If you find this episode description from the BBC world service program "Hardtalk" of interest, Arjay, you've got until Friday, 2 December to listen to it…

"'Another Great Depression is all but inevitable’ - that's the view of Steve Keen. No wonder he's been called the ‘Merchant of Gloom’.
But then Keen is one of the few economists to have predicted the global financial crisis.
And while he used to be a lone voice challenging the economic consensus, more and more people are now listening to him.
His way of avoiding depression? Write off the debt, bankrupt the banks, nationalize the financial system, and start all over again."

Mind you, he does emphasise the exponential growth of private debt and I'm not convinced that the program description accurately summarises his 'solutions '. What do you think?

win..he is right
if only people who rise early would listen to bbc..in the morning
they would be better informed..thing is if a capitalist fails
well thats what capitalism claims to do best..

[revalue debt..acces risk..]

govt should not be bailing out capitalists...
then putting the debt on the people..
then put the consumers[sorry people][..
under austerity measures that kills small business
and in time turn the capitalist dream into a nightmare

if banker invest wrong..and are too big to fail..govt seizes the assets
spends its peoples money on keeping workers working
no9t bailout bankers allowing the bankers to privatise the peoples assets for mates rates[then double the cost of govt services]

plus pay ursury on the govt bond
issued to the very bankers who lol..monetised the bailout

bankers create debt..they stopped asset creation long ago..now its only selling it all for salvage[pennies on the dollar]..plus speculating up the prices of goods..to try to retain the worth of their illgotten booty..[the bonus we paid for]

let govts seize assets
then govt bonds will be a true security

its absurd to price govt bonds out of balance
especially when the banker bailout..was lent from bankers

in fact its criminal[colluded treason]

but police police illegal campers
not white collar crims..with expensive cadre's of lawyers

the 1%..have abused their trust
to wit the people and the peoples assets and well being

thus the landless poor enterd the next lavels of austerity[became 3 rd world serfs..renting the 1 st world from the money changers ursuror]

who hold full and complete control over everything
by threat of force..and punitive perversions of state powers

One of the best quotes I've read recently was in an article on OLO where the author surmised that our (capitalist) system had done a sterling job of "privatising profit and socialising debt".....can't argue with that analysis.

*His way of avoiding depression? Write off the debt, bankrupt the banks, nationalize the financial system, and start all over again."*

Hang on WM Trevor. Allowing politicians to behave worse then any
mafia extorsion racket, is hardly a solution. German politicians
are right at the forefront of the present mess. They also have
the option of solutions to the mess that they created. Only the
German public might take it out on them, costing them their political
careers. That would be a small price to pay.

It is not the market that is failing, it is politicians. Putting
them in charge of banks, after their political failure caused banks
to fail, would hardly be logical or just or sensible.

The way forward wmtrevor is to create another National Govt owned bank,that can create increases in our productivity and inflation debt free for infrastructure.The other solution is to have private banks that are mutual societies thus if you are a depositor or borrower, it is your bank and you benefit from the fractional reserve system of money creation.

The creation of new money is a special activity since it represents the productivity of all individuals,and hence it should be shared equitably.We do not have a fair system.Those who currently create all the new money,have all the power.They are the private banks and their hangers on.

*Those who currently create all the new money,have all the power.They are the private banks and their hangers on*

After all this time Arjay, you still don't get it. Private banks
don't "create new money". They lend out money which they have
borrowed from depositors or other sources.

If you wanted to deny them the right to lend out money deposited,
they would have to charge you a forturne to guard your money etc
and pay you zilch interest on your deposits. Hardly clever when
you think through the implications.

If you want to profit from bank profits, then you are free to do
what super funds do, as well as some private individuals. Buy
bank shares and risk your money as bank equity, so that if the
bank has large losses, you lose your shirt before anyone else
loses theirs. Your choice really.