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Finance against people

Lonmin’s murder, by money

6 June 2019 - by Patrick Bond

Autopsy reveals Lonmin—the British-South African company—corpse’s poisoning by microfinance, ‘development finance’ and corporate finance. The death of the 110-year old mining house Lonmin at a London shareholders meeting on 28 May occurred not (...)
Global Sovereign Debt Monitor 2019

29 May 2019 - by Erlassjahr.de, Jürgen Kaiser

Currently, 122 out of 154 countries examined are critically in debt, just under 80 per cent. The situation is particularly alarming in Bhutan, Mongolia, Gambia, Cape Verde Islands, Jamaica, Bahrain and Lebanon. In almost three-quarters of the (...)
Inequality and risk – both rising

23 May 2019 - by Michael Roberts

The US Federal Reserve governor Lael Brainard, in a speech in Washington, revealed the extent of rising inequality in the US. Using the latest income and wealth data, she outlined that the incomes and wealth of working-class (the American (...)
No DCFTA in Tunisia / لا للآليكا في تونس

2 May 2019 - by Collective

The European Union is currently negotiating a Deep and Comprehensive Free Trade Agreement (DCFTA) with Tunisia. The EU wants its companies to get open access to the Tunisian market, and aims at imposing its norms, standards and procedures. Such (...)
South Africa: The support of the World Bank and the IMF to the Apartheid regime

29 April 2019 - by Eric Toussaint, Patrick Bond

The World Bank and the IMF were accomplice of the apartheid for decades. They violated the UN embargo against the racist regime at the helm of South Africa. Between 1958 – 1968, the World Bank loans made possible the financing of the “pro-White” (...)
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: (...)
Financial globalization, N-S wealth distribution, resource transfers

18 February 2019 - by Yilmaz Akyüz

Geneva, 6 Feb (IPS/Yilmaz Akyuz*) — At a time when the world economy is seen poised for yet another financial turmoil, there is a widespread recognition that emerging economies (EMEs) are particularly vulnerable because of their deepened (...)
Illicit financial flows thwart human rights and development in Africa

5 February 2019 - by Imani Countess

The Universal Declaration of Human Rights turned 70 each year; losses that in many countries exceed foreign direct investments and development assistance. Funds that could be used to secure basic economic and social rights, for example the (...)
The resignation of the World Bank president should encourage countries to terminate all agreement with the Bretton Woods institutions

21 January 2019 - by CADTM International

On Monday, 7 January 2019, Jim Yong Kim, President of the World Bank (WB) has announced his resignation. Kristalina Georgieva, the current Chief Executive Officer of the World Bank will assume the role of interim President effective February 1 (...)
Things to watch in 2019: Debt and emerging debt crises

18 January 2019 - by Bodo Ellmers

More than a decade after the last global financial crisis hit, the next wave of defaults is lapping at our shores. Financing conditions will become more difficult in 2019. The world’s major central banks ‘normalised’ their monetary policies last (...)
Jim Yong Kim’s mixed messages to the World Bank, and the world

15 January 2019 - by Patrick Bond

Johannesburg – World Bank president Jim Kim is an ex-leftist who claims that in the mid-1990s he wanted to shut down the Bank. At the time, it was an entirely valid, realistic goal of the 50 Years is Enough! Campaign and especially the World Bank (...)
The Infrastructure Leasing & Financial Services (IL&FS) Debt Default: Privatize Profits, Socialize Losses?

15 January 2019 - by Sushovan Dhar

Even when the Lehman Brothers collapse shook the entire financial world, the Indian political elites and the capitalist class were quite confident that the contagion would not spread to India. True, the Indian banks and financial institutions (...)
Break the Taboo on Odious Debts and their Repudiation

7 January 2019 - by Eric Toussaint

This English version of the interview originally published in French by the independent online journal Le Vent Se Lève (LVSL) has been fully revised and complemented by Eric Toussaint. The original French version is available here. Éric (...)
The Domestic Consequences of China’s ‘One Belt One Road Initiative’

2 January 2019 - by Qian Benli

Currently, the prospects of China’s ‘One Belt One Road Initiative’ (hereinafter referred to as OBOR) are dim. An article published in the Financial Times in July this year pointed out that 234 out of 1,674 Chinese-invested infrastructure projects (...)
With its controversial pension reforms, Russia is looking after its rich

17 December 2018 - by Karine Clément

Prime Minister Dmitry Medvedev announced a drastic reform of Russia’s pension system this June, just as the World Cup began: the retirement age would be increased from 55 to 63 for women and from 60 to 65 for men. Although President Vladimir (...)
Vulture funds and governments seek profit from Sudan debt relief

11 December 2018 - by Tim Jones

Today (6 dec 2018) the Financial Times has reported that a group of vulture funds have hired lawyer Lee Buchheit to argue for debt relief for Sudan. They hope that if the North African country gets debt relief from governments and multilateral (...)
Behind Puerto Rico’s Debt, Corporations That Drain Profits from the Island

10 December 2018 - by César J. Ayala

The Phenomenal Drain of Profits Beginning in the 1970s, Puerto Rico’s economy began to suffer a drain of profits, to the point where the measure of total income produced in the island, the Gross Domestic Product, began to separate dramatically (...)
The Daewoo-Madagascar land grab: Ten years on

19 November 2018 - by GRAIN, TANY

On 18 November 2008, The Financial Times exposed a massive deal being negotiated between Daewoo Logistics and the government of Madagascar. Through this deal, the South Korean company was seeking access to no less than 1.3 million hectares to (...)
History RePPPeated: How public private partnerships are failing

24 October 2018 - by Collective, Eurodad, Latindadd, ODG (Observatorio de la Deuda en la Globalización)

From the complete failure of the Castor Project in Spain, to an overpriced hospital in Sweden, projects financed by the European Investment Bank (EIB) make no exception to the list of PPP disasters compiled in this new joint report. The report (...)
The euro project and the international integration of the South-Eastern European economies

13 October 2018 - by Ana Podvršič

In the recent years, scholars in critical international political economy have considerably explored the differences and similarities between the countries of the European periphery. Most of the studies, however, have focused on the structural (...)
World Bank – IMF Guilty of Promoting Land Grabs, Increasing Inequality

8 October 2018 - by La Via Campesina

“Annual meeting in Bali this week is just a sham to cover up their criminal negligence of people’s interests,” say peasants. 07 OCTOBER, BALI: At a meeting of La Via Campesina facilitated by Serikat Petani Indonesia (SPI) in Bali, peasant (...)
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, (...)
Impact of economic reforms and austerity measures on women’s human rights

14 September 2018 - by Juan Pablo Bohoslavsky

The UN Independent Expert on Foreign Debt just released his latest report to the UN General Assembly on Gender and Austerity, to which CADTM has contributed. The report is part of his larger piece of work on developing guiding principles on (...)
How do patriarchy and capitalism jointly reinforce the oppression of women?

13 September 2018 - by Camille Bruneau

In the summary of the first chapter, we have laid out a number arguments for the necessity of feminism today. They include violence, the lack or suppression of fundamental rights, under-representation in politics, poverty, economic (...)
Financial Crisis 10 years on – How the response to the last crisis laid the foundations for the next

13 September 2018 - by Bodo Ellmers

Ten years ago, on 15 September 2008, the US investment bank Lehman Brothers collapsed. This collapse is largely seen as a key event of the North Atlantic financial crisis, which also had spillover effects on the rest of the world. Around the (...)