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?
Near the start of this episode, Jason Hickel raises Noam Chomsky’s position that the urgency of the climate crisis is so dire it will have to be dealt with under capitalism. There isn’t time to […]
The “Trickle Down Effect Theory” is one of the great neo-liberal scams. It says that the more money the government gives the rich, the more all of us will earn. Why then are we confronted […]
Steve Keen responds to questions with regards to Modern Monetary Theory reaised by Bill Mitchell. Read here
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