oh look @nssylla , Macron, Rutte and Macky Sall peddling the WallStreetConsensus in the Guardian and #COP27
would be good to know how much of official aid from France and Netherlands is diverted from grants to derisking Global North investments into climate asset classes in the South
fascinating how the Development as Derisking paradigm is reluctant to speak its name, codified instead in 'partnerships' w 'private financiers and donors'
three heads of state arguing that solution to climate crisis in Africa is, paragraph after paragraph, Maximising Private Finance;
not maximising state investment, public green mobility, green industrialisation or Global North regulation of greenwashing
before 2008, mainstream macro guys declared victory in the decades-old 'art vs science' debate on monetary policy.
We were living, they told us, in the New Keynesian world of scientific monetary policy. The triumph of scientific inflation-targeting regimes.
For past two weeks, I predicted the Bank of England would have to U-turn on its aggressive QT policy of selling gilts.
Today, after vigorous denials, we have a U-turn - a timing that confirms Bailey now dictates the broad direction of fiscal policy ft.com/content/92a0de…
as I wrote last year, monetary dominance (monetarism, then inflation targeting) under market-based finance does entail prudential interventions in bond/gilt markets, but it concentrates institutional power in the central bank.
what we have seen in the UK over the past 3 weeks was a fiscal authority decided to overturn that institutional hierarchy, but with such outrageous class politics that nobody could get behind it.
and not the first time - basically Europe's top diplomat only likes people his age and colour, his stale neocolonial politics. politico.eu/article/josep-…