This blog is the second part (now of three) where I discuss how the international institutional framework has to be reformed to serve a progressive agenda where rich countries (and the elites within them) do not plunder then pillory poor countries. In this blog I detail why we should dissolve the World Bank, the OECD, and the BIS, all of which have become so sullied by neo-liberal Groupthink that they are not only dysfunctional in terms of their original charter but downright dangerous to the prosperity and freedoms of people. The third part will consider what a new international institution might look like and the role it can play in aiding poor nations, particularly those who are reliant on imported food and energy. We will also discuss reforming the foreign aid system…Bill Mitchell – billy blog
Reforming the international institutional framework – Part 2
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Or maybe foreign USD zombies can just do like Iran and take hostages and demand plane loads of USDs as ransoms...
ReplyDeleteCompletely off topic: I've been blocked from seeing the Peterson Institute's tweets.
ReplyDeleteConclusion: I must be doing something right....:-)
Ralph what is with BOE Carney he speaks with a North American accent? Not from UK?
ReplyDeleteMark Carney is Canadian and Harvard educated.
ReplyDeleteCarney recently spoke of allowing non-bank accounts at the BoE.
ReplyDeleteSo it looks like an alternative payment system to the one that must work through banks is inevitable. Once everyone may have accounts at their respective central bank*, the banks will no longer hold the economy hostage and further deprivileging them can proceed.
*and government-provided deposit insurance abolished too.
Andrew Anderson,
ReplyDeleteThat's why Positive Money is keen on those "central bank accounts for all". Those accounts would be run on a block-chain system.
And this is a good talk on that subject by Dirk Nielpelt (Bern University). Don't be put off by the poor sound in the first minute: it improves after a short while:
http://video.cfainstitute.org/services/player/bcpid3577743869001?bckey=AQ~~,AAABE5oc3_E~,Leu10fA0D1sc9Dh9wz3oyrstQJ-PkzpJ&bctid=4978800083001
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ReplyDeleteRalph,
ReplyDeleteWhy the heck should the Swiss National Bank (the Swiss central bank) lend to commercial banks?!
Sounds like more welfare for banks and the rich, the most so-called creditworthy. Let commercial banks borrow from the citizens from the citizens' accounts at the central bank itself and let all fiat creation by the central bank be for the monetary sovereign ONLY!
This isn't moral rocket science, is it?
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