STEVE KEEN SHOWS IT’S PRIVATE DEBT THAT’S THE KILLER …

Keen2… whilst some of the commenters on his article don’t understand why he puts our private debt over GDP.

http://www.businessspectator.com.au/article/2013/8/5/economy/whos-responsible-australias-debt-crisis

It paints a picture that’s worth a thousand words, you dodos!  That why I started to put the total value of Australia’s real estate sales over GDP in the 1990s.  It’s only neoclassical economists in the thrall of the 0.1% who don’t want to see the telling pictures painted by these charts!

Maybe private debt is so high because 1) land prices have hit a similarly enormous peak, and 2) average real wages are less now than they were back in 1972?

Do you think there may be a structural fault at work here?

Might it not have something to do with a tax system that penalises you when you earn, produce or spend, yet rewards you when you inflate asset values?

It’s the BIG rent-seeking spongers and parasites!

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