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Weekend reading: Steve Keen and the writing off of all debt

Weekend reading

Good reading from across the Web.

I don’t usually go in for apocalyptic visions, but if one was looking for intelligent company in the fallout shelter then you could do a lot worse than economist Steve Keen.

Worryingly, Mr Keen and me seem to have a similar opinion of bankers, and of the usefulness of their activities over the past 40 years. Does that mean I also think we need to write off all debts and start again?

Not yet. I still think we’re very different to Japan (let alone Keen’s Ancient Rome) though I’m not quite so confident as I was a year ago.

This interview with Keen is well worth a watch, whatever your perspective:

If we’re going to write off the debt of companies and citizenry alike, then at least Keen’s version of a debt jubilee has the potential benefit of not utterly punishing savers – since they are allocated the same portion of the free money that Keen would like to print, and they have no debts to pay off with it.

It would still be a nightmare scenario though, financially-speaking – and surely on the streets, too.

From the money blogs

Deal of the week: All the luvvies in the media keep citing Robert Harris’ new flash crash thriller The Fear Index. It’s half-price at Amazon.

Mainstream media money and investing

  • Britain’s economy: Into the storm – The Economist
  • New climate change talks open in Durban – Economist
  • Merkel vows to build fiscal union – FT
  • Tesco offers new RPI bond, but watch out for falling inflation – FT
  • ‘Astonishing’  new tax relief on venture capital [careful!]FT
  • No State pension until 71 for today’s 20-year olds? – Independent
  • NEST pension delay will hit the young – Telegraph
  • Retail investors ditching equities likes it’s 2008 – Telegraph
  • At-a-glance winners from the autumn statement – Telegraph
  • Charity shop Christmas shopping – Telegraph
  • Britain’s coupon queen feeds family of four for £50 – Telegraph
  • Cherry picking commercial property opportunities – Motley Fool

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{ 1 comment… add one }
  • 1 Elizabeth December 4, 2011, 11:27 am

    Thank you for this very interesting video but Steve Keen isn’t (for me) clear enough. I find Paul Grignon’s cartoon film “Money as Debt” more helpful.

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