The infamous debunker of most-things-classically-economic was recently asked to brief Congress on the fiscal cliff, and how the downturn of 1937 could be a foretaste of what will happen if the Cliff comes to pass. The paper, slides, and presentation - designed to be simple enough for Dennis Kucinich and his colleagues in Congress to comprehend - provide another glimpse as Steve Keen argues that an attempt by the government to reduce its debt now may trigger a renewed bout of deleveraging by the private sector - and this is what appeared to happen in 1937, when confidence that the worst of the Depression was over led ... (full story)