Ketone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription order ATT Business: Switch to AT&T Business at business.att.com Netsuite: For the first time ever you can try NetSuite Next for free. If your revenues are at least in the seven figures, go to https://NetSuite.ai/Theory. Impact Theory host Tom Bilyeu sits down with renowned economist Steve Keen, known for his heterodox and often controversial takes on modern economics. Together, they explore the fragile state of Western economies, the rise of China as a manufacturing powerhouse, and the fundamental forces behind economic booms and busts. Steve Keen challenges mainstream economic thought, dissecting the role of private debt, the dangers of an over-financialized system, and why traditional models often miss the mark when it comes to predicting crises like the 2008 financial meltdown. The conversation also delves into Marx’s misunderstood contributions, the necessity of balancing capitalism with strategic government intervention, and why the current AI investment frenzy might be setting the stage for the next big downturn. If you’ve ever wondered why wages feel stagnant, how real value is created, or what lessons America can glean from China’s blend of pragmatism and state-led growth, this is an episode you don’t want to miss. Get ready for an unfiltered look at the global economy and what needs to change to build a more resilient future. 00:00 – Inflation 00:43 – Tom's Diagnosis Of The Economy: Prof's Keen Reaction 04:25 – How China Is Doubling Their Economy Every 8 Years 11:02 – Banks Don't Lend Your Money — They Create It From Nothing 20:11 – How Keen Saw 2008 Coming From One Chart 23:00 – Is AI Debt Hiding The Next 2008? 27:48 – The Boom-Bust Cycle Schumpeter Predicted 100 Years Ago 33:13 – China's Gold Play And America's Authoritarian Fear 41:12 – The Real Marx Nobody's Actually Read 46:45 – Why Marx Buried His Own Best Argument 1:08:37 – Marx Never Said "Socialism" — Here's Who Did 1:26:08 – The Margin Debt Chart That Predicts EVERY Crash 1:33:36 – Why Keen Thinks Most AI Companies Will Fail 1:38:34 – Trump, Tyranny, and the DSA Debate 1:51:33 – Is Japan's Debt A Warning Sign? 2:07:05 – The Real Reason Americans Feel Poor 2:10:16 – Steve Keen's Software And Where To Follow Him Sign up for my AI Masterclass: https://tombilyeu.com/ai-masterclass?utm_campaign=TBS-Livestream&utm_source=you tube&utm_medium=social Check us out wherever you get your podcasts: Spotify:https://open.spotify.com/show/1nARKz2vTIOb7gC9dusE4b?si=a8daffd2bf1f48fd Apple: https://podcasts.apple.com/us/podcast/tom-bilyeus-impact-theory/id1191775648 Do you need my help STARTING a business? Join me here inside ZERO TO FOUNDER: (https://tombilyeu.com/zero-to-founder) Get the exact systems, mindset shifts, and principles that built a $1B brand delivered straight to your inbox every week. Subscribe for free (https://tombilyeu.com) Check out our Video game - Project Kyzen: (https://projectkyzen.io/) Catch Me Streaming on Twitch - (https://twitch.tv/tombilyeu) Link to IT discord: https://discord.gg/TZKJ2etPbT Tom's Favorite Things List: https://amzn.to/41Ftt7e For Business inquiries: connect@impacttheory.com FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu Follow Steve Keen: YouTube: https://www.youtube.com/@profstevekeen Twitter (X): https://twitter.com/ProfSteveKeen Substack: https://profstevekeen.substack.com/ Patreon: https://www.patreon.com/ProfSteveKeen Courses & Website: https://www.stevekeen.com