Debt - Ann Pettifor

How to transfer power away from markets to democratically elected governments

October 1, 2020 / Capital Flows, Central Banks, Debt, Debt-deflation, Ecosystem, Federal Reserve

This article was written in July, 2020 for Project Syndicate where it was finally published on 1st October, 2020. The global economy suffers from dangerous imbalances. Economic goals for endless ‘growth’ lead to rises in heat-trapping gases that conflict with the earth’s limited capacity to manage rising toxic emissions. Urbanisation, pollution, soil erosion, deforestation, depletion […]

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The universities were warned…

September 28, 2020 / Covid19, Debt

On 8th April, 2019, I addressed the annual conference of the British Universities Finance Directors Group held at Royal Holloway College. The theme of my presentation was: “For how much longer is globalised, credit-fuelled ‘growth’ sustainable?” The assembled Treasurers and Finance Directors listened in respectful silence, but few questioned me after the presentation. My presentation

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Quincy Jones, Bono, Willie Colón – and the burden of sovereign debt.

October 11, 2019 / Debt, Globalisation, Sovereign debt, Sovereign Insolvency

On the eve of the 2019 annual meetings of the World Bank and IMF, we are once again alerted to a rise in the debt burdens of low-income countries. Last year the total external debt of both low- and middle-income countries climbed 5.3 percent to $7.8 trillion, while net debt flows (gross disbursements minus

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How governments finance their spending (and its not from taxation).

October 8, 2018 / Bank of England, Credit Creation, Debt, Economic Orthodoxy, Fiscal Deficit, Government Borrowing, Public Spending

Readers of this blog may know that Patrick Allen, founder of the Progressive Economy Forum (PEF) invited me to become a member of its distinguished Council in July this year. Other members include Professors John Weeks, Joseph Stiglitz, Stephany Griffiths-Jones, Robert Skidelsky, Daniela Gabor, Danny Darling, Ha Joon Chang and Doctors Johnna Montgomery, Geoff Tily,

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‘Deficit Financing’ or Deficit-Reduction Financing?

October 2, 2018 / Debt, Fiscal Conservatives, Fiscal Deficit, Government Borrowing, Interest Rates, Usury

Introduction “Deficit financing” in contemporary economics is controversial – largely because of flawed economic approaches to a sovereign nation’s public finances. The first is the microeconomic approach that treats government budget deficits in much the same way as household deficits. In other words, the assumption that like a household, a government budget deficit is the consequence

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Interview with Martin Sandbu of the Financial Times

June 18, 2018 / Bank Bail-outs, Debt, Financial Crisis

I was interviewed by Martin Sandbu of the Financial Times about the nature of money, in particular the importance of borrowers to the creation of money. A video was filmed at Bank Job, a wonderful charity dedicated to a) promoting understanding of money, b) cancelling the debts of the people of Walthamstow and c) using

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Interview with New Zealand’s Biggest Business Website – STUFF

April 10, 2018 / Anglo-American Financial Crisis, Debt, Debt-deflation, ECB, Economic Orthodoxy, Federal Reserve, Inflation Targeting, Interest Rates, Uncategorized

On the 15th April, this year, I visited New Zealand at the invitation of the Institute of Directors, to address 600 CEOs at their annual meeting. This is an interview given to the journalist Rob Stock in which he asked about the possibility of another financial crisis. “Ann Pettifor predicted the global financial crisis, and

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Newsnight – economists discuss the ‘graphs of 2011’

December 15, 2011 / Banking Crisis, British Banking, Consumer Debt, Debt, Democracy, Economic Orthodoxy, Financial Crisis, Financial Journalists, Government Borrowing, Greenspan, Interest Rates, Public Spending, UK Financial Crisis

This week I appeared on Newsnight with Gillian Tett of the FT and Louise Cooper of BGC Partners. We discussed our graphs of 2011 (see mine below) and wider questions around the global financial crisis this year – and how ecnomists and policy makers need to respond. Watch the show on iPlayer for the next

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Reining in Public Debts or Challenging Democracies?

December 7, 2011 / Capital Flows, Central Banks, Consumer Debt, Credit, Credit Creation, Credit Crunch, Debt, Democracy, Economic Orthodoxy, Euroland, Greece, Inflation, Interest Rates, NEF, UK Financial Crisis

Last week I gave a talk in Brussels at a debate moderated by Pierre Defraigne, Executive Director of the Madariaga – College of Europe Foundation. It was A Citizen’s Controversy with Lars Feld, Professor of Economic Policy at the University of Freiburg and Member of the German Council of Economic Experts. Below is my slideshow

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Osborne: Speaking truth to wealth and power? Really?

October 5, 2011 / Bank Bail-outs, Bank of England, Bankers in Government, Banking Crisis, British Banking, British Chancellor, Central Banks, Credit, Credit Creation, Debt, Economic Consequences of Mr Osbourne, Finance Ministers, Financial Crisis

George Osborne was presumably aiming at himself and his friends, when he vowed “to speak truth to power and wealth” at the Tory party conference this week, but dare he speak economic truth to the rest of us? – simultaneously published on Left Foot Forward > On the narrowest of bases, he might still claim

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