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The models we use for decision making determine the outcomes we experience. So, if our models are faulty or flawed, we make bad decisions and suffer bad outcomes.
Professor, author and deflationist Steve Keen joins us this week to discuss the broken models our central planners are using to chart the future of the world economy.
How broken are they? Well for starters, the models major central banks like the Federal Reserve use don't take into account outstanding debt, or absolute levels of money supply. It's why they were completely blindsided by the 2008 crash, and will be similarly gob-smacked when the next financial crisis manifests.
And within this week's podcast is a hidden treat. Steve's character exposition on Greek Financial Minister Yanis Varoufakis. Steve has known Varoufakis personally for over 25 years, and is able to offer a window into his constitution, how his mind thinks, and what he's currently going through in his battle with the Troika for Greece's future.