Steve Keen

But I reverse the direction of causation.

I'm not the first person to do this.

I'm part of a tradition of what's called post-Keynesian economics, which is just a label that was applied to rebels for some time.

And this particular – there's many different strands of thought in economics.

They have the Austrian school you'd be aware of, the neoclassical that's taught at universities, Marxist, which is now a minority, of course.

You get –

particular topics like evolutionary economics that becomes a speciality.

But post-Keynesians are basically people who said, we're sick of ideology at both extremes.

We're sick of listening to the Marxists talk about the declining rate of profit and the inevitable collapse of capitalism.

We're equally sick of neoclassicals telling us we're already in nirvana, heaven and earth is capitalism.

You know, let's just realistically describe the bloody system.

So when you do that, you find that it's not the case that money –

is a control mechanism in the economy.

It's an accommodative mechanism in the economy.

So the basic argument is too much money chasing too few goods.

That's the shit, pardon the French, you'll hear all the time from people who've, you know, they don't realize they've been conned by Milton Friedman.

When you take a look at how banks create money, then you, like, I'm going to ask you an embarrassing question.

You've got a credit card, I'm sure.

Yeah.

How much have you got?