Ann Pettifor, internationally known expert on money and finance, will be in Seattle for a luncheon talk Tuesday, May 6, "Just Money - How Society Can Break the Despotic Power of Finance," which is also the title of her new book, which is not quite out in print, but you can get e-versions via PRIME. Print copies will also be available at the talk, for signing.
Dr. Pettifor's visit is extremely timely in light of the Bank of England's recent paper "Money Creation in the Modern Economy," and its endorsement of endogenous money creation, The BOE reiterated the conclusion of an IMF paper last year, that the deposit multiplier version of money creation, as taught in most texts, is "a myth." The video on the link to Ann's IDEAeconomics page will be instructive to economists of all training. Admission is being handled through Brown Paper Tickets.
Ann is a fellow of the new economics foundation, (nef) London where she dedicated three years to studying the post-Bretton Woods financial architecture. This led to the publication of the Real World Economic Outlook (2003). Then, in 2006, her book The Coming First World Debt Crisis (Palgrave) warned that rich countries were heading for a debt crisis that would overshadow anything seen in the developing world. Both were ridiculed. She also co-authored nef's the Green New Deal, published in July, 2008 and updated as The Cuts Won't Work in December, 2009. Before that Ann led a global advocacy effort aimed at the Paris Club, the World Bank and IMF to have the unpayable debts of the poorest countries written off. As a result, and with the support of leaders ranging from PM Tony Blair, Chancellor Gerhard Schröder to Presidents Clinton and George Bush - more than $100 billion of debt was acknowledged as unpayable, and written off for 35 of the lowest income countries.