Ann Pettifor was asked by the Today programme to record a message to Mark Carney, former Bank of Canada governor and Goldman Sachs banker, who starts work today as governor of the Bank of England following the departure of Mervyn King. Although it was in the end not broadcast, the advice stands. Welcome Mr Carney to […]
Fixing the economic transmission system: co-ordinating monetary and fiscal policy
Mar 19th, 2013 by Ann Pettifor.“The economic [monetary] transmission system works to create the finance, which is then spent [fiscal] in productive investment in infrastructure. This sound investment in turn generates economic activity, i.e.employment. Employment in turn generates wages, incomes and profits – and these in turn generate tax revenues with which to reduce the deficit and pay down the government’s debt.” Thanks […]
Share:
If the god Janus were an economist, he would work for the IMF
Feb 12th, 2013 by Ann Pettifor.In July 2010, Prof Victoria Chick and I said: “fiscal consolidation does not ‘slash’ the debt, but contributes to it.” Last month, the IMF said: “we find that forecasters significantly underestimated the increase in unemployment and the decline in private consumption and investment associated with fiscal consolidation.” In our report (The economic consequences of Mr Osborne), […]
Share:
Don’t (cry for me) pay up now, Argentina
Nov 29th, 2012 by Ann Pettifor.“I had to let it happen I had to change Couldn’t stay all my life down at heel Looking out of the window Staying out of the sun So I chose freedom” (lyrics – Tim Rice) Few of our readers (we suspect) will have heard of NML Capital Ltd – a company which today is […]
Share:
Mark Carney’s shock appointment means more of the same
Nov 28th, 2012 by Ann Pettifor.This week the chancellor confirmed that there will be no real change at the Bank of England. There will be no change to the Treasury and Bank of England’s obsession with inflation targeting and “price stability”. Above all, he confirmed that there will be no reining-in of the banks; that banks will not be re-structured – […]
Share:
Why the economic case for a third runway at Heathrow still won’t fly
Sep 6th, 2012 by Ann Pettifor.UK aviation makes up greater share of UK contribution to climate change than elsewhere. The world’s climate is changing rapidly (despite the army of powerful self-interested deniers), and we are experiencing more and more extreme weather events. Ironically, on the day the aviation industry launched a sophisticated, co-ordinated lobbying campaign for a third runway, scientists announced a record Arctic […]
Share:
Be angry at bankers, be angrier at economists
Jul 2nd, 2012 by Ann Pettifor.Like millions of others I am outraged by the LIBOR scandal; the wrongdoings of the ‘submitters’ and other traders at Diamond’s Barclays Bank and their fellow travellers at the British Bankers Association. Which is why we at PRIME economics launched a government e-petition calling for a judicial public inquiry into the wrongdoings of banks, and for […]
Share:
Banks inquiry – e-petition now over 10,000 strong
Jul 1st, 2012 by Ann Pettifor.Just after noon today the 10,000th person signed our e-petition [click here to sign] for an independent judicial inquiry into the banks’ misdeeds and ethics, and into the role of the British Banker Association. Our heartfelt thanks to all who have supported this initiative, which has undoubtedly had an impact on the political scene. The […]
Share:
We need an independent inquiry into the fraud, wrongdoing & ethics of British banks
Jun 28th, 2012 by Ann Pettifor.Following the gentle fines on Barclays Bank for its sustained manipulation of LIBOR interest rates, I have submitted an e-petition to government for a judicial public inquiry, which is already up on the government website and ready for signing – click here to access it. I hope that readers and followers who share my view that a full-scale […]
Share:
An open letter to the leaders of Europe: abandon the Euro’s ‘gold fetters’
May 30th, 2012 by Ann Pettifor.On May 15th, in what can only be described as an act of coercion, an impoverished and effectively insolvent Greece acceded to the handover of a bond payment – €436 million – to private financial ‘vulture funds’. The Greeks had little choice. However, in acquiescing to this handover – facilitated by its paymasters,‘the Troika’ – […]
