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A good watch
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Hi Davos,
I caught that speech a few days back, and I have to say for an economist, Steve Keen is one smart cookie. I didn't bother to post it to the site because his viewpoints are very contradictory to CM's and this community's consensus.
IMO, the most important point in the whole speech is this:
Most people assume that an expansion of bank reserves precedes an expansion of the money supply (via Fractional Reserve Lending), but analysis shows that the exact opposite is true. The fact that the Fed is bolstering bank reserves does not mean inflation is in our future, it means that debt-inflation has already peaked and is in the past. At least thats my take on it. Mish covers this as well.
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"GDII on steroids!!! " That would be funny if it wasn't so damn accurate.
PS: Don't misunderstand me, I'm thankful that you posted his speech.....I think its always a good idea to be open to various interpretations of the past, present, and future, something you always did when you compiled the daily digest.
Captain Sheeple
Hi Davos,
I caught that speech a few days back, and I have to say for an economist, Steve Keen is one smart cookie. I didn't bother to post it to the site because his viewpoints are very contradictory to CM's and this community's consensus.
IMO, the most important point in the whole speech is this:
Most people assume that an expansion of bank reserves precedes an expansion of the money supply (via Fractional Reserve Lending), but analysis shows that the exact opposite is true. The fact that the Fed is bolstering bank reserves does not mean inflation is in our future, it means that debt-inflation has already peaked and is in the past. At least thats my take on it. Mish covers this as well.
Captain Sheeple