2013-07: Keep the Parasitic Banking Sector Alive and the Economy Dies

When: Thursday 18th July 2013, 7:30-9:30pm
Where: Upstairs room at the Peacock, 11 Mansfield Road, Nottingham, NG1 3FB
Attendance is free although a voluntary collection will be taken to help with the group’s future expenses

This will be a facilitated discussion around an interview given by Australian economist Steve Keen in June 2012. Keen was one of the few economists to predict, and explain, the financial crisis before it happened. We will start with a recording of the half hour interview by Paul Mason with a live audience at the London School of Economics.

Issues raised include:

  • Economists’ models ignore the impact of money, banks and debt. This is only valid in a world where there is no credit, no debt and no banks.
  • Banks profit from creating debt – until the mountain of debt becomes unsustainable. Reducing the debt reduces GDP and causes austerity.
  • An alternative to austerity is a ‘Modern Debt Jubilee’ – putting money into people’s bank accounts to write down debt: quantitative easing for people not banks.

This discussion was proposed in an earlier post, Summary of a radio interview with Australian economist Steve Keen, which goes into much more detail about Steve Keen’s opinions and further reading on the subject.

The radio interview is at http://www.bbc.co.uk/programmes/b01j5h51

Facebook event page: http://www.facebook.com/events/359546250817715/

 

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