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I was invited onto BBC2′s Daily Politics Show on March 13, to participate on a panel about economic recovery and the British Chamber of Commerce Annual Conference. We discussed not relying on fiscal policy to raise funding for investment, and making the Bank of England work for the real economy and not the City of London.
[Originally published on the blog for the Centre for Labour and Social Studies.] Ed Davey’s announcement (on behalf of the government) on the eve of the Budget was a little breathless. All agog, he painted a picture to the BBC of cabinet ministers listening gratefully and with relief to the chancellor’s announcement at cabinet that morning. The Treasury plans to cut £2.5bn of current spending from several government departments – and transfer the money to another pot, for investment in infrastructure (probably housing). This week, I was interviewed by Union Solidarity International, a UK and Irish trade union group. We discussed the sovereign debt crisis and how to get out of it. I argued that in addition to bankruptcies and debt write downs, we need labor intensive investment in infrastructure to grow the economy and protect the environment. Watch the entire interview below:
Welcome to my latest PRIME publication, The power to create money out of thin air. At first sight, this is a long-delayed review of Geoffrey Ingham’s book, Capitalism (Polity Press, first published 2008). However like all the best reviews, it has become a hook on which to hang discussion of the author’s contemporary pet themes. Here, these include primarily, capitalism’s ‘elastic production of money’. However, I also take the opportunity of explaining why misunderstanding about the creation of money out of thin air is so widespread, and why orthodox economists are mainly responsible for the confusion. Continue reading… ›
(Photo source: The Guardian) After my commentary on the Guardian last Wednesday, I expanded my ideas about the Autumn Statement in a piece published on the Huffington Post. Read the original here.
(Photo source: The Guardian) After the Autumn Statement last Wednesday, I was invited by the Guardian to critique it on an experts panel in its Comment is Free section. I discussed how George Osborne’s speech on the economy showed the defeatism of Britain’s political class. Read the original here.
(Photo source: The Economist) On November 28, I was interviewed by Jeremy Kuper, the editor of the online business magazine Gateway to Africa. We spoke about African economics, bull markets and whether the boom can be sustained. Click here to read the original.
(Photo Source: the Telegraph) In response to yesterday’s news of Mark Carney being appointed the new governor of the Bank of England, I wrote the following piece for the Guardian’s Comment is Free section, published on November 26. I argue that George Osborne’s choice for governor of the Bank of England will do nothing to prevent the next collapse of the financial system. The original article can be read here. Today the chancellor confirmed that there will be no real change at the Bank of England. There will be no change to the Treasury and Bank of England’s obsession with inflation targeting and “price stability”. Above all, he confirmed that there will be no reining-in of the banks; that banks will not be re-structured – to separate the retail and investment arms, and ensure that banks are no longer too big to fail.
(Photo Source: argentinaindependent.com) Posted below is a piece I wrote for Open Democracy, published on November 26. The original post can be read here: In the struggle between Argentina and a “vulture fund”, a New York judge has sided with the vultures. It’s a move that could have significant consequences in Europe. Public pressure may yet force a turning point: the introduction of an agreed process for sovereign default. Continue reading… ›
The PRIME briefing I co-wrote with Douglas Coe, titled “The IMF and the end of austerity” was recently featured on the Guardian’s Ripped-off Britons blog. To recap, the briefing sets out the issues, including the implications of the new IMF analysis of multipliers, as well as the UK Treasury assumptions which are now heavily questioned. |
In the September 2003 edition of openDemocracy I wrote: 
Click here to read the full story in openDemocracy BOOKS:
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