So it doesnt matter to me whether Keen has accurately forecast the global financial crisis or not, if his view of the cycle is correct (and it basically is correct with some caveat to that).
But the dishonest blogger "Lord Keynes"/"Socialdemocracy21st" has made a blog input(several in fact), which I demolish completely here, claiming that Austrians did not in fact predict the housing bubble. Instead he selectively quotes articles until 2003 and when they do predict it properly he simply dismisses them.
But more importantly here, he uses Dick Bezemers study (a post-keynesian) to prove that Keen predicted the US housing bubble and worldwide financial crisis more correct or better or something like that. Similiarly does Unlearningecon, another post-keynesian blogger. But this claim is wrong.
Keen has never predicted the US housing bubble (EDIT: Unlearningecon has pointed me to his debtwatch reports and in april 2007 he starts showing graphs of US debt levels and even though he does not "predict" anything specific, I will accept this is an indication that he was showing that the US would have private credit contraction, but the Bezemer study is still flawed). He has predicted an Australian housing bubble in the article Dick Bezemer refers to. Here is the name: "The lily & the pond".
Here is what Dick Bezemer quotes from him:
"Long before we manage to reverse the current rise in debt, the economy
will be in a recession. On current data, we may already be in one.” (2006)" - Stephen Keen
But here Keen is talking about Australia, and that has not happened yet (5 years, soon 6). His "aggregate demand+change in debt" model has failed to predict accurately. According to post-keynesian methodology this makes the model, unscientific.
I have asked Dick Bezemer whether he has analyzed the following Austrian articles which predict a housing bubble and financial crisis:
(http://www.ntrs.com/library/econ_research/daily/us/dd040805.pdf / http://www.ntrs.com/library/econ_research/weekly/us/pc033105.pdf) Frank Shostak (Housing Bubble: Myth or Reality?) - 2003 James Grant (Un-Real Estate) Christopher Mayer (The Housing Bubble) - 2004 Robert Wenzel (SUPER ALERT: Dramatic Slowdown In Money Supply Growth / Government Isn't God: FDIC Sticks Banks With Bad Loans and Sticks Borrowers With Subprime Junk / A Letter to a Friend on the Logic of Real Estate Investing ) - 2004/2008 Eric Englund (When Will America's Housing Bubble Burst? / Monetizing Envy and America's Housing Bubble / Houses Are Consumer Durables, Not Investments) Stefan Karlsson (America's Unsustainable Boom) Thorstein Polleit (Sowing the Seeds of the Next Crisis) Hans Sennholz (The Fed is Culpable) Mark Thornthon (Housing: Too Good to Be True) Robert Blumen (Fannie Mae Distorts Markets)"
He has not responded yet.
Keen also repeatedly uses this study(in his book, website and journal article), and has nothing else to show to (EDIT: He can show to his theory and his graphs of US debts as indications that he understands the problem, but if kept to the same standard "Socialdemocracy21st" holds Austrians to, he hasnt in fact predicted anything correctly).
 Debunking Economics, 2011.