Steve keen on the global economy, the aussie housing bubble, gold & bitcoin

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1. Hes right on gold,,,,like blackadders purest ,green,,,,,lol....the idea of gold and silver backed money is another relic of retarded neo classical mecantileism .
2. I personally think that Steve Keen will one day be a sell-out to the globalist movement --> He will work for the IMF - communist, one world government elites.
3. Steve Keen's attack on gold at @43:00 is very suspicious. He certainly didn't convince me! All bullshit petty problems. Deflation can be a great thing if it is as a result of increased productivity and therefore purchasing power... The characterisation that we would need to carry around physical gold is such a straw man attack it is not funny. You can still have credit cards and utilise all current day technology on a gold standard..Idiot.
4. Steve Keen's idea @26:49 is to simply get the gov to mandate that everybody gets given free money e.g. $10,000 to inflate away all the debt (but in doing so would erode the value of all the savers!).
5. Good interview, but you'll have to bring him back to question him on his own blind spot regarding the finite nature of our resource base. I'm no goldbug for much of the same reason he stated....but one has to admit that unanchoring the monetary system from ANY PHYSICAL reality was bound to lead us in a fatal clusterfuck.
   
   ..and I've already seen Keen sitting on the same panel as Gail Tverberg, ...so it's not like he shouldn't be aware at all of this matter...
6. who debunks keen?
7. I think Steve keen is much better than someone like krugman but I'm still a little unsure with some of his ideas.
8. +Marcus Denning It doesn't have to be fractional reserve, you could have a bitcoin like distributed ledger, not unlike bitgold, that represents your ownership of physical gold at independently audited vaults. No gold has move just the ownership and a record on the ledger with an option to take possession for a small coinage fee. It's a trustless system. A sliver and copper system would be better again since there's a utility.
   The crisis we face is not a lack of capital, it's one of a shortage of creativity and poor reward signals. Why shouldn't a trader working a junk bond desk earning $200M for their firm make millions? They aren't liable fir losses and neither is the firm and if the loss is $200M then having debt on the books to that value costs nothing (or pays in a NIR enviroment). If you're going to base the coin of the realm on something as etherial as trust then you may as well do away with a medium of exchange at all if you're dealing in trust and find a way to monetize value given to society and human progress, you end up with an economy based on what's essentially Facebook likes. For my money I'll take a decentralized and trustless system like bitcoin or gold and sliver and let the world run on a crowd funding model. I'd happily support the CSIRO or Elon Musk and better yet if I can own a piece of what they develop. That's going to develop and favor marketing of projects but only until you have a few big failures, then people will start to genuinely look into what and where their money is going instead of blindly throwing it at their super or into blue chips hoping to get third hand access to this printing press of fiat and financial engineering.
9. A Professor is an over educated school teacher and they are thick as pigshit. Gold is not money but fiat currency backed by nothing is, including the petro dollar, now I have heard it all........Jeez.....
10. Love Steve Keen, great mind great ideas, but on gold? WTF, he doesn't have a fucking clue, I am in shock at his appalling ignorance. He kept saying you can't make more of it but you can mine it at a rate of about 2%/annum and the price can be made to account for the amount of currency in circulation. He seems to think that a gold standard involves people walking around with golg in their pockets to settle transactions.
11. Excellent interview - A lot of the technical detail was beyond me but there's superb advice there.
    
    hahahaha, lets hope the Australian banks (the big four) go bankrupt and goodbye.
12. Prof. Keen needs to learn a bit more about the advantages of the bitcoin blockchain and how "network effects" work. For example, one could easily create another website just like Facebook but have near zero chance of replacing it. Same thing for Bitcoin. It has to do with confidence just like fiat. Additionally, The bitcoin network has security (by way of it's combined cryptographic hashing power) orders of magnitude higher than any other crypto coin. Then there is the much larger amount of investments/participants in the ecosystem... fiat gateways, software and hardware wallets, payment processors, and the list goes on and on.
    The transaction delays and scalability are just a matter of fixes to the software/protocol, some of which are in the works, some already have been implemented and tested and to be rolled out shortly. Within 12-24 months these things will be in the rear-view mirror.
13. +Marcus Denning Agree with Keen on the Aus housing bubble.
    
    Typically, like all Keynsians, oversimplifies and is quick to dismiss gold.
    How's the Keynsian solution going for Japan? All that government interference? QE11 now isn't it?
    "If it doesn't work the first time, let's try another 10 times!"
    
    There is ALWAYS enough gold in the world. It's simply a matter of price. James Rickards has shot down all these ignorant statements.
    "Modern debt jubilee".... by printing money and giving it out.
    Oh! So that DOESN'T reward the idiots and speculators who got into too much debt?
    That DOESN'T save Joe Blow's zombie business from the consequences of borrowing $10k too much for his "selling-sand-to-the-arabs" venture?
    That DOESN'T devalue or debase the currency that the savers have saved?
    Giving people more money/less debt than they have now - so MORE MONEY CHASING SAME GOODS - is NOT going to result in price inflation?
    Saving the idiots from their debt, putting them back to square, is a DISINCENTIVE for them to borrow and leverage again, is it?
    
    There were 16 PHD's at Long Term Capital Management. They managed to nearly bring Wall Street to it's knees. Being a Professor means your intelligent. It doesn't mean you're right.
    
    Debt instruments are worthless if the debtor can't pay. Our governments can't pay. So our unbacked, paper-promise currency is ABSOLUTELY worthless. It's literally, just a piece of pretty coloured paper. I'm happy for BACKED-currency to exist, but if the global market is going to say my currency is worthless, like the Zimbabwean dollar, I'd rather be able to take it to my Central Bank and give it back and exchange it for the gold.
    (Which couldn't possibly happen, because gold has had value for 5000years. Find a replacement for gold, then it'll be worth alot less. If you don't like your gold, you're welcome to put it all in a box and post it to my house... valueless and useless, right?)
    It's just a matter of time before the free market works out the bonds can't be paid and will rush out of all types of debt instruments into hard assets.
    
    Not that I agree with the Gold Standard either. Corruption has existed for 5000years and it will continue for 5000 more. They will always print more currency than they have gold.
    So, have the gold stored in private vaults, that is independently auditable, and publicly viewable to owners.
    Ownership is not transferred in physical form face-to-face ("trading with little bits of gold" - idiot) but via electronic accounts.
    Simplest example, Bitgold. Modern solution to an ignorant, old-fashioned argument.
    
    If you really want to learn, learn from someone that has traded $Billions, was voted Hedge Fund Manager of the Year, and has an infatuation with history.
    Martin Armstrong: www.armstrongeconomics.com/blog
    
    He blows apart the Gold Permabull arguments by Peter Schiff and Maloney, as well as the (evidently) non-functioning, "more-debt stimulus" theories of Keynes. Neither Keynes nor the Austrians have perfect theories.
    
    Fundamentally, Fractional-Reserve Banking needs to go. Unbacked-Currencies need to go. Debt-Based Monetary Systems need to go - how can it good if there's always more debt+interest owed in the system than currency to pay it back? Above all, government's ability to indebt itself needs to go.
    Throughout history, this is the biggest factor of civilisations collapsing. Governments, run by people (corruptible), ALWAYS get into too much debt, then debase the currency to pay for it. This is exactly what Keen is talking about. Create more money and give it out - thereby reducing the rarity & scarcity of money - making it all less valuable. Same as the Romans did by debasing their gold coinage - making each unit less valuable.
14. WTF is wrong with retarded Libertarians and their love affair with Gold???? JESUS FUKING CHRIST. Do you people know how retarded you sound whenver you say "But what about Gold standard"???
15. it's unfortuante LIbertarians after all this time still has to be educated on MMT and how banking really works. They've lost their asses following investment advice from that loser Peter Schit, and Mike Balogney. Yet they still refuse to change their viewpoint. Glutton for punishment I say.
16. libertarians brains just exploded when Keen and Trump both say that the US govt can NEVER go bankrupt and can print money to pay all debts. hahahahhaha. So much for the dollar collapse huh.
17. lot of libertarians dont understand enodgenous money. They still believe in the myth of fractional reserve banking.
    Which tells me how illogical and lazy these libertarians are. THey talk about how savings are great and important, but at the same time demonize fractional reserve (which is not real but a myth, but yet they believe in it). So therefore if I put my money in the bank (Good), then savings are subject to fractional reserve which reduces the value of the money (Bad). Do you see the conflict and weakness in their argument.
18. Good interview, I really enjoyed it - Marcus I was waiting for you to ask Steve who he was in talks with re cryptocurrency!! Opportunity missed damn it :)
19. Please correct me if I'm wrong but;
    I thought that the majority of Reserve Banks including Australias' weren't actually owned or controlled by government, but are controlled privately, for profit (board of directors) & indirectly by the Rothschild's-FIATopoly??
    So what would be their intensive to write off government debt, if we continue to run an endless deficit!?
    Also excuse my ignorance, but how is government debt separate to private debt? As in, aren't we paying taxes to repay the deficit, thus by increasing the deficit (QE for the people, or "new age debt jubilee" as prof. Keen terms it) wouldn't we consequently be increasing taxes & driving up prices of already overpriced commodities?
20. The Monarchy and its Rat-childs bankers needs slaves...
    I wish to know how much The Monarchy pays the Aboriginal owners for using their land. I bet The Monarchy is some 100 years behind with rent, and yet they charge residents for using the land they don't pay anything for at the first case. Criminals and thieves.