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Fiat Money, FRB And Currency Standards - Part II (Introduction Continued)

A good and short video interview with Steve Keen:

"Conventional economic theory says 'crisis don't happen' unless they are hit by an [outside] shock" exclaims Steve Keen, adding that numerous Nobel Prize winning economists have suggested that "capitalism is stable..." and "the problem of avoiding depressions has been solved for many decades."

But as Keen explains in this brief but extremely succinct interview, they are wrong - and simply won't (or can't) see the next one coming. "People in the public think economists are experts on money; but, in fact, they are experts in finding ways not to include money, debt, and banks in their models"

(Video in link)

A comment following the linked article hits the nail on the head:

It's about FRACTIONAL RESERVE BANKING and the CREDIT COLLAPSE when the leveraged credit expansion goes into reverse. He's right, mainstream economists NEVER want to talk about this problem.

PS: I will write a longer part III later (2014), this important topic needs a longer discussion.