Tag Archives: Financial Architecture

This article appeared in a special, June 2020 edition of the Real-World Economics Review that majored on The Inequality Crisis. Today as the world endures the crisis of a global pandemic, “an old order is ending in convulsions”. So writes Rebecca Spang, historian of the French revolution in The Atlantic (Spang, 2020). In the 1790s, money, debt and the non-payment of taxes by France’s rentiers, played a critical role in revolutionizing France. Today purveyors of money and debt – creditors,...

This article appeared in the UK-based Church Times on 26 June, 2020 The coronavirus pandemic is a moment of reckoning for globalisation and our international financial system. The pandemic has shown how unjust the international system is towards low income countries; given us the opportunity to imagine another economy; and served as a warning.  If we do not fix the system to prepare for the coming, graver crisis of earth systems breakdown, the survival of humanity...

This article appeared in the UK-based Church Times on 26 June, 2020 The coronavirus pandemic is a moment of reckoning for globalisation and our international financial system. The pandemic has shown how unjust the international system is towards low income countries; given us the opportunity to imagine another economy; and served as a warning.  If we do not fix the system to prepare for the coming, graver crisis of earth systems breakdown, the survival of humanity is at risk. Just as it was...

The following appeared in Nature magazine on 17 June, 2020 Economic researchers neglect the role of financialization in global existential crises. Riddled with comorbidities, the current global monetary and financial set-up precipitates crises with increasing frequency. At first, these were on the fringes of the global economy; in 2007–09 they moved to its very core. Since 1971, national economies, and all our lives, have been shaped by this ‘system’,...

The following appeared in Nature magazine on 17 June, 2020 Economic researchers neglect the role of financialization in global existential crises. Riddled with comorbidities, the current global monetary and financial set-up precipitates crises with increasing frequency. At first, these were on the fringes of the global economy; in 2007–09 they moved to its very core. Since 1971, national economies, and all our lives, have been shaped by this ‘system’, which can be described only as...

This article appeared on the Open Democracy site on 16 June 2020 On the weekend of 30 May Elon Musk – a billionaire with a net worth of $38billion – launched a rocket into space. This private venture was in contrast to President Kennedy’s ‘moonshot’ ambition of 1961-69 ­– one of the greatest mobilizations of public resources and manpower in U.S. history. Musk’s ostensible aim is to colonise Mars; but his ultimate purpose is to extract future rents from billionaires ferried...

By T.Sabri Öncü & Ahmet Öncü This article first appeared in the Indian journal, Economic and Political Weekly on 18 April 2020. The authors’ contact details are at he foot of this article.Abstract Based on the German Currency Reform of 1948 and the “Modern Debt Jubilee” of Steve Keen, a globally coordinated orderly debt deleveraging mechanism is proposed to address the global debt overhang problem. Since the global debt overhang and lack of sufficient climate finance...

The following article appeared on The Correspondent’s website on 17 April, 2020 With acknowledgement to HiltonT for the image of the President Steyn Gold Mine in Welkom, Orange Free State. I was born and grew up in a dusty, sparsely populated gold mining town on the bare and vast ‘veld’ of the Orange Free State, South Africa. As a child, my town’s dependence on the extraction of gold at a price fixed in Washington, opened my eyes to the architecture of the international...

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...

This is the second of two posts on the current crisis by Professor Massimo Amato, of Bocconi University, Milan. The first, “Lessons to be learnt”, was posted on PRIME on 31st March A new institutional architecture must be thought of. First of all for Europe. Europe has always thought of itself as an experiment and as a process. Now the time has come to experiment with new paths, in view of a new structure after the crisis. In these days, people speak more and more...