this is full on war - the Minister now listing how the Central Bank makes decisions about interest rates
by asking the main financial actors - the famous bond vigilantes - their expected interest rate path.
Where, he asks, are the rest of Colombians? Why aren't they consulted?
The Minister points out that the Banco de la Republica is deliberately destroying demand/growth in order to fight (future) inflationary pressures.
And implying that this is more than uber hawkish monetary policy, but deliberately trying to shape the election against progressive forces
for those of us who study central banks this is remarkable:
we are no longer in the world where Ministries of Finance accept quietly the distributional politics of neoliberal central bank independence
I'm in a conference on monetary policy in Colombia, where there is an open fight between the Ministry of Finance and the central bank, which has increased rates massively (in the run up to election),
and the Minister of Finance is giving a presentation on monetary policy.
and a good read on why the winner is of the same cloth, if a bit more European on the edges
biljanavankovska.substack.com/p/the-hungar...
a very overdue good riddance to this zionist neofascist.
Blockade of the blockade, it would be funny except the disastrous shortages and shocks unleashed on the world
www.ft.com/content/49fb...
this is exciting!
Also, why is the Labour government still allowing the US to bomb Iran from UK airbases, and how will it explain its participation in war crimes?
Well, the country that financed one genocide is now threatening another, who'd have thought.
Ha, bopping is a wonderful play here ! bop the bop ignorants
When the posters narrow the policy choices to 'work more or pay more for your state pension' instead of, I don't know, tax differently? Or a new social contract w green public abundant and lower state pensions?
Started so well, to finish with 'investible energy' - European elites again structurally unable to understand that we cannot survive in the brave new world with green dersiking
In the age of petrowars, green public mobility from the Big Green State
climate politics is dead (they say), long live decarbonised sovereignty
www.tandfonline.com/doi/full/10....
If so, Europe must abandon the omnibus deregulatory onslaught and instead resuscitate its ability to plan the damn green transition
remarkable how every investor in this FT piece basically says:
a state that heavily controls capital, with a central bank subordinated to government priorities, is a safer heaven in the new geopolitical reality of petrowars
www.ft.com/content/7221...
Speaking of USD hegemony, some of us have worried for a while that Trump won't allow the US Federal Reserve to exercise its global dollar lender of last resort function.
The downside is flight out of US Treasuries.
1. Germany already said the war is illegal.
2. US now threatening "complete obliteration" of Iran's energy system and, maybe, of desalination plants – i.e., war crimes.
3. Reminder: The war is conducted from Ramstein, Germany: "the nerve center of America’s operations against Iran".
What gives?
we are in the kinds of times where a strong government could easily justify such measures, bypassing political opposition and entrenched capital interests
bsky.app/profile/cmmo...
yeap
bsky.app/profile/lale...
every crisis intensifies distributional struggles - fossil capital already hiking prices a la @isabellamweber.bsky.social
if we are not careful, this crisis too will mean gigantic distributional gains for capitalists, via higher public debt that will strangle our collective ability to transform
indians are livid...(this is cover of leading magazine)
American global standing was already down after Trump's tariff war and security threats. It will now collapse as the US creates insecurity and scarcity for both rich and poor countries.
It may be our chance to rebuild the transfirmative state - to respond to crises with orderly transformations.
We'll soon need price controls, shortage management systems, other crisis interventions tools.
A global crisis of finance can be status-quo managed by central banks, this is not one.
USD 200 a barril is the kind of carbon shock therapy that will have devastating social and economic effects across the world.
Yes over long run it may shift us faster to public renewable but till then there's a lot of short term pain
bsky.app/profile/bloo...
Ahem at this point we have about one European leader that is actively trying to stop the disaster that's around the corner.
Trying to not despair at what's coming, I entertain the thought that this an absurd Ionescu play where Trump is trying new ways to get the Fed to lower rates.
