Ann Pettifor

British Banking

What a financial tailspin may mean for you and me

Wall Street plummeted as concerns over European debt and the US economic downturn spurred a broad sell-off. Photograph: Shen Hong/Xinhua Press/Corbis Read my article from Guardian Cif, Friday 19th August: As bank shares and stock markets plummet, and investors flock to the safety of government bonds; as obstinate EU leaders crucify their countries in a …

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Savings and the alchemy of credit – my article for Aviva

Aviva has brought together a collection of prominent thinkers to provoke renewed debate and fresh ideas about future prosperity and creating a culture of sustainable savings. The group, names the ‘Future Prosperity Panel‘, published their report ‘Big picture thinking – Towards sustainable savings’. My article is called ‘Savings and the alchemy of credit’ and is published …

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Austerity: OECD economists show clear signs of ‘cold feet’ for austerity

(Photo: REUTERS / Yiorgos Karahalis ) A Greek riot policeman stands in front of graffiti written on the wall of a bank during violent demonstrations over austerity measures in Athens, May 5, 2010. Greece faced a day of violent protests and a nationwide strike by civil servants outraged by the announcement of draconian austeristy measures. …

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Is the banking system broke, as well as broken?

Much of the news of the last few weeks – the financialised commodities mania; the disgraceful abuse by the banks of payment protection insurance; the mortgage fraud which led US banks to rush through foreclosures without proper process and evict people from their homes;and their  decision reported  in the WSJ to offer a miserly $5 billion to …

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Is George Osborne a radical Chancellor? – far from it

I was on Newsnight last week, to comment on the Budget. (You can watch it with the BBC’s iPlayer..our slot is about 35 minutes into the show.) Newsnight’s Jeremy Paxman posed a question to the panel, which included Lord Lamont, ex-Chancellor, and Irwin Steltzer. He asked: is George Osborne a radical Chancellor?” Radical, according to the dictionary definition …

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Update: bankers complete capture of UK Treasury – & attack Cable

So Sir James Sassoon has joined the Eton boy, Osborne, and the Barclays banker, David Laws, at the Treasury, as Commercial Secretary – a post invented and designed for him.  Sir James was vice chairman Investment Banking at UBS Warburg between1985-2002, where he specialised in privatisations.  The capture of the Treasury by the City of …

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Bankers tighten their grip

13 May, 2010 With a backdrop of bankers looting the EU’s Treasuries (via a bailout that rivals George Bush’s TARP) let us consider one of the most significant Dem-Con appointments (and a non-appointment) to the British cabinet. That of someone who until now was invisible: David Laws the new Chief Secretary to the Treasury. His …

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A fair deal for Iceland

8th January, 2009 This piece appeared on the Guardian’s Comment site: “Today the people of Iceland, a country whose population, at 317,000, is somewhat smaller than Leicester’s, are required by the British political, financial and economic establishment to carry the full burden of the losses suffered by Landsbanki’s depositor programme Icesave. We consider this to …

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Wishing readers a stable and peaceful New Year in 2010

31st December, 2009 Dear Readers. First, thank you for the support you have given this blog, and for your helpful and insightful comments over this eventful year. I have much appreciated our conversations, and your loyalty. May 2010 bring you all peace of mind and economic stability. And may we together begin to grow a …

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The pre-budget report: bullies in the playground

9th December, 2009 It has been an extraordinary day this day, and something to witness: this frenzy of pre-election fisticuffs. Extraordinary because Conservatives, like mindless bullies, are fighting a phoney war against the victims of this crisis. The fact is the Tories are spineless scaredy cats, too timid to take on the perpetrators, who have …

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