2 September 2017

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Mainstream economic theories preach that poverty results as a lack of access to finance instead of recognising it as a product of an unjust economic system. Consequently, the magic broom against poverty as promoted by DFIs, IFIs & G20 is a plethora of financial inclusion programmes. Philip Mader in his article ‘How micro finance and financial inclusion impinge on human rights’ argues just the opposite. He tells us how such programmes pose significant risks to fundamental human rights in a number of ways.

The success of CADTM’s 3rd seminar on “Women, debt and Microcredit” in Bamako, Mali, from 15 to 19 November 2017 strengthens our resolve to collectively struggle against perverse financial mechanisms such as micro-credit that claim to be a solution for poverty. The Final Declaration ends with a commitment that “Our struggle will not end as long as there are women labouring under the burden of the debt system, and the financial and micro-credit institutions.”

Speaking about the Euro crisis and contradictions between countries in the periphery and centre of the EU, Eric Toussaint explains how the vested interests of the European ruling classes has caused the crisis to strike the EU and the euro zone harder than the US. In another article ‘Dancing on the Volcano’ he explains how the different elements of a new international financial crisis are currently converging creating misery for the majority of the people living on the planet. And also he describes how the mountain of corporate debt could be the source of the next global financial crisis.

Sushovan Dhar demystifies the hype surrounding the Bullet Train project in India and warns about the possible debt trap that it lays. Speaking about Mugabe’s ouster, Patrick Bond unmasks the elite transition in Zimbabwe as the shadows of an economic meltdown looms large. Robin Lee exposes the ambitions of Chinese capital around the China - Pakistan Economic Corridor (CPEC).

Also, read articles on 2017 UNCTAD Debt Management Conference, the situation in Puerto Rico, peasant mobilisation in India demanding debt cancellation, 200 years of infernal debt cycle in Latin America, the Brazilian debt dilemma and the UK debt.

Debt in the history
  • Latin America: 200 years of the infernal cycle of debt
    Eric Toussaint, Marie Charrel
    Eric Toussaint, of the CADTM (Committee for the Abolition of Illegitimate Debt), explains the (...)
  • Private debt
  • Final declaration of the Bamako “Women, debt and Microcredit” seminar
    CADTM international
    We, women of the CADTM Africa network, from Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Gabon, (...)
  • The mountain of corporate debt will be the seed of the next financial crisis
    Eric Toussaint
    Less than ten years after the failure of Lehman Bros. in September 2008, all the conditions are (...)
  • Farmers storm India’s national capital, demanding freedom from debt and better price for their produce
    La Via Campesina
    Several thousand small-holder farmers from across India held a massive demonstration in New (...)
  • How microfinance and financial inclusion impinge on human rights
    Philip Mader
    This blog post is based on a talk given at the ETOC Conference on “Financialisation, (...)
  • Financial crisis
  • The euro crisis and contradictions between countries in the periphery and centre of the European Union
    Eric Toussaint
    The crisis that started in the United States in 2007-2008, hit the European Union head on in (...)
  • Dancing on the Volcano
    Eric Toussaint
    The statements of Mario Draghi, Jean-Claude Junker, and Donald Trump remind us of all the past (...)
  • Debt crisis
  • Ready for the next storm? Debt (crisis) management discussed at the UNCTAD and Paris Club
    Bodo Ellmers
    The number of poor countries that are in debt crisis is increasing rapidly, as is the share of (...)
  • In times of humanitarian crisis: What Are Washington’s Aims for Puerto Rico?
    Barry Sheppard
    The humanitarian crisis in Puerto Rico continues after almost two months after the hurricanes (...)
  • Asia
  • The bullet train project in India: a story of white elephant and public debt
    Sushovan Dhar
    We are a happy nation waiting to ride the bullet train... The Mumbai-Ahmedabad High Speed Rail (...)
  • An introduction to the China-Pakistan Economic Corridor
    Robin Lee
    While initial plans for the China-Pakistan Economic Corridor (CPEC) predate those of OBOR it (...)
  • Debt in Northern countries
  • 10 key facts about debt in the UK
    Tim Jones, Jubilee Debt Campaign
    The UK government is paying virtually the lowest amount of interest on its debt in recorded (...)
  • Third World Debt
  • Zimbabwe witnessing an elite transition as economic meltdown looms
    Patrick Bond
    In Harare, Bulawayo and smaller Zimbabwean cities, hundreds of thousands of citizens joyfully (...)
  • Hunger, Foreign Debt and Uganda’s Fairytale Budgets
    Mary Serumaga
    An abiding image of Uganda in April 2017 is of a group of elderly people squatting around an (...)
  • Brazil: the debt dilemma
    Michael Roberts
    Brazil faces a presidential election in October 2018. This will offer a new benchmark for (...)
  • Corruption / financial criminality
    Ecological debt - Tunisia
    Alternatives - Europe
    Latest Books
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