The production of money
How to break the power of the bankers
Ann Pettifor
Verso books

So what has happened since global capitalism was brought to the brink 10 years ago? A policy of cuts and slash and burn ensured which brought untold hardship on to many, especially those who had little beforehand. Whilst banks got bailed out and those with capital and large debt found a helping hand many people struggled to even find a hand out. Wars continued, climate change is causing havoc in certain areas of the global south and immigration increases. As people flee for their safety we have politicians blaming humans fleeing persecution as the cause of country’s ills. Not greed, as banks regain the wealth they once held. As the wealthy regain and increase their wealth. As we look at societies becoming economies first and foremost people are being left behind. The establishment have done a great job at reinforcing their stranglehold in the face of a dwindling economy 10 years ago. An economy mired in a heatwave that overheated as greed and finance was made available to all.

We look to protect a financial sector who’s “aim is not to minimize the cost of roads, electric power, transportation, water or education, but to maximize what can be charged as monopoly rent”. Is that where our priorities really need to be?

Pettifor puts things simply. A sound monetary system is one that lends our money to do productive things. Things that create employment and generate income. If banks aren’t under the burden of endless debt then there would never be a need for shortage of funds in society to provide education and infrastructure as these generate further income. Pretty simple really, but where have we gone wrong?? The answer is that monetary system looks after the interests of the few rather than the many.

I have one problem with this book. The information is so important that it requires re reading to make sure it stays in. No speed reading allowed here. Is that a gripe? Absolutely not, just me and my concentration, maybe yours is better. It all sounds so simple, we are told there is no money for infrastructure projects, or in Ireland’s case to fix the water system. This could assist with helping to curb global warming and other issues directly effecting the future of the planet we live on. However when banks needed to be bailed out money was found. Why is that? Invest in projects with people and you will have spending as a result, this will trickle through all aspects of the economy. Use it don’t lose it.

I tend to be fulsome in praise of art and culture I believe is deserving of such praise. My first foray into writing was a fanzine over 30 years ago, set up to encourage people to like what I liked. I have progressed slightly into now pushing things I view as important. Be that music, art or books. Much of it gets space on this blog but if there is one book this year I would push on everyone it is this. It opens up a new way of thinking and tries to make it mainstream. Speculate to accumulate in a way, don’t drag people down with austerity push them forward with relevant expenditure and choose what direction our societies will take. This is one of those vital things


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