{"id":328847,"date":"2017-10-03T22:10:44","date_gmt":"2017-10-03T21:10:44","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/whats-next-for-the-world-economy-according-to-steve-keen-rt-video\/"},"modified":"2017-10-03T22:10:44","modified_gmt":"2017-10-03T21:10:44","slug":"whats-next-for-the-world-economy-according-to-steve-keen-rt-video","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/whats-next-for-the-world-economy-according-to-steve-keen-rt-video\/","title":{"rendered":"What\u2019s next for the world economy… according to Steve Keen (RT VIDEO)"},"content":{"rendered":"\n
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Britain is a \u201cwalking dead of debt\u201d country that will feel the effects of the global financial crisis (GFC) indefinitely, according to Steve Keen, one of the few economists who correctly predicted the crash.<\/p>\n

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Speaking on RT\u2019s Renegade Inc as Karl Marx\u2019s \u2018Das Kapital\u2019 turns 150, Keen discusses why we are no closer to creating an economy that actually works and why mainstream economists continue to miss the fundamental drivers of financial instability.<\/p>\n

Keen, who anticipated the last financial crisis at a time when most academic economists were too complacent to do so, says Britain\u2019s economic crash in 2010 was not to do with government spending, but the high levels of private credit.<\/p>\n

He says while the worst is now over for the UK, a financial crisis could be just around the corner for a number of countries \u2013 including China, South Korea, Australia, Canada, and Belgium \u2013 which avoided the 2008 crisis by borrowing their way through it.<\/p>\n

\u201cThe UK I classify as one of the \u2018walking dead of debt\u2019 \u2013 you\u2019ve already had the crisis. Debt levels peaked in 2010, you\u2019ve come down a bit, but you\u2019re still carrying three times the average debt level you had before Maggie Thatcher.<\/em><\/p>\n

\u201cYou\u2019re going to be having a little boom, little slump, little boom, little slump indefinitely.<\/em><\/p>\n

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Read more<\/p>\n


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\u201cThe countries that are going to have a crisis are those who borrowed their way through [the GFC] – private debt borrowing, not public – in particular China, South Korea, Canada, Australia, Belgium, Norway, Sweden.\u201d<\/em><\/p>\n

Keen, who is head of economics at Kingston University, says although the housing market in Britain is overvalued, it is much more likely there will be a crash in house prices in other countries including his native Australia.<\/p>\n

When asked about the effects of automation on the economy over the next few decades, Keen said there will soon come a time when humans are not needed at all to control machinery.<\/p>\n

\u201cAt some point there will be no need for labor. The only way labor has got a share in the wealth of the economy for the last 150 years is effectively blackmail – you want us to operate those machines you\u2019ve got to pay us.<\/em><\/p>\n

\u201cNow if the machines don\u2019t need us to operate anymore there are two alternatives – the Hunger Games at one extreme or democratizing wealth from machinery at the other. You can guess which one I\u2019d go for. Let\u2019s wait and see.\u201d<\/em><\/p>\n<\/div>\n<\/div>\n

Via RT<\/a>. This piece was reprinted by RINF Alternative News<\/a> with permission or license.<\/p>\n","protected":false},"excerpt":{"rendered":"

Published time: 3 Oct, 2017 15:15 Britain is a \u201cwalking dead of debt\u201d country that will feel the effects of the global financial crisis (GFC) indefinitely, according to Steve Keen, one of the few economists who correctly predicted the crash. Speaking on RT\u2019s Renegade Inc as Karl Marx\u2019s \u2018Das Kapital\u2019 turns 150, Keen discusses why […]<\/p>\n","protected":false},"author":1,"featured_media":328848,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-328847","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/328847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=328847"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/328847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media\/328848"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=328847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=328847"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=328847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}