Economist Steve Keen, Distinguished Research Fellow at University College London, sits down with Peter Switzer for the full version of their conversation from this week's Switzer Show. Keen says "we're going to be screwed next year, courtesy of the Strait of Hormuz", and sets out what he thinks governments and investors should do about it.

- Why Keen expects a recession, and why he says putting up interest rates in Australia can't fix inflation driven by energy prices and the Strait of Hormuz

- Why he thinks Treasurer Jim Chalmers should increase the deficit rather than cut it, and how he says government deficits create money

- AI as "artificial pattern recognition", and what it could mean for clerical work and jobs

- His take on the bond market, the RBA and Australians in the mortgage belt

- Where he'd invest: food production, and why he counts Australia among the countries with the "relative bandwidth to survive this"

Watch this week's Switzer Show: https://youtu.be/HSIYRlDy0SA

Chapters

0:00 Introduction

1:24 Steve Keen joins Peter

1:59 House prices

3:43 Rates, inflation and the Strait of Hormuz

4:48 The recession call

5:11 Why Chalmers should spend more

9:58 The outlook for the global economy

10:49 Iran and Trump

11:32 AI: "artificial pattern recognition"

15:47 Climate change and the economists

18:39 The bond market

24:59 The RBA and the mortgage belt

26:02 Does money printing cause inflation?

29:18 Productivity and the future of work

34:29 Where to invest: food production

37:14 Close

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The Switzer Show airs live each Monday at 7pm AEST on switzer.com.au/tv, plus stream on Spotify and Apple Podcasts.

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Steve Keen: why we're 'screwed next year', and what we can do about it now | Switzer Podcast

The Switzer Show

Steve Keen: why we're 'screwed next year', and what we can do about it now | Switzer Podcast