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Steve Keen, "Oz economy no more diverse than Uganda's" - Boom Bust interview

Interview begins around 9.40 minutes into the show.Gung-ho interviewer, Bart Chilton, apparently hoping to recommend investing in Australian stocks, found out that Australia's economy is about as diverse as Uganda's and Ethiopia's, that it consists of holes and houses, and that Australian governments have stupidly marketised energy, making costs too high for Australian manufactures. "Energy and telecommunications are both being disastrously mishandled." Banks and mines dominate the Australian stock exchange, which reminds Keen of when they dominated the Japanese stock exchange - just before the 1990 bubble burst, with no important banks situated in Japan anymore. Our stock market is trivial compared to our bond market. Dr Keen also mentions the , which is worth a look.

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Comments

Thanks Sheila for the video of Steve Keen on RT's Boom Bust. I wonder how many Australians realise that we have the most expensive energy and telecommunications in the world especially the OECD! We have more natural energy resources than we can poke a stick at, yet we are paying through the nose for it.

This situation has developed through extremely poor governance, even worse policy, ignorance, and pig-headed stupidity from successive governments federal and state. The rot started with the advent of neoliberalism under the Hawke and Keating governments at federal level and the Kennett government at state level. Little Johnny made sure those less well off got what was coming to them when he gave our natural gas away for peanuts and Malcolm gave them what for when he wrecked the NBN.

On top of that every Tom, Dick and Harry backed the dig and build caper which was based on the premise of a big Australia and coal was 'good for humanity'! It didn't take long for the Royal Commission into the financial sector to uncover endemic fraud and corruption from top to bottom. Imagine what any Royal Commissions into the energy, communications and property sectors would uncover!!

We are being ripped off!! It is as simple as that. Steve is right, the Australian economy is a house of cards which at any moment could fall over. Consider the fact that we only have 2 weeks supply of fuel in front of us at any time. If this situation ever arose, Australia would grind to a halt, there would be chaos, social upheaval, civil unrest, &c. We would revert to a third world country very quickly.

Furthermore, I believe Steve is right when we take into context the confluence of problems facing the world. Overpopulation, climate change, civil unrest, war and more will all come to head sooner rather than later and only then will we be prepared to sacrifice what we now have and put ourselves on a war footing similar to that of WW2 remembering that there is now 7.7 billion people on the planet as opposed to 2.2 billion in 1940.