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The 1953 London Debt Agreement on Germany’s debt
26 February 2023 - by Eric Toussaint
Germany benefited from the cancellation of most of its debt as of February 27, 1953. This cancellation was instrumental in helping the country regain its position as the leading economic power on the European continent. Since then, no other (...) -
Radio Silence Concerning United States President Franklin Roosevelt’s Repudiation of Debts
28 January 2023 - by Eric Toussaint
During your education, did you learn that during the 1930s the government of the USA unceremoniously repudiated a central provision of debt contracts that represented phenomenal sums? Do any history books analyze that act? Historical narratives (...) -
No pasaran !
The frightening civilisational counter-revolution of the Brown International in the making
9 January 2023 - by Yorgos Mitralias
With interest focused - rightly so - on the war Putin is waging against Ukraine and its people, one often forgets to recognise the fundamental “character traits” of Putinism, which make it the jewel in the crown of a nascent Brown International. (...) -
Young people voted en masse
United States: Radicals and Socialists win landslide midterm elections!
10 November 2022 - by Yorgos Mitralias
The headlines of the international press on the outcome of the US midterm elections are not wrong: Yes, the long-awaited Republican tsunami did not materialise. And the Democrats held up much better than they had hoped. The reason for all these (...) -
Ten days after the announcement of indecent tax cuts, Liz Truss’ spectacular U-turn
Thatcher’s heritage, tax giveaways, poorly distributed and poorly funded benefits: austerity gaining ground in the UK
13 October 2022 - by Maxime Perriot
Appointed on 6 September 2022, Liz Truss, the new British Prime Minister, rests her legitimacy on the choice made by the 172,000 members of the Conservative party. [1] This ’electorate’, mostly older and rich, voted for a programme of tax cuts and (...) -
Italian post-fascists in power
The old demons of the interwar period are back in Europe!
29 September 2022 - by Yorgos Mitralias
“Days of 1922? Not yet, but Italy is on track to”celebrate“in four years the centenary of the rise of Mussolini and his fascist movement to power with a regime that will resemble it- almost - like two drops of water!” With this premonitory sentence (...) -
Towards the Brown International of the European and global far right?
6 September 2022 - by Yorgos Mitralias
Not since the end of the last world war has the threat of a reinvigorated, aggressive and almost universally rising far right been felt as much as today. Why is this so? Because, contrary to what happened during the last 6-7 decades, this threat (...) -
Russia: Origin and consequences of the debt repudiation of February 10, 1918
8 February 2022 - by Eric Toussaint
In February 1918, the repudiation of the debt by the Soviet government shocked international finance and sparked off unanimous condemnation by the governments of the great powers. This decision of repudiation was intrinsic to this first big (...) -
One year after: Joe Biden, president of the United States
24 December 2021 - by Eric Toussaint
Some commentators thought that Joe Biden as president would mean a Keynesian turn in the US. The same hopes and illusions had developed in the early days of Barack Obama’s presidency in 2009. In both cases, the election occurred when the US was (...) -
The central bankers’ dilemma
20 December 2021 - by Michael Roberts
“The inflation that we got was not at all the inflation that we were looking for,” US Federal Reserve Chair Jay Powell said in his press conference after the Fed’s monetary policy committee decided to accelerate the ‘tapering’ of its bond purchases (...) -
“Your Debt Is Someone Else’s Asset”: Calls Mount to Cancel Debt & Halt Wealth Transfer to the Rich
16 December 2021 - by Amy Goodman, Astra Taylor , Nermeen Shaikh
As calls grow for Biden to extend the moratorium on student debt, we speak with the Debt Collective’s Astra Taylor and feature her new film for The Intercept, “Your Debt Is Someone Else’s Asset,” animated by artist Molly Crabapple. The $15 trillion (...) -
Call
Why Eurozone countries’ debt to the ECB must be cancelled
7 December 2021 - by Eric Toussaint, Sonia Mitralias, CADTM Europe, Paul Murphy, Miguel Urbán Crespo, Andrej Hunko, Cristina Quintavalla, Manon Aubry, Leïla Chaibi
Since the beginning of the coronavirus pandemic public debt in the eurozone has increased by an average of 20%. The reason for such an increase is straightforward: instead of finding the necessary new resources by taxing the wealthiest 1% and (...) -
[Video] Should debts held by the ECB be cancelled?
24 September 2021 - by Eric Toussaint, Renaud Lambert, Aline Fares, Benjamin Lemoine
CADTM Summer University 2021: Global Crisis, Debt Cancellation for Social Justice! Thursday 23 September, 6.30-8.30 p.m. – Should debts held by the ECB be cancelled? With Renaud Lambert (Le Monde Diplomatique), Benjamin Lemoine (researcher (...) -
The Jackson Hole dilemma
30 August 2021 - by Michael Roberts
Next weekend, the central bankers of the world meet in a slimmed down COVID annual jamboree at Jackson Hole has more than doubled to $8tn. The European Central bank has total assets worth more than €8tn, the Bank of Japan has about $6tn, while (...) -
Whose Home Is This? At Least 55,625 Properties Under the Hammer in Real Estate Auctions — and Counting
9 August 2021 - by Sotiris Sideris
A data-driven research into housing financialization in Greece and the restructuring of the country by the markets, accompanied by an open dataset. The home of a six-member family in Marathonas was to be auctioned off online on September 18 (...) -
Paradigm shifts
28 July 2021 - by Susan Watkins
Emerging from year zero of the pandemic, the us and eu have adopted recovery programmes widely acclaimed as historic turning points. The Next Generation eu programme (ngeu) offers €750 billion to help member states towards a greener, more (...) -
USA: Imperialist Keynesianism
27 July 2021 - by Ashley Smith
In his address to Congress, Joe Biden celebrated his American Rescue Plan and promoted his American Jobs and American Families plans. The capitalist media declared it the end of Reaganomics and a return to Franklin Delano Roosevelt’s New Deal (...) -
Call for the Suspension of the EU – Colombia Free Trade Agreement
18 June 2021 - by Group of signatories
Brussels, June 14, 2021 Ms. Ursula von der Leyen President of the European Commission Mr. Josep Borrell High Representative of the Union for Foreign Affairs and Security Policy Vice President of the European Commission Mr. Valdis (...) -
How Private and Public Debt Crises Exacerbate Housing Problems in the EU
9 June 2021 - by Eric Toussaint, Eva Betavatzi
Abstract The increase in mortgage lending in European countries since the 1990s’ is symptomatic of a political determination to push households into buying rather than renting on the housing market. Banks benefit from this as it allows them not (...) -
Greece: Information Note of the “Committee on Family Law and Consensus Joint Custody”
27 May 2021 - by Committee on Family Law and Consensus Joint Custody
Since November 2020, 24 women’s organizations and collectives have set up the “Committee on Family Law and Consensus Joint Custody”, expressing our strong concern about the Greek government’s initiative to introduce a bill entitled “Reforms (...) -
The Earldom of Larios Uses Debt Blackmail to Build a Golf-Course on Agricultural Land
29 April 2021 - by Eric Toussaint
Here we have a concrete example, in 2021, that plunges us into the debt system and history as it has been created through the class struggle. As I am short of time, I shall tell the story succinctly. It takes place in Nerja, a small town of (...) -
Sunny side of the Alps clouding up: Slovenia in the grips of a right-wing tornado
7 April 2021 - by Ana Podvršič, Jaša Veselinovič
After less than a year since the start of the epidemic, Slovenia barely resembles a country that, for a long time, has been seen as a social-democratic outliner in the region. The outbreak of the epidemic coincided with a major political change (...) -
Call for the Housing Action Day on 27 and 28 March 2021
26 March 2021 - by Collective
The Housing Action Day launched by the European Action Coalition for the right to Housing and the City will take place in 75 European cities! For more information on the mobilisations in Europe: https://housingnotprofit.org/housing-action-day/ (...) -
Greece: A Lost Democracy
22 March 2021 - by Eva Betavatzi
The authoritarianism of the Greek government is increasing every day, and so is protest against it. For several weeks now, angry voices have been heard in the streets of Athens, Thessaloniki and several other cities in Greece, decrying the (...) -
“Exceptional circumstances can help indebted States”
14 January 2021 - by Eric Toussaint
A judgment by the Court of Justice of the European Union states that a State is entitled to impose losses on its creditors. This is a most significant decision. Several States facing a radical change of circumstances because of the impact of (...)
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