The infrastructure age is here, and God does it come with empty promises of radical transformation ft.com/content/29d4b2… via @financialtimes
I blame the vacuousness of the neoliberal imagination - once the script of 'structural reform' doesn't serve any more, what do you do? Infrastructure. All roads lead to nowhere in financial capitalism.
to be clear, public investment in public infrastructure is necessary, and welcome.
I wish it went beyond roads into hospitals, public housing, public transport to definancialise infrastructure
better public infrastructure doesnt automatically change economic structures.
infrastructure policy is not industrial policy.

the Recovery and Resilience Facility has given politicians who know how to cut a lot of money they dont know how to spend.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Daniela Gabor

Daniela Gabor Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @DanielaGabor

21 Apr
the new exogenous money is exogenous transition shocks in the climate change debate.

fortunately, Bank of England cannot hide behind that rock because of their new climate mandate.
this captures well the fact that central bank action on climate = endogenous transition risks

ft.com/content/e5be56…
remember, Mark Carney's 'tragedy of the horizons' speech identified two main risks of climate crisis:
- physical risks (climate events)
- transition risks - from green policies to accelerate transition to low-carbon
Read 7 tweets
12 Apr
Ben is of course right - #WallStreetConsensus is a development paradigm invented for the Global South, but could easily travel up North to satisfy the portfolio glut's hunger for infrastructure assets.
'give us infrastructure assets!' clamour institutional investors, who wont tell you that partnerships with private finance means the de facto privatization of infrastructure - you have to pay for it to access it, otherwise where are those handsome cash flows gonna come from?
and a visual guide to how the Biden Infrastructure Plan according to BlackRock would look like, with a nod to @KatharinaPistor
Read 8 tweets
12 Apr
good morning to the Bank of England, who's showing us what a committed monetary financier looks like
and a reminder not all monetary financing is the same: this modern/new Keynesian entrenches weak framework for monetary-fiscal interactions, one that actively undermines both the rethink of fiscal rules, and fiscal support for the low-carbon transition.

osf.io/preprints/soca…
music, music to the (post-Keynesian/MMT) ear: the ultimate driver of government financing costs is the central bank.
Read 4 tweets
10 Apr
missed this, the spectre of austerity is haunting Europe, and its apostles include social-democratic voices that should know better - h/t @Europeripheral
here El Pais, newspaper closely associated with Spanish social-democrats (PSOE), writes an editorial that you'd be forgiven to suspect was dictated by German fiscal fundamentalists

- public debt as burden for future generations ✔️
- fiscal space independent of ECB ✔️ Image
- macrfinancially dangerous, economically illiterate Maastrich criteria ✔️✔️✔️ Image
Read 4 tweets
31 Mar
More than a laughing stock, we should read Germany's COVID19 failures as the consequence of its #schwarzenull ideology

ft.com/content/bc5a3b…
fax!!!
remember the fiscal austerians' bullshit about not borrowing, even when markets beg you, to protect the next generations?

This is how Germany treats its future generations - maybe Bill Gates has some laptops somewhere?
Read 5 tweets
29 Mar
my paper on the new Development as Derisking paradigm, or #WallStreetConsensus, or Washington Consensus updated for age of financial globalisation, is now out!

thanks to @BJMbraun @nssylla @squirrelista @NanCAlexander @clariscap @crystalsimeoni

onlinelibrary.wiley.com/doi/full/10.11…
it all started here, a life time ago, when evidence of the portfolio glut chasing development assets in the Global South was not so difficult to come by

Read 13 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!