{"id":4422,"date":"2012-05-23T00:33:00","date_gmt":"2012-05-23T04:33:00","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4422"},"modified":"2012-05-23T00:33:00","modified_gmt":"2012-05-23T04:33:00","slug":"keen-to-be-heard-brw","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/23\/keen-to-be-heard-brw\/","title":{"rendered":"Keen to be heard | BRW"},"content":{"rendered":"

Nick Gardner<\/strong>: <\/span>In 2008, private debt in the US grew $4.1\u2009trillion but in 2010 shrunk $2.85\u2009trillion as banks decreased their lending as a result of the housing crash. When subtracted from GDP, this fall in debt equated to a 38 per cent reduction in aggregate demand, leading directly to the \u201cgreat recession\u201d and unemployment hitting its highest level in almost 30 years. \u201cThis is what people find so confusing,\u201d says Keen. \u201cWhen you look at GDP numbers in the US, they\u2019re not bad. At the beginning of 2008, US GDP was $14.25\u2009trillion and today it has GDP of $14.75 trillion. That\u2019s stagnant growth but doesn\u2019t explain the enormous depths of the US downturn. It only begins to makes sense when you look at the fall in aggregate demand.\u201d<\/p>\n

via Keen to be heard<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nick Gardner: In 2008, private debt in the US grew $4.1\u2009trillion but in 2010 shrunk $2.85\u2009trillion as banks decreased their lending as a result of the housing crash. When subtracted from GDP, this fall in debt equated to a 38 per cent reduction in aggregate demand, leading directly to the \u201cgreat recession\u201d and unemployment hitting … <\/p>\n

Continue reading “Keen to be heard | BRW”<\/span><\/a><\/p>\n","protected":false},"author":1,"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":[45,34],"tags":[140,2766,3244],"class_list":["post-4422","post","type-post","status-publish","format-standard","hentry","category-debt-levels","category-us-canada-countries-regions","tag-aggregate-demand","tag-private-debt","tag-steve-keen"],"yoast_head":"\nKeen to be heard | BRW - 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=\"Keen to be heard | BRW - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Nick Gardner: In 2008, private debt in the US grew $4.1\u2009trillion but in 2010 shrunk $2.85\u2009trillion as banks decreased their lending as a result of the housing crash. 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Steve Keen shows that the economy is not in equilibrium when aggregate debt is rising or falling: Income = Aggregate Demand +\u2026","rel":"","context":"In "Debt Levels"","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":13551,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/steve-keen-australian-mortgage-debt-levels-are-outrageous\/","url_meta":{"origin":4422,"position":1},"title":"Steve Keen: Australian mortgage debt levels are “outrageous”","author":"ColinTwiggs","date":"July 9, 2016","format":false,"excerpt":"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.... the Australian financial system, based on highly-levered mortgages, is a house of cards. It was only rescued post-GFC by massive stimulus\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/W_lcbjxna74\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":41226,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/03\/14\/volatility-how-does-australia-compare\/","url_meta":{"origin":4422,"position":2},"title":"Volatility: How Does Australia Compare?","author":"Colin Twiggs","date":"March 14, 2023","format":false,"excerpt":"Last week we covered suppression of volatility in complex systems and showed how Fed suppression of interest rate has destroyed productivity, causing debt to grow at a faster rate than GDP. Quick Recap The ratio of federal government debt increased to a precarious 121% of GDP at the end of\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Federal Government Debt & Non-Financial Private Debt\/GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-07-debt-gdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-07-debt-gdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-03-07-debt-gdp.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2664,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/16\/mark-carney-growth-in-the-age-of-deleveraging\/","url_meta":{"origin":4422,"position":3},"title":"Mark Carney: Growth in the age of deleveraging","author":"ColinTwiggs","date":"December 16, 2011","format":false,"excerpt":"Today, American aggregate non-financial debt is at levels similar to those last seen in the midst of the Great Depression. At 250 per cent of GDP, that debt burden is equivalent to almost US$120,000 for every American (Chart 1). .....backsliding on financial reform is not a solution to current problems.\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58773,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/10\/29\/in-gold-we-trust-2\/","url_meta":{"origin":4422,"position":4},"title":"In gold we trust","author":"Colin Twiggs","date":"October 29, 2024","format":false,"excerpt":"Gold has enjoyed a strong uptrend since its breakout above $2000 per ounce in November 2023, but how much further can it go? Many factors have contributed to the sudden increase. First, increased purchases by central banks (pink below) added to demand. Second, purchases by Chinese private investors rocketed after\u2026","rel":"","context":"In "Gold & Precious Metals"","block_context":{"text":"Gold & Precious Metals","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/gold-precious-metals\/"},"img":{"alt_text":"Spot Gold","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-28-gold.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-28-gold.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-28-gold.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":40849,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/02\/13\/stocks-retreat-as-treasury-yields-rise\/","url_meta":{"origin":4422,"position":5},"title":"Stocks retreat as Treasury yields rise","author":"Colin Twiggs","date":"February 13, 2023","format":"link","excerpt":"The S&P 500 retreated from resistance at 4100. Reversal below 4000 would warn of another test of primary support at 3500. We remain in a bear market, with 12-month Rate of Change below zero. The recent rally was caused by falling long-term yields, with 10-year Treasuries testing support at 3.5%.\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4422","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4422"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4422\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}