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Financial crisis

What kind of austerity after the Covid crisis?

9 July 2021 - by Eva Betavatzi

The present circumstances seem to rule out – for a time – using public debt considered to be excessive as a pretext for drastic austerity measures. The illusion of having escaped the vicious circle of debt to austerity is reinforced by the (...)
A country is entitled to refuse to repay a debt

26 November 2020 - by Eric Toussaint, Revista Mugica

The following interview, given by Éric Toussaint to the Argentine review Mugica, has been adapted to make it accessible to readers who are not necessarily aware of the details of what is going on in Argentina. The arguments used in the article (...)
The crisis triggered by the pandemic and the economic policy of the European Union

19 November 2020 - by Daniel Albarracín

This chapter will address the pandemic crisis at the level of political economy and, in particular, the fundamental decisions that the European Union is adopting, whose measures will take precise form once its particular institutional procedure (...)
Deficits, debt and deflation after the pandemic

6 July 2020 - by Michael Roberts

The Great Lockdown enforced by the COVID-19 pandemic has driven governments across the globe to apply extensive bailout and fiscal stimulus programmes. On average, these measures of wage supplements, furlough payments, loans and grants to (...)
The DiEM25 Plan to Confront the Covid-19 Crisis in Europe

27 May 2020 - by Eric Toussaint, Olivier Bonfond, Eva Betavatzi

Strengthen the European Union and its institutions, include the ECB; increase public debt as much as possible in order to save the private sector; not question the legitimacy of public debt; pay €2,000 into the bank account of each European (...)
Millions forced to choose between hunger or Covid-19

26 May 2020 - by GRAIN

On the eve of May Day 2020, in full coronavirus pandemic, the International Labour Organisation (ILO) released some hair raising statistics. About 1.6 billion workers from the informal sector are in dire straits because of the lockdowns (...)
The downward journey of stock markets, repurchase of shares and the story of fictitious capital

12 May 2020 - by Sankha Subhra Biswas

A severe crisis has gripped the world financial markets since early March 2020 and needless to say, India has not escaped this onslaught. The Indian stock markets are unable to halt this deep slide. On certain days the markets shows some (...)
The debt dilemma

11 May 2020 - by Michael Roberts

I have mentioned many times on this blog that rising global debt reduces the ability of capitalist economies to avoid slumps and find quick way to recover (and see ‘Debt Matters’ in my book, The Long Depression and also in World in Crisis). As (...)
The scarring

4 May 2020 - by Michael Roberts

Optimism reigns in global stock markets, particularly in the US. After falling around 30% when the lockdowns to contain COVID-19 virus pandemic were imposed, the US stock market has jumped back 30% in April. Why? Well, for two reasons. The (...)
Self-Extinction of Neoliberalism? Don’t Bet on It

4 May 2020 - by Gilbert Achcar

This article was first published in New Politics, the nickname that the IMF adopted to designate the huge economic crisis resulting from the consequences of the Covid-19 pandemic, has already sunk to far lower depths than the Great Recession, (...)
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 (...)
Covid-19: Likely financial conflagrations to come

21 April 2020 - by Eric Toussaint

The coronavirus pandemic will have lasting and dramatic consequences on people’s living conditions, as graphically described by Adam Hanieh https://www.cadtm.org/This-is-a-Global-Pandemic-Let-s-Treat-it-as-Such. Humans are affected differently (...)
The post-pandemic slump

15 April 2020 - by Michael Roberts

The coronavirus pandemic marks the end of longest US economic expansion on record, and it will feature sharpest economic contraction since WWII. The global economy was facing the worst collapse since the second world war as coronavirus began (...)
For Immediate Release

We Won’t Pay for Their Crises Anymore!

15 April 2020 - by CADTM Europe

In the midst of the Coronavirus crisis, Mario Draghi stated in the pages of the Financial Times that “whatever it takes” must be done to guarantee the future of the Eurozone. He was reaffirming a principle that has been applied by European (...)
Into the Great Economic Abyss

7 April 2020 - by Ahilan Kadirgamar

Societies across the world are facing tremendous challenges. And on March 31, 2020, United Nations Secretary-General Antonio Guterres described the situation as follows: “We are facing a global health crisis unlike any in the 75-year history of (...)
Fighting Covid-19: Why and How to Suspend Debt Repayment Immediately

7 April 2020 - by Eric Toussaint

The territorial spread of the coronavirus pandemic has resulted in a global health crisis which has created a completely new situation. The human suffering caused by the spread of the virus is enormous. It adds to other public health tragedies (...)
Emergency financing for Low-Income Economies to tackle COVID-19: Cost estimates for the impact of the crisis and emergency financing requirements

2 April 2020 - by Daniel Munevar

This briefing is provided to inform development of policy responses to the COVID-19 crisis and in support of calls from wider civil society for debt cancellations for the world’s poorest countries in the face of the current crisis. The COVID-19 (...)
Statement by the Regional Secretariat

Coronavirus Pandemic in the Shadow of Capitalist Exploitation and Imperialist Domination of People and Nature

31 March 2020 - by Siyada

The Coronavirus pandemic is threatening to truly become a humanitarian disaster at a global scale. It coincides with and exacerbates a multifaceted global crisis: political, economic, social, environmental and climatic. In other words, we are (...)
This is a Global Pandemic – Let’s Treat it as Such

31 March 2020 - by Adam Hanieh

In the face of the COVID-19 tsunami, our lives are changing in ways that were inconceivable just a few short weeks ago. Not since the 2008-2009 economic collapse has the world collectively shared an experience of this kind: a single, (...)
Liberate South African public pension from stock market

27 March 2020 - by Dominic Brown

Globally, stock markets are reported to have lost more than $13-trillion dollars over the past month. South Africa was not spared. On March 12 and 13 the Johannesburg Stock Exchange (JSE) dropped by 10%, the biggest single fall in the JSE since (...)
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’ (...)
The Capitalist Pandemic, Coronavirus and the Economic Crisis

19 March 2020 - by Eric Toussaint

Translation in bengali for Bangladesh and West Bengal (India) A public health crisis The coronavirus pandemic is a serious public health problem and the human suffering caused by the spread of this virus will be enormous. If it massively (...)
The People of Colombia Are Cracking Up the Walls of War and Authoritarianism

20 January 2020 - by Justin Podur

The protests that started with the national strike called by Colombia’s central union on November 21 to protest pension reforms and the broken promises of the peace accords have persisted for two months and grown into a protest against the whole (...)
Haiti 10 years after the earthquake: the fight for social and economic justice continues

13 January 2020 - by Iolanda Fresnillo

On January 12 2010 an earthquake of magnitude 7.3 on the Richter scale ripped through Port-au-Prince metropolitan area and other parts of Haiti. More than 1.5 million people, representing 15 per cent of the country’s population, were directly (...)
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 (...)