24 February 2016

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Throughout history, debt has been used as an instrument of domination & subjugation and to create dependence. It is no wonder that dominant classes used debt to despoil, expropriate, and dispossess the toiling classes. Marx identified public debt, international credit system and taxes, as fundamental means to further primitive accumulation. “The public debt becomes one of the most powerful levers of primitive accumulation. As with the stroke of an enchanter’s wand, it endows barren money with the power of breeding and thus turns it into capital, without the necessity of its exposing itself to the troubles and risks inseparable from its employment in industry or even in usury.” (Capital, Vol I, Genesis of the Industrial Capitalist).

Eric Toussaint traces the history of private illegitimate debts: Breaking the Vicious Cycle of Illegitimate Private Debt (Part 1 - 3 sharpening our understanding of this diachronic process. ‘On The Odiousness of Greek Debt’ by Ilias Bantekas & Renaud Vivien contradicts the official narrative of the Greek debt crisis being a result of lavish spending. They demonstrate that the ‘crisis’ was generated by a transformation of purely private debt into public debt. The process by which the debt was altered, as well as the post-crisis bailout was odious, illegal and illegitimate and the ensuing debt itself was unsustainable and totally contrary to fundamental human rights.

Eric Toussaint unmasks the OECD’s guidance to governments to apply unpopular austerity policies and in another article he discusses Thomas Piketty’s ideas on public debt and offers CADTM’s radical alternative approach to possible solutions of the debt crisis. In view of the recent election campaign in France where a large section of the population called for radical left-wing solutions to the crisis, we re-publish a statement issued by more than 70 noted European personalities on the challenges of the left in the Eurozone.

While the Asian Development Bank celebrates its 50th anniversary at Yokohama, Japan from 4-7 May, the impacts of its projects and lending have earned the Bank the notorious title of being an “Anti-human Destructive Bank.” Ratan Bhandari exposes ADB’s violation of its own safeguard policies in a Nepal hydropower project.

Also in this issue: articles from Tunisia, South Africa, Serbia & Hait
  • Choosing is defiance ! – 5th CADTM Europe Summer School
    CADTM Belgium
    Save the dates and sign up here ! From Friday 30th of June to Sunday 2nd of July, the 5th CADTM (...)
  • Debt in the History - Private debt
  • Breaking the Vicious Cycle of Illegitimate Private Debt
    Eric Toussaint
    Throughout human history, private debt has been used by the dominant classes to subjugate, (...)
  • Breaking the Vicious Cycle of Illegitimate Private Debt
    Eric Toussaint
    Throughout human history, private debt has been used by the dominant classes to subjugate, (...)
  • Breaking the Vicious Cycle of Illegitimate Private Debt in the global South
    Eric Toussaint
    The “debt system” is gathering steam In Asia, Africa, Latin America and the Caribbean, just as in (...)
  • Alternatives
  • France, Presidential Elections : Ten Proposals to Beat the European Union
    Eric Toussaint, Teresa Rodríguez, Miguel Urbán Crespo, Angela Klein, Stathis Kouvelakis, Costas Lapavitsas, Zoe Konstantopoulou, Marina Albiol, Olivier Besancenot, Rommy Arce
    It is again clear from the current election campaign in France that a large proportion of the (...)
  • Thomas Piketty and public debt
    Eric Toussaint
    For Benoît Hamon, the Socialist Party candidate in the 2017 French Presidential election, the (...)
  • Greece - Odious debt
  • On The Odiousness of Greek Debt
    Renaud Vivien, Ilias Bantekas
    Abstract Unlike the popular narrative, which suggests that the Greek debt crisis was the result (...)
  • Five Nobel Peace Laureates urge UN to pay off debt to Haiti
    Diálogo 2000 – Jubileo sur Argentina
    On the eve of the Security Council’s decision to closedown the MINUSTAH, the highly criticized (...)
  • International Institutions
  • How to apply unpopular austerity policies
    Eric Toussaint
    In a document meant for government eyes, Organisation for Economic Co-operation and Development (...)
  • Social movements
  • The government actively blocks the unity of the protests
    Marko Stričević
    Current mass protests throughout the Republic of Serbia are the culmination of years of (...)
  • Neoliberalism - South Africa
  • Will rating downgrades intensify or reverse Treasury’s neoliberal ideology?
    Patrick Bond
    Supporters of austerity are happy because South Africa’s junk rating is a good stick with which (...)
  • Ecological debt
  • Jemna in Tunisia: An inspiring land struggle in North Africa
    Hamza Hamouchene
    Jemna is a beacon of hope for a Tunisia where its people have sovereignty over their land and (...)
  • Latest Books
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