I]nterest rates are, first and foremost, a distributional variablethat affects the income shares of various social groups. — Louis-Philippe Rochon & Mark Setterfield (2007) When I read about monetary policy, I have a rule of thumb. Every time I see the …
In 2023, following the economic upheavals of the Corona pandemic, the question of a coming financial crisis is once again becoming more urgent. There is now even talk of „polycrises“ that go far beyond the financial sphere. In a polycrisis, …
Introduction: Outside the Room On July 29 2020, in a sweltering Washington heatwave, a roomful of US congresspeople, most, but not all, masked against the rampant coronavirus, interrogated the virtually-present CEOs of four of the most highly market-valued companies on …
Im Jahr 2023 stellt sich nach den ökonomischen Verwerfungen der Corona-Pandemie die Frage einer kommenden Finanzkrise wieder eindringlicher. Man spricht nun sogar von »Polykrisen«, die weit über den Finanzbereich hinausgehen. In der Polykrise sind die diversen Schocks, die die ökonomischen, …
For a further explanation of the concept of capital, we refer to French philosopher François Laruelle, who, in his conception of non-philosophy, speaks of “unilateral duality”. He generally first assumes that two or more terms and their relations are always …
n+1 Die Telefonkonferenz am Dienstagabend, an der 18 Genossinnen und Genossen teilnahmen, begann mit dem Kommentar eines Genossen zu Nouriel Roubinis Buch Die große Katastrophe: Zehn Bedrohungen für unsere Zukunft und Strategien zum Überleben. Das Buch ist vielleicht das erste, …
I’ve been writing about inflation for the better part of three months. It’s been exhausting. Most of my time has been spent debunking misconceptions promoted by mainstream economists. Fortunately, I’m ready to move on. What’s interesting about inflation is not the fact that prices rise. …
The term “quantitative easing” (QE) describes measures taken by central banks, such as the permanent purchase of mostly long-term securities and government bonds, which are held by commercial banks, when interest rates are already at zero and an expansive monetary …
The fat years: CentralBanks and The Politics of Quantitative Easing
Die vergangene Finanzwoche (12.-19. März) stand ganz im Zeichen der Angst um das internationale Bankensystem: Zunächst kam der Konkurs der Silicon Valley Bank, einer kalifornischen Bank, die sich auf die Unterstützung von Start-ups und die Siliziumwirtschaft der neuen Technologien spezialisiert …
It is evident, when the system is viewed against the backdrop of the logic of financial capital in the context of the U.S. boom-bust-bailout economy alone, that it requires the ad hoc intervention of states and central banks for its …
Es zeigt sich, wenn man das System allein schon vor dem Hintergrund der Logik des finanziellen Kapitals im Rahmen der amerikanischen Boom-Bust-Bailout-Wirtschaft betrachtet, dass es für seinen Fortbestand der Ad-hoc-Interventionen der Staaten und Zentralbanken bedarf, wobei sich dieses Moment der …
Banks earn their money, among other things, by transferring debts to money capital, i.e. by endowing their solvency with means of payment covered by the legally secured power to incur debts, which in turn arises from the special nature of …