Ann Pettifor

Debt

Central Bankers Add to the Economic Malaise…

22nd October, 2008. I am dictating this piece down the phone from Budapest in Hungary where I have just arrived to deliver a lecture to the Ybl Club. My hosts were in a state of shock on arrival because the central bank of Hungary has just raised interest rates from 8.5% to 11.5%…

Rates: the BoE is not independent – it has a political mandate

Both the British Chancellor, Alastair Darling and the shadow Chancellor, George Osborne, have been on the radio this morning, resisting the idea that interest rates are political. Instead they have argued, vehemently, that the Bank of England is independent, and that the Bank must decide whether or not to lower interest rates.

The Credit Crunch and the Green New Deal… in Compass

Wednesday 1st October, 2008 The massive deflation/de-leveraging of credit and debt that is now cascading through the banking system and rapidly deflating the value of housing and other assets in the Anglo-American economies will precipitate large-scale, global economic failure, for years to come. Read more…

Bring back Keynes… in the Guardian

Tuesday 30th September, 2008. Anglo-American finance ministers and central bankers, like little Dutch boys, try desperately to plug leaks in the bursting dyke that is the international financial system. In the US, treasury secretary Hank Paulson hoped for $700bn to plug the gaping hole in Wall Street’s banks. In the UK, the government is not …

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Alan Greenspan’s audacity

Saturday, 27th September 2008. Lawmakers in the US struggle to come to terms with the scale of the financial crisis, the Paulson solution, and the role of government in resolving this crisis.  Republicans, particularly conflicted, sabotaged the $700 billion bail-out last Thursday.  At this moment Alan Greenspan proferrs advice from the lofty heights of the …

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The Bankers’ Recession and the £200 billion bail-out

A Mr. David Smith in a letter to the Financial Times, (29 Aug 08) has suggested we brand this global recession ‘the bankers’ recession’.  He has my support and enthusiastic commitment to raising awareness of the brand.  Especially after today’s UK news.

Ratcheting up the interest rate rack of torture.

In this big bad world of the Credit Crunch, powerful central bankers – civil servants all – have bent over backwards to help powerful and rich private bankers. On one day, ‘debtonation day’, central bankers in Europe and the US pumped an eye-watering $150 billion into the financial system, to keep big banks afloat. According …

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What have Putin, Hu & Greenspan in common?

Have been listening to debates about the conflict in Georgia over the week-end. There has been much wailing and gnashing of teeth about Putin’s disregard for democracy. In a similar vein, western commentary about President Hu Jintao’s Olympic Games is never complete without some tut-tutting about democracy and human rights in China. Yet these leaders …

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A dust-up at the BBC’s World Service

Listen to Business Daily on the BBC World Service, live on Friday 8th August, 2008, 11.40am GMT, and via their website thereafter. The World Service invited myself and Jim O’Neill, chief economist at Goldman Sachs on to the Business Daily programme today for what they hoped would be an intellectual punch-up. They were not disappointed. …

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