"People are Sensing a System Breakdown" - Steve Keen

Paul Buitink talks to Australian rebel economist, author and creator of Ravel software Steve Keen about the idiocy of mainstream or neoclassical economics. We discuss how he has fallen out with other schools of economics and why mainstream economists don't see crises from happening, since they don't understand money. Economist Hyman Minsky did, and Steve has further built upon those insights.Steve explains why the euro was a mistake and how the US shouldn't worry about its public debt, but about its private debt. He explains how Modern Monetary Theory (MMT) and People's QE work but also where MMT got it wrong.The rise in the gold price is not something to celebrate Steve says, it means people are sensing a system breakdown.Steve also worries about climate change and says economists are wrong about it.Don't miss this long in-person interview with the legendary rebel economist Steve Keen.Follow Steve here:https://www.stevekeen.com/https://www.patreon.com/ProfSteveKeenhttps://www.youtube.com/@profstevekeenhttps://profstevekeen.substack.com/Follow Paul here:https://x.com/paulbuitinkTimestamps:1:11 Intro2:58 Debunking Neoclassical Economics12:03 Criticists of Steve Keen14:56 Economists don’t understand money15:15 Theories of economist Hyman Minsky30:07 Austrian School economics and interest rates33:53 Can the economy be modeled at all?39:55 We have a private debt, not public debt problem43:21 Modern Monetary Theory (MMT)45:01 France’s debt problem and the mistake of the euro54:54 Discussion on Central Bank Digital Currencies (CBDC)57:29 US public debt is not a problem1:02:59 QE and risk of inflation1:04:25 People’s QE or Modern Debt Jubilee1:11:26 How to make banks more useful1:18:49 Gold’s rise1:20:11 How realistic are Steve’s solutions?1:21:55 How economists got climate change wrong1:28:44 Is Europe suicidal or giving the right example?1:36:30 Elon Musk and Mars1:37:46 Outro