People seemed quite interested in a potential discussion between Prof Steve Keen and myself a month or so ago when the possibility was discussed on this blog.
We have not, I admit, made much progress with the idea of doing this in front of a live audience, not least because I have been pretty much overwhelmed with university-linked work in the last month, but we are nonetheless going to have a conversation on Saturday evening.
If you want to join us live, I will be with Steve and his cohosts on their regular weekly discussion programme at 6pm on Saturday, 19th October. The necessary YouTube link to the live event is here. There is also a LinkedIn option here, and there will be a Twitter option on the day - but you have to look out for it on Steve's Twitter profile as the show goes live. There is no charge. There will be an opportunity to ask questions, but it is via a chat system and not by live intervention.
I will post the resulting discussion here sometime early next week.
This is the promo image for what we might be discussing:
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That’s why I call our Rachel the ‘Reeves-cividist’ because she is doing exactly what Gordon Brown did keeping to a Tory PSBR in ’97 and trusting a den of thieves called the private sector to deliver growth – again.
And look what happened 2008?
It does not bode well but this time where is the investment? At least Blair’s government came in with (for example) Decent Homes funding in 2000 for the public sector housing where a lot of the stock was modernised. This time, 20 odd years later there is nothing, and now social housing landlords are having to extend the life of the components in its housing – kicking the can down the road and deal with de-carbonisation – the housing stock getting older and of course more expensive to maintain. And then I reckon we’ll see the justification for more privatisation.
Again, dealing with the Tories recent period of power is very simple. The money that was taken out just has to be put back. But of course, by creating a ‘crisis’ and telling lies about state money, we can’t even do that apparently.
I’m running out of words to describe this debacle, this confidence trick we are being subjected to.
Well let’s hope the other 2008/9 events don’t take place again too although if truth were known we must be close to a reset ( what real people call a period of bust) cos that’s what it is boom bust economy although the only booms are for the mega rich.
Hmm. New Labour won the general election in 1997, and some new money arrived in 2000?
Perhaps Reeves or her successor will turn on the spending taps in three years time, before the next general election?
Until then, god help us all.
Indeed…
Whatever happened to the Mile End economists?
A hurricane in Florida
He needs to come home Richard.
The inundation here will be slower.
> And look what happened 2008?
I know the UK had a part to play in the 2008 crisis (RBS being one of the biggest banks in the world at the time), but surely without the sub-prime mortgage crisis in the US and CDS positions becoming unexpectedly in the money, there would have been no crisis.
Maybe…
Maybe not
Thank you, both.
I worked on such matters from the spring, not autumn, of 2008 to summer of 2016.
If one reads the Adair Turner’s FSA report and reports from the Commons Treasury committee, led by Andrew Tyrie, one learns that UK banks, not just RBS, and the UK system would have collapsed without involvement in / with the US (called foreign aid by a Swiss regulator, a social democrat, who took a dim view of such excess).
A few months ago, I chatted with a former Bank of England official and mentioned who I work for. He advised that RBS’s acquisition of my current employer was only half of what caused its collapse. It would have collapsed without that last bout of madness.
I agree with those sentiments. UK banks did not need being the skip for US securities firms for their own / domestic risk taking to blow up.
I have read those reports
Turner’s was very clear – and now very hard to find on the web
Labour’s involvement with asset managers like Blackrock who manage many of our pensions is gradually becoming clear. Not so much understood is that If managers like Blackrock’s Larry Fink fail in their mandate to provide decent pensions for us in the future, we could lose our pensions. But only a tiny minority knows that, as an asset manager, he can’t be made insolvent by a collapse in the value of assets he holds.
As John Maynard Keynes said: “Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work together for the benefit of all”.
Labour’s triumph of hope over experience appears to be betting the shop on Keynes being wrong.
You are right
Ann Pettifor and I were discussing this earlier this week
I think there is a video to be made there….
Excellent news, as a follower of your blog and as one of Steve Keen’s rebel economists, I will look forward to tomorrow with eager anticipation!
Thank you, Richard.
Gosh. Yes. I was trying to find and link for readers. Mmm.
I think you can find it here :
The Turner Review A regulatory response to the global banking crisis [March 2009] FSA The Financial Services Authority, London
http://www.actuaries.org/CTTEES_TFRISKCRISIS/Documents/turner_review.pdf
Thanks
A letter I wrote to the MSM re the impending £3bn of welfare cuts:
“With the news that Rachel Reeves is planning to make £3 billion of welfare cuts in the forthcoming budget, cuts which will overwhelmingly fall on the sick, perhaps it’s time to discuss why we have so many people on sickness benefit in the first place. I would argue that the reasons are not only NHS backlogs but also the failure of modern medicine to treat many chronic illnesses, ultra processed foods and chronic economic insecurity which preys on people’s well-being. What we are likely to find with the drive to get many sick people back into work is that in actual fact, many sickness benefit claims simply mask a lack of employment opportunities in many parts of the country. The fact is we have around 2.5 million people unemployed* but only around 840,000 job vacancies at any one time. Pushing people off sickness benefit will only exacerbate the difference between those two figures.”
**The official unemployment benefit claimant number is 1.5 million people plus 1 million people not claiming benefits but still looking for work
Thanks
Couldn’t get on tonight’s YouTube event! Calamity.
Steve made a mess of the link
This is it:
https://t.co/vyDSwe8wOu
The whole thing is now up