Rebel Economics with Dr. Steve Keen

Dr. Steve Keen
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Learn 50+ Years of Economics in 10 mins a day. Go watch my most popular economic lesson here: 👉 go.stevekeen.com 👈 --- Join Dr. Steve Keen as he shows you how he predicted the 2008 Financial Crisis YEARS before it happened. Welcome to Rebel Economics with Dr. Steve Keen, hosted by the distinguished economist, author, and professor known for his critical perspectives on mainstream economics. In this podcast, Dr. Keen dives deep into the world of economics, debunking traditional theories and offering insights into how economies actually work. You'll explore topics ranging from debt dynamics to environmental sustainability and the pitfalls of economic orthodoxy. Join Dr. Keen as he navigates the complex terrain from theoretical economics to practical solutions, armed with his decades of research and a relentless pursuit of economic justice. Whether you're an economics student, a professional in the field, or simply curious about the economic forces that shape our world, Rebel Economics with Dr. Steve Keen is your gateway to understanding economics beyond the mainstream.

  1. 16 HR AGO

    "Deficits aren't the danger to the US, THIS is..." Top Economist warns | Overview

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Economist Steve Keen explains how decades of neoliberal U.S. policies have turned government deficits into a dangerous economic cycle. Using clear double-entry accounting and Ravel visualizations, Steve reveals how the obsession with balanced budgets and market deregulation has weakened the real economy, inflated private debt, and set the stage for financial collapse. He breaks down how bank lending still creates most of the money in circulation, why government deficits actually build deposits and reserves, and how open-market operations merely reshuffle assets instead of generating real wealth. Finally, Steve proposes a Modern Debt Jubilee — a practical path to reset the system, reduce unpayable private debts, and restore long-term financial stability without falling into the illusion of “printing money.” In this breakdown, you’ll discover: ✅ Cash vs digital money: why the press in DC is a sideshow ✅ Government spending and taxes in the ledger: deposits up, taxes down — what really changes ✅ Reserves 101: what banks can and can’t do with them (and why they aren’t “spendable” money) ✅ Deficit mechanics: why deficits create both money and reserves, surpluses destroy them ✅ The eight entries you need to model government money creation (beyond simple double entry) ✅ Why “borrowed from the private sector” is an accounting myth in loanable-funds models ✅ How OMOs and QE actually work: when they create money, when they don’t ✅ The data picture: since 2000, most new money has been credit-backed (private), not fiscal ✅ Why government negative financial equity is normal — and necessary for private net financial assets Key insights: • Deficit is not a bug — it’s the feature that creates net financial assets for the private sector. • Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte. • Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system. • Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place. • Accounting done properly shows government negative financial equity mirrors private positive equity. ----- What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below. Subscribe for reality-based economics Like if this clarified how deficits, reserves, and QE actually work Share to help others move beyond textbook myths ----- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models that explain how bank money, private debt, and policy operations shape the real economy. Creator of the Minsky and Ravel tools, he replaces classroom analogies with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #usshutdown #usdebtcrisis #useconomy #BankingSystem #QE #economics #money #Macroeconomics #usgovernment

    18 min

  2. 17 HR AGO

    “The real problem isn't deficits, It's Neoliberalism“ Top Economist warns

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com This video is an extended version of previous video - "Deficits aren't the danger to the US, THIS is..." Top Economist warns (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Economist Steve Keen explains how decades of neoliberal U.S. policies have turned government deficits into a dangerous economic cycle. Using clear double-entry accounting and Ravel visualizations, Steve reveals how the obsession with balanced budgets and market deregulation has weakened the real economy, inflated private debt, and set the stage for financial collapse. He breaks down how bank lending still creates most of the money in circulation, why government deficits actually build deposits and reserves, and how open-market operations merely reshuffle assets instead of generating real wealth. Finally, Steve proposes a Modern Debt Jubilee — a practical path to reset the system, reduce unpayable private debts, and restore long-term financial stability without falling into the illusion of “printing money.” In this breakdown, you’ll discover: ✅ Cash vs digital money: why the press in DC is a sideshow ✅ Government spending and taxes in the ledger: deposits up, taxes down — what really changes ✅ Reserves 101: what banks can and can’t do with them (and why they aren’t “spendable” money) ✅ Deficit mechanics: why deficits create both money and reserves, surpluses destroy them ✅ The eight entries you need to model government money creation (beyond simple double entry) ✅ Why “borrowed from the private sector” is an accounting myth in loanable-funds models ✅ How OMOs and QE actually work: when they create money, when they don’t ✅ The data picture: since 2000, most new money has been credit-backed (private), not fiscal ✅ Why government negative financial equity is normal — and necessary for private net financial assets Key insights: • Deficit is not a bug — it’s the feature that creates net financial assets for the private sector. • Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte. • Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system. • Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place. • Accounting done properly shows government negative financial equity mirrors private positive equity. ----- What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below. Subscribe for reality-based economics Like if this clarified how deficits, reserves, and QE actually work Share to help others move beyond textbook myths ----- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models that explain how bank money, private debt, and policy operations shape the real economy. Creator of the Minsky and Ravel tools, he replaces classroom analogies with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #usshutdown #usdebtcrisis #useconomy #usdebt #BankingSystem #QE #economics #money #Macroeconomics #usgovernment

    35 min

  3. 26 OCT

    "Something ODD is happening UK housing market" Top Economist

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Top Economist Steve Keen breaks down why the UK’s housing market has gone from “crisis” to “ticking time bomb.” With long-run data and Ravel demos, Steve shows how deregulated mortgage lending not mere shortage pushed the price-to-income ratio from ~4.5× in the post-war era to ~9× today, and lays out two concrete, workable policies to restore affordability: PILL (Property Income Limited Leverage) and an Affordable Housing Authority offering zero-interest mortgages for median and below-median earners. In this video, you’ll discover: ✅ Why today’s 9× price-to-income rivals 1876 — and what changed after the 1980s ✅ Building societies vs banks: why one didn’t create money and the other does ✅ How bank-created mortgage credit inflates prices far faster than wages ✅ The post-Thatcher break: household debt explodes, real house prices double faster ✅ PILL: cap mortgages to a multiple of rental income and phase it down toward ~10× ✅ AHA: zero-interest public lending that turns “housing stress” into manageable payments ✅ Why both must run together (one cools leverage, the other preserves access) ✅ Bonus history: Ford and Edison’s case for interest-free public finance — and why it matters now Key insights: • Price without leverage is fiction: new mortgage credit is the main source of housing demand. • Deregulation shifted lending from building societies to banks — expanding money and bidding up existing homes. • At 7% interest, over half of lifetime payments are interest; at 0%, typical payments drop near the 30% “stress” threshold. • Pairing PILL with AHA bends prices down while keeping doors open for average earners. • Private debt — not public debt — is the core macro risk behind UK housing volatility. Subscribe for reality-based economics Like if this clarified why UK homes keep outrunning wages Share to help others see what actually drives prices --- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models showing how bank money and private debt drive booms, busts, and asset bubbles. Creator of the Minsky and Ravel tools, he replaces classroom myths with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: [https://www.stevekeen.com](https://www.stevekeen.com) (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #ukhousing #ukhousingmarket #ukhousing #ukhousesforsale #PILL #AHA #DebtJubilee #SteveKeen #Ravel #Economics #ukeconomy #uk

    14 min

  4. 20 OCT

    Australian housing crash 2025 (Part 2): Top Economist warns

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Top Economist Steve Keen breaks down again why Australia has become one of the hardest places on earth to afford a home and why bipartisan “help-to-buy” style policies keep fanning the fire. Using long-run data and Ravel demos, Steve shows how bank-created mortgage credit, not “shortages” alone, pushed the price-to-income ratio from about 4.5× in the 1970s to ~12× today, and outlines three concrete fixes that would finally bend prices down. In this video, you’ll discover: ✅ The affordability cliff: rent surges and house prices outpacing wages for decades ✅ Why “sustainable price growth” is code for locking out younger buyers ✅ How banks actually create mortgage money and why that inflates asset prices ✅ Textbook myths: loanable funds vs. the real double-entry mechanics ✅ Government deficits 101: why spending creates deposits and reserves (and why that’s not a crisis) ✅ Credit cycles: when mortgage debt accelerates, house prices accelerate ✅ Three solutions that could work: PILL, an Affordable Housing Authority, and a Modern Debt Jubilee Key insights: • Price-to-income blew out from roughly 4.5× to about 12×, you cannot fix that with token grants. • New mortgage credit is the dominant source of housing demand; its acceleration maps to price growth. • Politicians obsess over public debt while private debt (households especially) is the real macro risk. • Deficits aren’t the villain; unregulated mortgage leverage is. • To restore affordability you must curb leverage, not turbocharge it. Want to learn 50 years of real economics in 7 weeks? Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com Bonus: Ravel access is included for accepted students who join. What do you think should policy target lower prices via leverage limits and public lending, or keep chasing “sustainable growth”? Drop your thoughts below. Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models showing how bank money and private debt drive booms, busts, and asset bubbles. Creator of the Minsky and Ravel tools, he replaces classroom myths with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #HousingCrisis #AustraliaHousing #Affordability #MortgageDebt #CreditCycles #SteveKeen #Ravel #Economics #PILL #DebtJubilee

    15 min

  5. 19 OCT

    Is the UK heading into VERY dark times? Top Economist explains (with proof)

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Top Economist Steve Keen explains why UK “debt doom” stories keep missing how money is actually created. Using double-entry accounting and Ravel demos, Steve shows the flaw at the heart of scary long-run projections: a textbook model where banks are mere intermediaries. Switch to the real-world model, banks create deposits when they lend, and those exponential debt paths flatten, without freezing pensioners or gutting public services. In this video, you’ll discover: ✅ Loanable Funds vs reality: why “savers fund borrowers” breaks basic accounting ✅ How banks create money: loans up → deposits up (and what that means for GDP) ✅ Why OBR-style projections explode: models that exclude bank money creation ✅ Deficits in the ledger: spending creates deposits and reserves; surpluses destroy them ✅ Interest and debt ratios: why they taper in an accounting-consistent model ✅ Sterling, inflation, and “confidence”: narratives vs mechanics ✅ Policy takeaway: don’t fix fake problems by creating real ones Key insights: • If your model treats banks as pass-through vessels, you’ll miss how credit drives income and nominal GDP. • Government insolvency in its own currency isn’t the risk; bad accounting is. • Debt ratios that “go to the moon” are artifacts of the wrong production function for money. • Sound analysis starts from balance sheets, not vibes: assets, liabilities, equity must balance on each row. Want to learn 50 years of real economics in 7 weeks? Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com Bonus: Ravel access is included for accepted students who join. What did you think of the BOMD vs Loanable Funds comparison? Should fiscal policy be set by accounting-consistent models? Comment below. --- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, dynamic models of money and debt, and the creator of the Minsky and Ravel tools. He replaces classroom parables with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #UKDebt #MoneyCreation #ukeconomy #BOMD #SteveKeen #Ravel #Macroeconomics #FiscalPolicy #BankingSystem

    14 min

  6. 13 OCT

    Top Economists: Don’t Study Economics! Ditch the textbooks, Understand Reality (They’re lying)

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software we reference in this episode — as a bonus if you’re accepted and join.) Top Economist Steve Keen sits down with Richard J. Murphy for an insightful conversation about why textbook economics so often fail in the real world and what to do instead. From the “theory of the second best” to the Cambridge Capital Controversies, from double-entry bookkeeping to sectoral balances, they unpack how bad assumptions create bad policy, and where Steve agrees with MMT on government money creation and where he pushes back on trade. In this episode, you’ll hear: ✅ “Textbooks are teaching a lie”: how clean curves hide messy realities ✅ Why equilibrium thinking and perfect-competition myths mislead students and policymakers ✅ The second-best insight: removing one “distortion” can make outcomes worse ✅ Cambridge Capital Controversies and Samuelson’s quiet concession — and why it never reached textbooks ✅ Double-entry as first principles for money and macro, not supply–demand parables ✅ Where Steve aligns with MMT on deficits and money creation — and why he disputes “exports are a cost, imports a benefit” ✅ Climate economics under fire: why trivializing risk derails the response we need ✅ What Ravel brings to monetary and macro modeling (and what’s coming next) Key insights: • Start from accounting and definitions, not analogies. • Sectoral balances are conservation laws: one sector’s surplus is another’s deficit. • You can’t fix macro with micro parables; you need dynamic, accounting-consistent models. • Honest economics welcomes critique — even of our own side — when the data and logic demand it. What should Steve and Richard tackle next — deep dive on double-entry and Ravel, or a full episode on climate economics? Tell us below. Subscribe for reality-based economics Like if this challenged the textbook stories you were taught Share to spark better debates in policy and classrooms Connect Steve Keen — Website: https://stevekeen.com Who are the guests? Dr. Steve Keen is an economist known for accounting-consistent, dynamic models of money and debt, and the creator of the Minsky and Ravel tools. He challenges textbook myths with operational mechanics. Prof. Richard Murphy, a political economist, author of the Funding the Future blog, and a long-time critic of the failed ideas driving our economy, known for clear explanations of how real-world accounts should shape economic debate. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software discussed in this podcast — as a bonus if you’re accepted and join.) #SteveKeen #Economics #DoubleEntry #RichardJMurphy #MMT #Ravel #CambridgeControversies #SecondBest #economicpolicy #economicrecovery #economicimpact

    35 min

  7. 13 OCT

    "Mainstream economists proved wrong again" Top Economist

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) Top Economist Steve Keen explains how government money is actually created — and why most of the money in circulation still comes from private bank lending, not the printing press. With clear double-entry accounting and Ravel demos, Steve shows how deficits create deposits and reserves, why “reserves aren’t money,” and how open-market operations change the mix of assets without magic money trees or looming doomsday math. In this breakdown, you’ll discover: ✅ Cash vs digital money: why the press in DC is a sideshow ✅ Government spending and taxes in the ledger: deposits up, taxes down — what really changes ✅ Reserves 101: what banks can and can’t do with them (and why they aren’t “spendable” money) ✅ Deficit mechanics: why deficits create both money and reserves, surpluses destroy them ✅ The eight entries you need to model government money creation (beyond simple double entry) ✅ Why “borrowed from the private sector” is an accounting myth in loanable-funds models ✅ How OMOs and QE actually work: when they create money, when they don’t ✅ The data picture: since 2000, most new money has been credit-backed (private), not fiscal ✅ Why government negative financial equity is normal — and necessary for private net financial assets Key insights: • Deficit is not a bug — it’s the feature that creates net financial assets for the private sector. • Reserves are bank-to-central-bank balances; they support payments and bond settlement, not your latte. • Open-market operations with non-banks can create money; purchases from banks swap assets inside the banking system. • Loanable-funds thinking explodes government debt in theory because it excludes money creation in the first place. • Accounting done properly shows government negative financial equity mirrors private positive equity. ----- What did you think of the eight-entry walkthrough and the OMO/QE distinctions? Share your thoughts below. Subscribe for reality-based economics Like if this clarified how deficits, reserves, and QE actually work Share to help others move beyond textbook myths ----- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models that explain how bank money, private debt, and policy operations shape the real economy. Creator of the Minsky and Ravel tools, he replaces classroom analogies with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #usshutdown #finance #BankingSystem #QE #economics #money #Macroeconomics #government

    18 min

  8. 12 OCT

    Australian housing crash 2025 explained: Top Economist warns

    Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.) ---- Top Economist Steve Keen exposes how “help-to-buy” style policies in Australia (and beyond) inflated house prices, enriched landlords, and pushed home ownership out of reach for younger generations. Using BIS data and Ravel demos, Steve shows why the real driver isn’t “shortage” — it’s mortgage debt growth and the political choice to treat housing as an asset class, not a basic need. In this hard-hitting breakdown, you’ll discover: ✅ Why first-home buyer grants and LMI waivers pump prices instead of helping buyers ✅ How mortgage debt growth (and its acceleration) drives house prices in multiple countries ✅ Why the US subprime story is only mid-pack globally — and why Australia, Canada, NZ, UK went further ✅ The landlord windfall effect: policies that look helpful individually but are disastrous collectively ✅ Ownership reality check: outright owners down, mortgages and renters up since the late 1980s ✅ How “credit-based demand” props up GDP while trapping households in decades of debt ✅ Why politicians keep doing it — and what a price-down policy agenda would require KEY INSIGHTS: • Treating housing as an asset class has produced real house price rises of several multiples since the 1970s in most advanced economies. • Rising mortgage debt causes rising house prices; the tightest links show up when you track changes in the change of mortgage debt. • Australia repeatedly “saved” prices with grants and boosts, shifting credit cycles without fixing affordability. • The result: fewer outright owners, more mortgaged households, more renters — and stagnation as income services debt instead of spending and investment. This isn’t “supply and demand” on a whiteboard. It’s the math of bank-created credit meeting political incentives — and the bill landing on younger households. Want to learn 50 years of real economics in 7 weeks? Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com Bonus: Ravel access is included for accepted students who join. What’s your view — should governments target lower house prices rather than “help-to-buy” boosts? Add your thoughts below. Subscribe for reality-based economics Like if this clarified why affordability keeps getting worse Share to help others see what’s really driving prices ---- Who is Dr. Steve Keen? Dr. Steve Keen is an economist known for accounting-consistent, data-driven models that explain how bank money and private debt drive booms, busts, and asset bubbles. Creator of the Minsky and Ravel tools, he focuses on real-world dynamics instead of textbook myths — essential for engineers, finance professionals, and anyone who wants operational clarity over ideology. Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com (Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.) #HousingCrisis #housingmarket #housingcrisis #FirstHomeBuyer #RealEstate #AssetInflation #SteveKeen #Ravel #Economics #CreditCycles

    16 min
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Learn 50+ Years of Economics in 10 mins a day. Go watch my most popular economic lesson here: 👉 go.stevekeen.com 👈 --- Join Dr. Steve Keen as he shows you how he predicted the 2008 Financial Crisis YEARS before it happened. Welcome to Rebel Economics with Dr. Steve Keen, hosted by the distinguished economist, author, and professor known for his critical perspectives on mainstream economics. In this podcast, Dr. Keen dives deep into the world of economics, debunking traditional theories and offering insights into how economies actually work. You'll explore topics ranging from debt dynamics to environmental sustainability and the pitfalls of economic orthodoxy. Join Dr. Keen as he navigates the complex terrain from theoretical economics to practical solutions, armed with his decades of research and a relentless pursuit of economic justice. Whether you're an economics student, a professional in the field, or simply curious about the economic forces that shape our world, Rebel Economics with Dr. Steve Keen is your gateway to understanding economics beyond the mainstream.

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