Many students today continue to be deceived by their professors who, even after the great financial crisis, still teach a fantasy, or other worldly version of economics. So on this program we ask: How do we begin to reverse a heavily entrenched education system that manufactures economists that have such a detrimental effect on wider society? Joining us to discuss how academics are failing us: renegade economist, Professor Steve Keen, and author and economist, Dr Steven Payson.
Why will interest rates likely rise in the US under the new impending chair of the Federal Reserve, Jay Powell? Because he is tall. Or so says financial journalist and editor, Alan Kohler.
There is no other way to describe economics in 2017 than wilful blindness, writes economist Professor Steven Keen. Nobel Laureates who claimed financial crises were now impossible also claimed the 2008 Global Financial Crisis could not have been predicted. This is all, of course, nonsense. The evidence was there all along. Those with the power to change the course of history simply chose to ignore it.
Our problems will not be solved by the victory of one party over another, or of one ‘ism’ over another. Changing lawmakers from ‘conservatives’ to ‘liberals’ or ‘liberals’ to ‘socialists’, without reforming how the laws are made is like asking the orchestra to play a happy tune whilst the ship goes down, writes Mark GB. Our problems arise from the centralisation of power and money in the hands of unaccountable vested interests. We need fundamental reform of the political and monetary system itself.
They say if you like laws and sausages, you should never watch either one being made. Banking belongs on that list also, but it seems most people would rather not know. Economic conditions are poor. We are not in a recovery; we are in a depression. Central Banks don’t understand the problem because central banks are the problem.