What alarming trend did the teacher notice in the debt to GDP ratio in 2005?
Steve Keen: How He Saw "It" Coming 2/7
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The transcript discusses the speaker's journey from a classical economics believer to a critic, influenced by Minsky's work. The speaker developed a mathematical model to represent Minsky's ideas, focusing on the role of private debt in economic cycles. The model predicts potential economic breakdowns due to excessive debt. In 2005, the speaker identified exponential debt growth in Australia and the US, raising alarms about a possible global economic collapse.
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What conclusion did the teacher reach about the economic situation in Australia and America?
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