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Interview with ‘The Actuary ‘- journal of the Institute of Actuaries: “Prophet and Loss”

Summary:
“The “nature of money” is the most important factor, Pettifor says. She believes that the common view of banks is that they act as intermediaries between patient savers and impatient borrowers, but “banks haven’t done that since 1694,” she says. If this were the case, she adds, then “we wouldn’t have a massive expansion of credit at the same time as we have a contraction of savings” – something she cites as the cause of the 2000 dotcom bubble bursting. The conversation turns to the new, impending debt crisis. Pettifor states that, before the crisis, the sum-total of global debt was 275% of GDP – now it is closer to 340% of GDP. ” For more, follow this link. http://www.theactuary.com/features/2017/12/prophet-and-loss/ Related Posts

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“The “nature of money” is the most important factor, Pettifor says. She believes that the common view of banks is that they act as intermediaries between patient savers and impatient borrowers, but “banks haven’t done that since 1694,” she says. If this were the case, she adds, then “we wouldn’t have a massive expansion of credit at the same time as we have a contraction of savings” – something she cites as the cause of the 2000 dotcom bubble bursting.

The conversation turns to the new, impending debt crisis. Pettifor states that, before the crisis, the sum-total of global debt was 275% of GDP – now it is closer to 340% of GDP. ”

For more, follow this link. http://www.theactuary.com/features/2017/12/prophet-and-loss/

Ann Pettifor
I’m Ann Pettifor, author and analyst of the global financial system, and co-author of The Green New Deal (2008). I predicted an Anglo-American debt-deflationary crisis back in 2003, and in September, 2006 published The Coming First World Debt Crisis (Palgrave). I am known for my work on the sovereign debts of low income countries and for leading an international movement for the cancellation of debts, Jubilee 2000.

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