what they may continue to miss because my guest says not a whole lot of thinking has changed he steve keen economics professor at the university of western sydney he's also author of this book debunking economics the naked and bird dethroned which just came out in its revised edition and he joins us here in the studio far from australia where he joined us from last time and we're so happy to have you here on the show and the wanted to be you really enjoy the view last time around and thank you we enjoyed it as well so did our viewers so let's start because i just gave a few examples of things that you got right well ahead of time things they're playing out right now economic problems also of course the financial crisis in two thousand and eight which you saw coming years ahead of time sticking on that you know in two thousand and nine after everything kind of got really bad people like paul krugman were writing columns saying how did economists miss it or you know how did they get it so wrong but you didn't get it wrong you got it right so why did so many economists miss it well really tha

get teeth if you could just hang tight there we'll be right back with you that is professor and steve keen also ought there will be back with him in a moment. all right it's time now for word of the day where we breakdown a term or concept for our very smart but just perhaps not the financial expert viewer in our audience and today it is prediction market and we are doing this given the news that a small chicago futures exchange is trying to become the first regulated u.s. market to offer legal betting on the u.s. presidential election as political right introducing these so-called prediction markets to the broader public could end up giving a better read of the horse race than traditional polls so let's look at the what exactly are prediction markets well they are speculative markets created for the purpose of making predictions now the current market prices can then be interpreted as predictions of the probability of the event so let's take a look at some examples that do exist one is the hollywood stock exchange here's what it looks like ok this was established in one thousand nine hund

struggle second from bottom bolton newcastle who covers one hundred six liverpool welcome and battled steve keen's rock bottom blackburn united seconds but still missing nine players through injury to take on wigan recently drawn with little more than chelsea leaders manchester city go to west brom and stoke welcome aston villa and imagine darby while someone who won two out of three games under martin o'neill has to financially strapped everton hoping to get in the striker when the transfer window opens. so if you try to go forward don't you know i would certainly love to bitch. because we know we're all a little bit short so if we could do that it would help us if we do it. well a quick look back at the top half of the table sees newcastle incidents on my part as well as high as thirty but have no one since november the fifth and not one of the sports direct arena since the grounds name has changed since then james's park four days later alan pardew side are after second bottom involves a lot on monday and the manager says his side's dippin form is just a blip. that just happens in the premier l

of hits back to drilled one one in the west london dalby lot then ease the pressure on manager steve keen as they battle to a one one draw at little pull. it off scored a hat trick is not you know he thrashed ten men within five to go level on points with me to snatch the city star drew neil neil with aston villa in a troubled midlands dog the controversial penalty held at the controls one. some talent city fell to score in the league for the first time this season as they were frustrated by west brom in a goal this nail biter at the hawthorns. so off to all those games the big winners at the top of mansion i think and talk of city remains first a five goal of vantage a.b. united spurs a thirty seven points off the leaders with a game in hand chelsea still a fourth and fifth after those two draws. has moved on to figure skating where russian star yevgeny pollution car has talked up his chances at the sochi winter games in twenty fourteen the two thousand and six olympic champion spoke after winning the russian national championships for the record ninth time on his much anticipated return

struggling involves second bottom bolton face newcastle haven't won six liverpool welcome embattled steve keen's rock bottom blackburn manchester united second missing nine injured players take on third bottom wigan leaders manchester city go to west brom and start his aston villa in the middle and they want some the lowest now one of two out of three under latino they'll take on everton who had to bring in a striker when you join your transfer window open it's. true if you try to go forward and you know i would certainly want to bitch. because we know we want a little bit short so if we could do not that it would help us if we do it will keep going and a quick look at the top half of the table sees newcastle lying sevenths montoya is one of us highest birds put on our winner since november the fifth. aim to end that run of bolton on monday and the manager says his team's dip in form is just a blip. that just happens in the premier league of these periods where teams in form and things like you feel like things are going against you. but you know we've got to be mentally strong and if we just do

london darby is like going to ease the pressure on manager steve keen as they battle for a one one draw at liverpool but spirits are berbatov scored a hat trick it's not united trying to turn man in wigan five nil to go level on points that league leaders manchester city star dream will go with after in a drubbing with them dari and controversial penalties everton trolled one one to sunderland and six he failed to score in the week for the first time this season as they were frustrated by west brom in a goal is now back to up a horse or so off all those games the big winners at the top twelve months with united and tottenham city remain first with a five gallon vantage over united spurs a thirty seven points off the leaders with a game in hand chelsea stay fourth and arsenal to those three draws and you can also hear also go to one there on friday all seven pts have only lost twice in their travels. but at the bottom blackburn remain five points adrift despite that draw down field goal to stay second lot of things we can stay in the drop zone and their goal difference today countering t

while on cheese day night small pressure was heaped on black berry manager steve keen as his side slipped to the bottom there to one hundred feet to basement and local rivals bolton while wolves twice came from behind to draw to sea with nora but are still just two points above the drop zone. while over in spain defending champions around the great through to the last sixteen of the copper delray comprehensive five one zero win over all but at the events for them through the seven want an aggregate at espanyol and while cup also advanced. and in the meantime the russian national team behind denmark in the first world rankings well then european champions spain reigned supreme for the fourth year running with the netherlands and germany completing the top three wales with the biggest gainers of being collected more points than any other country to break back into the top fifty while at the other end of the table american samoa finally moved off the bottom after recording refers big tree last month after thirty straight defeats. to other than exclusive golf has been named russian player of

but then moved off the bottom with a fourteen win over swanzy also healthy is under pressure boss steve keen west brom came back to draw one wanted q.p.r. vaults on the west third with a three nil home victory over ten runs bolton then manager harry redknapp says the title still anyone's. here we're in good form but just poor just think you've got to keep winning because that moment everybody else up there is going inform as well you know you'll be so close you know when they're all a good run you do come good here you have a poor throwing we'll get a result you know going to children when playing well against rain suit last week so you're in there you know you can't afford slip up you've got to keep going you know mental white seems to you know to maintain the. positions at the moment. sunday there is a crunch at the bottom of the league new manager martin o'neill will watch from the director's box as sunderland begin life without sun coach steve bruce may choose to fellow strugglers wolves those teams are just as points above the drop zone as you were to take over the northeast club on mon

make it emperor dethrone if you want to follow steve's work as website is debt deflation dot com steve keen welcome back to the kaiser report of the big macs all right steve king your area of expertise amongst others is the minsky moment now recently mark carney head of the central bank of canada used this exact phrase so tell us what the minsky moment is what is the significance of the central bank governor using it well the moment is a point where you go from a period where debt soon private decision raj in no time and rossing private debt finance is a high level economic activity and you can do just with income alone because you can't be the cumulated so much debt that's that somebody becomes impossible that stops rausing and a sin is the change in bach that goes from being positive to negative suddenly debt which is to absolute demand subtracting from demand and you know a whole new ball game where what's actually drives the economy is not rising debt driving it up but to reducing did they leverage in driving it down. the significance of the central bank in mentioning this is central ba

as steve keen in dog create back currency from their strength training i'm paraphrasing of course but you know that a lot of people around the world worry about this whole new world order and a global currency that just shows there is already a global new world. order sort of currency there is one entity unified group of guys who control everything so that's why everything is moving in lockstep they press that button to make that go up they press that button to make that could down you get out of line is a mafia racket they wipe you out in that territory you have shares in groupon they don't like you people they they take you down well this is a thing about the alec baldwin case as conall like to julian a solid case because julian assange is took on corporate powers so they cut him off from pay pal from visa for master card and they isolated him same thing with alec baldwin he made a disparaging comment against a big corporation so the corporations cut him off so this is where you know that we're living in now you could argue that oddball is in the top one percent i would say safely i

i have been working with steve keen sense back in the state senate days. but i worked on his campaign as chief of staff. first, i'd like to point out that the caucus is an enormous undertaking and the eyes of the world are upon us. how many caucus locations are there? >> 15. >> 15 locations, so we need a lot of help and it is a lot of work. on behalf of steve kane, i like to thank you for all of your support. now we have redistricting, about 21 new towns. hopefully, you'll continue to be that anchor and fight the good fight in this 21 counties. thank you, on behalf of steve kane, for what you are doing. we are here to weeks, plus, before the caucus, and we are here obviously engaged in something meaningful, something important. just to back up, i am a campaign guy. ole.ears finding the foxhal love the campaign. when a candidate comes through and shakes my hand and asks me for my vote, i respect that. that is what a campaign is suppose to be it like, right, nancy? i voted for rick santorum at the straw poll based on that one thing, he had trust in us to get