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Wednesday, 1 August 2012

The Euro: Why default is preferable to rescheduling-Prof Steve Keen

Peter Switzer interviewed me last night on his Sky News program. We discuss the Euro, why default is preferable to rescheduling, fiscal austerity versus deficit funding, Nobel Prize Winner Prescott saying that the Great Depression was an extended holiday, Australian property, what is a house price crash (comparing Japan and the USA to Australia), how does Australia’s housing market really differ from the USA’s, what really makes house prices rise, stock market performance in the next decade, the Credit Accelerator and the ups and downs of a down-trending market, the pain in Spain, and what it might lead to.
Peter and I go back a very long way–we did our Masters degrees together at the University of New South Wales in the late 1980s. I then followed the academic route, while Peter successfully pursued a career in journalism, and then formed his own company focusing on business advice, and we have remained in touch since as friends and professional colleagues. It’s always a pleasure to speak with him, as I think shows in this 14 minute interview.

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