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Norway Is Heading To A New Financial Crisis

Australian-born, British-based economist Steve Keen believes Norway is one of several countries in danger financially.
Norway Is Heading To A New Financial Crisis
Photo : Ben Harding;

According to NRK’s report,  it will be impossible to avoid a new economic crisis, especially in Europe, says Steve Keen, professor of economics at Kingston University, London.

Keen was one of the few economists who predicted the international financial crisis in 2007 - 2008. 

Now he has quite gloomy forecasts for both Norway and the rest of the world.

- Soon, there will  be new recession, said Professor Steve Keen to NRK.

The sky-high private housing debt in Norway is alarming and might be trigger of a news crisis, according to Keen.

He believes that the slogans of growth and stability are wonderful. But what has actually happened in Europe is dominated by inequality.

- Germany has a unemployment rate of four percent, Greece has 26 percent. The social distribution of income is catastrophic, says Keen to NRK.

He believes that new crises can be prevented and that countermeasures can be taken, but he doubts anything will be done.

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