We had a server outage, and we're rebuilding the site. Some of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

65 Economists Call for QE for People in the Eurozone

by Stan Jourdan Tuesday, Dec. 22, 2015 at 2:44 AM
marc1seed@yahoo.com

The campaign for Quantitative Easing for People is currently supported by 21 organizations and aims to redirect money created through the QE program to the real economy by either financing public investment spending in the eurozone or by distributing a citizens' dividend to all residents

http://www.qe4people.eu/65_economists_support_qe_for_people

65 Economists Call for QE for People in the Eurozone
Posted by Stan Jourdan on December 03, 2015

While the European Central Bank is expected to announce more quantitative easing after its meeting today in Frankfurt, more than 65 economists have signed a statement of support for a new approach.

65-econmists-endorsement.png

Despite significant evidence that QE is not working, the European Central Bank's Governing Council is expected to decide today to extend and boost its QE program. At the same time, more than 65 economists are calling on the ECB to adopt a different approach and have signed up to the following statement arguing for QE for People:

1. Conventional QE does not work

Since it started in March, the eurozone QE program has not helped to rescue the eurozone economies from stagnation.
2. Conventional QE is risky and harmful

Flooding financial markets inflates share and bond prices, which makes the rich richer, but does little to help ordinary people and businesses. In fact, QE is helping fuel a new financial bubble, laying the foundation for another financial crisis.
3. A more direct approach is needed

Countries in the eurozone need to stimulate their economies without increasing public and private debt, without increasing inequality, and without creating bubbles.
4. QE for People is possible

Instead of flooding financial markets, money created through QE should be spent into the real economy, on essential public investment such as green infrastructure, affordable housing and/or distributed as a citizens’ dividend to all residents.
5. QE for People is urgently needed

Given the challenges facing the eurozone, we urge economists, civil society organisations, and people from across the eurozone to join us in calling on the ECB to implement QE for People as soon as possible.

The list of signatories (pdf) include several of the pioneers of this idea such as Professor Steve Keen, Professor David Graeber, and fund manager Eric Lonergan.
A better way for the ECB to achieve its mandate

“Such bold measures are much more likely to boost growth and economic activity, and ultimately make the ECB reach its inflation target than the current quantitative easing program” said Patrizio Lainà, former Economist at the Central Bank of Finland and currently researcher at University of Helsinki.

“In the past, monetary financing was dismissed by many because of the highly inflationary risk such policy entails. But right now such risk is close to zero. The effects of QE for People could be closely monitored by central banks – and adjusted if necessary” said Brian M Lucey, Professor of Finance.

In September, Mario Draghi made a statement in the European Parliament, arguing that the ECB had been part of discussion about these ideas, but legal aspects needed to be checked before the ECB could think about making of this policy tool.

"It may sound like a radical idea, but policymakers in Frankfurt and Brussels may soon realize they don’t have so many other options in their toolkits to prevent the euro area economy from sliding into stagnation. It is time to have a serious discussion about QE for People to address existing bottlenecks in terms of household debt, sluggish growth and high unemployment” said Constantin Gurdgiev, from Trinity College of Dublin.

The campaign for Quantitative Easing for People is currently supported by 21 organisations and aims to redirect money created through the QE programme to the real economy by either financing public investment spendings in the eurozone or by distributing a citizens' dividend to all residents in the eurozone.

In March 2015, 19 economists had already signed a letter to the Financial Times making a similar call. "Having 65 economists endorsing the idea is a huge milestone, but this is only the beginning. Our goal is to create a much bigger coalition with citizens, academics and civil society organisations" said Stan Jourdan, campaign coordinator.

• Citizens can join the movement for QE for People by signing up here.

• Economists can join the call by endorsing the campaign here.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy