Bring back Keynes… in the Guardian
Tuesday 30th September, 2008.
Anglo-American finance ministers and central bankers, like little Dutch boys, try desperately to plug leaks in the bursting dyke that is the international financial system. In the US, treasury secretary Hank Paulson hoped for $700bn to plug the gaping hole in Wall Street’s banks. In the UK, the government is not just plugging holes, but setting aside competition rules to encourage the monopolisation of finance.
Tags: Ann Pettifor, Central Banks, Financial Crisis, financial meltdown, Globalisation, Paulson plan, The Guardian
Welcome to my blog about the financial crisis. I'm Ann Pettifor, author and analyst of the global financial system, and co-author of the Green New Deal. I predicted an Anglo-American debt-deflationary crisis back in 2003, and am known for my work on sovereign debt and international finance, including Jubilee 2000. Currently a fellow of the
One Response to “Bring back Keynes… in the Guardian”
I’d be really useful if you could mention which policies you are talking about (the ones attributable to
Hayek or Friedman) and some reference or argument about how they are discredited.
In the article you seem to ignore the housing and share
market bubble. These bubbles seem to have happened because of “easy money”. It’s not obvious to me that this should be solved with more inflation
i.e. “easier money”.
Something is definitely wrong with the way interest rates are currently set. Instead of looking merely at consumer
prices, if the central banks looked at all prices it might help. They could also look directly at the level of debt. A gold standard (or fixed fiat
money) has a natural constraint and so it more naturally regulated. I would love to read about criticisms of the gold standard and Austrian
economics as this is what I am finding most palatable at the moment.
Comment By Steven Shaw on July 30th, 2010 at 7:11 pm
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