Our Germanica Top 10 today is content from 'The MOST important thing' YouTube channel entitled 'Steve Keen Explains Whats Next'.

Economist Steve Keen is considered a renegade within traditional economic circles because he does not fit neatly into the established schools of economic thought such as Keynesian, Austrian, Neo-classical or Marxist. He claims to strive for objectivity not ideology, and is critical of economists that fail to consider private credit as a key economic metric.

Rather than viewing the creation of money and the control of interest rates by banks as being the primary driver of inflation and consumption, he views the creation of money as an accommodation that results from spending. His example is that whenever one uses a credit card one in effect creates money by exercising a prearranged agreement to allow debt to be incurred to facilitate spending. He believes that the way to better stabilize society is to limit those things which can be purchased on credit. It is borrowing for speculation that is the problem, not borrowing per se.

Keen's views are controversial, but his claim is that excesses in private credit have proven to be a great predictor of financial instability.

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