Money
Steve Keen says leading economists confused debt levels with annual credit flows
Tom Bilyeu Impact Theory
Everything You Know About Government Debt Is Wrong | Steve Keen
What was said
"They mistake credit for debt. Okay? They have no idea. They don't even look at the banking sector."
Keen claims mainstream economists misunderstand basic banking concepts, arguing that a 2010 paper he cites treated debt-to-GDP levels as though they were annual credit flows. He says the error helped economists dismiss credit dynamics during analysis of the 2008 crisis.
Verification status
Attributed speaker claim
Egleze verified who said this and where. The underlying claim has not been independently established by Egleze.
Source and context
Egleze verified who said this and where. The underlying claim has not been independently established by Egleze.
- Programme
- Tom Bilyeu Impact Theory
- Episode
- Everything You Know About Government Debt Is Wrong | Steve Keen
- Clip time
- 15:25
- Original source
- Watch the source segment →
From this episode
Tom Bilyeu Impact Theory