Banks
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Does the US Federal Deposit Insurance Corporation have enough resources to deal with a major banking crisis? And what about Europe?
14 June 2023 - by Eric Toussaint
Bank deposits in the US have been legally guaranteed up to a limit of USD 250,000 since 2008. The decision to enact a federal law that guarantees savers’ deposits was made in the early years of Franklin Delano Roosevelt’s administration. In 1933, (...) -
When President Joe Biden says that the US never denounced any debt obligation it’s a lie to convince people that there is no alternative to a bad bi-partisan agreement
Debt ceiling: Radio Silence Concerning United States President Franklin Roosevelt’s Repudiation of Debts
28 May 2023 - by Eric Toussaint
During your education, did you learn that during the 1930s the government of the USA unceremoniously repudiated a central provision of debt contracts that represented phenomenal sums? Do any history books analyze that act? Historical narratives (...) -
First Republic – the case for public ownership
4 May 2023 - by Michael Roberts
The collapse of First Republic Bank is the latest chapter in the rolling banking crisis in the US. This was the second largest banking collapse in US financial history. It demonstrates yet further the case for public ownership of the banking (...) -
Banks on the Brink? The Origins, Nature, and Trajectory of the Crisis
19 April 2023 - by Ashley Smith, Michael Roberts
The banking industry has been beset by a series of failures, government bailouts, and takeovers. The crisis in these banks has sent stock markets around the world into gyrations. What caused all of this? Is this a passing crisis? What impact (...) -
The Mechanics of a Bond Market and its Impact on the Banking Crisis
10 April 2023 - by Michael Hudson
Why the Bank Crisis is Not Over The crashes of Silvergate, Silicon Valley Bank, Signature Bank and the related bank insolvencies are much more serious than the 2008-09 crash. The problem at that time was crooked banks making bad mortgage loans. (...) -
Banking crisis: is it all over?
28 March 2023 - by Michael Roberts
Bank stock prices have stabilized at the start of this week. And all the key officials at the Federal Reserve, the US Treasury and the European Central Bank are reassuring investors that the crisis is over. Last week, Fed Chair Jerome Powell (...) -
The Paris Commune of 1871, banks and debt
20 March 2023 - by Eric Toussaint
On the occasion of the 150th anniversary of the extraordinary experience of the Paris Commune, it is fundamental to draw a number of lessons from it. The measures a government takes regarding its Central Bank, the debts of working class people, (...) -
Silicon Valley Bank’s Collapse Shows Little Has Changed for Big Banks Since 2008
14 March 2023 - by Branko Marcetic
The spectacular collapse of Silicon Valley Bank was caused by corruption, financial recklessness, and poor decision-making. With its bailout echoing 2008’s eager bailouts for the rich, it begs the question: How much longer will Americans put up (...) -
Monetary tightening, inflation and bank failures
13 March 2023 - by Michael Roberts
Last week, US Fed Chair Jay Powell gave testimony to the US Congress on inflation and Fed monetary policy. He spooked financial markets when he appeared to say that the latest data on the economy would probably require further interest-rate (...) -
SVB: from the valley to the chasm
13 March 2023 - by Michael Roberts
On Friday, Californian bank Silicon Valley Bank (SVB) became the largest bank to fail since the 2008 financial crisis. In a sudden collapse that shocked financial markets, it left billions of dollars belonging to companies and investors (...) -
India : debt, banking crisis,...
10 January 2023 - by Eric Toussaint, Sushovan Dhar
Sushovan Dhar is interviewed by Eric Toussaint about the debt situation and the banking crisis in India, and other topics. Eric Toussaint : In your presentation at the 9th CADTM South Asia Conference in Colombo you explained that India’s real (...) -
The debt scenario in India
9 December 2022 - by Sushovan Dhar
Sushovan Dhar, CADTM delegate at the 9th CADTM South Asia meeting in Colombo, Sri Lanka (2-4 December 2022), spoke on 2 December at the conference on South Asian private debt, financial institutions and the role of social movements. Read : (...) -
Bank Privatization and the Never-finished Neoliberal Agenda
25 October 2022 - by C P Chandrasekhar
The long-standing debate on whether India’s public sector banks should be privatized has resurfaced in recent days. Two articles, besides numerous statements from advocates of ‘reform’, triggered this round of debate—one wittingly and the other, (...) -
The central bankers’ dilemma
20 December 2021 - by Michael Roberts
“The inflation that we got was not at all the inflation that we were looking for,” US Federal Reserve Chair Jay Powell said in his press conference after the Fed’s monetary policy committee decided to accelerate the ‘tapering’ of its bond purchases (...) -
Development banks have no business financing agribusiness
19 October 2021 - by Collective
On the eve of an annual gathering of public development banks in Rome, groups from around the world have signed a letter slamming them for bankrolling the expansion of industrial agriculture, environmental destruction and corporate control of (...) -
Paris Commune 150: the economics
18 March 2021 - by Michael Roberts
Today is the 150th anniversary of the beginning of the Paris Commune. The Commune (Council) was formed as result of what should be considered the first uprising and revolution led by the working class in history. This new class was the product (...) -
India: Proposals against new attempts to privatise state-owned banks
11 March 2021 - by Eric Toussaint, Sushovan Dhar
Public sector banks account for more than two-thirds of the banking market in India. Currently, they are subjected to a systematic smear campaign launched by the reactionary Narendra Modi government, big media including the international press (...) -
India: from loans to credit since 4000 years and the existence banks for 2500 years
24 February 2021 - by Eric Toussaint, Sushovan Dhar
The first credit in India dates back 4000 years. The existence of loans is proved to exist during the Vedic period, which is between 2000 and 1400 BC. The existence of banks in India dates back to 500 BC. A treatise on the art of politics of (...) -
Haemorrhaging Zambia: Prequel to the Current Debt Crisis
25 November 2020 - by Andrew M. Fischer
Following a stand-off with commercial creditors and protracted but unresolved negotiations with the IMF, Zambia defaulted on its external sovereign debt on 13 November this year. While most commentary has focused exclusively on the government’s (...) -
Zambia edges towards debt default, but bondholders could make millions
3 November 2020 - by Tim Jones
Zambia will go into debt default on the 14th November if a resolution is not reached with their private creditors following a missed interest payment in October. The southern African country has requested a six-month extension on interest (...) -
Development banks must be held accountable for their disastrous oil palm plantation investments in the Congo
25 September 2020 - by GRAIN
The remains of assassinated Congolese leader Patrice Lumumba are finally on their way back home from Belgium. But this brings no closure to the anti-colonial struggle he led and was ultimately killed for. Foreign powers continue to loot the (...) -
Some historical illustrations of decisive actions relative to banks
16 August 2020 - by Eric Toussaint
What a government does or fails to do relative to banks has far-reaching consequences on the course of a country’s history. The Paris Commune made the mistake of not taking control over the Bank of France The seat of the Bank of France, its (...) -
Against the bankocracy: how a socialized banking system could function?
30 June 2020 - by Eric Toussaint, Philippe Poutou
Conversation between Philippe Poutou (NPA) and Eric Toussaint (CADTM) Éric Toussaint : Karl Marx wrote a famous text in which he stated: “If you want to know what the dictatorship of the proletariat looks like? It is the Paris Commune”, (...) -
Coronavirus, fictitious capital and financial crisis
25 April 2020 - by Sankha Subhra Biswas
The world has seen a spectre of corona virus! This deadly virus has already affected 2.84 million people with a death toll of almost two hundred thousand around the world. The number of people affected in India are 24,942 out which 779 persons (...) -
Banks are weapons of mass destruction
To confront capitalism’s multifaceted crisis the bankers must be expropriated and the banks socialised
26 March 2020 - by Eric Toussaint
Bank shares have been plunging since mid-February 2020. If the big and institutional holders are selling these urgently, it must be because they are at risk. Governments and banking authorities systematically lie about the results of banks’ (...)
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