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Ann Pettifor’s blog about the Global Financial Crisis

Linked on our blogs wit New Economics Foundation NEF , and with Ann Pettifor – England.

  • Welcome to my blog about the financial crisis. I’m Ann Pettifor, author and analyst of the global financial system, and co-author of the Green New Deal. I predicted an Anglo-American debt-deflationary crisis back in 2003, and am known for my work on sovereign debt and international finance, including Jubilee 2000.
  • Currently a fellow of the new economics foundation and director of Advocacy International (Welcome on the Homepage’s right column).

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Contact Ann.

She writes on her blog:

- Debts and deficits, stocks and flows, December 6, 2009: Most economists (who should know better) confuse the government’s budget deficit with total government debt. The distinction really is important. Mixing them up is a little like confusing stocks and flows.  Or confusing your outstanding mortgage – say £200,000 – with your monthly debt repayments. They are quite different things, and if you were to lose your job, the flows (paid with your salary) come to a halt, and then it’s the stock – the £200,000 – that really matters … (full text).

- Cuts could increase the deficit, December 6, 2009:  The Observer asked a small group of people to comment in advance of next Wednesday’s Pre-Budget Report. This from yours truly: “Public debt will rise higher if government slashes spending, and recovery will elude us. Unemployment has high costs, but productive government spending, unlike private spending, pays for itself by creating jobs that generate tax revenues and cut welfare benefits … (full text).

- Faux optimism & flawed economics, December 1st, 2009: There was much huffing and puffing by the cheerleaders for premature economic recovery when the Office for National Statistics revealed that the UK was still in recession last week. These same ‘pied pipers’ tried to discredit the ONS’s previous factual announcements. Now the CBI has reported an ‘unexpected’ dip in sales in the service sector and then there was a ’surprise’ dip in manufacturing during November … (full text).

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