Ann Pettifor and the uncontrolled banking system


Published on Apr 25, 2012

Renegade Economist talk show with Ann Pettifor

Welcome to the 21st Century – The Crisis of Civilization


Nafeez Ahmed’s 2011 “Crisis of civilization” film  (80 minutes) brings together the emerging economical, political and environmental trends that are likely to shape our common future over the next few decades.  The main thrust of Nafeez Ahmed’s argument is that energy, environment, economic instability, food production, international militarisation, and terrorism cannot be viewed as separate issues.  They are implicitly interlinked and codependent.  An approach which provides the global context, demonstrated by David Malone’s illuminating analysis of the different interests behind the Syria conflict (see links listed below).

Ultimately, the global situation cannot be sustained using the current neoliberal model and we need a radically different approach.

Richard Heinberg of the Post Carbon Institute said of the film, “a really fantastic overview of the global situation. I don’t think I’ve seen a more comprehensive ‘welcome to the 21st century’.”

The Crisis of Civilization – Full Length Documentary Movie HD

Nafeez Mosaddeq Ahmed is Executive Director of the Institute for Policy Research and Development in London. He has taught international relations, contemporary history, empire and globalisation at the School of Global Studies, University of Sussex and the Politics & History Unit, Brunel University. His previous books include The War on Truth: Disinformation and the Anatomy of Terrorism (2005) and Behind the War on Terror: Western Secret Strategy and the Struggle for Iraq (2003).  This documentary is based on his book ‘A User’s Guide to the Crisis of Civilisation: And How to Save It’

Links on Syria:


Len McCluskey’s unreported speech – A working class politics for the 21st Century.


Len McCluskeys full lecture at the LSE on January 15th on video:

The Labour Movement and Protest – A working class politics for the 21st Century.

Re-posted from Tony Burke’s website ‘Power in a Union’

The full text of Len Mccluskey’s speech can be read in a previous post on the same website but it is well worth listening to the discussion following Len’s speech for his insights into the Occupy movement, on Ed Miliband, implementation of cuts by Labour councils, and his concerns about the training of candidates and organisers by the blairite  Progress movement within the Labour Party.  However, none of these insights or the main thrust of the speech were reported by the mainstream media.

Hopi Sen, whilst disagreeing with Len McCluskey’s position, writes:

Despite Unite’s size and influence, there were few big names from the Labour party in attendance and the speech has achieved little media coverage, not even making any of the endless lists of top British political stories.

Indeed, the only references to the speech I found on Google news were articles for Iran’s Press TV and the Belfast Telegraph. Perhaps this demonstrates Len McCluskey’s point about the exclusion of the representatives of the working class from British political life. The Trade Unions are still being treated like the “Mad Aunt in the Attic”.

Yet if I had to choose which discussion was likely to have a lasting practical impact on the direction of the Labour party over the next two years I’d make the Union leader’s speech the favourite. Why?

‘Why?’ is certainly a question that we should all be asking, not just of the Labour Party leadership but also the mainstream media.  The so-called ‘free press’ justifies its powerful position as contributing to democracy by keeping the public informed.  However, in this and in so many instances, it signally fails to do so.

Positive Money: How to Fix the Banking System (and make it less socially harmful)


The privatised creation of money by banks is at the root of debt, poverty, inequality, unaffordable housing. It makes our boom-and-bust economy completely unstable, and is also fueling the environmental and energy crisis.

Positive Money have spent the last couple of years thinking about how to address the biggest flaws in the banking system, and how to stop banks expanding the money supply recklessly. The ideas below are one way to do this. It’s certainly not the only way but Positive Money believe it is one of the best options currently on the table and would be a massive improvement over the banking and monetary system we have today.

Fix the Money System (part 1 of 3)

In this part:
3 key questions:
1. Who should create money? (00:24 min)
…separate the decisions over “How much money” and “What for” (04:02 min)
2. How much money should they create? (06:56 min)
…about inflation (09:20 min)
3. How should they use the money they created? (10:53 min)

Fix the Money System (part 2 of 3)

In this part:
About one of the ways how newly created money could be used – to reduce VAT.
How will new money be distributed to the economy (01:21 min)
How we will reduce the debt burden across the society (02:00 min)
– smooth transition to a healthy level of debt (04:03 min)
– how we could get rid of a lot of unproductive, socially harmful speculation (05:27 min)
This proposal is an update of 1844 Bank Charter Act (Robert Peel) (07:39min)
Lost government revenue to date £2.1 trillion (09:39 min)

Fix the Money System (part 3 of 3)

In this part:
The concerns about the reform proposal:
1. What about the Credit? (00:54 min)
2. We might lose the taxes from banks… the real contribution of banks, and who is really paying the taxes (03:57 min)
3. Wouldn’t the banks just leave? (07:03 min)

Draft legislation of the reform proposal (Bank of England Act)
3 steps:
1. Make banks ask your permission before lending your money (09:27 min)
2. Make them tell us how they’ll use our money (11:01 min)
3. …more here:

Benefits of reform (11:29 min):
– no more bailouts
– no more subsidies
– less poverty
– more jobs
– falling debt
– less inequality

A shorter 20 minute video is available: