Was Panorama’s Presenter right about Corbynomics?

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Panorama’s presenter, John Ware’s negative opinions were hardly hidden in ‘Jeremy Corbyn: Labour’s Earthquake’.  For example, he started by sneering that a Corbyn Town Hall meeting had all the fervour of a revivalist meeting (sub-text = crowd hysteria).  But then, he did a piece to camera, that really betrayed (at best) his ignorance or a deliberate attempt to mislead the public over the anti-austerity policies presented by the Corbyn team.

He said that if Jeremy Corbyn were to become Prime Minister, he would “order the Bank of England to print billions of pounds for a raft of new projects – roads, railways, houses…” and how would Corbyn pay for all this?  By collecting the £120 billion estimated to be uncollected tax receipts.

(at 18.28 mins http://www.bbc.co.uk/iplayer/episode/b06bg6ty/panorama-jeremy-corbyn-labours-earthquake )

Whilst it is perfectly true that Jeremy Corbyn wants to address the tax haven scams (which would include increasing the tax receipts), he has never suggested that this was the substance of his plans to resuscitate the economy.  Apart from a novel solution such as ‘QE for people instead of the banks’ Jeremy Corbyn’s fiscal stimulus is totally consistent with the sort of keynesian economic policies that were mainstream prior to New Labour’s capitulation to the economics of Margaret Thatcher.

I will leave it in the capable hands of the Renegade Economist, Ross Ashcroft to explain how politicians bailed out the wrong industry after the Great Banking Crisis in 2007/8 and what should be done now i.e. adopt policies that run counter to austerity and conventional mainstream economics.  In fact, precisely the sort of policies that Jeremy Corbyn is proposing.

Another economic crash is coming. How did this happen? Renegade Economist | Comment is Free

George Osborne failed to mention private debt in either of his budgets which is strange because his economic policies are dependent on increased household debt to sustain demand.

As a further treat, I include a one minute interview with Steve Keen in which he explains what’s wrong with mainstream economics.

What’s wrong with Economics? Professor Steve Keen explains – 16 Nov 2011

Uploaded on Nov 16, 2011

Steve Keen is Associate Professor of Economics & Finance at the University of Western Sydney. His main academic research interest is in developing mathematical models of Hyman Minsky’s Financial Instability Hypothesis. Prof. Keen’s best-selling book, Debunking Economics, delivers a powerful critique of modern neoclassical macroeconomics. He maintains a website dedicated to ‘analysing the global debt bubble’ at http://www.debtdeflation.com.

So was the Panorama programme a fair representation of Jeremy Corbyn’s economic policies?  The  conclusion has to be no…. The case for anti-austerity policies, as presented by Ross Ashcroft and Steve Keen, is overwhelming and long over-due, given the likelihood of another economic crisis.

Truths behind global debt crisis – Max Keiser interviews Steve Keen

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Published on Aug 25, 2012 by PressTVGlobalNews
In this edition of the show Max interviews Steve Keen from Debtdeflation.com. It has been five years since global debt crisis began. The debt is now so great that it can no longer be hidden. Max discusses the issue with Steve to see what triggered the current debt crisis, what the response to it was and where we stand now. Steve also comments on the latest global debt crisis and banker’s role in the current situation.Steve Keen is a professor in economics and finance at the University of Western Sydney and the author of Debunking Economics.

Max Keiser interviews Steve Keen

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Debt deflation-On the Edge with Max Keiser-07-08-2011

In this edition of On the Edge, Max Keiser interviews Steve Keen, economist and author of the book Debunking Economics.

He says that debts have spiraled out of control and the reason is shadow banking system. The program touches on the correlation between the US-EU debt crisis and the worsening Greek economy.

Michael Hudson: “Debts that can’t be paid, won’t be paid.”

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