Season 1 · Episode 358
Another financial crisis that we all end up paying for
The banks may not have caused the inevitable downturn from central bank actions but, as Steve Keen discusses this week, they are not the ones paying the price. Do they win no matter what?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
July 5, 202334m 58s
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Show Notes
We last had a financial crisis in 2008 (ignoring the pandemic years), and if we’re not in another crisis now, we’re well on the way to it, with mortgages rising, taxes increasing and the price of everything continuing to rise. Your spending power is being hit in three directions. But, isn’t that what central banks want? So we spend less and inflation comes down, theoretically. Yet the banks, who might not be to blame this time, are now feeling the hurt. In fact, they stand to gain from rising interest rates because they can raise their borrowing costs. This week Phil asks Steve, will the banks always win, come what may?
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