Last Updated Sep 7, 2010 7:20 PM EDT
Steve Keen, associate professor in Economics and Finance at the University of Western Sydney, has firm views about the direction of the economy. He says Australia is racked in high business and household debt, which is creating instability in the economy.
In a one-hour webinar he explains how aggregate demand is driven not just by GDP, but by changes in the level of debt. A drop in demand can result not just from a fall in debt, but by a slow down in the increase in debt, even if, at the time, both GDP and debt are increasing.
In this BNET webinar he uses a wealth of data to explain why Australia is about to see its debt bubble burst and says the banks have to bear the brunt of the blame for unscrupulous lending practices.