Recorded on April 8 2026
Steve Yang sits down with economist and author Steve Keen for a wide ranging conversation on why headline market calm may be hiding a much deeper real economy shock. Keen argues that the real threat is not just oil, but the hidden dependence of global industry on fertilizer, helium, sulfuric acid, and other essential inputs that can choke food production, chip output, and industrial capacity. He explains why physical bottlenecks can do damage long after headlines fade, and why markets may be dramatically underestimating how hard lost supply is to replace once real world capacity is destroyed. The conversation then shifts to how Keen saw the 2008 financial crisis by tracking private debt and credit flow rather than the government debt metrics most economists obsess over. He also lays out why he does not expect a simple replay of 2008 even though he still sees serious stress ahead from stagnant credit, broken supply, and policy blind spots. The interview closes with his warning on climate economics, why he believes mainstream models understate the danger, and what kinds of technologies and preparation he thinks deserve far more serious capital right now. #Millettian
Key topics
Hidden recession risk beyond oil
Fertilizer and food supply stress
Helium and microchip production risk
Sulfuric acid and industrial refining bottlenecks
Why mainstream economics misses physical reality
How Steve Keen saw the 2008 crisis early
Private debt versus government debt
Climate economics and civilization level risk
Guest links
https://www.stevekeen.com/
Host Steve Yang Natural Resource Stocks
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Chapters
00:00 Cold open
01:30 Introduction
02:30 Why Keen sees recession risk now
03:16 Fertilizer and food supply shock
08:28 Why markets may still be missing the story
11:36 War justification and narrative spin
15:11 What Keen thinks is driving Trump
19:22 Helium, chips, and sulfuric acid
24:39 What mainstream economics gets wrong
28:42 What happens next for the global economy
30:35 How Keen saw 2008 coming
37:36 The bigger warning is climate economics
44:30 What civilization survival investing looks like
46:20 Where to follow Steve Keen
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