{"id":40776,"date":"2018-11-21T07:51:28","date_gmt":"2018-11-21T12:51:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40776"},"modified":"2018-11-21T07:51:28","modified_gmt":"2018-11-21T12:51:28","slug":"ann-pettifor-if-i-governed-the-bank-of-england-heres-what-i-do","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40776","title":{"rendered":"Ann Pettifor: If I governed the Bank of England, here\u2019s what I do"},"content":{"rendered":"

Ann Pettifor: If I governed the Bank of England, here\u2019s what I do<\/a><\/h3>\n

The radical economist outlines how she’d overhaul the UK’s broken economy.<\/strong><\/p>\n

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\"\"<\/b><\/span>If such an implausible appointment were ever to be made by a Labour chancellor, I would regard it as a great honour. The Bank of England stands at the pinnacle of Britain\u2019s monetary system, which I regard as one of Britain\u2019s great public goods. It is as vital to our economic health as the sanitation system is to public health. The development of the monetary system and the founding of the Bank of England in 1694 represented \u2013 despite all its flaws \u2013 a great civilisational advance. As the \u00a31,000 billion bailout of the banking sector in 2007-9 proved, thanks to our monetary system, there need never be a shortage of money. We need never lack the money for all that society regards as vital to economic, social, political and ecological stability. I write that with feeling, having worked in countries that lack a developed monetary system, and therefore have no money. <\/span><\/p>\n

The Bank of England, explained the governor Mark Carney recently, is \u2018the only game in town\u2019. The bank\u2019s power \u2013 or at least the power of its civil servants and monetary policy committee members \u2013 was greatly enhanced during the Blair government. Under Gordon Brown\u2019s watch one of the most important economic tools available to any government \u2013 the power to determine the rate of interest (bank rate) \u2013 was delegated to a committee of unelected men (and the occasional woman) at the Bank of England. Brown made clear in 1997 that the monetary policy committee was expected to wield this great power independently of parliament\u2019s scrutiny.<\/span><\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ann Pettifor: If I governed the Bank of England, here\u2019s what I do The radical economist outlines how she’d overhaul the UK’s broken economy. If such an implausible appointment were ever to be made by a Labour chancellor, I would regard it as a great honour. The Bank of England stands at the pinnacle of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[23140,40,56,93,122,995,16940,2080],"class_list":["post-40776","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ann-pettifor","tag-austerity","tag-bank-of-england","tag-britain","tag-central-bank","tag-mark-carney","tag-red-pepper","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40776"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40776\/revisions"}],"predecessor-version":[{"id":40777,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40776\/revisions\/40777"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}