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Daniela Gabor Profile picture
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2 Jan, 6 tweets, 2 min read
hard to believe, but in the late 1940s, CDU, the party that gave Europe 'Schwarze null' and Schauble objected to central bank independence

instead it wanted 'an absolute coordination of policy between the central bank and the future state' (Mee 2019)
ahem, JC Trichet
The 1950 Bundesbank Law debate equated central bank independence with 'state within a state', capable of sacrificing employment for sound money. Familiar eh?
German take on the politics of central bank independence, 1950.
how do you say 'an overcooled icebox' in German, and which central bank governor today deserves this label?
ha! Bundesbank's most important ally, then and now: the German saver

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More from @DanielaGabor

Daniela Gabor Profile picture
31 Dec 20
This is clearly missing an 'Empire of Repo' book.
Empire of Repo: monetary plumbing in the age(s) of financial globalisation.
US version, with a bit more ooomph:

Empire of Repo

The Plumbers that changed the World of Finance.
Read 14 tweets
Daniela Gabor Profile picture
24 Dec 20
In his Macron Doctrine, @EmmanuelMacron promised a post-colonial, post-financialisation Afro-European Axis.

Yet, @nssylla & I show, in Africa, France pushes a 'development as derisking' paradigm that financialises development & privatises public goods.

geopolitique.eu/en/2020/12/23/…
The #WallStreetConsensus is a new paradigm that frames development as a question of 'producing bankable projects' that can attract institutional investors.

Development asset classes = privatisation of social and physical infrastructure via PPPs.
But 'Development as Derisking' is not just about privatization. It rather seeks to transform the state, to reduce statecraft to derisking investments for global financiers. A bankable project is one where the state commits to put a safety net under investors.
Read 13 tweets
Daniela Gabor Profile picture
19 Dec 20
Wow we are badly governed.
We are badly governed: shit macroeconomic policies (we've maxed out the credit card), shit health policies (COVID19 is taking a Xmas break), shit Brexit (Dover truck queues) and shit climate policies (COP26 greenwashing coming your way next year)
And for those who can't do sarcasm at this joyful juncture, no there is no credit card except in the warped minds of the clowns in power
Read 5 tweets
Daniela Gabor Profile picture
17 Dec 20
how did I miss this - Blackrock, advisor to the European Commission on greening European banks, holds 20% in FTI - a US lobby firm for fossil fuels, with some seriously aggressive tactics.
oh hello today's 'greenwashing, an ESG love-story' Image
'the world is marvellous, Blackrock edition':

you design an ESG framework for your friends at the Independent Petroleum Association, and then you use it to advise the European Commission on ESG-ing European banks.
Read 4 tweets
Daniela Gabor Profile picture
17 Dec 20
morning wow moment: Uruguay of Mujica and Tabare Vazquez, utopia of the leftists disappointed with Nicaragua and Venezuela, was a staunch promoter of PPPs in health, education, prisons, roads ImageImage
fascinating, a 'left PPP' framework:

1. ceiling on state risk-proofing private investors (no all you can have demand derisking we see in African countries.)

direct and contingent transfers to private sector below 7% GDP, yearly compensation below 0.5% GDP. Image
2. Accountability mechanism: fiscal transfers to PPP operators and investors must be reported to Parliament.
Read 4 tweets
Daniela Gabor Profile picture
25 Nov 20
imagine you're a powerful hedge fund owner, powerful enough to count a Chancellor of the Exchequer as former employee.
But your daily job of counting the billions is not fullfilling enough.
you want to do good.
not by moving your hedge fund from an offshore haven so you pay proper taxes, but by helping those in need, your way.
Philanthropy, you believe, is far more effective than government interventions, because you have control over it.
so you set up a hedge fund that doubles down as NGO in the Global South.
you choose your target underprivileged group carefully, those glossy brochures need the right smiles to melt down philanthropic hearts.
Read 9 tweets

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