Economist Steve Keen; bankrupt banks, nationalise financial system
Should government pay off our debts? Economist Steve Keen says we are already in another Great Depression. He advocates bankrupting the banks, nationalising the financial system and paying off people’s debt Economist Steve Keen is one of the few economists to have predicted the global financial crisis and now he says we are already in a Great Depression. He says the way to escape it is to bankrupt the banks, nationalise the financial system and pay off people’s debt. He admits what he is advocating is radical but says it is time governments gave money to debtors to pay down debt instead of to creditors such as banks who have held onto it. BBC World, Hardtalk 2011-11-24, 0530 Find out who is coming up on the programme by following us on Twitter.
Tagged with: bankrupt banks • BBC World • crisis • economist • finance • Hardtalk • nationalise financial system • Steve Keen
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@Kostas2788
I think I am right to say that the Greek govt and Goldman Sachs colluded to “cook the books” so they would qualify for entry to the euro and for loans they couldn’t pay back.. The Greek people are in no way responsible for their politicians. Papademos was one of the bakers who facilitated this corrupt process.
@atsag83
Or three NZ zombies!
great interview.
so I work hard, dont take out any loans, live bellow my means etc Yet someone who spends like mad, takes out a huge student loan, huge mortgage, goes mad spending gets everything for free??? then I also pay as a tax payer to pay out their banks??? talk about punishing productive people
I watched this last night - Jeez, economics is a complex subject!
war , global economy meltdown, great depression.
it’s the jews you know………….ooos I apologize for not being politically correct.
A slip of the tongue.
If you give money to the debtors, you are sustaining debt against inflated assets which will result in inflation (and you still have the distribution issue to minimize fraud; and you penalize renters even more!). USA inflation is actually closer to 11% (using 1980 formula). There simply has to be large write-offs and bankruptcy for those who cannot raise new capital. What we need is sound money and for the FED to factor in asset prices into its inflation calculation.
@theMAXILOPEZpsycho Not quite. The money is printed, not taxpayers money. And secondly, those in debt have to use their money to pay off the debt. So they might come out with only a little debt or credit in their bank balance, whereas YOU would be much further in credit
Steve keen is a doomsday conspirer
He can’t even fully explain how to implement his solution. He wants central banks to print more money (aka future obligations by the tax payers) to buy up the debt of tax payers who will then be on the hook for those future obligations. It’s just a redirected Ponzi scheme that focuses on debtors rather than creditors but the end result is the same. We’ll be inflating away the value of our currency (e.g. future earnings) to patch our debts in the present. It’s absurd. You can’t fight gravity.
@clockworkscott Why not ?
@tomobrien2004 @0:40 . Now you have hit the Big TIme !!watch?v=IlkeUu-kn8c
@w4oab what do you mean?
Inflation is about the most insignificant concern imaginable right now, so all the inflation Chicken Littles really need to rein it in. What’s going on in Europe is a sovereign debt problem (not a deficits/austerity problem) and a demand shortage.
I think she was pre-occupied with certain principles on her mind and tried to stick to it. But when he has got a chance, he delivered his arguments well!
You can forgive all personal unsecured debt, school loans of any sort, and medical debt. Such debt will keep economies from rebounding. Real estate is a little bit more tricky, but absolutely cannot be left to the banks and financial industry to control ever again.
There is more commonsense in his solution than in gambling everything in a financial system and leaders who have already failed us and really arent here to help us either…
And dont kid yourselves that we live in a ‘free market’…Entire governments in Europe are now collapsing under debt so that the old status quo of powerful merchants can stay in control…
Thie awful irony is that the people who engineered this ‘crisis’ will be even more powerful and wealthy than they were b4.
Put these Bankers in Jail First. Listen to him dosen’t want to talk about bankers going to Jail.
PEOPLE For Mathematically Perfected Economy™, Mike Montagne, proposes a very simple solution which would put our economy in the hands of WE the people who actually create money and wealth. No banks, no interest and a Common Monetary Infrastructure. This will be a truly free market where centralised governments would have no role to play in the economy.
thanks for this!
see also Keen’s “Debunking Economics – Money, Debt Crisis, Economy, Recession, Taxes” is a must see.
This economist is no better than all others he himself criticized. If all debts be forgiven, then he’s slapping many responsible hard working saver people’s faces left and right. It’s moral hazards social injustice from other extreme. Why should people work hard and be financially responsible? We just all go racking up creditcards spend as much as possible till we are so heavily indebted so we will be forgiving. ha ha ha..
i would feel safe if steve keen was the prime minister/president of every country in the world
14:30ish… “…central banks, the government…” Just a heads up if u guys didnt know, our RBA has no “reserves” and does not at all respresent “Australia”. Its private, and designed to generate money for a few shareholders. Look it up.