Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com

(Plus get Ravel — the economic visualization software used in this video — as a bonus if you’re accepted and join.)

Top Economist Steve Keen explains why UK “debt doom” stories keep missing how money is actually created. Using double-entry accounting and Ravel demos, Steve shows the flaw at the heart of scary long-run projections: a textbook model where banks are mere intermediaries. Switch to the real-world model, banks create deposits when they lend, and those exponential debt paths flatten, without freezing pensioners or gutting public services.

In this video, you’ll discover:

✅ Loanable Funds vs reality: why “savers fund borrowers” breaks basic accounting

✅ How banks create money: loans up → deposits up (and what that means for GDP)

✅ Why OBR-style projections explode: models that exclude bank money creation

✅ Deficits in the ledger: spending creates deposits and reserves; surpluses destroy them

✅ Interest and debt ratios: why they taper in an accounting-consistent model

✅ Sterling, inflation, and “confidence”: narratives vs mechanics

✅ Policy takeaway: don’t fix fake problems by creating real ones

Key insights:

• If your model treats banks as pass-through vessels, you’ll miss how credit drives income and nominal GDP.

• Government insolvency in its own currency isn’t the risk; bad accounting is.

• Debt ratios that “go to the moon” are artifacts of the wrong production function for money.

• Sound analysis starts from balance sheets, not vibes: assets, liabilities, equity must balance on each row.

Want to learn 50 years of real economics in 7 weeks?

Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com

Bonus: Ravel access is included for accepted students who join.

What did you think of the BOMD vs Loanable Funds comparison? Should fiscal policy be set by accounting-consistent models? Comment below.

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Who is Dr. Steve Keen?

Dr. Steve Keen is an economist known for accounting-consistent, dynamic models of money and debt, and the creator of the Minsky and Ravel tools. He replaces classroom parables with operational mechanics — essential for engineers, finance professionals, and anyone who wants clarity over ideology.

Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com

(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)

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Is the UK heading into VERY dark times? Top Economist explains (with proof)

Rebel Economics with Professor Steve Keen

Is the UK heading into VERY dark times? Top Economist explains (with proof)