Ann Pettifor

Debtors (and banks?) ‘crucified’ on inflation cross

The FT reports today on a debate economists are having with the Bank of England (BoE). To summarise: the Bank of England does not seem bothered by falling house prices; economists are. This is a very important debate for all those that have debts – because while house prices are falling, the debts on those …

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Free fall – in a nutshell

My friend the formidable economist, Mark Weisbrot put it most succinctly. “Since the U.S. economy showed positive growth for the last quarter, some commentators in the business press are saying that we are not necessarily going to have a recession, or that if there is one it will be mild. This is a bit like …

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New Labour lags behind the times

The Guardian reports today that one of Tony Blair’s key allies, Phil Collins, has bravely attacked Labour’s weakened leader. Collins singles out Old Labour’s ‘faith in the ‘benign’ power of the central state’ and suggests that Ed Balls’ policies for children will set the party on a path to tragedy. When the most ardent of …

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Jolly rich from the rich

The Economist’s latest supplement (15 May 2008) on ‘modern finance under attack’ dubs the finance sector’s critics ‘Barbarians at the vault’. The magazine’s leader writers are confident of their analysis and unequivocal: “Bubbles, excess and calamity are part of the package of Western finance. And still it is worth it.” In the same issue writers …

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Finance sector a ‘monster’ says ex head of IMF

by Ann Pettifor, 22nd May, 2008. There has been much huffing and puffing in the financial media about Horst Kohler’s comments that financial markets have become “a monster” that must “be put back in its place”. The German president who was MD of the IMF from 2000-2004, compared bankers with alchemists who were responsible for …

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Globalisation: sleepwalking to disaster

By Ann Pettifor,  Open Democracy, 11th December, 2007 On 9 August 2007, globalisation’s rickety financial levees were broken by a storm-surge of debt, invisible to most punters, but scary enough to frighten bankers. This debt includes highly leveraged corporate debt traded on secondary markets, household mortgages, credit-card debts, car loans and other substantial outlays. But …

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