Steve Keen, Phil Dobbie – The Debt Myth

How widespread is the idea that one person’s debt is another person’s credit and therefore has no impact on the economy. What are the implications of this thinking and what changes when the realisation that the banking sector is also involved and so is is the relative velocity of money in different hands. If we accepted that debt and credit don’t always can cancel each other out how would that change the approach of governments and the monetary policy of Central Banks? 

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What would Keynes do now?

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