How is that remotely capitalist? Capitalism requires voluntary exchange. There are 10,000+ compusory mandates though... it's just a lie to make choice look evil.
Mikkle Chua: Bull fucking shit it's a meritocracy. If that were the case then NOBODY in 2008 and 2009 would have gotten a bailout for their idiotic failures. Instead, all of the dumbfucks running the banks and other failing businesses got rewarded to fail on a Trillion dollar scale. We do NOT have a free market capitalist system, we have socialism for the wealthy and large corporations, and wage slavery for everyone else.
WHO LET THIS MAN ON BLOOMBERG!? 😂 Excellent analysis, professor. Amazing to actually see a sober economist talking about the poor state of the US economy and the impending crash
lol impending crash. Everyone around the world will be going into the dollar for safe haven. And this recession will be a slow bleed, not a fast hard dive like 08
Workers spend everything they earn because they HAVE TO! While these rich people sit back and ponder and make projections the average American is working multiple jobs and in constant anxiety
Congrats. You can help A LOT of people avoid slavery- right now. Buy things that are real. and life sustaining. There are no guarantees about 'money in the bank"- (my husband, a Brit started the first trading floor n the middle east)- good luck.
I am sorry it happene to you.It happened to me also some years back and I went out and got a better job. It turned out to be a blessing for me and others that got laid off. Necessity is the Mother of invention. We as humans have to adapt to ever changing situations.
Chi chan, your a nitwit. We have a strong and unbreakable economy. My investments are doing extremely well. My 401k is also doing very well. Stop spreading lies. No one can improve our economy better than our great President Trump. Trump 2020. And you can count on it.
He predicted the 2008 global recession (the only Australian economist to do so) and predicted the Australian housing market bubble (though he was off by 3 years).
He's a ninny. He predicted a 40% drop in Aussie house prices back in 2010, sold his property and the market kept rising - egg on face. Now he's predicting a 40% drop in Aussie house prices again? He's hoping some day he might be right if he waits long enough??? Good luck with that.
@@massatube A good conservative investor doesn't wait till the peak before selling. The same can be said about the opposite, a good conservative investor won't buy an asset at the bottom, they wait until the indicators show the bottom was a true bottom, and not a false bottom.
For that you need proof , which bank does he work for ?, personally I would prefer a alternative to capitalism ,but realistically that will happen over a big pile of workers and poor peoples dead bodies . And he still has more morals than any other capitalist economist , unless you wish to name one .
@DottoreVino31 socialism?? You realise trickle down economics is actually "reducing taxes" on businesses and the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term. That is the far opposite of socialism which is to actually increase taxes to pay for healthcare, park services, army. Etc
@DottoreVino31 tho a 2015 paper by researchers for the IMF argues that there is no trickle-down effect as the rich get richer and not so much for the poor. It's basically the rich pissing on the poor as the wealth of the super-rich does not trickle down to improve the economy, but it instead tends to be amassed and sheltered in overseas tax havens with a negative effect on the tax bases of the home economy.
@ Barry ... in THEORY it's possible BUT in practice it never works because humans tend to be acquisitive and non sharing! MOney is 'just a representation' of energy, a means of exchange ... in the early part of the last century America GREW GREAT because those who made money KNEW this and they willingly SHARED the wealth. Henry Ford for example - grew immensely wealthy by both making his Model T affordable and he paid his workers well. He did that because he knew that the wages his workers spent in cities where he built cars would mean small store owners of the day could buy cars ... this was not 'trickle down' but more a case of 'collective bouyancy' ... together everyone rises ! Later on 'The Bean Counters' would get to run things ... and TBCs are inhuman zombie-like critters who think success is having the biggest hill of beans 'for oneself'. They neither 'grasp the notion of humanity' nor do they actually like people and they infected Government with their own dark thinking ...
I will explain what this video in 2 sentences: 1. People are now spending more money than they have (both rich and poor) and are having trouble bucking up and building a budget to get out of debt. 2. The more people are taking and not giving back money to the banks they borrowed from which will eventually lead to another recession. Get out of DEBT people. LIve below your means or debt will take it all from you whether you like it or not! It doesn't matter (for the most part) what you earn, it is how you save money and spend money that does things. Americans have no concept of living below one's means and are wasting their life away while digging their grave of DEBT. That grave will take them and they will whine that they are poor.... Yeah, they are poor. Even those rich next door neighbors are poor since they are in Debt. The word DEBT means you are POOR. Stop this rich and poor nonsense, almost everyone in america is poor and fooling themselves and each other. Real rich people usually live modest lives in modest cars (might have a luxury car but most don't) and are tightwads. How do you think they got there? They didn't blow their paycheck that's how. Don't blame these rich people for your inability to reign in your horrendous spending habbits. You have only yourself to blame. Only the most poor and uneducated have that excuse only due to their lot in life and we americans should help them educate themselves enough to get them on their feet and away from debt that could bring them back to square one in the future. That is the truth of this wage gap everyone keeps talking about. It is the truth and if you can't handle that, that's your own problem. I'm a millennial by the way. I do know things about money, and have never been in debt. Other than a mortgage one day I still will never be in debt. I am considered low income by the worlds standards, But at least I am not in debt; because to be in debt is to be in bondage.
Robert Lewter income and wealth are too vastly different things my friend..someone earning 60k can be a lot wealthier than someone on 250k of the higher income earner spends all their income and more
@Jeff Allen regardless of your situation, what he says is right. The average American lives above their means, carries private debt, and is therefore a slave.
Professor Keen is right, he was right before and the economics he advocates is closer to truth than what we have been hammered in the past into our daily script.
The Fed is the problem and corrupt politicians spending the fiat money. Support real money and the return of manufacturing. We are heading for a depression, not a recession.
Keen's analysis of the situation is 100% spot-on, especially regarding the housing bubble and financial crisis of 2008, but he's damn near the only professional economist that gets it right.
This Gilded Age began before 2007. Some say a Debt Jubilee is the only way to dig ourselves out of this hole At least Keen gives the reality of American from the standpoint of the majority, the American worker
Great comment. In fact it started when Reagan brought in the first wave of banksters who wrecked the Savings & Loan industry, and who arranged for antitrust law to be forgotten about. I remember those years well; an idiot relative put mother's life savings into one of those un-insured S&L's because of the high interest. The S&L blew up, and mother lost her money like so many of the middle class did. And it's only gotten worse since.
if the headline bar said "debt cancellation" instead of "reduce the levels of private debt", that would have been I think a more effective putting forward of the issues. The resistance movement should not conform to the rhetoric of the ownership class and propose ambitious solutions.
If someone pays more in taxes than you make in a year, who are you to say they aren't paying their "fair" share? Are they using more of the services those taxes pay for, or are we actually forcing a minority to burden a disproportionate share of taxes?
You understand that 37% of a million dollars is $370,000, right? Imagine someone paying something like 20-100 times more in taxes than you and still thinking they aren't paying their fair share.
Productivity has skyrocketed over the past couple of decades while wages have largely stayed the same. So, no increases in productivity do not translate to wage growth.
I like this guy, he's right, most people are to the left of Nancy Pelosi, it's not hard to be when we have a right and a far right party running the government.
@@brandenwright327 it has a lot to do with it, the middle class is where the swing votes come from and those are what impact the politics; that as a result impact the regulations; which are at the heart of corruption and capital growth over the economics of the majority, if you understand this is one of the causes, then you understand a basis for how it has declined in 30+ years, where politics have moved right and with that; the economics move too, theres much more to it but that is fundamentally one of the big problems today.
Steve predicted 10 of the last 2 recessions ;) Ask him where housing prices went in Australia after he told anyone who would listen that he was selling his home because the market was massively overvalued. It was, and its even worse now, but that didn't stop Australian and overseas investors continuing to plow money into bricks and mortar. The pendulum is now swinging back, some 5 years after he predicted it would.
Cmancorporations it means he's always predicting imminent economic collapses. He does this several times a year every year. Occasionally due to the law of averages he's right. I mean if you predict 99 recessions you're going to get a couple right
Socialism is popularism and drags everybody worst than the poor long term. Just look at every socialist economic run nation. Venezuela and Zimbabwe for prime examples of equality forced onto the people. Even the Chinese chairman Mao rejected it after the great leap forwards was a huge disaster (hundred of millions dead and mass famine) with forcing equality on the people. chairman Mao reverse his economic equality principals and brought back in the economic principals of capitalism and had less stringent control of the economy that Hitler did under his socialist economy, thus which he stole money from enemies and from rich Jews to pay for the free stuff they gave to the poor working class. Hitler used the war to pay for his socialist policies.
@@moonresidentno.921 Socialism is popularism, otherwise the poor people would overwhelming rejects socialism in all nations. Venzeuela, Zimbabwe, Brazil, Canada (failing under socislism) are socialists. US Democrats are increasingly becoming socialists, thus are popular thus is popularism.
@@limerickman8512 Canada is failing under "Socialism"? 😮 Wait...Canada has Socialism? 😯 Wait...do you even know what Socialism even is? 🤔 As for Canada...economy growing, unemployment at its lowest in 4 decades, healthcare still free, Prime Minister not an idiot unlike the US. If that's what you call "failing" then I am perfectly happy with an F on my report card.
All things considered and factored in, it will come much earlier. Reasons: 1. Has been a long Bull cycle since 2009. 2. The economic system is not balanced as to sustain a full distribution of incomes to lower income but productive and working people (about 75%). This is growing and becoming unsustainable. 3. The economic data does not truly represent what's really going on with inflation of the basic needs of the working class and therefore the productivity level is only balanced by hi-tech efficiencies causing social changes and challenges that are not attended to. 4. The current politics of division and cut-throat partisanship and coming Constitutional knots are exacerbating social fabric of society increasing crimes and lawbreaking by the stress caused by the leadership. Stability of the USA is in the balance and given social and economic uncertainties, the stock market looks it may crack and fall unexpectedly since the US has almost no international cooperation like before... and the market presently is at high levels. Yes, I believe it's coming sooner than what the professor Steve Keen is forecasting. We shall see.
Right on Prof Keen. Put money in the pockets of consumers, pay them more. END SPECULATIVE INVESTING. TAX ALL WEALTH TRANSFERS, FORM BANK OF AMERICA WITH 50% RESERVES ON HAND. $22 MINIMUM WAGE. TAX THE WEALTH 99%
The same pundit said in 2016, we are heading into recession in 2017, in 2017, he said we will be facing recession in 2018, and now he is saying we will be heading in 2020.
He's said for years that we'll have a recession whenever they stop inflating debt bubbles they shouldn't be inflating. In 2016, he thought they'd be wise enough to stop in 2017. In 2017, he thought they'd be wise enough to stop in 2018... etc. The fact that it's taking until now says nothing about anything except the idiocy of the elites... not having a crash until now is not a contradiction of anything Keen has ever said.. he's clearly said, over and over, that debt bubbles could be re-inflated quite a lot, but they shouldn't be.
He admitted he hadn't expected the large scale investment from the Chinese and that has postponed the housing market crash in Australia . And now that they are pulling out , the market is crashing and what a fantastic idea having foreigner own your country that's really patriotic , while your people become homeless at an a alarming rate . Deplorable selfish traitor! .
Only one thing we know for sure about inequality - is that it's gotten steadily worse since we started the Great Society programs of the 1960'S. Redistribution begets dependence of government programs and more inequality.
Eh? More like after the oil shock in 1970, and the collapse of bretton-woods (causing the shift from manufacturing to financialization). How can you argue redistribution CAUSES problems? Sweden, which has HUGELY more redistribution and less inequality than the USA, and only the population of Georgia can design and build a fighter aircraft under budget and ahead of time (unlike the USA). They've got more multinationals per head of population than any country in the world (SAAB, Husqvana, Volvo, Ikea, Ericsson, H&M, Sandvik etc...). The game of Monopoly was actually designed in the aftermath of the Great Depression to show what happens when you lower taxes/redistribution and get rid of anti-monopoly regulations... basically the "winner" is just the last person to realise the economy has crashed.
No, CORPORATE DEBT is the problem. I suggest that people do pay off their debt, stop buying useless stuff.get ready for the corporate caused economic downfall.
That's exactly I meant. Poor gets poorer, richer gets richer. Why? Because the government distributes the taxes collected to the rich, not the poor. Why? Because instead of taxing the rich more, the government borrows from the rich, so has to pay "interests". Now, the government blames other nations for its own wrong doing and ills. We need revolution to replace all those gutless politicians.
This is pure BS. What law takes money from the poor and 'gives' it to the rich? The real reason is that the economy is getting to be much more technical. If you don't have an IQ over 120 you will be left behind unless you start a business in the trades. There will always be creators, innovators, builders and tradesmen. The rest will probably be replaced by machines. Blaming Trump or any other president for the technological evolution of economics doesn't hold. The problem is that people are not evolving as fast as the technology.
Going to a financial specialist one time to set up a good plan costs almost nothing. Americans are more concerned with keeping up with the Jones’s than making smart decisions. Every “poor” person in America has the new I phone and name brand clothes. They spend more time on FB than education on good household finance.
@@gusalthorp6138 that's correct my dear fellow.sell your bloody stocks and sell them fast.its better to be 2 years early than 2 years late selling the buggers even if my time is off but in all truth it should have bursted in 2017/there is no time
+walker haw You're right mate.....Nobody knows the exact date of the collapse. But it's coming. They're delaying the crash. You're thoughts on the longest government shutdown in history?
@@gusalthorp6138 all currencies in earth are based on faith and its a simple matter of historical record that faith is a poison to which there is no antidote.
He also stated that he did not expect the level of chinese investment into the AUS market which has kept it afloat, now china is in trouble and are beginning to pull out which means AUS will unfortunately be hit hard!
The one he famously got wrong was on house prices in his home country of Australia, and had to walk from Canberra to a nearby mountain because he lost a bet ie. that the housing bubble would deflate within a couple of years (which didn't happen). The realestate industry keeps crowing about this, but the thing is his models were correct, but the government extended a "new home buyers grant" kept the housing bubble inflated. His theories still haven't been disproven... he failed to anticipate the new government policy. He has also failed to anticipate the amount of quantitative easing and other new measures that are just pushing the problem further out (and increasing its magnitude when it does come).
The end of the world has been prophesied for hundreds of years at street corners, at talks by enlightened gurus and by our best unbiased intellectual university minds. Why has it not happened? Because the human mind keeps devising new ways to delay it. And who pays the price in the meantime? Planet Earth of course. It’s on the news every day if I look. Space agencies are looking out for another Earth maybe we can move to - one unspoiled - but it’ll be impossibly far and we’ll desecrate it anyway.
He's telling you. You just need to be willing to listen, but you may disagree with his simple solutions. If it's not specific enough it's partly the mainstream media not being a suitable platform for such.
@@abcxyz123 yeah right, Socialism. He doesn't understand that whether you like Bankers or not, bailing out corporation was necessary in that circumstance. Bailing out individuals is economically not the same, that would NOT have prevented a great depression. If no one gives loans anymore, the economic system collapses. Has norhing to do with the individuals that are in debt. He's just a a Socialist making everything about 'social justice' and wealth, were its about the economic system.
bailing out corporations was not necessary at all. the economic system is flawed the entirely new financial market that was created only helped the rich. it does not generate real value, you are making money using money, not on operations of the company. for the individuals that want to start a business to create real value accessing money is expensive but for the rich it is pretty much free. any bank can create money now a days fueling an system that is mostly speculative and that transfers value from the bottom up, leaving average citizens out of the game. this all comes to a breaking point. it is not about social justice, because having a healthy rest of the population that can afford to live ultimately creates a healthy economy in the long run. more inventions are going to be made, more problems solved, more companies created ect ect.
"Workers spend virtually everything they own." I felt that...it is very sad, how little people have saved for an emergency. Even $5 a check is SOMETHING.
Productivity is not the issue. Wages have not increased because rich folks and owners of these companies are holding hostage all the profits that come in to these companies. One CEO makes 100M a year compared to the workers of the same company on average making 30k a year. Profits never translate into wage increases for the worker. All the profits go to stock buybacks, and to the 100M or so the CEO is making. Productivity is not the issue.
The inversion of the yield curve is disturbing. Uber drivers do not need the insurance or the inspections of taxi drivers. Air b-n-b renters do not need the licenses or inspections or insurance of motels and hotels. Chinese workers are still willing to work for $0.50 an hour with no benefits, and no OHSA rules. Millions of low wage, uneducated workers are still coming across the border, causing under-the-table cash wages to decrease.
What trickles down is not money, but affordable and innovative products and quality lifestyles. This does work and is inarguably true, which is why even the poorest of us have Air conditioning, smart phones, pillows and beds and sheets, and so on.
![ILLSLICK - WINTER IS COMING [Official Video]](http://i.ytimg.com/vi/dwTMeM1zIhQ/mqdefault.jpg)
"Not a capitalist democracy, a capitalist oligarchy". That was spot on.
Mikkle Chua not an oligarchy; it’s a meritocracy. Take ownership over your life and your failures and work toward a better future for yourself.
14534 easy to take ownership of your life when you have every advantage in an unfair system! It is definitely not an even playing field anymore!!!
How is that remotely capitalist? Capitalism requires voluntary exchange. There are 10,000+ compusory mandates though... it's just a lie to make choice look evil.
Mikkle Chua: Bull fucking shit it's a meritocracy. If that were the case then NOBODY in 2008 and 2009 would have gotten a bailout for their idiotic failures. Instead, all of the dumbfucks running the banks and other failing businesses got rewarded to fail on a Trillion dollar scale. We do NOT have a free market capitalist system, we have socialism for the wealthy and large corporations, and wage slavery for everyone else.
@@tetrabromobisphenol I never said that the other guy did. I don't even know that term.
This aged well.
"Not a capitalist democracy, a capitalist oligarchy". THUMB UP
Not a free market . Just a loaded game where Bears whine , Bulls whine & pigs get slaughtered
WHO LET THIS MAN ON BLOOMBERG!? 😂
Excellent analysis, professor. Amazing to actually see a sober economist talking about the poor state of the US economy and the impending crash
Put your money where your mouth is then, it's never been easier to take a short position.
lol impending crash. Everyone around the world will be going into the dollar for safe haven. And this recession will be a slow bleed, not a fast hard dive like 08
"Oh the sky is falling the sky is falling," he says inequality is worse now but it's not. Do I believe him our the paychecks I see?
@@salmark9080 so why are so many dumping the dollar then?
@@mikechow2028 and the you wake up in the murican nightmare....
Workers spend everything they earn because they HAVE TO! While these rich people sit back and ponder and make projections the average American is working multiple jobs and in constant anxiety
So true. Trump fans love their masters too.
Propaganda works, I blame the media.
@Fahad Amin 1) I made no statement about Trump nor the economy.
2) In fact, it's _you_ that needs to study.
@Fahad Amin Nice troll bro
You are so right!
@Fahad Amin "you literally named Trump in your comment." I named "Trump fans" ... do you guys even understand how off-base you are?
We'll never see Prof. Keen on Bloomberg again.
He didn't say anything against the Clintons...
Pretty sure you're wrong.
Their questions even suggest his answers. A reasonable man, obviously.
LOL yeah can’t have the truth on!
Such a sober perspective, please more humans like Keen step up
Nah, he's vetted and reading his script.
Keen is RIGHT ON. ABSOLUTELY RIGHT ON. GET out of debt! ASAP.
not in debt and have never been in debt and i also have 7 figures in the bank
Congrats. You can help A LOT of people avoid slavery- right now. Buy things that are real. and life sustaining.
There are no guarantees about 'money in the bank"- (my husband, a Brit started the first trading floor n the middle east)- good luck.
He says to print even more and fix one debt making all other debts even bigger. Great IDEA! Great AF!!!
It won't work if the $ is not the Reserve Currency. Tick tock.
Then what?
My company just laid off 500 people and I was one of the displaced! The recession is here already. Govern yourselves accordingly
I am sorry it happene to you.It happened to me also some years back and I went out and got a better job. It turned out to be a blessing for me and others that got laid off. Necessity is the Mother of invention. We as humans have to adapt to ever changing situations.
What company is that?
@@progKansas- I also would like to know what company as I have seen nothing on the news about such a large layoff
Nurseangie73 Love Invest In hard money, paper money ( the dollar and checks) and digital( debit/credit cards) are going to be useless.
You had 2 months to name this company--you cant do it so you are a liar...
Today is Friday, March 13, 2020. Soon We may face another recession, most likely a depression, bigger than the 2008 economic crisis.
They trying to hide it by accusing Corona Virus
3:40 let's hope what he said is not an acurate prediction.
July 7 2020: all stock markets around the world is marching toward another bubble
Chi chan, your a nitwit. We have a strong and unbreakable economy. My investments are doing extremely well. My 401k is also doing very well. Stop spreading lies. No one can improve our economy better than our great President Trump. Trump 2020. And you can count on it.
the fed printing bubble would burst exactly around december 2020 to january 2021 so brace for impact people
He predicted the 2008 global recession (the only Australian economist to do so) and predicted the Australian housing market bubble (though he was off by 3 years).
He's a ninny. He predicted a 40% drop in Aussie house prices back in 2010, sold his property and the market kept rising - egg on face. Now he's predicting a 40% drop in Aussie house prices again? He's hoping some day he might be right if he waits long enough??? Good luck with that.
Dave -you know you can edit what you write so we can understand what you mean?
JJ - I don't predict the future because I believe humans have a poor record trying to do that. You follow?
@@massatube A good conservative investor doesn't wait till the peak before selling. The same can be said about the opposite, a good conservative investor won't buy an asset at the bottom, they wait until the indicators show the bottom was a true bottom, and not a false bottom.
@@IamDoubleP Rene' Rivkin rule - "You can never pick the top or bottom of a market"
Ignore Professor Steve Keen at you own peril , he is one of the few economists that see's though the bullshit .
Roman, Steve Keen is a mouth piece of the global bankster cartel
For that you need proof , which bank does he work for ?, personally I would prefer a alternative to capitalism ,but realistically that will happen over a big pile of workers and poor peoples dead bodies . And he still has more morals than any other capitalist economist , unless you wish to name one .
Robert Hockett and Bob Bows do as well. You're even less likely to see them on TV.
Keynesianism isn't economics. Keynesian policy is the cause of the business cycle.
@GMBCATASTROPHEoh
"Workers spend vurtually everything they earn." So sad, so true. A permanent American unclass.
They do so as a choice.
F em
Greed at the top is beyond outrageous.
Not a choice they have families to care for. There are workers in silicone valley who live in their cars.
Workers of the world unite!
I love how america still, STILL thinks trickle down works, when it simply has never NEVER in the history of this planet
@DottoreVino31 socialism??
You realise trickle down economics is actually "reducing taxes" on businesses and the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term.
That is the far opposite of socialism which is to actually increase taxes to pay for healthcare, park services, army. Etc
@DottoreVino31 tho a 2015 paper by researchers for the IMF argues that there is no trickle-down effect as the rich get richer and not so much for the poor.
It's basically the rich pissing on the poor as the wealth of the super-rich does not trickle down to improve the economy, but it instead tends to be amassed and sheltered in overseas tax havens with a negative effect on the tax bases of the home economy.
Barry
It worked for me! (years ago under Reagan) so your flat wrong dude.
@ Barry ... in THEORY it's possible BUT in practice it never works because humans tend to be acquisitive and non sharing! MOney is 'just a representation' of energy, a means of exchange ... in the early part of the last century America GREW GREAT because those who made money KNEW this and they willingly SHARED the wealth.
Henry Ford for example - grew immensely wealthy by both making his Model T affordable and he paid his workers well. He did that because he knew that the wages his workers spent in cities where he built cars would mean small store owners of the day could buy cars ... this was not 'trickle down' but more a case of 'collective bouyancy' ... together everyone rises !
Later on 'The Bean Counters' would get to run things ... and TBCs are inhuman zombie-like critters who think success is having the biggest hill of beans 'for oneself'. They neither 'grasp the notion of humanity' nor do they actually like people and they infected Government with their own dark thinking ...
@@kitcarr4668
True. If you want to become very rich, give a lot of people exactly what the want. Worked for Amazon and Google!!
Holy Hannah, a clear, concise voice cutting neatly through the fog of bullshit, folks. Dr. Keen, you are my hero, this week. Thank you!
"to the left of nancy pelosi"... who is center-right by international standards? these guys are out of touch
Steve Keen on Bloomberg! Kudos!
Not a capitalist democracy, a capitalist oligarchy". That was spot on YESSSSS
Not many will speak the truth like that! 😲😲😲
I will explain what this video in 2 sentences:
1. People are now spending more money than they have (both rich and poor) and are having trouble bucking up and building a budget to get out of debt.
2. The more people are taking and not giving back money to the banks they borrowed from which will eventually lead to another recession.
Get out of DEBT people. LIve below your means or debt will take it all from you whether you like it or not! It doesn't matter (for the most part) what you earn, it is how you save money and spend money that does things. Americans have no concept of living below one's means and are wasting their life away while digging their grave of DEBT. That grave will take them and they will whine that they are poor.... Yeah, they are poor.
Even those rich next door neighbors are poor since they are in Debt. The word DEBT means you are POOR.
Stop this rich and poor nonsense, almost everyone in america is poor and fooling themselves and each other.
Real rich people usually live modest lives in modest cars (might have a luxury car but most don't) and are tightwads. How do you think they got there? They didn't blow their paycheck that's how. Don't blame these rich people for your inability to reign in your horrendous spending habbits. You have only yourself to blame.
Only the most poor and uneducated have that excuse only due to their lot in life and we americans should help them educate themselves enough to get them on their feet and away from debt that could bring them back to square one in the future.
That is the truth of this wage gap everyone keeps talking about. It is the truth and if you can't handle that, that's your own problem.
I'm a millennial by the way. I do know things about money, and have never been in debt. Other than a mortgage one day I still will never be in debt. I am considered low income by the worlds standards, But at least I am not in debt; because to be in debt is to be in bondage.
spot on
Better to be a poor free man than a rich slave.
Robert Lewter income and wealth are too vastly different things my friend..someone earning 60k can be a lot wealthier than someone on 250k of the higher income earner spends all their income and more
Well said.
@Jeff Allen regardless of your situation, what he says is right. The average American lives above their means, carries private debt, and is therefore a slave.
Before 2020!
Love the dry no nonsense Australian honestly.
He was right
03:35 "Noriel Roubini was on Doom and Gloom yesterday, we're going to get out to 2020 and the world is going to end". NAILED IT!
Professor Keen is right, he was right before and the economics he advocates is closer to truth than what we have been hammered in the past into our daily script.
The Fed is the problem and corrupt politicians spending the fiat money. Support real money and the return of manufacturing. We are heading for a depression, not a recession.
Keen's analysis of the situation is 100% spot-on, especially regarding the housing bubble and financial crisis of 2008, but he's damn near the only professional economist that gets it right.
This Gilded Age began before 2007. Some say a Debt Jubilee is the only way to dig ourselves out of this hole
At least Keen gives the reality of American from the standpoint of the majority, the American worker
Great comment. In fact it started when Reagan brought in the first wave of banksters who wrecked the Savings & Loan industry, and who arranged for antitrust law to be forgotten about. I remember those years well; an idiot relative put mother's life savings into one of those un-insured S&L's because of the high interest. The S&L blew up, and mother lost her money like so many of the middle class did. And it's only gotten worse since.
Henry James ;
if the headline bar said "debt cancellation" instead of "reduce the levels of private debt", that would have been I think a more effective putting forward of the issues. The resistance movement should not conform to the rhetoric of the ownership class and propose ambitious solutions.
Corporate fascism IS WHATS GOING ON
The right word is "bankruptcy".
you realize that that's what happened to Lehman??
So that didn't help, yet it made things worse.
Too big too fail is the problem, if at all.
Now spelled BankTrumpcy .
Which isn't allowed for tuition debt
The Professor Was Spot on, very Informative. Great Questions Guys 💯
The 1% have to pay more taxes. Close loop holes.
These ppl can afford to pay their fair share.
What about the 1/10 of 1%? Soros, Rothchild, Bronfman, Koch Bros et al.
If someone pays more in taxes than you make in a year, who are you to say they aren't paying their "fair" share? Are they using more of the services those taxes pay for, or are we actually forcing a minority to burden a disproportionate share of taxes?
You understand that 37% of a million dollars is $370,000, right? Imagine someone paying something like 20-100 times more in taxes than you and still thinking they aren't paying their fair share.
Steve was right!
Productivity has skyrocketed over the past couple of decades while wages have largely stayed the same. So, no increases in productivity do not translate to wage growth.
Wages has stayed flat only on household levels (but households have gotten smaller). On an individual basis wages more than keep up
Who is watching this after coronavirus event?
ABOLISH THE FED!!!!!
As a Keynesian Steve is very pleased with himself for partially getting to grips with sound economics, and telling half the story.
That Australian guy Nailed it.
He actually makes sense. Smart man i bet he has money. He can see past the bs and forecast the movments. I need to listen to him more. Steve Keen
I like this guy, he's right, most people are to the left of Nancy Pelosi, it's not hard to be when we have a right and a far right party running the government.
He’s exactly right!
I was layed off last month......this is recession territory.
Truthseeker1515 what industry was that?
Was it because you misspelled laid?
Reading this books 📚
lol did the host just imply that Pelosi sits in the left?
Tychoxi right?! It’s like they have no idea what leftists are.
At 5minutes in he implies she's to the right by stating the vast majority is to the left of Pelosi
I am a patreon of Steve Keen, because he has taught me so much
Left vs right = Devide and conquer.
wow he called it.
6:24 Oligarchy: You vote, We win!
Socialism. We win and you get more of what you deserve for being irreversably libtarded...
Liberal means free
Sounds like he was right so far.
"The financial engineering is what's driven the inequality" ....yet the same ppl with the same ideas are chosen to be in power.
if the middle class werent so red pilled maybe the problems would change. but they are lazy and stupid when it comes to politics and economics
@@GaryParris what are you tlkn about? What does the middle class have to do with the problems in the economy?
@@brandenwright327 it has a lot to do with it, the middle class is where the swing votes come from and those are what impact the politics; that as a result impact the regulations; which are at the heart of corruption and capital growth over the economics of the majority, if you understand this is one of the causes, then you understand a basis for how it has declined in 30+ years, where politics have moved right and with that; the economics move too, theres much more to it but that is fundamentally one of the big problems today.
@@GaryParris so you're saying the votes and ideas of the middle class influenced the political decisions of our leaders?
You know something, I'd probably get myself in trouble So ima just agree and try to stay afloat in these times. I suggest you do the same.
You're cookies 🍪 start breaking dancing
Steve predicted 10 of the last 2 recessions ;)
Ask him where housing prices went in Australia after he told anyone who would listen that he was selling his home because the market was massively overvalued. It was, and its even worse now, but that didn't stop Australian and overseas investors continuing to plow money into bricks and mortar. The pendulum is now swinging back, some 5 years after he predicted it would.
Sydney's finest.
You predicted recession in 2018, 2019 and it all failed and now 2020. We will come back to this video in 2021.
Really? He did?
That was a pretty funny joke about Pelosi being on the left.
I was waiting for the host to yell "WHEN ARE WE ALL GONNA BE LIVIN' IN VANS DOWN BY THE RIVER!!!
7:00 did he say Jeff "Bozos" instead of "Bezos"? Or is that just his accent?
Love everything this man said
I think Steve Keen has called 99 of the last 2 corrections
very good
What exactly do you mean by this? Would you explain it to me, please?
lmim ---i think you dont know what you are talking about
Cmancorporations it means he's always predicting imminent economic collapses. He does this several times a year every year. Occasionally due to the law of averages he's right. I mean if you predict 99 recessions you're going to get a couple right
Pretty gutsy of Bloomberg to air a competent economist. We need this guy on every day to remind us what's really happening.
popularism is not the reason.
It is the result of inequality.
Socialism is popularism and drags everybody worst than the poor long term. Just look at every socialist economic run nation. Venezuela and Zimbabwe for prime examples of equality forced onto the people. Even the Chinese chairman Mao rejected it after the great leap forwards was a huge disaster (hundred of millions dead and mass famine) with forcing equality on the people. chairman Mao reverse his economic equality principals and brought back in the economic principals of capitalism and had less stringent control of the economy that Hitler did under his socialist economy, thus which he stole money from enemies and from rich Jews to pay for the free stuff they gave to the poor working class. Hitler used the war to pay for his socialist policies.
No. Socialism is not popularism. But yes, when socialism goes the wrong direction -- popularism, it sucks. Just like liberal capitalism; it sucks.
@@moonresidentno.921 Socialism is popularism, otherwise the poor people would overwhelming rejects socialism in all nations. Venzeuela, Zimbabwe, Brazil, Canada (failing under socislism) are socialists. US Democrats are increasingly becoming socialists, thus are popular thus is popularism.
Inequality is also a reason... of FED policy and socialist/neocon rule all the time.
@@limerickman8512 Canada is failing under "Socialism"? 😮 Wait...Canada has Socialism? 😯 Wait...do you even know what Socialism even is? 🤔
As for Canada...economy growing, unemployment at its lowest in 4 decades, healthcare still free, Prime Minister not an idiot unlike the US. If that's what you call "failing" then I am perfectly happy with an F on my report card.
That´s the best economist in the world.
Solution = end the fed and let interest rates float.
And go back to the gold standard.
It will crush the economy and trigger an unprecedented economic depression. You better be ready for it.
Bitcoin standard would be more realistic...
May need Communism to solve our mommoth debts. Using other measure will result in the rich taking their money and flee the country.
@@parkerbohnn the population is too big to go back to the gold standard do your research
So nice and so different with proffesional reporters doing their job.
All things considered and factored in, it will come much earlier. Reasons: 1. Has been a long Bull cycle since 2009. 2. The economic system is not balanced as to sustain a full distribution of incomes to lower income but productive and working people (about 75%). This is growing and becoming unsustainable. 3. The economic data does not truly represent what's really going on with inflation of the basic needs of the working class and therefore the productivity level is only balanced by hi-tech efficiencies causing social changes and challenges that are not attended to. 4. The current politics of division and cut-throat partisanship and coming Constitutional knots are exacerbating social fabric of society increasing crimes and lawbreaking by the stress caused by the leadership. Stability of the USA is in the balance and given social and economic uncertainties, the stock market looks it may crack and fall unexpectedly since the US has almost no international cooperation like before... and the market presently is at high levels. Yes, I believe it's coming sooner than what the professor Steve Keen is forecasting. We shall see.
The U.S. stock market today is the most overvalued in 145 years dating all the way back to the year 1873.
Right on Prof Keen. Put money in the pockets of consumers, pay them more.
END SPECULATIVE INVESTING.
TAX ALL WEALTH TRANSFERS,
FORM BANK OF AMERICA WITH
50% RESERVES ON HAND.
$22 MINIMUM WAGE. TAX THE WEALTH 99%
Workers spend almost 100% of everything they earn...ask the 800,000 federal workers on furlough.
Not a capitalist democracy, exactly. Capitalist oligarchy is our country’s huge problem.
When they start talking about racism , xenofobia, etc. They lose all credibility.
Economic inequality is a sign of progress. Corruption, SJ programs and special interest political agendas are the problems
The same pundit said in 2016, we are heading into recession in 2017, in 2017, he said we will be facing recession in 2018, and now he is saying we will be heading in 2020.
Finally an intelligent person. Steven keen has lost all credibility. He shouldnt be a university lecturer or a professor.
He's said for years that we'll have a recession whenever they stop inflating debt bubbles they shouldn't be inflating. In 2016, he thought they'd be wise enough to stop in 2017. In 2017, he thought they'd be wise enough to stop in 2018... etc. The fact that it's taking until now says nothing about anything except the idiocy of the elites... not having a crash until now is not a contradiction of anything Keen has ever said.. he's clearly said, over and over, that debt bubbles could be re-inflated quite a lot, but they shouldn't be.
When we do fall into another major crash the deplorables will blame Obama.
He admitted he hadn't expected the large scale investment from the Chinese and that has postponed the housing market crash in Australia . And now that they are pulling out , the market is crashing and what a fantastic idea having foreigner own your country that's really patriotic , while your people become homeless at an a alarming rate . Deplorable selfish traitor! .
''Blackshirts or leather jackets'' - brilliant!
End the Fed
Right on the mark. Next to D. Stockman, there is very little daylight.
I like stock market crashes because then I rebalance my portfolio and BOOM I have a huge opportunity.
Only one thing we know for sure about inequality - is that it's gotten steadily worse since we started the Great Society programs of the 1960'S. Redistribution begets dependence of government programs and more inequality.
Eh? More like after the oil shock in 1970, and the collapse of bretton-woods (causing the shift from manufacturing to financialization). How can you argue redistribution CAUSES problems? Sweden, which has HUGELY more redistribution and less inequality than the USA, and only the population of Georgia can design and build a fighter aircraft under budget and ahead of time (unlike the USA). They've got more multinationals per head of population than any country in the world (SAAB, Husqvana, Volvo, Ikea, Ericsson, H&M, Sandvik etc...). The game of Monopoly was actually designed in the aftermath of the Great Depression to show what happens when you lower taxes/redistribution and get rid of anti-monopoly regulations... basically the "winner" is just the last person to realise the economy has crashed.
Steve lives immigration so much that he lives in a wealthy white enclave. 🤣
Actions over words. Ever. Single. Time.
No, CORPORATE DEBT is the problem. I suggest that people do pay off their debt, stop buying useless stuff.get ready for the corporate caused economic downfall.
Inequality will increase under Trump because Trump is transferring from poor to rich. He belongs to the rich club.
An Econs high school student will be able to figure it out. Tax on consumer products hits the poor hardest. This is a fact.
That's exactly I meant. Poor gets poorer, richer gets richer.
Why? Because the government distributes the taxes collected to the rich, not the poor.
Why? Because instead of taxing the rich more, the government borrows from the rich, so has to pay "interests".
Now, the government blames other nations for its own wrong doing and ills.
We need revolution to replace all those gutless politicians.
This is pure BS. What law takes money from the poor and 'gives' it to the rich? The real reason is that the economy is getting to be much more technical. If you don't have an IQ over 120 you will be left behind unless you start a business in the trades. There will always be creators, innovators, builders and tradesmen. The rest will probably be replaced by machines. Blaming Trump or any other president for the technological evolution of economics doesn't hold. The problem is that people are not evolving as fast as the technology.
Sam Sebastian Khor This is BS. How is this done exactly?
Peter Nachtwey Oh shit dude do you also watch rick and morty?
excellent interview
It's worse much worse than he suggests
Going to a financial specialist one time to set up a good plan costs almost nothing.
Americans are more concerned with keeping up with the Jones’s than making smart decisions.
Every “poor” person in America has the new I phone and name brand clothes.
They spend more time on FB than education on good household finance.
On the left on Nancy Pelosi? LMAO! She's still center-right on the economical issues.
Keen is a legend.
Steve is one of them.He has no Credibility.
What an intelligent man.
a great depression in 2019 how bout dat
Worse then the 1930s great depression
@@gusalthorp6138 that's correct my dear fellow.sell your bloody stocks and sell them fast.its better to be 2 years early than 2 years late selling the buggers even if my time is off but in all truth it should have bursted in 2017/there is no time
+walker haw You're right mate.....Nobody knows the exact date of the collapse. But it's coming. They're delaying the crash.
You're thoughts on the longest government shutdown in history?
@@gusalthorp6138 all currencies in earth are based on faith and its a simple matter of historical record that faith is a poison to which there is no antidote.
@@walkerhaw600 wow
Who had the rewind what he was explaining many times to follow and understand his knowledge?
Keen stated the same shit about Australia 10yrs ago.
hes right, we have a massive housing bubble, and a broken government
He also stated that he did not expect the level of chinese investment into the AUS market which has kept it afloat, now china is in trouble and are beginning to pull out which means AUS will unfortunately be hit hard!
Spot on Steve, well called. ✌🏼✌🏼✌🏼
Mr Keen has been wrong before on many of his predictions.
Tell me a single person in Universe who is right all the time.
@@aon10003 people learn from their mistakes this guy doesnt
The one he famously got wrong was on house prices in his home country of Australia, and had to walk from Canberra to a nearby mountain because he lost a bet ie. that the housing bubble would deflate within a couple of years (which didn't happen). The realestate industry keeps crowing about this, but the thing is his models were correct, but the government extended a "new home buyers grant" kept the housing bubble inflated. His theories still haven't been disproven... he failed to anticipate the new government policy. He has also failed to anticipate the amount of quantitative easing and other new measures that are just pushing the problem further out (and increasing its magnitude when it does come).
His overall idea about the oligarchy all for themselves and the problems they lead to are correct. Specifics idk.
The end of the world has been prophesied for hundreds of years at street corners, at talks by enlightened gurus and by our best unbiased intellectual university minds. Why has it not happened? Because the human mind keeps devising new ways to delay it. And who pays the price in the meantime? Planet Earth of course. It’s on the news every day if I look. Space agencies are looking out for another Earth maybe we can move to - one unspoiled - but it’ll be impossibly far and we’ll desecrate it anyway.
He's absolutely right about the financial sector being effectively an economic parasite.
this guy is obsessed with symptoms doesn't know how to solve it
He's telling you. You just need to be willing to listen, but you may disagree with his simple solutions. If it's not specific enough it's partly the mainstream media not being a suitable platform for such.
@@abcxyz123
yeah right,
Socialism.
He doesn't understand that whether you like Bankers or not,
bailing out corporation was necessary in that circumstance.
Bailing out individuals is economically not the same,
that would NOT have prevented a great depression.
If no one gives loans anymore,
the economic system collapses.
Has norhing to do with the individuals that are in debt.
He's just a a Socialist making everything about 'social justice' and wealth,
were its about the economic system.
bailing out corporations was not necessary at all. the economic system is flawed the entirely new financial market that was created only helped the rich. it does not generate real value, you are making money using money, not on operations of the company. for the individuals that want to start a business to create real value accessing money is expensive but for the rich it is pretty much free. any bank can create money now a days fueling an system that is mostly speculative and that transfers value from the bottom up, leaving average citizens out of the game. this all comes to a breaking point. it is not about social justice, because having a healthy rest of the population that can afford to live ultimately creates a healthy economy in the long run. more inventions are going to be made, more problems solved, more companies created ect ect.
Wow, he was right. Give this economist a carrot
"Workers spend virtually everything they own." I felt that...it is very sad, how little people have saved for an emergency. Even $5 a check is SOMETHING.
When workers have so much debt and we pay off that debt, we'd effectively also pay banks, and at the same time reduce the risk of a new recession
No kidding this man's a genius...
Productivity is not the issue. Wages have not increased because rich folks and owners of these companies are holding hostage all the profits that come in to these companies. One CEO makes 100M a year compared to the workers of the same company on average making 30k a year. Profits never translate into wage increases for the worker. All the profits go to stock buybacks, and to the 100M or so the CEO is making. Productivity is not the issue.
Hahaha! That journalist with his bow tie is definitly asking for a 1929's remake!
He stated the FED don't understand, they know exactly what they're doing
I wander if inequality is driven by financial ineptitude? If so no matter how much redistribution wealth will still be concentrated.
The inversion of the yield curve is disturbing. Uber drivers do not need the insurance or the inspections of taxi drivers. Air b-n-b renters do not need the licenses or inspections or insurance of motels and hotels. Chinese workers are still willing to work for $0.50 an hour with no benefits, and no OHSA rules. Millions of low wage, uneducated workers are still coming across the border, causing under-the-table cash wages to decrease.
What trickles down is not money, but affordable and innovative products and quality lifestyles. This does work and is inarguably true, which is why even the poorest of us have Air conditioning, smart phones, pillows and beds and sheets, and so on.