{"id":1626,"date":"2009-03-25T02:13:17","date_gmt":"2009-03-25T01:13:17","guid":{"rendered":"http:\/\/blog.world-citizenship.org\/?p=1626"},"modified":"2025-02-26T13:01:02","modified_gmt":"2025-02-26T12:01:02","slug":"steve-keens-deptwatch-the-blog","status":"publish","type":"post","link":"https:\/\/ngo.heidi-barathieu-brun.ch\/?p=1626","title":{"rendered":"Steve Keen's Deptwatch – The blog"},"content":{"rendered":"

Analysing the Global Debt Bubble<\/strong> … (its all about the blog)<\/p>\n

Linked with Steve Keen – Australia<\/a>, and with The Roving Cavaliers of Credit<\/a>.<\/p>\n

As an economist, I do something very unusual: I treat money seriously. Though this is hard for non-economists to believe, economists have it schooled into them that \u201cmoney doesn\u2019t matter\u201d \u2013that it is just a \u201cveil over barter\u201d, there to make it easier to swap commodities than it would be if you actually had to find someone who had what you wanted, and wanted to sell what you wanted to buy … (about 1\/2<\/a>).<\/p>\n

The Blog’s homepage<\/a> with its latest article;
\nModels of the economy\u2019s behaviour<\/a>; Research<\/a>;
\nMedia Coverage<\/a>; Podcast<\/a>; Reports<\/a>; Talks<\/a>; Gems<\/a>; Charts<\/a>; Brickbats<\/a>; Policy Documents<\/a>;
\nSee also his website Debunking Economics.com<\/a>, made for his book with the same name.
\nThere you can also find contact details<\/a>.<\/p>\n

About2\/2<\/a>: … The argument that persuades them goes something like this: \u201dwhat would happen if you simultaneously doubled all prices and all incomes? Nothing!\u201d <\/p>\n

In other words, if consumers are rational (now there\u2019s a much abused word, but I digress), they shouldn\u2019t care about the absolute prices of goods, just their relative prices. So doubling all prices and doubling a consumer\u2019s income shouldn\u2019t cause her to do anything different (but of course, changing relative prices would alter behaviour).<\/p>\n

Bollocks. Double all prices and my income, and I\u2019d be much better off because my mortgage payments would take less of my income (even if interest rates were also doubled). That\u2019s because I\u2019m in debt\u2013I have a mortgage. And you can\u2019t simply double interest rates to reach the same outcome as doubling prices, because debt repayment dynamics make the whole thing \u201cnonlinear\u201d: include debt seriously in your analysis of consumption, and the \u201cveil over barter\u201d vision of money collapses. But this \u201cinconvenient truth\u201d is omitted from economics\u2013not because economists are deliberately hiding it, but because they have deluded themselves about the nature of money.<\/p>\n

I take it into account, and as a result I get a very different picture of how the economy operates than do conventional (\u201dneoclassical\u201d) economists.<\/p>\n

I use this blog to post monthly reports on debt levels in Australia and the USA.<\/p>\n

Further reading: … (full text<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

Analysing the Global Debt Bubble … (its all about the blog) Linked with Steve Keen – Australia, and with The Roving Cavaliers of Credit. As an economist, I do something very unusual: I treat money seriously. Though this is hard for non-economists to believe, economists have it schooled into them that \u201cmoney doesn\u2019t matter\u201d \u2013that … Continuer la lecture de « Steve Keen's Deptwatch – The blog »<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,7],"tags":[],"class_list":["post-1626","post","type-post","status-publish","format-standard","hentry","category-a-verifier","category-ngos-world"],"_links":{"self":[{"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/posts\/1626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1626"}],"version-history":[{"count":1,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/posts\/1626\/revisions"}],"predecessor-version":[{"id":15825,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=\/wp\/v2\/posts\/1626\/revisions\/15825"}],"wp:attachment":[{"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ngo.heidi-barathieu-brun.ch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}