Banks
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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 (...) -
The Paris Commune of 1871, banks and debt
19 February 2021 - 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, (...) -
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’ (...) -
Another look at the Federal Reserve’s panic in September 2019 and solutions to the crisis
28 October 2019 - by Eric Toussaint
You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market [1]. The repo market designates a mechanism used by banks to (...) -
New bubbles, mounting debt: preparing for the coming crisis
24 October 2019 - by Ben Reynolds
A new global recession looms on the horizon, pointing to a new era of financial crisis, government bailouts and popular outrage. Financial markets roil and the banking system groans. The US Federal Reserve cuts interest rates, even as Chairman (...) -
Corporate debt, fiscal stimulus and the next recession
23 October 2019 - by Michael Roberts
The debt owed by corporations in the major economies has risen since the end of the Great Recession in 2009. With global growth slowing and the prospect rising of an outright global recession recurring ten years after the last one, the debt (...) -
Swiss Franc Mortgages: Illegitimate and Illegal
8 October 2019 - by Eric Toussaint
In Poland and France, along with Croatia, Hungary, Slovenia, Greece and other Balkan countries, the scandal of household mortgages made out in Swiss francs has hit over a million victims of big grasping private banks. The Court of Justice of the (...) -
The Credit Crunch is Back and the Federal Reserve Panics on an Ocean of Debt
25 September 2019 - by Eric Toussaint
In a state of panic and under pressure from big capital and President Trump, on Tuesday 17 September 2019, the Fed (the US Federal Reserve) pumped $53.2 billion into the banks because they were short of day-to-day funding available from the (...) -
ECB: You can take a horse to water but….
18 September 2019 - by Michael Roberts
Last Thursday, Mario Draghi, the current head of the European Central bank, soon to be replaced by Christine Lagarde from the IMF, announced a parting gift to banks and financial markets. The ECB decided to reintroduce its bond purchasing (...) -
Finance: fiddling, fetish and fiction
14 August 2019 - by Michael Roberts
Nothing changes in the finance sector globally, despite the catastrophic impact of the banks on the world capitalist economy in the global financial crash and the ensuing Great Recession. [In previous (...) -
How Wall Street Colonized the Caribbean
12 July 2019 - by Peter James Hudson
The expansion of banks such as Citigroup into Cuba, Haiti, and beyond reveal a story of capitalism built on blood, labor, and racial lines. This essay is featured in Boston Review’s Spring 2019 issue Racist Logic. Buy a copy and receive a (...) -
China’s Corporate Debt: On the Way to Crisis? Part 3
Challenges Posed by Recent Shifts in the Composition of Chinese debt
21 May 2019 - by Alice Jetin Duceux
As we have seen in the previous part of this study, despite the government’s spectacular stimulus plan, growth has been continually slowing over the past decade. Massive investment and growing corporate debt can no longer maintain a high rate of (...) -
The Economic Crisis and the Central Banks
25 March 2019 - by Eric Toussaint
Everything is in place for a new international financial crisis to occur. We don’t know exactly when it will break out. But it will, and its impact will be felt all over the planet. The major factors contributing to the crisis situation are: (...) -
STATE OF POWER 2019
Battling bankers: grassroots insights on financial power
14 February 2019 - by Transnational Institute
Three inspiring activists — from Spain, UK and Kenya — share their experiences of taking on bankers and the lessons and insights from their ongoing struggles. This essay is part of the Transnational Institute’s “State of Power 2019” report. (...) -
The Challenges for the European Left regarding Debt and the Banks
23 January 2019 - by Eric Toussaint
Second part of the interview given to LVSL. Here, the first part “Break the Taboo on Odious Debts and their Repudiation”. LVSL – If we look at the case of Greece in 2015, we see that there was a change of regime when Syriza and Alexis Tsipras (...) -
What we have learned from the US indictment on odious loans to Mozambique
23 January 2019 - by Tim Jones
Yesterday (3 jan 2019) three former employees of Credit Suisse were arrested in London over $2 billion of odious loans to three state owned companies in Mozambique, given in 2013. The loans were given to companies with no revenue, and were not (...) -
‘Outrageous’ Mozambique debt deal could make 270% profit for speculators
8 November 2018 - by Tim Jones
People of Mozambique to pay $1.7 billion to $2.2 billion on original loan of $760 million, which was not agreed by Mozambique parliament, and which has been of no benefit The government of Mozambique has announced it has reached an agreement (...) -
Ten years on, the crisis of global capitalism never really ended
3 October 2018 - by Jerome Roos
With inequality on the rise, global debt higher than ever and international tensions intensifying, the political backlash to the crash of 2008 has only just begun. This weekend marks the tenth anniversary of the collapse of Lehman Brothers, (...) -
Corporate capture in Europe - When big business dominates policy-making and threatens our right
25 September 2018 - by Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU)
This report examines the extreme and undue influence of big business on European Union (EU) and member state decision-making processes. It has been produced by the Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU) as a response (...)
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COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT
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