Newsletter

24 February

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CADTM - Newsletter en English
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EDITO

A group of 73 Tunisian parliamentarians has submitted a proposal to the Tunisian National Assembly to draft a law to institute a citizens debt audit committee. The audit would aim to investigate the Tunisian debt, since July 1986, and its impact upon the population. The unfinished revolution has failed to change the situation and the debt only continues to grow. CADTM international supports the work of RAID, member of CADTM & ATTAC, with the progressive political forces of Popular Front and we are ready to share our international experience. The blackmail and the fear that an exit from EU is impractical has hit limits. After weeks of suspense, Brexit has happened dealing a first serious strike on the EU. It is tremendous that instead of a peoples demand, it was the racists and xenophobes who got the upper hand. This is going to be costly for Britain and Europe as well. However, its evident that little by little, the European citizens would unmask these fraudulent institutions.

In Spain, the electoral results show that Unidos-Podemos alliance (United Left + Podemos) lost a million votes as compared to the December 20 elections. The right wing PP (Popular party) meanwhile increased both its votes and its seats. As we have seen in previous newsletters, the Unidos-Podemos alliance lacked radicalism, especially on the question of debt, and this might be one of the reasons for their disappointing results. Nevertheless, with 71 seats they are the principal force in Catalonia and the Basque country along with their allies. That assigns them great responsibility. We also hope that the social movement will rise up to the occasion. Eduardo Galeano, the great rebel, in his epic work, Open Veins of Latin America, observes “In this kingdom of organized absurdity, natural disasters become blessings from heaven for the producing countries. They raise prices and permit the mobilization of accumulated reserves. Fierce frosts wrecked the 1969 harvest in Brazil and sealed the fate of many producers, especially the weakest, but at the same time pushed up coffee prices on the world marker and appreciably lightened the "stock" of 60 million sacks— the equivalent of two-thirds of Brazil's external debt-which the state had accumulated to defend prices.” Indeed, debt and “free-trade” has been bleeding this continent dry since colonial periods, In his exhaustive study, Eric Toussaint finds out how debt and free trade has subordinated Latin America. In another article, he explores 'How the South paid for the Northern crises and for its own subjugation'.

The policies of the US government has made Puerto Rico land in severe debt-trap over the decades and made life horrible for citizens. A citizen debt audit should analyse the deep reasons behind the country's debt. Pierre Gottiniaux analyses the debt situation. Please watch the video on how hedge-funds are killing off schools in Puerto Rico destabilising the already fragile education system in this poor country. The evolution of neo-liberalism has witnessed a huge growth of speculative finance. “Hedge Fund Market Wizards” and “Money Mavericks” are the 'champions' of the day. The article on Paul Singer explains how such mastery of the financial markets is synonymous with con-games. In his case, suing and robbing some of the poorest nations of the world.

The Greeks are dominated, not defeated. Eric Toussaint salutes them for their clear rejections of the conditions imposed by the Troika. Also, see the previews of the short animation film “The Greek debt, a European tragedy”.
The concentration of income and wealth and supports the political hegemony of neoliberalism through continuing threats of capital flight. Patrick Bond explains South Africa's capital flight causing the economy to register a negative current account balance which can possibly plunge it into serious debt crisis. He asserts that the only short term solution is a radical tightening of exchange controls against corporations and wealthy individuals.
Debt in history
  • How Debt and Free Trade Subordinated Independent Latin America
    Eric Toussaint
    Contrary to the dominant narrative, the 19th century Latin American debt crises did not cause (...)
  • How the South paid for the Northern crises and for its own subjugation
    Eric Toussaint
    The debt crises in the periphery and the crises of the central capitalist countries are joint (...)
  • Greece
  • Declaration by Eric Toussaint to the 5 July 2016 Demonstration in Athens
    Eric Toussaint
    Dear Friends and Comrades, We will remember the 5th of July 2015 as a day on which the Greek (...)
  • Puerto Rico
  • Puerto Rico: The audit now in progress has already revealed that the debt is largely illegal
    Pierre Gottiniaux
    The island of Puerto Rico, which is part of the Commonwealth of the United States, is (...)
  • Hedge Funds Are Killing Off Schools In Puerto Rico
    Brave New Films
    Hedge funds that profit off of the misery of places like Puerto Rico are raking in massive (...)
  • Audit
  • The CADTM network supports the bill relating to the audit of the public debt that has just been submitted to the Tunisian parliament
    CADTM international
    On June 14th, a bill relating to the audit of the public debt was submitted to the Assembly of (...)
  • Vulture funds
  • Paul Singer—market master or litigious vulture?
    Hedge Clippers
    The mythos of the hedge fund manager is defined by a perceived mastery over market forces. (...)
  • South Africa
  • Flight of corporate profits poses biggest threat to South Africa’s economy
    Patrick Bond
    Last week the South African Reserve Bank Quarterly Bulletin confirmed that foreign corporations (...)
  • International Institutions - Women
  • The IMF and Gender Equality: A Critical Analysis
    The Bretton Woods Project
    In September 2015, the United Nations General Assembly adopted the Sustainable Development (...)
  • Commercial agreements
  • EU / Trade agreements: UN rights expert warns against bypassing national parliaments
    United Nations - Human Rights
    GENEVA (24 June 2016) – United Nations human rights expert Alfred de Zayas today warned that any (...)
  • Latest Books
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    The global assembly of the CADTM network that took place in Tunisia, received huge support from different sections for our activities and mobilisations. However, we are faced with huge political and financial challenges. The CADTM members are active around the world struggling against neo-liberalism and for ensuring fundamental human rights. We look forward to your donations to carry on this struggle.
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