Keynes – Ann Pettifor

2007-9: Central bank coordination saved the finance sector, but not the world.

November 12, 2018 September 18, 2019 / Anglo-American Financial Crisis, Bank of England, Banking Crisis, Economic Consequences of Mr Osbourne, Keynes, Uncategorized

12 November, 2018 This year is the 150th anniversary of the TUC, and the 70th anniversary of the Trade Union Advisory Committee to the OECD. As part of the celebration of these achievements, the TUC’s Economics and Social Affairs department organised an event “Lessons from the Great Financial Crisis” – on 12th November, 2018 – …

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The Indefatigable Efforts of J. M. Keynes

September 13, 2018 October 21, 2018 / Capital Flows, Economic Orthodoxy, International Financial System, Keynes, Uncategorized

This is an extract from an article written for The Times Literary Supplement The international and financial dimensions of Keynes’ work are today neglected in favour of the laissez-faire economics that Keynes had so vigorously contested. His profession is dominated by economists concerned overwhelmingly with the activities of individuals, …

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From Prospect Magazine: There Can Never Be A Market in Money

April 14, 2018 October 21, 2018 / British Banking, Central Banks, Credit, Credit Creation, Keynes

Prospect magazine’s April 14, 2018 edition ignited a debate between orthodox and heterodox economists. It also included a page titled: In my contribution I tried to explain the nature of money. Not sure I succeeded. Anyway, here it is: “Unlike the prices of bitcoins or gold, the price of money is not determined by …

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The age of liberal finance over. The left’s Plan B?

September 19, 2011 September 29, 2011 / Anglo-American Financial Crisis, Capital Flows, ECB, Economic Orthodoxy, Euroland, Globalisation, International Financial Architecture, Keynes, Plan B, Uncategorized, Unemployment

By Ann Pettifor. An edited version of this piece was published on Left Foot Forward, 14 September, 2011. This original, longer version posted 19 September, 2011. The game is up. The 2007-9 private banking crisis that started with the unpayable debts of the US sub-prime sector, was never over. The crisis has now moved on …

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What a financial tailspin may mean for you and me

August 22, 2011 August 22, 2011 / Anglo-American Financial Crisis, Bank of England, Banking Crisis, Bretton Woods, British Banking, Central Banks, Consumer Debt, Credit, Debt, Democracy, Financial Crisis, Foreclosure, Interest Rates, Keynes, Mortgages

Wall Street plummeted as concerns over European debt and the US economic downturn spurred a broad sell-off. Photograph: Shen Hong/Xinhua Press/Corbis Read my article from Guardian Cif, Friday 19th August: As bank shares and stock markets plummet, and investors flock to the safety of government bonds; as obstinate EU leaders crucify their countries in a …

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Eight fallacies in the LSE Keynes/Hayek debate

August 3, 2011 August 3, 2011 / Anglo-American Financial Crisis, Bank of England, Banking Crisis, Central Banks, Consumer Debt, Debt, Inflation, Interest Rates, Keynes, Money, UK Financial Crisis, Unemployment, US Financial Crisis

Tonight, Wednesday 3 August 2011 at 08.00pm BST (GMT +1), BBC Radio 4 will broadcast a debate which took place at the London School of Economics (LSE) on 26 July. This broadcast will be repeated on Saturday, 6 August, at 10.15 p.m BST (GMT +1). Along with my colleagues Prof. Victoria Chick and Douglas Coe at PRIME we have written the …

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Savings and the alchemy of credit – my article for Aviva

July 18, 2011 September 20, 2011 / Banking Crisis, British Banking, Credit, Credit Creation, Debt, Financial Crisis, Interest Rates, International Financial System, Keynes, Money

Aviva has brought together a collection of prominent thinkers to provoke renewed debate and fresh ideas about future prosperity and creating a culture of sustainable savings. The group, names the ‘Future Prosperity Panel‘, published their report ‘Big picture thinking – Towards sustainable savings’. My article is called ‘Savings and the alchemy of credit’ and is published …

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Knowles needs to listen more carefully to ‘hero’ Clinton on deficit reduction

July 8, 2011 July 15, 2011 / Anglo-American Financial Crisis, Bank Bail-outs, Banking Crisis, Central Banks, Debt, Financial Crisis, Fiscal Deficit, Greece, Interest Rates, Keynes, Money, Obama, UK Financial Crisis, Uncategorized, US Financial Crisis

The austerity brigade is rattled. Young Daniel Knowles over at the Daily Telegraph is so worried, he has had to rise to the defence of the Treasury and Office for Budget Responsibility – and then resorts to proposing Greece’s economic strategy for the UK. Why? Because orthodox economic ideology has been challenged by none other than Daniel’s …

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Cambridge excludes Keynesians from conference on Keynes

June 20, 2011 June 20, 2011 / Economic Orthodoxy, Keynes

Like Catholics organising a conference on Protestantism and excluding Protestants, the Cambridge organisers of a conference to ‘celebrate the 75th anniversary of the publication of Keynes’s General Theory of Employment, Interest and Money’, have excluded Keynes scholars. By contrast, most of those who will address the conference subscribe to the ‘classical’ theory that Keynes thought he had …

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Austerity: OECD economists show clear signs of ‘cold feet’ for austerity

June 2, 2011 June 2, 2011 / Bank Bail-outs, Banking Crisis, Bretton Woods, British Banking, Central Banks, Consumer Debt, Credit, Credit Crunch, Debt, Economic Orthodoxy, Finance Ministers, Financial Crisis, Interest Rates, Keynes, Money, Public Spending, UK Financial Crisis, Unemployment

(Photo: REUTERS / Yiorgos Karahalis )A Greek riot policeman stands in front of graffiti written on the wall of a bank during violent demonstrations over austerity measures in Athens, May 5, 2010. Greece faced a day of violent protests and a nationwide strike by civil servants outraged by the announcement of draconian austeristy measures. Dear …

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