Ann Pettifor – 12th May 2009 Have just returned from a flying visit to Iceland, where I was mightily impressed by the warmth and strength of the Icelandic character. Also struck by the pride Icelanders have in the way the financial crisis deepened and strengthened their democracy – leading to the ousting of a corrupt […]
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
16th December, 2008 The unravelling of the Bernard Madoff Hedge Fund – a Ponzi scheme, it seems, modelled on the scam of Charles Ponzi (pictured) – was described by Nicola Horlick of Bramdean Alternative Investment Fund as ‘the biggest financial fraud in the history of markets’. This reminds me of the witty comment of a
8th December, 2008 My piece in today’s Guardian, The Credit Crisis Myth, was resoundingly rubbished in many of the comments. Reminds me of when my book, The Coming First World Debt Crisis came out in 2006… Then it was: Chicken Licken – The sky is falling! Read the article (and comments)
6th December 2008 The tears of millions of Americans stripped of livelihoods and healthcare remain hidden from view, unlike the tearful special pleading of the unscrupulous leaders of the finance sector, and this week, of the auto industry CEO’s. The latest unemployment numbers to emerge from the Dept. of Labor imply immense pain and anguish;
The tears of the unemployed, of auto CEOs and bankers Read More »
4th December 2008 I wrote this post yesterday, and then accidentally deleted it….Trying again. Readers might know that the British Queen visited the London School of Economics recently and asked Professor Luis Garicano, director of research why, if the hole in the international economic system was so large… “everyone missed it?´ A very good question
Crack-down on binge-drinkers, lapdancers and bankers Read More »
Al Jazeera: 19th November 2008 On Wed. Riz Khan hosted a discussion on the financial crisis. I was surprised to disagree with economist and panelist James Galbraith over why it is that IOUs (or debt) issued by the Federal Reserve replaced gold as the world’s reserve asset. Watch the discussion on Al Jazeera’s site here.
Al Jazeera: Panel discussion on the global financial crisis Read More »
7th November 2008 Yesterday’s dramatic Bank of England 1.5% rate cut was an extraordinary admission of analytical failure. The Monetary Policy Committee of orthodox economists (with Danny Blanchflower the honourable exception) is well behind the curve. While it is tiresome to beat one’s own drum, I am obliged to point out that on the 12th
The graph below – courtesy of the International Herald Tribune – does not look like a dagger – but a dagger is what it is when pointed at a vast bubble of credit. Unfortunately there are central banks like the Bank of England and the Bank of Hungary that have not blunted their daggers, or
Open Democracy: 27th October 2008 It is a small measure of the dramatic financial meltdown of 2007-08 that leading representatives of western liberal capitalism ransacked the past for reference-points to convey its scale… Read more here
