It’s the debt, stupid. This is what professor Steve Keen of London’s Kingston University has been saying all along: Private debt is responsible for financial crises. He’s also been saying that conventional economists are wrong, and even wrote a book about it: “Debunking Economics.”
Apart from his razor-sharp logic and witty style, Keen was one of the few analysts who predicted the financial crisis in the West in 2008. Now he sees another crisis looming in the East.
The Epoch Times spoke to Steve Keen about why private debt is again responsible for China’s economic problems and why the debt fueling China’s stock market is the most ridiculous thing ever.
A private person can't direct the central bank to pay that debt.
