Ann Pettifor

International Financial System

Capital subordinated to the interests of labour (society)

We are living through terrifying times. The greatest threat to humanity stems not just from a virulent superbug, but as scary –  the response to it. In Britain, as in the US, policy action is dictated by an ultra-nationalist government, which while pretending to “take back control” remains committed to a free-for-all for the owners …

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My letter to the Governor of the Bank of England on his appointment.

13th March, 2020 Dear Mr. Bailey, Your predecessor in a speech in 2019 outlined the deficiencies of the International Monetary and Financial System (IMFS). The IMFS was cobbled together after the collapse of Bretton Woods and the 1971 Nixon Shock, and is governed effectively by Wall St. and the City of London – ‘citizens of …

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The market for dystopia – my choice of a book for our time.

My review of Karl Polanyi’s The Great Transformation appeared in Nature magazine on 13 December, 2019. From the introduction to the editor’s choice of seven books: “From planetary change to geopolitical recalibrations, 2019 has been convulsive. The year saw millions worldwide protesting against governmental inaction on the cascading crises in the global environment. Anxiety over …

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How the sexist ‘Nobel Prize’ in economics has warped the world

The following hastily written piece appeared in Left Foot Forward on 25th September, 2019. The Nobel Memorial Prize in Economics will be 50 years old next month. One thing unites all its winners, bar one: they have all been male. This is not just an affront to equality. In overlooking brilliant female economists, the Swedish …

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System change, not climate change.

This article is a slightly edited excerpt form Ann Pettifor’s forthcoming book ‘The Case for the Green New Deal‘ (Verso, 2019). We have been warned by climate scientists that to avoid the most dangerous impacts of climate breakdown and global heating, then humanity collectively has (starting from 1870) a ‘carbon budget’ of about 3,200 billion …

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The Latent Unused Power of Citizens & The Production of Public Collateral

The following is a very long, but I hope worthwhile read…published by the Trans National Institute’s stunningly well produced Report State of Power, 2019: Finance –   in January, 2019, and edited by Nick Buxton. Until we fully grasp the importance of public debt to the finance sector, immensely wealthy, globalised corporations will continue to parasitically …

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Of bollygarchs, gombeens & spivs: welcome to the world of financial corruption

These reviews of books on financial corruption appeared in the Times Literary Supplement on 13 November, 2018. Ten years ago, just after the collapse of Lehman’s and as the Great Financial Crisis intensified, I complained in the Guardian about the globally coordinated 0.5% cut in interest rates by central bankers. It was too little too …

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The BBC’s Cassandras of the Crash

  On Wednesday, 19th September and again on 22nd September, the BBC broadcast an interview in which I participated. It was called Cassandras of the Crash. The programme is available on the BBC’s Radio 4 website, with the following introduction. “Ten years ago, in autumn 2008, the world watched as the biggest financial meltdown in …

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