Pettifor: “Private authority can’t fully be trusted to uphold contracts.”
Trust and compliance with regulation are not familiar virtues in the world of global finance according to Ann Pettifor. She explains for The Mint how that could plunge the world into crises beyond the merely financial.
Money is confusing says an economist.
The same economist says the private sector can’t be trusted, because “what we’ve seen happen is our monetary system is effectively controlled and, at times, looted by private interests.” And this is this is born out of politicians’ “extreme timidity” and “deep ignorance”. Meanwhile little has changed since the 2007 financial crash to rein in cavalier lending by the banks, s. So “we’re bound to have another crisis.”
Ann Pettifor is the economist. And she takes few prisoners when arguing her case. As The Mint is writing, the former economic advisor to Jeremy Corbin is on air at the BBC tearing a strip off Institute of Fiscal Studies’ director, Paul Johnson’s “utter nonsense” in not seeing that a revenue spur from public sector jobs was needed, not more austerity.
“the monetary system is confusing the populace and politicians alike”
Pettifor tells The Mint that the monetary system is confusing the populace and politicians alike and she has a “mission to explain.” And a fundamental premise that she says is not grasped, is that money is all about trust and that trust is being abused.