aussieboy Posted November 8, 2010 Share Posted November 8, 2010 Lky1, have read some Steve Keen (Sydney Universtiy) : Are we It Yet Jump to Figure 8. Scary stuff. It shows the percent of aggregate demand that comes from debt finance. I.e. how much of the economy is actually just temporary, people taking equity out their house and buy a BMW etc. In time they will have to use their income to pay back the loan, which will subtract from demand in the future. The future is now. That's the main reason that fiscal or monetary stimulus won't work. The drop in demand is huge and unavoidable. Steve Keen... Nooooooo! hHe's at University of Western Sydney btw... sort of a Sydney Brookes. Quote Link to comment Share on other sites More sharing options...
erranta Posted November 8, 2010 Share Posted November 8, 2010 It will be terrific to root out fraud in banking. I think that would see a lot of bankers cry, scream, threaten to go to Zurich (please do!) blah blah blah If the fraudsters f off, we might get left with a non-parasitic banking industry that is socially useful As for the 'don't blame us, blame the politicians/ regulators' meme, many of us do. Along with banking fraudsters, they richly deserve the french revolutionary treatment Would they be condemned as 'R' souls? Quote Link to comment Share on other sites More sharing options...
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