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The Best We Can Hope For is Japanese-Style Stagnation

If you haven’t heard of him, think of Steve Keen as the Nouriel Roubini of Australia: a vocal economist who pissed people off for predicting the recession before it happened, and is still pissing people off predicting further economic crisis.

In fact Keen says the world is in another Great Depression, where developed countries would be lucky to come out as easily as Japan.

Here’s an excerpt from his interview with BBC’s HardTalk:

HT: Do you really think we’re headed for another Great Depression?

SK: We’re already in one. And the same thing applied back in the last Great Depression that people didn’t call it one until it was over. Because in an experience like this you’re always hoping there’s change just around the corner, the system will turn around. It’s only after you’ve been through it people look back and see that it’s been going for some years. So the Great Depression wasn’t called the Great Depression until sometime in the late 1930s.

Read more: http://www.businessi…2#ixzz1fTSmPOyZ

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