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SUMMARY:Public Debt as a valuable asset for globalised finance - Ann Petti
 for    Guest Lecturer
DTSTART:20190123T160000Z
DTEND:20190123T170000Z
UID:TALK118468@talks.cam.ac.uk
CONTACT:Judith Dixon
DESCRIPTION:If we are to end global imbalances and high levels of inequali
 ty\, it will be essential to hold financial and corporate elites to accoun
 t\, and thereby to transform the economy.  As citizens\, we must underst
 and that this is possible\; that we have agency. As taxpayers we effective
 ly subsidise\, embolden and enrich Wall St and the City of London. We are 
 powerful enough to protect the rentiers of finance from the discipline of 
 market forces. Back in 2007-9 we had the immense power and almost infinite
  financial capacity to bail out the globalised banking system. It was a gr
 eat power deployed in our name\, but without our authority. Or even our kn
 owledge.  To effectively mobilise citizen power\, we must understand that
  public financial assets created and backed by our taxes – government de
 bt - promises to pay or bonds -  generate valuable rents for the finan
 ce sector.  They are income-generating assets fundamental to both the fun
 ctioning and health of the private financial system\, but also to the ac
 cumulation of wealth by financiers. They are assets that effortlessly yi
 eld income and leverage additional finance for big corporations and the 1%
LOCATION:Mill Lane Lecture Room 4
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