{"id":64409,"date":"2022-12-08T07:54:16","date_gmt":"2022-12-08T12:54:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64409"},"modified":"2022-12-08T07:54:16","modified_gmt":"2022-12-08T12:54:16","slug":"the-macroeconomics-of-bank-created-money-and-a-modern-debt-jubilee-as-a-way-out-of-the-private-debt-trap","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64409","title":{"rendered":"The macroeconomics of bank-created money and a Modern Debt Jubilee as a way out of the private debt trap"},"content":{"rendered":"<div class=\"main-menu animated\" data-testid=\"navbar\">\n<div class=\"main-menu-content\">\n<div class=\"topbar\">\n<div class=\"topbar-content\">\n<div class=\"navbar-buttons\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"single-post-container\">\n<div class=\"container\">\n<div class=\"single-post\">\n<article class=\"typography video-post post\">\n<div class=\"video-player-wrapper with-preview full-width\">\n<div class=\"video-player\"><video poster=\"https:\/\/substackcdn.com\/image\/fetch\/w_1920,h_1080,c_fill,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-video.s3.amazonaws.com%2Fvideo_upload%2Fpost%2F89280865%2F7bc39263-a500-4c41-b32f-b0ef4d3efcc1%2Ftranscoded-00001.png\" width=\"300\" height=\"150\" data-mce-fragment=\"1\"><\/video><\/p>\n<div class=\"video-player-button no-text\"><\/div>\n<\/div>\n<\/div>\n<div class=\"post-header\">\n<h3 class=\"post-title unpublished\"><a href=\"https:\/\/profstevekeen.substack.com\/p\/the-macroeconomics-of-bank-created?utm_source=post-email-title&amp;publication_id=872467&amp;post_id=89280865&amp;isFreemail=true&amp;utm_medium=email\">The macroeconomics of bank-created money and a Modern Debt Jubilee as a way out of the private debt trap<\/a><\/h3>\n<\/div>\n<div class=\"\">\n<div class=\"available-content\">\n<div class=\"body markup\" dir=\"auto\">\n<p>My friend Dr. Sabri Oncu has established an innovative seminar program at Kadir Has University in Turkey. Called the &#8220;Kadir Has Lectures on Global Political Economy&#8221;, it has had lectures from a number of non-mainstream economists, including Ann Pettifor, Frances Coppola, Yanis Varoufakis, and Jan Kregel.<\/p>\n<p>Forthcoming lecturers include Louis Philippe Rochon and \u00a0Matias Vernengo. \u00a0You can find the series here: \u00a0<a href=\"https:\/\/www.youtube.com\/playlist?list=PLF796nZs0vOE-Rbrquqdfdrm0ck92lMjI\" rel=\"\">https:\/\/www.youtube.com\/playlist?list=PLF796nZs0vOE-Rbrquqdfdrm0ck92lMjI<\/a><\/p>\n<p>In my lecture, I explain how bank credit adds to aggregate demand and income, and therefore how capitalism&#8217;s great crises&#8211;the Great Depression, the Great Recession, the Panic of 1837, and so on&#8211;were caused by credit turning negative.<\/p>\n<p>I also explain how we could remedy the economy via a &#8220;Modern Debt Jubilee&#8221;. Of course, since Neoclassical economists dominate economic policy, I know that this policy has no better than a snowflake&#8217;s chance in Hell of being implemented.<\/p>\n<p>I\u2019ve attached the PDF of my slides here as well (unfortunately Substack doesn\u2019t support Powerpoint files: if you want to download them, please go to the Patreon page\u00a0<a href=\"https:\/\/www.patreon.com\/posts\/75639086\" rel=\"\">https:\/\/www.patreon.com\/posts\/75639086<\/a>.<\/p>\n<div class=\"subscription-widget-wrap\">\n<div class=\"subscription-widget show-subscribe\">\n<div class=\"preamble\">\n<p>Building a New Economics is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"file-embed-wrapper\">\n<div class=\"file-embed-container-reader\">\n<div class=\"file-embed-container-top\"><img decoding=\"async\" class=\"file-embed-thumbnail-default\" src=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack.com%2Fimg%2Fattachment_icon.svg\" \/><\/p>\n<div class=\"file-embed-details\">\n<div class=\"file-embed-details-h1\">Keen2022macrobomdandmoderndebtjubilee<\/div>\n<div class=\"file-embed-details-h2\">6.01MB \u2219 PDF File<\/div>\n<\/div>\n<p><a class=\"file-embed-button wide\" href=\"https:\/\/profstevekeen.substack.com\/api\/v1\/file\/08b1da20-49dd-406e-81f4-c01df321dfe9.pdf\" rel=\"\"><span class=\"file-embed-button-text\">Download<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The macroeconomics of bank-created money and a Modern Debt Jubilee as a way out of the private debt trap My friend Dr. Sabri Oncu has established an innovative seminar program at Kadir Has University in Turkey. Called the &#8220;Kadir Has Lectures on Global Political Economy&#8221;, it has had lectures from a number of non-mainstream economists, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[63,195,1580,3257,309,750],"class_list":["post-64409","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-debt","tag-debt-jubilee","tag-debt-trap","tag-fiat-currency","tag-steve-keen"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64409"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64409\/revisions"}],"predecessor-version":[{"id":64410,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64409\/revisions\/64410"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}