Ched Myers first introduced me to the concept of Sabbath Economics in a formative piece he wrote for Sojourners Magazine in May June, 1998 – ‘ God Speed the year of Jubilee’. It began with these words: “We read the gospel as if we had no money,” laments Jesuit theologian John Haughey, “and we spend […]
There is a lively debate in the comment section of this blog on QE, credit creation, the difference between credit and cash, and so forth. Thank you to all those commenting. Understanding how money is created is fundamental to an understanding of this financial crisis. As a response to one of the commenters I inserted
by Ann Pettifor 10 March, 2009 Over dinner at a prominent newspaper the other evening, journalists mused over the threat of inflation. They were not the first to do so. Many people, some of them influential, are warning of the threat of inflation. Prominent amongs these are commentators and journalists, even economists, that do not
by Ann Pettifor 9th March, 2009 Professor Victoria Chick, Emeritus Professor of Economics at University College, London, a disciple of Keynes, true to his monetary policies, and whose advice and wisdom I lean on, has written in with some apposite comments. She writes: ” QE is not new, only the name is. It used to
by Ann Pettifor 9th March, 2009 David Williams writes helpfully in response to the blog below on QE: “Thanks for your recent explanation of the meaning and impact of Quantitative Easing, which I found really useful. But I think it contains a statement that means the exact opposite of what you want it to mean.
by Ann Pettifor, 9th March, 2009. The Archbishop of Canterbury has today dramatically altered the terms of political debate on the financial crisis. As one of those invited to dine with him and advise on his speech, I am delighted. He has framed the debate correctly and fairly and squarely aimed responsibility at “governments committed
by Ann Pettifor, 9 March, 2009. My latest blog for the Huffington Post uses the analogy of piracy…which worried me a little. But as I wrote, found the relevance of the analogy more and more appropriate…Anyway, here it is for this blog’s valued readers. ” Somali Pirates were condemned when they hijacked tankers, took sailors
by Ann Pettifor, 8 March, 2009. There is much confusion about the meaning and impact of QE. This is an attempt to summarise what it means, what it does not mean, and how it can be effective in preventing insolvencies by lowering interest rates. I am indebted to Graham Turner of GFC Economics for sharing
Readers of this blog are astute and fully briefed on this, the first, fully synchronised global financial crisis in history. You are all aware that yesterday, in an unprecedented move, the Bank of England created £75 billion – out of thin air – to revive the deflating body that is the British economy. You will
‘Optimal defaults’ and ‘endogenous indoctrination’ Read More »
by Ann Pettifor, 1st March, 2009 This week we were asked by the Guardian to address the Queen’s question: “Why did no one see it coming?” I tried to answer the question by sharing some of the seriously flawed analysis and advice provided by orthodox economists – those that dominate both the economics profession, but
