Ann Pettifor

Globalisation

Disarming the Financiers

1st December 2008 Watching our British politicians squabble and spin this last week over the Pre Budget Report – while Rome burns –  was depressing. Why are our politicians so off-beam? Why does their response to this crisis seem so petty and botched? The answer may lie in their ties to the finance sector. The …

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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%…

The new Bretton Woods: economies of scale.

21st October, 2008 A new Bretton Woods: To save economies and the planet, we must tame markets,upsize the state, and downsize the global single market.  This piece is derived loosely from the book I edited at the new economics foundation “Real World Economic Outlook” (Palgrave, 2006). The proposal for an International Clearing Agency draws on …

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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.

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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Interest rates, Keynes and the longevity of the rentier

The Prime Minister, Gordon Brown, speaking on Radio 4’s flagship current affairs programme this morning, repeated something he says regularly: that ‘interest rates are low’ and that his government, through the Bank of England, kept them low. The question the BBC should have asked is this: if interest rates are low, and have been so, …

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Comrade Paulson, nationalised banks & socialism for the rich.

You have to admire the spin.  The US Treasury Secretary, Comrade Hank Paulson, pictured here, announced  today, Sunday 7th September, 2008  that the US government is natonalising two huge US banks, Fannie Mae and Freddie Mac.  Which means in effect that Comrade Paulson is  socialising the losses of the shareholders and investors in these banks …

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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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