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Daniela Gabor Profile picture
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13 Jul, 4 tweets, 2 min read
Larry Fink complaining that IMF/WB havent embraced derisking as development/Wall Street Consensus sufficiently - and not anywhere, but at the G20 meeting.
Development as Derisking, as if the subprime moment never happened. Image
even starker call for MDBs/IMF to derisk 'development' asset classes for private investors

this is what development looks like in the age of asset management - cc @adribuller @BJMbraun Image
@adribuller @BJMbraun and a reminder that BlackRock wont tell you, but Wall Street Consensus is not just about MDBs/blended finance -

it brings about the derisking state, guaranteeing returns for private investors, not public goods for its citizens

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More from @DanielaGabor

Daniela Gabor Profile picture
16 Jul
It wont surprise many that the House of Lords inquiry into QE did not produce a Radcliffe Report - but is more hawkish than I expected.

ft.com/content/60d239…
first, it's somehow concluded that QE may be inflationary, while simultaneously calling @bankofengland to clarify how QE generates inflation ImageImage
@bankofengland 'slaves to which defunct (monetary) economists?' via quick word count in 68 pages report:

* 'inflation' x ≈ 200 times
* 'money supply' x 1
* 'fiscal' x 60
* 'coordination' fiscal&monetary x 2
* 'market liquidity' x 4

Milton alive in spirit, if not theoretical essence
Read 12 tweets
Daniela Gabor Profile picture
13 Jul
Spain's Social Democrats asking Cuba to push on with 'structural reform' as if:
1. we dont know how that went in Europe
2. it's not the very pro-market reforms that are fomenting inequality and social tensions against background of tighter US blockade
Under Diaz-Canel, Cuba has implemented gradual but substantive Washington Consensus:
weakened social safety net (la libreta, comedores en empresas), pushed price liberalisation, unified currencies, allowed more private sector activity, prioritised foreign currency shops
some of these measures make sense if you're living under the mother of all balance of payment constraints.

but we know from Eastern Europe that such measures exacerbate inequality dramatically.

pretending otherwise is silly, especially from 'progressive' politicians
Read 5 tweets
Daniela Gabor Profile picture
8 Jul
cannot decide whether @ecb 2% tinkering is a distraction or a massive Trojan Horse for normalising targeting spreads and other innovative crisis policies
10 minutes into this press conference, and all we're debating is what happens around 2%

finally - decarbonise and you shall have inflation @Lagarde ?
Read 8 tweets
Daniela Gabor Profile picture
8 Jul
it's shocking that @ecb Strategy Review says nothing about fiscal-monetary interactions, when ECB has bought basically all sovvies issued by Euroarea countries since the pandemic
yes @Lagarde mentions macrofinancial linkages, but there is nothing in the text that points to the critical role that sovereign yields play in those linkages
great minds etc.

Read 4 tweets
Daniela Gabor Profile picture
8 Jul
so @ecb new climate strategy is out, and it's letting down those of us who expected an ambitious approach.
in my view, far less ambitious than Bank of England's.
1. ECB chose a 'risk framework' that emphasises risks that climate crisis poses to private finance, not the ways in which dirty lending accelerates climate crisis

ECB wastes chance to support Commission in its double materiality efforts.
private finance will be happy
2. ECB conceives transition risks - those risks to private finance from policies to address climate crisis - as entirely fiscal policy related (carbon prices)

but what about transition risks stemming from ECB decisions to decarbonise collateral & corporate bond purchases?
Read 19 tweets
Daniela Gabor Profile picture
5 Jul
it's year of the Lord 2021, and tenured US economics professors think it's ok to imagine a neoliberal university where non-whites would be paid less. Image
perhaps Tyler Cowen should give up his tenure now and compete for students, he's got an exciting time ahead as a preacher of precarity Image
upps, some dissatisfied customers Image
Read 5 tweets

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