stockholmer]

Run time: 26:04 https://www.youtube.com/watch?v=SkesgECRXtM   Posted on YouTube: November 24, 2011 By YouTube Member: arnomd Views on YouTube: 296   Posted on DU: November 25, 2011 By DU Member: stockholmer Views on DU: 3046

 
Should government pay off our debts?

Economist Steve Keen says we are already in another Great Depression. He advocates bankrupting the banks, nationalising the financial system and paying off people's debt

Economist Steve Keen is one of the few economists to have predicted the global financial crisis and now he says we are already in a Great Depression. He says the way to escape it is to bankrupt the banks, nationalise the financial system and pay off people's debt.

He admits what he is advocating is radical but says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it.

BBC World, Hardtalk 2011-11-24, 0530
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[dkf]

1. That rewards the profligate and leaves savers as chumps.

It also keeps prices high. Foreclosures have been helping to bring housing prices closer to affordable amounts. Forgiving debts supports prices and leaves the responsible who have been refraining from purchasing out in the cold.

[fascisthunter]

10. So, it would be better to have a Global Depression?

I think your way is leading us to demise.

[nauthiz]

2. Wish they had done it

The "savers" are all out of money, and many of the people who have been foreclosed upon had misleading contracts which doubled their monthly payments, making it hard to budget. If you've been unemployed for more than a year, no amount of saving is going to rescue you. Reinstate Glass Steagal so there is no government backed deposits to play with, then have the CFPB do that simpler contracts legislation, then let the banks die off.

[pam4water]

3. Marked for later.

[MannyGoldstein]

4. Excellent Video - I Strongly Recommend

Rings true.

[Fokker Trip]

5. The other news items in the video...Amish hair cutting attacks...wtf.

[Douglas Carpenter]

6. fascinating interview knr -- everyone MUST watch this

[olleander]

7. Savers?

US savings rate came down from 8% forty years ago and was zero
in the mid 00s and the country is saving below 4% now.  The
system does not reward savings, it rewards risky borrowing. 
Implement his changes and you would shift the reward to saving
and disincentivize risky borrowing.

[civilisation]

8. “Problems cannot be solved by the same level of thinking that created them.”

New thinking is needed, he seems to make some good points here,.

I had to laugh at the hostess, when she asked like 10 times if he thinks everyone else is dumb and he is smarter, what was the point of that line of thought?

[fascisthunter]

9. to destroy his credibility... love how the media does the work for the 1%

quisling suck-ups