What's Coming and Why
If you're supposedly schooled in Economics, you might want to skim through this 1995 paper by Steve Keen, from the Journal of Post Keynesian Economics:
"Finance and Economic Breakdown: Modeling Minsky's "Financial Instability Hypothesis" This is based on Misnky's work dating back into the 1950's. Keen just made a simple model (simple if you're better at calculus than I am) that gives a clear idea what Minsky was talking about. Having read this, I am therefore now smarter about both what happened in 2008, and what is likely to happen as a result of the mistakes now being made. Short summary: the Republicans are doing exactly what must not be done, and are going to crash the economy again. A paragraph from near the end of the paper. I added a small editorial expansion at the beginning, in brackets, and a little emphasis at the end. Quote:
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Basically boom and bust is inherent. It is a natural feature of our economic system.
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Common problem of over reaching caused by greed. Not wanting to pay the piper but take on debt. Rather then have those who have benefited greatly pay back for that privilege.
Until it can not be sustained and fails. You would think we would learn the lesson long ago. But then again greed is the fuel. Barney |
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Basically taking out $1.5 Trillion out of the economy and into savings accounts of people since they do not need the money, does not help the economy since that money stays dormant. |
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