Lisa Jones wrote on Jul 18^th, 2023 at 11:42am:


Lisa's lost it again.

The one relevant point she made in her last three posts, was a comment re Keen following Frank's link.

But what both of you are missing in regard to Keen's wrong forecast for the Oz housing market, is later increased immigration would  keep house prices rising in Oz.   

Keen was however one of the few economists in the world to foresee the GFC;  as noted in an article  (posted some time back) which noted a question by the late Queen Liz;  namely, "Why did no-one see it coming?"
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Lisa Jones wrote on Jul 18^th, 2023 at 2:51pm:


1. Because he is one of the few economists who foretold the GFC .....but not heard amongst all the mainstream economists  were saying saying 'the party will never end' (in 2007)....and not heard by the late queen who asked her advisors: "why didn't anyone see this coming".

2. Keen is one of dozens of sources I have quoted in this thread, all on board with spreading the truth about money creation (ex nihilo) and the need for the public sector to be released from its dependence on self-interested private sector financiers.

thegreatdivide wrote on Jul 18^th, 2023 at 5:41pm:


Keen is a dumbarse who has proven AND will continue to keep proving that he’s unable to see the bigger picture. This is why he’s notoriously known for failing when it comes to economic predictions and forecasts.

You’re blindly following a dumbarse. Good luck with that.

👇 For those who may not know ....

Economics professor Steve Keen will walk more than 200km from Canberra to the top of Mt Kosciuszko for losing a bet that house prices would fall 40 per cent.

Lisa Jones wrote on Jul 20^th, 2023 at 12:28pm:


For those who may not know, Keen is recognised as one of the few economists in the world who saw the GFC coming in 2007.

Background to the famous bet:

In 2010, at the top of the GFC/subprime mortgage crisis in the US, Keen predicted that the already overpriced Oz housing market would follow the US housing market down, but he failed to foresee the extent of the coming refugee crises at that time  (which nobody could have known); recall Rudd desperately trying to show he was as hairy-chested as Howard on "keeping Oz's borders safe", nevertheless immigration into Oz remained high, which kept demand for housing high in Oz, supported by high iron-ore prices to China where the CCP avoided the GFC by lifting spending on infrastructure

So that's the background. 

Now Lisa, a decade later, thinks she's clever for having invested in the overpriced  Oz housing ponzi in Sydney.

And she says Keen is dumb (despite his subsequent employment as professor  in various prestigious academic institution of the world) and that therefore MMT is false

And despite the fact a dozen other MMT economists are also  teaching in progressive economics faculties around the world.

Typical low-grade error: one economist failed to predict the continuous upward spiral of the Oz housing ponzi, therefore all the MMT economists are wrong.

Lisa says a "few hometruths will be coming when I reply to this" - ie to her BS post.

Whether I know prof. Mitchell or not is irrelevant to the topic.

What is relevant is Mitchell was recently invited to a teaching internship position at a Japanese tertiary institution.

And of course no acknowledgement of the circumstances of Keen's famous bet.

Lisa's blind ignorance on graphic display.   

Frank joining the ranks of the blindly ignorant: he posts some-one else's ignorance of MMT, and isn't equipped to defend it when the errors are exposed.

Ignorance is bliss, but you are not forgiven.

Frank wrote on Jul 21^st, 2023 at 10:12pm:


Blind ignorance confirmed, and not forgiven. 

"Blind neanderthal competitive instincts might have served an evolutionay purpose when humans had to rely on our skills as hunters to survive, but those same instincts are potentially disastrous in a world in which warfare is increasingly directed by AI.....in the age of MAD, no less...."

Instinct-driven competition has always resulted in haves  and have-nots; the ultimate cause of endless wars and entrenched poverty, as the winners of the economic competition attempt to hold onto their wealth.

But the desire for a more equal distribution (desire founded in a cortex-driven awareness of justice) always creates an opposite force, in the form of revolutionary movements which themselves, in the ensuing struggle against entrenched wealth, often descend to violence and injustice (though not always: the outlawing of slavery being an example of progressive change not resulting in civil war). Hence the French, Russian, Chinese revolutions and Spanish civil war; and also Hitler's desire to rule the world. (Of these, the Chinese revolution appears to be succesfully transitioning to a productive phase: since 1980, the CCP has lifted more people out of poverty than any other country in history).

Fast forward; today the main problem is people don't  understand the nature of money, eg, that money is created out of thin air ("It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford). 

Governments certainly need to claim the money creation power during global pandemics and climate-related catastrophes, otherwise governments will become bankrupt very quickly, leading to social collapse.

Note: the wealthy can always look after themselves, but the poor can't. So it is obvious that currency-issuing governments will need to access the money creation power currently reserved for private financiers.

Frank....see the problem? Or will your blind ignorance always back "the one (nation, individual) over all"....