{"id":55370,"date":"2020-10-19T06:34:24","date_gmt":"2020-10-19T11:34:24","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55370"},"modified":"2020-10-19T06:34:24","modified_gmt":"2020-10-19T11:34:24","slug":"the-coming-financial-crisis-of-2021","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55370","title":{"rendered":"The Coming Financial Crisis of 2021"},"content":{"rendered":"
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The Coming Financial Crisis of 2021<\/a><\/h3>\n

Economist Steve Keen issues new warning<\/strong><\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n

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Economist Steve Keen predicts that even if the covid-19 health crisis subsides next year, a brewing financial crisis on par with the 2008 Great Recession is in the making.<\/p>\n

He sees the pandemic as having delivered an \u201cunprecedented shock\u201d to the global economy, and the response from authorities as nothing less than a \u201ccatastrophe\u201d.<\/p>\n

With tens of millions of households having lost their income this year, personal savings becoming exhausted, government support programs on their way to drying up, and lots more company layoffs\/bankruptcies\/closures ahead \u2014 Steve expects a punishing recession to arrive in full force in 2021.<\/p>\n

And on a larger scale, he sees modern neoclassical economics \u2014 which ignores the importance of natural resources and the health of our ecosystems \u2014 as completely unsuited for the reality in which we live today. He warns that if we don\u2019t adapt a more informed approach to managing the global economy, we will only continue to make the mess we\u2019re in worse:<\/p>\n