Ann Pettifor

Economic Orthodoxy

The Bank of England has lost control

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 …

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A debt spiral we could have avoided

24th October, 2008 The NS has published a short piece this week: “Economists simply would not accept that their model could fail“.  An introductory sentence is not mine: “Who would have predicted..that prudent Gordon Brown (would)  breach the EU cap on government spending?” Am writing to the NS to ask for a correction to be …

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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%…