Orthodox economists stand aloof from a crisis of their own making. Time for a public inquiry where they can be interrogated
Like millions of others I am outraged by the Libor scandal, by the wrongdoings of the "submitters" and other traders at Barclays Bank under Bob Diamond, and their fellow travellers at the British Bankers' Association. That is why I and my colleagues at Prime have launched a government e-petition calling for a judicial public inquiry into the wrongdoings of banks, and for the inquiry to have powers to summon witnesses and question them under oath.
But this scandal is just a symptom of a much bigger dysfunctional banking system, one that is staunchly upheld by the British establishment – many of whom have their heads firmly below the parapet. And it is a direct result of the flawed, mainstream economic theories on which the global, so-called free market in money has been built.
Above all, it is mainstream economists who are directly responsible for the financial crisis and who have brought our global financial system to this pass.Read it at The Guardian (UK)
Be angry at bankers, be angrier at economists
by Ann Pettifor
(h/t Kevin Fathi)
Ann rips 'em a new one. Bravo. Encore.