{"id":13551,"date":"2016-07-09T17:09:55","date_gmt":"2016-07-09T21:09:55","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13551"},"modified":"2016-07-09T17:09:55","modified_gmt":"2016-07-09T21:09:55","slug":"steve-keen-australian-mortgage-debt-levels-are-outrageous","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/steve-keen-australian-mortgage-debt-levels-are-outrageous\/","title":{"rendered":"Steve Keen: Australian mortgage debt levels are &#8220;outrageous&#8221;"},"content":{"rendered":"<p>Steve Keen has a number of detractors who knock him for his incorrect forecast of collapse of the Australian housing bubble. But he was wrong for the right reasons&#8230;. the Australian financial system, based on highly-levered mortgages, is a house of cards. It was only rescued post-GFC by massive stimulus in China, resulting in a mini-boom in the Australian Resources industry.<\/p>\n<p>Steve is at the cutting edge of economic theory. He and Richard Koo (<a href=\"http:\/\/astore.amazon.com\/incrediblecha-20\/detail\/0470824948\" target=\"_blank\">The Holy Grail of Macroecomomics<\/a>) were at the forefront of identifying the role that debt plays in the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Aggregate_demand\" target=\"_blank\">Aggregate Demand equation<\/a>. We should take heed of his warnings.<\/p>\n<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/W_lcbjxna74?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>&#8220;Our models predicted it [the GFC] couldn&#8217;t happen. It did happen. We therefore shouldn&#8217;t trust our models.&#8221;<\/p>\n<p>&#8220;&#8230;What drives house prices is acceleration in mortgage debt&#8230;..Australians avoided collapse of the bubble by continuing to lend but mortgage debt is now 1.1 times GDP which is outrageous.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steve Keen has a number of detractors who knock him for his incorrect forecast of collapse of the Australian housing bubble. But he was wrong for the right reasons&#8230;. the Australian financial system, based on highly-levered mortgages, is a house of cards. It was only rescued post-GFC by massive stimulus in China, resulting in a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/steve-keen-australian-mortgage-debt-levels-are-outrageous\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Steve Keen: Australian mortgage debt levels are &#8220;outrageous&#8221;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,49],"tags":[295,361,3244],"class_list":["post-13551","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-economic-theory","tag-australian-housing-bubble","tag-bank-of-england","tag-steve-keen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steve Keen: Australian mortgage debt levels are &quot;outrageous&quot; - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steve Keen: Australian mortgage debt levels are &quot;outrageous&quot; - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Steve Keen has a number of detractors who knock him for his incorrect forecast of collapse of the Australian housing bubble. 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Their economy never really suffered in the recent debt crisis, in large part due to their growing housing market and their trade with China. If you talk to the average Aussie, they think that all is right with\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2394,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/27\/steve-keen-on-hard-talk\/","url_meta":{"origin":13551,"position":1},"title":"Steve Keen on Hard Talk","author":"ColinTwiggs","date":"November 27, 2011","format":false,"excerpt":"Steve Keen on how we can safely deflate the debt bubble. There may be alternative, less radical measures that could be taken to help the de-leveraging process but his basic message is right: deleveraging could cause 10 years or more of pain if we do not take measures to address\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/rGkmgnprrIU\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6995,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/15\/the-keen-model-technical\/","url_meta":{"origin":13551,"position":2},"title":"The Keen Model [technical]","author":"Colin Twiggs","date":"March 15, 2013","format":false,"excerpt":"I know Steve Keen has taken criticism for his projection that the Australian property market would collapse in 2008 but his reconciliation of MMT, where the sum of all sectoral balances must equal zero, with his Monetary Circuit Theory, where Effective Demand = GDP + change in Debt, is brilliant.\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/UzxQcTOs4JA\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5623,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/steve-keen-on-post-keynesian-macroeconomics\/","url_meta":{"origin":13551,"position":3},"title":"Steve Keen on Post-Keynesian Macroeconomics","author":"Colin Twiggs","date":"October 1, 2012","format":false,"excerpt":"Prof Steve Keen's presentation to the UMKC Post Keynesian conference in 2012. http:\/\/youtu.be\/UzxQcTOs4JA Paul Krugman would argue that Income = Aggregate Demand when the economy is in equilibrium. Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand +\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/UzxQcTOs4JA\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8414,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/09\/why-this-is-a-bad-time-to-win-an-election-business-spectator\/","url_meta":{"origin":13551,"position":4},"title":"Why this is a bad time to win an election | Business Spectator","author":"ColinTwiggs","date":"September 9, 2013","format":false,"excerpt":"Prof. Steve Keen writes: So what could the future hold for Prime Minister Abbott? Here I have a hunch that he\u2019ll end up suffering a similar fate, not to the previous Liberal leader he admires \u2013 John Howard \u2013 but to ..... Malcolm Fraser.Fraser, as noted, had the good fortune\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6979,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/14\/expanding-debt-dousing-the-flames-with-gasoline\/","url_meta":{"origin":13551,"position":5},"title":"Expanding debt: Dousing the flames with gasoline","author":"Colin Twiggs","date":"March 14, 2013","format":false,"excerpt":"We are now in the fifth year of recovery from the worst financial crisis in 50 years -- fueled by expanding household debt, rising from 50% of GDP in the 1980s to close to 100% in 2008. Contraction since the GFC has brought US household debt back to 80% of\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13551"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13551\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}