Archive for April, 2009

Obama and Brown scuppered by a ‘King’

Posted by Ann Pettifor 1st April, 2009

The President and the Prime Minister have been scuppered by a ‘King.’

Last week, the governor of the Bank of England, Mervyn King, an unelected and unaccountable public servant, intervened in the global political process set in train by the G20.

By doing so, he scuppered plans laid by Prime Minister Gordon Brown and President Obama to reflate the global economy. They planned to do this by ensuring that government spending filled the vacuum created by the collapse of private sector spending — and to protect and create jobs.

Without this stimulus we can be certain that the global economy will continue to contract. The ILO predicts that job losses in 2009 will rise to 52 million, 38 million more than in 2008.

Read post »


Challenging the dogma of ‘yesterday’s men’.

Huffington Post blog by Ann Pettifor  29 March, 2009

As I’m sure he expected, President Lula’s “blue-eyed Banker” comment caused an international uproar. But Lula’s  point was beautifully illustrated Friday as the CEOs of the major U.S. banks  – ‘yesterday’s men’ – emerged from the White House after being “wooed” by the President.

The New York Times called Lula’s comment “…international Lunacy”. But if white bankers and economists have angered US citizens and roiled Congress, we should have the humility to understand how much more they have angered people in far-away countries – suffering collateral damage from the crises in the US, Europe and Japan.  Crises for which they have no responsibility.
For years the leaders of countries in these regions were lectured by white, largely Chicago-trained economists on how to run their economies.  The same economists that encouraged de-regulated bank lending in the US, that reviled government intervention, and that encouraged the growth of e.g. AIG’s reckless build-up of liabilities – spread their dogma to poor countries.

Read post »


Newer Entries
"));