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Daniela Gabor Profile picture
@DanielaGabor
May 7, 2020 • 3 tweets • 2 min read • Read on X
good morning from @bankofengland with a reminder we still live in financial capitalism, and we wouldnt be without central bank bailouts in March.
ah, fond memories of 'what leverage in pension funds? there are patient investors' talking points from the industry #shadowbanking Image
maybe @bankofengland can do @bundesbank a favour and translate this picture of runs on government bond markets into German, so they can in turn send it to #BVerfG Image

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More from @DanielaGabor

Daniela Gabor Profile picture
Dec 11
Jay Powell/ Fed have quietly caved to Trump. US central bank independence is now a smokescreen.

not because the Fed lowered interest rates yesterday, as Trump demanded.

Less publicised, but more important, is the Fed decision to purchase USD 40bn of Treasury bills monthly. Image
The Fed calls this Reserve Management Purchases but it's central bank support for government debt (and for Trump's policies more broadly), a form of monetary-fiscal coordination pervasive in the age of fiscal dominance after WW2.
How much is USD 40bn? Recall the recent hype around stablecoin issuers - the companies that Bessent claimed would strengthen US Treasury demand.

These bought USD 40 bn Treasuries over June 2024-June 2025. The Fed would buy in a month what Tether + Circle buy in a year.
Read 8 tweets
Daniela Gabor Profile picture
Nov 24
well @ZackPolanski is correct - Bank of England is a public institution.
what it does with government debt it holds is a POLITICAL choice.

it can choose to hold gilts, to sell them, to buy more.
these decisions are informed by economic theories that are profoundly ideological.
Rentoul doesnt know it but his 'good grief' reflects a monetarist choice of Bank - government relationship.

popularised by Milton Fridman, monetarism wants central banks FULLY independent from democratic decisions.

before 2008, this divorce was fully operational
the monetarist divorce unravelled during the 2008 global financial crisis.
central banks HAD TO buy government bonds and stabilise the financial system because these bonds are the arteries of modern finance, without them, booom.
Read 5 tweets
Daniela Gabor Profile picture
Oct 17, 2024
#WallStreetConsensus & its failure to mobilise trillions in @FT

4 things missing:
a) hegemonic dominance of 'mobilising private finance' in development/climate
b) asking why hegemony
c) mushrooming scaling up initiatives
d) do we want success?

ft.com/content/481dc5…
a) Mobilising private finance remains global game - (Bridgetown, Biodiversity COP16, 4th Financing for Development conf) & national game (UK Labour gov, Brazil/Colombia/Chile decarbonisation).
*The world's most powerful political narrative that doesnt deliver
b) hegemonic not (just) because Big Finance is powerful, but postneoliberal, transformative state cant get rid of neoliberal macro - independent central bank dominating fiscal.

without macroinstitutional change- How do we pay for transformation- only one answer: private finance
Read 7 tweets
Daniela Gabor Profile picture
Sep 29, 2024
this is what financial capitalism looks like -

when Big Finance occupies the state and takes over the social contract, nurses struggle, grandparents struggle, parents struggle, renters struggle, private equity flourishes.
Institutionally owned nursing homes:

Institutionally owned agro

Read 6 tweets
Daniela Gabor Profile picture
Sep 9, 2024
what Draghi's report on Europe's competitiveness tells us about political economy of post-neoliberalism

1. The good:
kills neoliberal industrial policy = innovation policy while 'infant industries' is back, baby!
Image
no punches pulled on the Commission's Net Zero Industrial Act, the 2022 attempt to respond to Biden's Inflation Reduction Act with a lot of derisking talk but no money (ahem, European Sovereignty Fund) Image
Climate policy is industrial policy, and the other way around.

An important reminder that EU's climate policy was once ambitious, state-driven decarbonisation. Image
Read 10 tweets
Daniela Gabor Profile picture
Aug 23, 2024
Brian Deese w new #WallStreetConsensus proposal: Climate Marshall Plan & its derisking arm, Clean Energy Finance Authority.

Not old Marshall Plan 90% financed with US grants, but a derisking project, counterpoint to China's BRI & cleantech dominance

foreignaffairs.com/united-states/…
the Clean Energy Finance Authority would subsidize foreign demand for US cleantech - or derisk BlackRock renewable assets in say, Kenya with subsidies/guarantees. Image
nothing in this proposal from a top Kamala Harris advisor suggests US should enable technology transfers to countries wishing to pursue their own domestic cleantech capabilities.

in #WallStreetConsensus, Global South are consumers of American cleantech, with American dollars.
Read 7 tweets

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