Steve Keen is a leading Post Keynesian economist. He has done work developing Minsky’s financial instability hypothesis. In these videos, he points out that America has made the same mistake Japan made: failure to
(1) close down and clean out zombie banks, and
(2) deal with excessive debt saturating the private sector.
This is why Keynesian stimulus alone will not work properly until the financial sector is fixed and private sector balance sheets are healthy again.