Tag Archives: Finance & Regulation

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...

The EU’s hugely complex banking resolution framework is generally supposed to have one key goal – to ensure that failing banks are ‘resolved’ without recourse to public bail-outs, thereby breaking the link between private banks and sovereigns…  The reality, we have seen today, is quite different – and, it seems, legal!  The EU can just about argue that technically, the rules have not been broken - but overall, the appearance is of a policy in logical disarray once again.After...