As the world struggles to deal with threatening outbreaks of violence – most dangerously, in the Middle East and the Ukraine – another less dramatic and slower-burning revolution is getting under way. This revolution does not threaten violence – but it does promise change, and almost certainly change for the better. The revolution that is […]
Posts Tagged ‘Money’
A slow-burning revolution is starting to overturn neo-classical economic orthodoxy
Feb 22nd, 2015 by Bryan Gould.
How the government’s super-platinum credit card works
Dec 17th, 2014 by Guest.This brilliant, witty explanatory piece by Neil Wilson first appeared at 3Spoken three years ago but is never more applicable Modern Monetary Economics shows us that monetarily sovereign governments (like the US, UK and Japan) are able to spend money before they receive any tax. That’s what puts the ‘fiat’ [Latin for “let it be […]
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Central banking, state capitalism, and the future of the monetary system
Nov 12th, 2014 by Ann Pettifor.The role of commercial and central banks in the process of providing credit may seem to be clearly understood by economists, bankers, and policymakers. But there are common misunderstandings about money creation, equilibrium, public money, central banks, and interest rates. The outlook for the global monetary system is not overly optimistic in the absence of […]
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There is a magic money tree. It’s called investment
Oct 8th, 2014 by Michael Burke.Supporters of austerity have long argued that there is no viable alternative because of persistent government deficits and rising debt. David Cameron put it starkly arguing that “there is no magic money tree“. However these assertions contain two important fallacies. Firstly, it is evident that, if government is increasingly indebted it must be the case […]
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The economic contradictions of Mr Miliband
Jul 23rd, 2014 by Ann Pettifor and Jeremy Smith.There is much to welcome in Ed Miliband’s address last Saturday to the Labour Party’s national policy forum. For example, his argument that Britain suffers from a low-pay economy. While the number of those in employment has grown, real pay has fallen dramatically over the lifetime of the present government. At PRIME, we calculated the fall in real […]
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Why banks power to create money should be regulated and directed (but not ended)
Apr 27th, 2014 by Ann Pettifor.Ann is author of “Just Money: how society can break the despotic power of finance”, published by Commonwealth, 2014. The Financial Times is hosting a major debate on whether the private banking system should be allowed to continue creating 97% of the credit or money circulating within the economy. Martin Wolf, its respected economics commentator, supports […]
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We can end the despotism of finance, at a price
Feb 25th, 2014 by Ann Pettifor.After the 2008 global financial crisis and panic, the international banking system very nearly collapsed. In the days after Lehman Brothers failed, panic prevailed. ATMs were on the very brink of denying punters access to their own money. A prominent international banker advised his wife to withdraw all their funds from the banking system. To […]
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Our monetary system is a great, if wildly misunderstood, public good
Jan 14th, 2014 by Ann Pettifor.Britain and Europe’s economic discourse is embarrassingly er…vulgar. Treasury and Finance ministers’ determination to paper over the role of big banks in the 2007-9 crisis, and instead use the opportunity to re-structure Europe’s welfare states, is both crass in economic terms, but also crude politics. Politicians are influenced by what I call the kitchen table […]
