Tag Archives: Finance & Regulation

Massimo Amato is Professor of Economics, Bocconi University, Milan. The full paper, whose key points this post seeks to summarise, can be downloaded here in pdf format. ForewordThis post sums up the results of a collective research [1] and aims at providing the fundamental elements of a feasible European Debt Agency (DA). The DA is meant to be charged with financing sovereign debts with advantages both for the Eurozone Member States (MS) and for the system as a whole. The...

Image with acknowledgment to Needpix . “Give a man a fish, and you feed him for a day… But give him a loan to buy a boat and net to fish, and he will end up paying you all the fishes he catches.” By Michael Hudson, with Dirk Bezemer, Steve Keen and Sabri Öncü This article first appeared in Naked Capitalism  on 10th April  2020Summary After...

The following article was written for Tribune magazine, and published on 21 March, 2020. A heavy price is being paid by the world’s poorest for the ongoing commitment to the internationalisation of capital – and for the role globalisation plays in transforming epidemics into pandemics, and health crises into systemic financial crises.  Millions of people living in low income countries are now threatened by the lethality of the corona virus; by economic failure at home, and...

Photo - Black swans in Regent’s Park, London - by Jeremy Smith T. Sabri Öncü ([email protected]) is an economist based in İstanbul, Turkey. This article was written on 8 March 2020 and first published in the Indian journal Economic and Political Weekly on 14 March 2020.Whether a black swan or a...

Image: Robert Triffin (1911-1993), influiential adviser on original European Payments Union. Via https://www.c2dh.uni.lu/ A new European Clearing Union would restore a common purpose to the European project and help defeat the rising ride of authoritarianism.This article is cross-posted from Open...

After the BRICs came the MINTs – Mexico, Indonesia, Nigeria and Turkey.In a series of January 2014 BBC programmes, Jim O’Neill – then the Goldman Sachs economist who had coined the term BRICs – celebrated the new acronym. On a blog under the title ‘The Mint countries: Next economic giants?’ he raved about the potential of his...

On 19th July, 2018, the director of Policy Research in Macroeconomics (PRIME), Ann Pettifor, received the following from Professor Antonia Grunenberg of the Heinrich Boll Foundation, Bremen, Germany. Berlin, July 19, 2018Dear Mrs. Pettifor,it is my great pleasure to inform you in behalf of the international jury of  the „Hannah Arendt Prize for...

Mountains of private debt?  Image with acknowledgment to Wikimedia “Countries that underwent sharp credit booms have often experienced a crisis” (Bank of England, 2018, Chart A.28 p. 22)For policymakers, the importance of private debt was the key take home from the financial crisis. Though why it...

On 9 August, 2017, PRIME held an event at the TUC to mark the date ten years ago when inter-bank lending froze, and the global financial system began to unravel. We invited Andrew Simms of the New Weather Institute, Frances Coppola and Prof. Daniela Gabor to take stock and assess the state of both the financial and eco systems ten years after the first signs of economic failure. The event was chaired by PRIME’s director, Ann Pettifor.Prof. Gabor began by quoting a Reuters...

PRIME (working with the New Weather Institute) organised an event at the TUC to commemorate the day - 9th August, 2007 - that inter-bank lending froze, central banks came to the rescue of private financial institutions, and the Global Financial Crisis began in earnest. We will be publishing transcripts and notes from that event, which was chaired by...