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Daniela Gabor Profile picture
@DanielaGabor
Sep 27, 2020 • 5 tweets • 2 min read • Read on X
when Bank of England finds the (many) holes in the Volcker rule, and doesnt hold back so we can all recall how powerful US finance lobby is
h/t @izakaminska Image
a reminder that the European Commission went down the same route when it dropped its structural reform of banking initiatives Image
good morning chart crimes, as PTFs (automated trading) firms may or may not be large players in the gilt market Image
when (a) banks complain 'regulations is constraining our balance sheet' &
(b) regulators congratulate themselves for reining in shadow banking

show them graph below: banks financing hedge fund leverage via repos. Image
a lot more on proprietary trading in market-based finance here
bankofengland.co.uk/-/media/boe/fi…

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More from @DanielaGabor

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
Daniela Gabor Profile picture
Apr 16, 2024
Two amazing Global South progressives and a Nobel prize winner walk into an Oxfam panel on post-neoliberalism Image
Stiglitz: w neoliberalism, the growth of financial markets changed the political game tremendously
Lula 's special advisor @AAbdenur - clear mismatch - Global North openly exposing industrial policy but pushing IMF/World Bank to continue with austerity and partnerships for hyper-financialisation
Read 12 tweets

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