What are central banks for? How should they be governed? What is their role in the 21st century? The recent German Constitutional Court decision has forced all these issue to the forefront of political debate. As I lay out, at length, in…

‘We are living through the first economic crisis of the Anthropocene’ At the spring meeting of the IMF this April, Managing Director Kristalina Georgieva referred to our current situation as a “crisis like no other”. In this…

The scale, pace and extent of central bank action in response to the  COVID-19 crisis has been spectacular. It dwarfs that which followed the financial crisis of 2008.  In this piece in the Guardian, I sketched a first analysis of…

On Tuesday 31 March the Fed added another weapon to its arsenal in the struggle to maintain global dollar liquidity and stability in key US financial markets. It announced a repo facility to allow foreign central banks to use their…

It has been another week in which economic history has been made. On the heels of the trade wars and the mounting geopolitical tension between the US and China that marked 2017-2019, the shock to the dollar-based global financial system…

In the last two weeks, as the financial markets have reacted to the corona shutdowns, one of the most alarming features of the panic has been a rush into cash dollars or the closest possible substitutes, which are ultra-short-term Treasury…

The Félix Vallotton show at the Met is a bit of revelation. It is still on until 26 January. If in NYC check it out.As Julian Barnes lays out in the Guardian, Vallotton (1865-1925) is far less well known than he deserves to be. But who…

Yesterday we visited just half a block of the galleries between 10th and 11th on West 24th. If you are into Richard Serra, visit the fantastic exhibition of glowing deep black “prints” at Gemini GEL at Joni Moisant WeylAt the gallery see…

I’ve found myself in a bit of an argument with Germany’s Bundesbank about the possibilities of harnessing central bank to the cause of climate change mitigation. The exchange started with a piece in Foreign Policy this summer.…

To be made the object of “one of those” articles by Perry Anderson is a disorientating experience. Anderson, NLR 119 (1) It is flattering, painful and disconcerting, all at the same time. I have felt myself both nodding inwardly in…

In picking Kristalina Georgieva, the Bulgarian chief executive of the World Bank, as their candidate to succeed Lagarde at the IMF, the EU made the best of a bad choice. To have picked Dijsselbloem would have been a disaster. But the…

“Greening” finance is one of the hot themes amongst regulators and progressive central bankers right now. Gillian Tett US managing editor of the FT has dedicated an entire section of the world’s leading financial…

In the course of writing Crashed I was so mystified by the illogic of German policy that I felt I should try to write a book about Germany since reunification in 1989. Last summer I even started work on it. I wanted to get deeper into what…

We conventionally date the onset of the Great Depression to 1929. This make sense from the point of view of conventional business-cycle analysis. But the Great Depression wasn’t “great” because it was a conventional recession. It was great…

  Between 2014 and 2016 the US dollar appreciated by almost 25 percent against a basket of world currencies. The shift was driven above all by the relatively strong US recovery and the unsynchronized Fed move to…

After many, many months in the works, the New York Review of Books just published a piece in which I attempt to review four of the new books about the crisis of democracy – Mounk, Levitsky and Ziblatt, Snyder and Runciman –…

I don’t write that often in German right now. But I have had to do so twice in the last few weeks and it has been a refreshing change. It was a particularly pleasant task to write a laudatio for my friend Danilo Scholz who this year…

What does the election of Donald Trump in November 2016 mean for American power and for global order? Like everyone else I’ve been struggling to formulate a coherent answer. Like everyone else I find myself torn between competing…

Davos 2019 was a downbeat affair. That at least is how regulars described it To a newcomer it did not seem that way. Indeed, that gloomy assessment would seem to call for a reality check. Most thoughtful people are a lot gloomier than the…

Over Christmas, I was lucky to have chance to review Brett Christophers essential new book on land privatization in Britain –The New Enclosure. The Appropriation of Public Land in Neoliberal Britain (Verso) – for the FT. It was…

My dear friend Prof Deborah Cohen (Northwestern) invited me to give a short lunchtime talk to the Modern European section of the American Historical Association this year. This gave me the chance to pull together some of the threads…

Crashed was in large part based on the work of economists working in the macrofinance school and in particular a group of analysts at the BIS. It was their work that first highlighted the vast expansion of the trans-Atlantic banking system…

Visit the outer Islands of a Caribbean archipelago like the Bahamas less than a 100 miles from the Florida coastline and you gain a sharpened appreciation of what exposure to climate change can mean.The Caribbean islands are thin strips…

Right now the greatest threat to the eurozone and one of the most significant tail risks for the world economy is the unresolved standoff over the Italian budget and its public debt running to 133% of GDP. If Italy were not a member of the…

The mysteries of the neolithic, Robert the Bruce, the Jacobites and the battlefields of Culloden, the high Victorian industrial revolution, Scottish independence and North Sea Oil, with a bit of whiskey, golf and highland luxury thrown in…

Crashed is a book about a crisis of capitalism. It is centrally preoccupied with the relationship between democracy, government and economics. But, as some reviewers have noticed, it is not a Marxist account. The politics of Crashed are…

The Turkish financial crisis has shot into the headlines in recent weeks. It has been a long-time coming. The entire time I was writing Crashed, the “Middle East” was threatening to bleed into a crisis narrative that I was trying to…

Franz von Papen and Kurt von Schleicher conspiring. In this long series of slides I trace the role of German soldiers from the stabilization of the Weimar Republic in 1923 to the Nazi seizure of power and rearmament. 1918 was in large…

I hear people say we have to stop and debate globalisation. You might as well debate whether autumn should follow summer.” That was Tony Blair, Britain’s prime minister, in October 2005. Two years later, in the autumn of 2007, Alan…

Trump’s visit to Europe has led to uproar on both sides of the Atlantic.Trump is singular. But tensions within the trans-Atlantic relationship have been mounting for some time. Trump, after all, is not the first Republican president that…

In economic and geopolitical terms, the defining development of our era is the rise of China. Spend a week or two reading the Western media and you accumulate a series of snapshots all of which document and reiterate this world historic…

In 1916 the total output of the continental United States overtook that of the British Empire, marking a decisive moment in the shifting global balance of power. At least this is what Angus Maddison’s data for purchasing power parity…

The economy is one of those things that is obvious until you think about it. As soon as you do think about it, the questions rapidly multiply. Why are such a diverse array of processes of production, distribution and consumption lumped…

The War in Germany series reaches the aftermath of World War I. I must admit that I find the familiar arguments about Versailles profoundly unsatisfying. To try and give the discussion a more adequate framing I recur in this lecture to the…

I joined Alex Doherty of the Politics Theory Other podcast to discuss my book ‘The Wages of Destruction: The Making and Breaking of the Nazi Economy‘. The podcast is here. We discussed the entwinement of Nazi ideology and…

“The trade conflict between the U.S. and China is … a consequence of China’s internal class conflict. Tariffs will not fix anything as long as China’s elites remain committed to extracting as much as they can from Chinese workers.”…