STEVE KEEN ~ CAN WE AVOID ANOTHER FINANCIAL CRISIS? ~ 2017

~ M-CBDDF-M ~ Macroeconomics – Cannot Be Derived Directly From – Microeconomics

~ TDTH-OPCBDEFLOSIACCIGST-‘E’~ The Discovery That Higher-Order Phenomena Cannot Be Directly Extrapolated From Lower-Order Systems Is A Commonplace Conclusion In Genuine Sciences Today – “Emergence”

~ TWPO-W-O-NBO-TPOI-H20-MT-BBO-IBLO(I)-H2O-M ~ The Wonderful Properties Of – Water – Occur – Not Because Of – The Properties Of Individual – H2O – Molecules Themselves – But Because Of – Interactions Between Lots Of (Identical) – H2O – Molecules

~ GFC ~ Global Financial Crisis

~ ACCBPOFAD-ITPSCBETCB ~ A Crisis Can Be Put Off For A Decade – If The Private Sector Can Be Enticed To Continue Borrowing

~ T-PS-R-TLOCWTTUB-A-MAPVO-TIWTBC ~ The – Political System – Rewards – The Lackey Of Credit Who Triggers The Unsustainable Boom – And – Makes A Political Victim Of – The Incumbent When The Boom Collapses

~ TGEHBSWALOPD-T-INOUSTEOTSWW-BAU-ITHOC ~ The Global Economy Has Been Saddled With A Level Of Private Debt – That – Is Not Only Unprecedented Since The End Of The Second World War – But Also Unprecedented – In The History Of Capitalism

~ WYMTOHWTGSM-WISMTIGBIT-TBTAOMIC-ATFPSA-TBTGSBBITLRIIFABT-GSATROMCSTPB-A-WASWAGJTDWTRITLFD ~ Whatever You Might Think Of How Well The Government Spends Money – When It Spends More Than It Gets Back In Taxation – This Boosts The Amount Of Money In Circulation – And That Finances Private Sector Activity – The Belief That Governments Should Be Balanced In The Long Run Is In Fact A Belief That – Governments Should Abdicate The Role Of Money Creation Solely To Private Banks – And – We’ve All Seen What A Great Job They’ve Done With That Responsibility In The Last Few Decades

~ D-Z-T-B ~ Debt-Zombies-To-Be

~ WDOD ~ Walking Dead Of Debt – Private Debt – Its Primary Cause

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