I believe Steve Keen is a liar because his stupidity level is inconsistent. Occasionally he even says sophisticated correct things.
@Alrenous I do find it curious that mainstream economists deny that credit can act as money. Not sure what to think but it's a concrete e.g.
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@i_contemplate_ Originally it was because each dollar of loan had a corresponding dollar of debt, thus the demand effect cancels out. -
@i_contemplate_ Once it became legal for banks to poof dollar balances into reality, this assumption stopped holding but they didn't update. -
@Alrenous Okay right, so that's why perhaps Vox and Keen may have something new and true to tell us. -
@i_contemplate_ What's true is rarely new, it's usually watered-down Austrianism. -
@Alrenous Then perhaps explain (in a post) how this credit-money equivalency is now watered-down Austrianism. Really keen (pun intended) -
@i_contemplate_ Yes, that's the plan. I'll ping you when I get to it.
End of conversation
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