Stacy Summary: The Economist magazine also forecasted uprising well before the so-called Arab Spring and long before the unrest came to Europe and the riots to the UK. With each occasion, however, the local media and those on the property ladder respond as if it were spontaneous evil that could never have been predicted by mathematical and historical certainty. Ignorance is only blissful in a bull market, in a Great Depression it’s suicidal. One major difference between now and the first Great Depression, however, is that in the West at the time we were much more self-sufficient and there were more farmers and local sources of food. With two or three BigAg command and controlling almost the entire US food supply, one wonders what it will be like after another 10 years of this Depression? And with the first generation of university fee debt slaves in the UK about to enter an economy with no jobs for them . . . well, we do, indeed, live in interesting times.
HARDtalk: You’ve also suggested that it could take a rising level of violence.
Steve Keen: The trouble is when you have a growing population and an economy that is used to growth and people expecting to get employed when they leave school and they find that in fact there are not enough new jobs coming on to handle the new entrants into the labor market, even if you grow slightly less than the rate of population change, that means that [you have] a population which you’re saying in the recent media is a lost generation. Well, that lost generation only has one outlet and that is frustration and violence. It is not the way to manage an effective society to be caught in a trap like this.