PPT-Debt, Inequality and Crisis

Steve Keen Kingston University London IDEAeconomics Minsky Open Source System Dynamics wwwdebtdeflationcomblogs When the economic history of our epoch is written There will be at least 3 themes. Average annual GDP growth rate (%), 1999–2008:. The first years (until the Great Crisis). Asymmetries: some evidence of decrease:. Stage two: the public debt crisis in the . Eurozone. However negative growth and large budget deficits . Unnecessary and Self-Inflicted. April 2013. Mark . Weisbrot. Center for Economic and Policy Research. www.cepr.net. Debt crisis or policy crisis?. Conventional wisdom: Eurozone . governments. have borrowed too much, must reduce debt (and therefore annual deficits) in order to get back to a sustainable debt level and restore growth.. Calling Germany on its hypocr isy in the Eurozone debt crisis Albrecht Ritschl argued that debt to Germany under the Marshall Plan held important lessons for solving the Greek economic crisis What was Steve Keen. University of Western Sydney. Debunking Economics. www.debtdeflation.com/blogs. www.debunkingeconomics.com. Macroeconomics . Before . the Crisis: Triumphalism. “Macroeconomics . was born as a distinct field in the 1940's, as a part of the intellectual response to the Great . John FitzGerald. Oireachtas. Committee, 26. th. October 2011. www.esri.ie. Introduction. Origins of Crisis. Tackling the Crisis. Exit from the Crisis. Everything depends on solving Euro zone crisis. Vice Chairman. Chief Financial Officer. Chief Administrative Officer. UMB Financial Corporation. The Making or Breaking of American Economic Prosperity. Making the case for a return to civility, honesty and integrity in business, politics, and the financial industry.. Conference on Alternative Solutions to the Debt Crisis. Brussels, Belgium March 7, 2014. LENDERS. Commercial Banks, International Financial Institutions, Buyers of . bonds, . Governments. Who make money from the interest on the loans – especially on non-concessional and only moderately concessional loans. Steve Keen. Kingston University London. Asymmetric Return Capital. IDEAeconomics. Minsky Open Source System Dynamics. www.debtdeflation.com/blogs. “Nobody could have seen it coming…”. “. The Queen asked me. Credit. Stagnation. Steve Keen. Kingston University London. IDEAeconomics. Minsky Open Source System Dynamics. www.debtdeflation.com/blogs. Secular Stagnation Mark I. Hansen 1939. “Not until the problem of full employment … from the long-run, secular standpoint was upon us, were we compelled to give serious consideration to those factors … which tend to make business recoveries weak .. and which tend to prolong and deepen the course of depressions.. Peter O’Shea. Monash. University, January 2013. What Sort of Crisis?. . Is it really a euro crisis? It wasn’t a problem when economic growth was strong in mid 2000s. Yet debt was high then.. Slovakia, Germany and Estonia among the . Layna. Mosley. Dept. of Political Science. UNC Chapel Hill. mosley@unc.edu. Cyprus, March 2013. Cyprus joined EU in 2004, and the . eurozone. in 2008. Outline. The making of Economic and Monetary Union (EMU). ‘Third World’ Debt Crisis . . External debt in the global South. . Impacts: In 1980s. Latin America. Population living in poverty increased from 144 million to 211 million. Africa. . Population living in extreme poverty increased from 205 million to 330 million. What caused the global recession of 08?. And thus caused the European debt crisis. America Sneezes and the World gets Pneumonia!. The Housing bubble bursts 2006. The bubble burst. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. Between August 2007 and October 2008, 936,439 US residences completed foreclosure!. Layna. Mosley. Dept. of Political Science. UNC Chapel Hill. mosley@unc.edu. Cyprus, March 2013. Cyprus joined EU in 2004, and the . eurozone. in 2008. Outline. The making of Economic and Monetary Union (EMU).