dealt with so to answer that and much much much more economist and neoclassical debunker professor steve keen is here he is author of debunking economics the naked emperor dethrone and he comes all the way from down under by way of toronto where he's been spending time at the university of toronto special to us in washington to be on our show and be in studio with us which is such an honor thank you so much steve he wanted to be here so as it is always fun so even when the mrs is about a black hole it's all was fun i know i know it's a little perverse. pleasure out of being sucked into something kind of skype from but let's talk about it yeah i guess the only pleasure about it is a nice and lining conversation with someone who has a different take on things that can help us understand better because how can you really know what to do if you don't understand the situation exactly exactly so let's start first because you've been in the fields institute which is for research in mathematical sciences at the university of toronto and a little bird told me that they don't see a lot of economists li

going to go to a quick right quick one and we will have more with professor author and economist steve keen also still ahead you responded now i'll answer checkout if your comment caught my eye this week and your feedback but first a closing market numbers. the climate of american power continues. things are so bad that might actually be time for a revolution. and it turns out the killer drink of starbucks has a surprising ingredient. i'm going. going going to. war. in iraq. on my. morning morning long. welcome back we ended the segment before the break talking about debt and how classical economists don't factor it into their models so what about something like student loan debt which is rising in the u.s. delinquencies are rising and student debt is actually the fastest growing area of u.s. household debt which you can see right there it's surpassed a trillion dollars in this country very high and then in the next chart you can see that the youth unemployment rate and the delinquency rate on student loans are out about the same level so i want to ask our guest steve keen what this means b

attention a spanish movie referencing capital account guest and university of sydney professor steve keen has gone viral the clip has received hundreds of thousands of hits here is a snippet. you will hate this time in his seven hundred. i call most of them are going to miss on how to do the single no and will set the. massive that only the seeds of the season. how cool was that and they go on to have this economic talk in a balloon from the balcony shouts down about q.e. and it is awesome so what does this say about the reach of our amazing guests as an international superstar and they were you know it was like wherever there is like wherever there is that steve arrives and educate every one of the exploit them about the inflation so proud the you know this kind of international reach yes we're there it is part of our wave wherever there is orthodox economics he is there to debunk it and he will be here to debunk it with us next week in studio yeah so our spanish fans anybody who saw that video can watch him here to get more material i guess let's move on we know paying lots of taxpayer

debt this credit expansion can't continue what about debt forgiveness for the private sector what steve keen an australian economist calls debt jubilees or queuing for the public or instead of pumping this money through the banks you pump it through the public and you say but hey if you get this money you have to pay down your debt and for those that don't have debt it's a cash injection that then they can invest and and that is how we can solve the problem which is too much debt in the private sector. in terms of the do you believe if you if you write off the debt the problem with that is one person's debt is another person's asset so if you destroy the day you destroy the assets and suddenly the banking system collapses and we have a depression so you can't just write off the so it so that is not a solution in your view ok so now let's talk about if a solution isn't adopted to this crisis what happens what is this new depression scenario what are the consequences financial political geopolitical all right well i think as i said i think we're we're most likely going to stay on plan path be.

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keen says he is not aware of any victim like that. >> i just haven't heard of that being a circumstance that has been brought to me in any personal way. >> stephen: yes, steveg hasn't heard of president george bush than cities among victims of statutory rape. i thought i did here it somewhere. where was that, jimmy? >> if there is a sexual predator out there who has impregnate add young girl, say, a 13-year-old girl, if that sexual predator could pick that girl off the playground at the middle school and haul her across the state line and force her to get an abortion to eradicate the evidence of his crime, and bring her back and drop her offer at the swing set and that is not get the law in the united states of america. >> stephen: oh, right. it was steve king, he said it but he didn't hear it. because your voice goes this way and your ears go all the way back here. you have to go, hey -- [ applause ] >> stephen: anyway, akin is not dropping out of the race, and that is a bit of a wrinkle because romney already trailed obama among the ladies by 12 points. so clearly if republicans are going to attract the she voter they need to understand the female body a