A minority of economists has long known that neoclassic economic theory is wrong. Keen argues "The false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its “boom and bust” instability within limit.," An example of this is the repeal of Glass-Steagall Act of 1933 which established the Federal Deposit Insurance Corporation FDIC to control speculation, and allowed the Federal Reserve to regulate interest rates in savings accounts.
Keen explains why the current crisis occurred, why it is proving to be unstoppable in spite of all the money poured into the black hole, and he defines what needs to be done to end it.
OH! I can hear the bankers screaming now. If he isn’t assassinated to keep him quiet and prevent others from knowing what he knows, I will be surprised.
My son talked to me about a financial conspiracy years ago and I said, Bah Humbug! Well, I’ve been watching and what my son said would happen is happening. I don’t know if today’s economic condition is caused by a conspiracy, but I do know that boom and bust cycles recur on a regular basis and owners of capital benefit by the up and down patterns while owners of labor have less income.
Even though it is an old story, the rich are getting richer and the poor are getting poorer.
Keen, Steve Debunking Economics
Best quality; there are several versions of this topic:
Keen Debunking Economics Oxford 2011 Monbiot Seminar