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#303 – Steve Keen: Marxism, Capitalism, and Economics
Lex Fridman Podcast
The Cause of Debt Deflation and the Need to Fix Private Debt
The cause of debt deflation is too much lending and bank lending/nCalvin Coolidge's government ran a surplus while Americans borrowed 5% of GDP annually from private banks in the 1920s/nCredit becomes part of aggregate demand for goods, services, shares, and houses/nThe collapse was caused by a feedback loop when margin debt demand disappeared/nPrivate debt should be treated as a target of economic policy/nModerate private debt is considered to be between 30 and 70% of GDP
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