Finance against people
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State of Power 2020
Corporations as private sovereign powers: the case of Total
7 February 2020 - by Alain Deneault
Total is viewed as “a French oil company,” but in reality it is — like many other transnational corporations — more like a private sovereign power. Contribution of the philosopher Alain Deneault at « State of Power 2020 ». Having studied, written (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 1)
The World Bank: an ABC
3 February 2020 - by CADTM
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...) -
Unitedly we fight against debt and all other oppressions!
2 February 2020 - by CADTM Asia
A region that was the poster boy of neo-liberal growth and for its emerging middle class is back in news for wrong reasons. The 2018 Global Multidimensional Poverty Index (MPI) by UNDP and the Oxford Poverty and Human Development Initiative (...) -
Debt Against the People: an ABC
29 January 2020 - by Eric Toussaint
Introduction Over the last ten years Greece has been a prime example of how a country and a people can be deprived of their liberty through clearly illegitimate debt. Since the 19th century, from Latin America to China, Haiti, Greece, Tunisia, (...) -
The Committee for the Abolition of Illegitimate Debt (CADTM) on private debt and human rights
13 January 2020 - by Chiara Filoni, Eva Betavatzi, Mats Lucia Bayer
This is our contribution to the appeal made by the UN Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, Mr. Juan Pablo Bohoslavsky. Mr. (...) -
Le défaut de paiement de dette de Infrastructure Leasing & Financial Services (IL&FS) : Privatiser les profits, socialiser les pertes ?
31 décembre 2019 - par Sushovan Dhar
Même lorsque l’effondrement de Lehman Brothers a secoué l’ensemble du monde financier, les élites politiques indiennes et la classe capitaliste étaient tout à fait convaincues que la contagion ne se propagerait pas à l’Inde. Il est vrai que les banques (...) -
The accomplices to austerity are also responsible for human rights violations
21 November 2019 - by Juan Pablo Bohoslavsky
The question is not whether austerity plays a role in violating human rights but how big a role it plays: how much of an impact it has on indicators such as mortality rates, employment, equality, health, housing and levels of violence. (...) -
Alert on the sophistication of illegitimate debt techniques via mobile telephony
8 November 2019 - by Eric Toussaint
In the era of widespread mobile telephony, we witnessed certain capitalist firms employing a sophistication of techniques to ensure the illegitimate debt of the lower classes. Kenya, a country of 50 million people, is considered to be at the (...) -
The top 1% own 45% of all global personal wealth; 10% own 82%; the bottom 50% own less than 1%
6 November 2019 - by Michael Roberts
The annual Credit Suisse (CS) report on global wealth has just been released. This report remains the most comprehensive and explanatory analysis of global wealth (not income) and inequality of wealth. Every year the CS global wealth report (...) -
Can’t Pay, Won’t Pay
24 October 2019 - by Jerome Roos, George Souvlis
Debt-stricken countries like Greece have continued repaying their creditors even though it’s hammering workers’ living standards. They should stick it to the banks and default instead. The European debt crisis that began a decade ago has offered (...) -
Bretton Woods Institutions’ neoliberal over-reach leaves global governance in the gutter
18 October 2019 - by Patrick Bond
This week, the annual meeting of the World Bank and International Monetary Fund will again be held in Washington, DC, with back-slapping now that the Bretton Woods twins have reached age 75 (they were founded at a New Hampshire hotel in 1944). (...) -
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 (...) -
A global manufacturing recession
2 October 2019 - by Michael Roberts
As we enter October, the global recession is with us – in manufacturing. The PMI (Purchasing Managers’ Index) manufacturing activity indexes for most of the major economies are below 50, the threshold for expansion or contraction. These are only (...) -
Trapped in a debt cycle
27 September 2019 - by Gihan D Chickera
The entrapment of rural communities, especially rural women, in a vicious debt cycle generated by thousands of unregulated microfinance organizations has reached epidemic proportions, affecting almost three million people island-wide. Once seen (...) -
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 (...) -
Weapons of Legal Destruction: ISDS lawsuits and Lydian International’s Assault on Armenian Sovereignty
23 September 2019 - by Armen Abagyan
Over 3,300 investment agreements have been drawn up since the 1960’s. This byzantine nexus of Bilateral Investment Treaties (BITs) safeguard the global Foreign Direct Investment (FDI) apparatus encompassing a 20 trillion dollar flow of capital, (...) -
The Banking Sector and the Global Crisis
18 September 2019 - by Eric Toussaint
The banking system in India is faced with the worst crisis in the last few decades of its existence. The Non-Performing Assets of the Indian banks – both private and public – points towards a full-blown financial crisis that has a significant (...) -
Microfinance has been a nightmare for the global south. Sri Lanka shows that there is an alternative
12 September 2019 - by Ahilan Kadirgamar, Niyanthini Kadirgamar
The global hegemony of finance capital is based on burgeoning household debt accompanied by devastating dispossession. This is more evident in peripheral societies, where state investment in the rural economy is abandoned for the myth of (...) -
Financial institutions complicit in impact of austerity measures on human rights, says UN expert
10 September 2019 - by Juan Pablo Bohoslavsky
GENEVA (10 September 2019) – Austerity measures imposed by international financial institutions such as the IMF, regularly cause violations of human rights, says UN Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky in a (...) -
Tunisia’s Truth Commission vs France, the IMF and World Bank
8 September 2019 - by Olfa Belhassine
On July 16, Tunisia’s Truth and Dignity Commission (IVD) sent two memorandums calling first on France and then on the World Bank and International Monetary Fund to apologize and pay reparations to Tunisian victims. It says they all have a “share (...) -
Kenya: Perpetual Debt in the Silicon Savannah
2 September 2019 - by Emma Park, Kevin P. Donovan
Kenya’s poor were among the first to benefit from digital lending apps; now they call it slavery. Across conversations in Kenya’s pubs and WhatsApp groups, debt is on everyone’s mind. The speed and ease of access to credit through new mobile apps (...) -
Capitalists’ immoral trickery exposed by “Mauritius Leaks”
27 August 2019 - by Lindsey Collen
The International Consortium of Investigative Journalists, the non-profit USA-based organization that published the Panama Papers, has now exposed the big companies that nip through the Mauritius off-shore to invest elsewhere : the companies are (...) -
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 (...) -
Pakistan and World Bank Settlement of Investment Disputes – Do not pay the unfair fine; oppose the unjust decision of ICSID
22 July 2019 - by Farooq Tariq
This is a story of the dodgy deal by a multi national company and then earning massive amount of money through the so-called process of Settlement of Investment Disputes, a World Bank institution acting against developing countries. This is a (...) -
Corporate debt: the catalyst for the next crisis in India?
30 June 2019 - by Sushovan Dhar
According to IHS Markit, a London based information provider, India is going to overtake the UK, its former colonial ruler, to become the world’s fifth largest economy this year and is projected to outdo Japan to feature at the second position in (...)
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