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Izabella Kaminska

Izabella Kaminska

Editor of the Financial Times’ Alphaville blog. Fights for the human.

Articles by Izabella Kaminska

Is capitalism broken? | Guy Standing, Izabella Kaminska, Jamie Whyte, and Steven King

May 10, 2020

Guy Standing, Jamie Whyte, Izabella Kaminska and Stephen King debate if we can save capitalism.
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It is just twenty-five years since Fukuyama’s claim, taken seriously at the time, that capitalism and liberal democracy had won, and represented the endpoint of cultural advance. Instead, after a decade of stagnation marked by extremes of wealth and opportunity, it seems that capitalism, far from being victorious, is fundamentally broken.
Is capitalism in need of reform, or is a more profound change required to create a fairer and more equal society? Or, despite its flaws, is capitalism still the only reliable driver of improved living standards

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The power of money, the 2008 crash, and the next economic crisis | Izabella Kaminska

April 25, 2020

Is the economy rigged against the working class, and is a new crash inevitable? Izabella Kaminska lifts the lid on the world of finance
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After the financial crisis in 2008, tigher regulations were imposed to curb bankers’ behaviour. But 12 years on, are the regulators now serving the bankers’ interests rather than ours? And as controls tighten on traditional currencies, is cryptocurrency becoming the new wild west? Izabella Kaminska shares her insights into the world of finance, and answers the critical questions: is the economy rigged against the working class, and is a new economic crisis inevitable?
In this new series of in-depth interviews, the IAI asks leading thinkers across philosophy, science, politics and the arts about

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Yup, negative rates were a really bad idea

February 17, 2016

It seemed so plausible. Break through the zero lower bound and ta dah! A new scale of economic stimulus can be engineered.
And yet, as the likes of us, Frances Coppola and even Downfall Hitler have been warning for a number of years, this was always a silly presumption because negative carry creates an entirely different incentive structure to that of a positive carry world.
Notably, it encourages predation, monopolisation, hoarding and in some cases, even contraction as opposed to growth.
As Coppola noted in 2013:

So, if – say – the ECB imposed negative interest rates on excess reserves in a world which is both risky and risk-averse, how would banks behave? I can’t see any reason at all why they would increase lending. They would be more likely to look for other “safe” investments as an alternative to parking deposits at the central bank. And they wouldn’t have far to look. The debt of countries like Germany, the US and the UK is explicitly backed by government guarantee just as central bank reserve accounts are. If the yield on these bonds were higher than the negative interest rate charged by the ECB, banks would purchase these with their surplus deposits. There might also be round-tripping from banks seeking to arbitrage the difference between sovereign debt yields and central bank negative interest rates.

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