Steve Keen: China’s Stock Market Is an ‘Unbelievable Bubble’

Steve Keen: China’s Stock Market Is an ‘Unbelievable Bubble’
Melody Yang performs at the Gazillion Bubble show plays at New World Stages in New York, March 22, 2014. Samira Bouaou/Epoch Times
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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.
Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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