Ann Pettifor

What Is Wrong with the Bank of England’s Decision Today?

The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003 and 2006.  It is a mistake that must be understood in a wider context. Not just the political context – which promotes ‘monetary radicalism …

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The Great Honour that is the Heinrich Boll Stiftung’s Hannah Arendt Prize

On 19th July, 2018, I was stunned and honoured to receive the following from Professor Antonia Grunenberg of the Heinrich Boll Foundation, Bremen, Germany.  Berlin, July 19, 2018 Dear Mrs. Pettifor, it is my great pleasure to inform you in behalf of the international jury of  the „Hannah Arendt Prize for Political Thinking“ that you …

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Interview with Martin Sandbu of the Financial Times

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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Is It Unreasonable to Blame Bankers/Rentiers for the Rise in Populism?

At the April Rethinking Economicsconference in Oslo  I pointed out that western politicians and economists are repeating policy errors of the 1930s. The pattern of a global financial crash, followed by austerity in Europe and the UK, led in those years to the rise of populism, authoritarianism and ultimately fascism. The scale of economic and political …

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On Tectonic Plates, the Economic System and the Economics Profession

It is my view that the greatest weakness of economics is the habit of drawing, or encouraging politicians to draw, macroeconomic conclusions from microeconomic reasoning (“the government budget, like a household budget, must balance”). This weakness is endemic within the profession. It is caused by the deliberate neglect of macroeconomics, including shameful neglect of Keynes’s …

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Why the Bank of England Should Not Raise the Bank Rate

I wrote this post on the 21st April, 2018, for PRIME. “There are a significant number of households that are in so deep that the slightest sign of rough weather could see them in over their heads,” said Jonathan Davidson, one of the FCA’s directors of supervision. Given these imbalances, the biggest danger facing the …

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Interview with New Zealand’s Biggest Business Website

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.

From Prospect Magazine: There Can Never Be A Market in Money

Prospect magazine’s April 14, 2018 edition ignited a debate between orthodox and heterodox economists. It also included a page titled:   In my contribution I tried to explain the nature of money. Not sure I succeeded. Anyway, here it is: “Unlike the prices of bitcoins or gold, the price of money is not determined by …

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George Osborne, Hubris and Nemesis

This piece appeared in the London Observer on Sunday, 4th March, 2018 By asserting the policy of “monetary radicalism and fiscal conservatism”, Osborne and his colleagues ensured that those responsible for the crisis benefited from the Bank of England’s quantitative easing programme, which inflated asset prices largely owned by the more affluent. Simultaneously, the Conservative …

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