CHALLENGING the RECESSION

Can we Change the Economy?Yes, we Can!

Grand Committee Room – April 23, 2009

Sabine K McNeill

Debunking Economics

• The Naked Emperor of the Social Sciences

• Steve Keen – Assistant Professor,

University of Western Sydney – www.debunking-economics.com

The National Debt

• 1694: £1.2 million at 8%

• 1855

• 1998:DMO

Cash & Credit

• Issued by States– Interest free

• Notes• Coin

• Cash : Credit Ratio– 1945: 48% : 52%– 1968: 29% : 71%– 2008: 3% : 97%

Bad Money (Broad M1)

• Issued by Banks– Interest bearing– Wholesale

• Monetary & Financial Institutions (MFIs)

• Private Non-Financial Corporations (PNFCs)

• Other Financial Corporations (OFCs)

– Retail • Consumer Credit

Good Money (Narrow M0)

Today

Onwards & Upwards