“…over the past few months the IMF has been sending warning signals about the state of the global economy. There are a bunch of different macroeconomic developments that signal we could be entering into another crisis or recession in the near future. One of those elements is the yield curve, which shows the difference between short-term and long-term borrowing rates. Investors and financial pundits of all sorts are concerned about this, because since 1950 every time the yield curve has flattened, the economy has tanked shortly thereafter.”
-Paul Sliker on Left Out Podcast
Ann Pettifor has a 160 page book that all serious people— organizers and activists, farmers, workers, intellectuals, teachers and students—should read; it’s called The Production of Money: How to Break the Power of the Bankers. At its core, the book’s guiding questions are: How does moneycurrently facilitate a despotic regime of finance and how can it facilitate, as a fiat currency, socially beneficial activity to set us on a better path toward Just Transition and equality?
The Production of Money emerges in a moment where larger movements are taking seriously the concepts of democratizing the economic sphere through initiatives such as public banking, Federal Jobs Guarantees, and the Solidarity Economy. This is a perfect book for the layperson (and latent activist) because it demystifies the currently authoritarian function of central and commercial banks in our world and how they have a stranglehold over our collective ability to address the massive global crises we face. Even more importantly, it presents a winning narrative about how we can begin to tackle financial oligarchy, climate chaos, inequality, and sexism precisely by framing a realistic horizon of dramatically better life conditions for ordinary people.
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