Banks
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Should central banks be ‘independent’?
10 September 2025 - by Michael Roberts
US President Donald Trump announced that he had fired Lisa Cook, a member of the Federal Reserve Board of Governors. Trump says that she committed mortgage fraud by taking out two mortgages, claiming both properties as her primary residence, back (…) -
A new debt crisis since 2020-2022 [Part 2]
1 April 2025 - by Maxime Perriot
After this historical overview, let’s look at the debt crisis that has been exploding since 2020. What are its causes? What are the consequences for the countries of the Global South? Des taux d’intérêt bas dans les années 2010 The US (…) -
Jackson Hole celebrates itself
12 September 2024 - by Michael Roberts
Every August the world’s top central bankers meet in Jackson Hole, Wyoming, a ski resort in central US for a ‘symposium’ organized by the Kansas City Federal Reserve. The bankers take this opportunity to discuss monetary policy and its efficacy (…) -
Series : Social Movements and the Politics of Debt
CADTM : what to do with the Financial sector and the Banks and, with the Sovereign Debt arbitration
6 September 2024 - by CADTM, Christoph Sorg
Extract from Social Movements and the Politics of Debt: Transnational Resistance against Debt on Three Continents. The CADTM appreciates the importance of this effort and commends its author. In the coming days and weeks, we will also be (…) -
Are the BRICS and their New Development Bank offering alternatives to the World Bank, the IMF and the policies promoted by the traditional imperialist powers?
21 April 2024 - by Eric Toussaint
In recent years, the rightful rejection of the policies promoted by the traditional imperialist powers (North America, Western Europe and Japan), followed by the announcements made by the BRICS (Brazil, Russia, India, China and South Africa), (…) -
The BRICS New Development Bank & Sub-Imperialism: Working within, not against, global financial power
20 February 2024 - by Patrick Bond
Patrick Bond, political economist, Professor of Sociology at the University of Johannesburg, and Director of the Centre for Social Change, discusses (online) the role of the New Development Bank and its potential as a true alternative to the (…) -
Bank taxes in the EU: exceptional, temporary and far less than the €6 trillion bank bailout to be paid by the state budget
10 January 2024 - by Fátima Martín
Exceptional, temporary, special are some of the adjectives used by European authorities about bank taxes in the EU, taxes that have already been implemented in some twelve European countries. What is not said is that the collected amount is far (…) -
National and International Conference on Central Banks, the Financial System and Economic Development
6 December 2023 - by Eric Toussaint, Pablo Laixhay
Éric Toussaint was invited to open the second day of the National and international conference on central banks, the financial system and economic development, held in Bogota on 23 and 24 November 2023 with the active participation of the (…) -
Does the US Federal Deposit Insurance Corporation have enough resources to deal with a major banking crisis? And what about Europe?
14 June 2023 - by Eric Toussaint
Bank deposits in the US have been legally guaranteed up to a limit of USD 250,000 since 2008. The decision to enact a federal law that guarantees savers’ deposits was made in the early years of Franklin Delano Roosevelt’s administration. In 1933, (…) -
When President Joe Biden says that the US never denounced any debt obligation it’s a lie to convince people that there is no alternative to a bad bi-partisan agreement
Debt ceiling: Radio Silence Concerning United States President Franklin Roosevelt’s Repudiation of Debts
28 May 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 (…) -
First Republic – the case for public ownership
4 May 2023 - by Michael Roberts
The collapse of First Republic Bank is the latest chapter in the rolling banking crisis in the US. This was the second largest banking collapse in US financial history. It demonstrates yet further the case for public ownership of the banking (…) -
Banks on the Brink? The Origins, Nature, and Trajectory of the Crisis
19 April 2023 - by Ashley Smith, Michael Roberts
The banking industry has been beset by a series of failures, government bailouts, and takeovers. The crisis in these banks has sent stock markets around the world into gyrations. What caused all of this? Is this a passing crisis? What impact will (…) -
The Mechanics of a Bond Market and its Impact on the Banking Crisis
10 April 2023 - by Michael Hudson
Why the Bank Crisis is Not Over The crashes of Silvergate, Silicon Valley Bank, Signature Bank and the related bank insolvencies are much more serious than the 2008-09 crash. The problem at that time was crooked banks making bad mortgage loans. (…) -
Banking crisis: is it all over?
28 March 2023 - by Michael Roberts
Bank stock prices have stabilized at the start of this week. And all the key officials at the Federal Reserve, the US Treasury and the European Central Bank are reassuring investors that the crisis is over. Last week, Fed Chair Jerome Powell (…) -
The Paris Commune of 1871, banks and debt
20 March 2023 - by Eric Toussaint
On the occasion of the 150th anniversary of the extraordinary experience of the Paris Commune, it is fundamental to draw a number of lessons from it. The measures a government takes regarding its Central Bank, the debts of working class people, (…) -
Silicon Valley Bank’s Collapse Shows Little Has Changed for Big Banks Since 2008
14 March 2023 - by Branko Marcetic
The spectacular collapse of Silicon Valley Bank was caused by corruption, financial recklessness, and poor decision-making. With its bailout echoing 2008’s eager bailouts for the rich, it begs the question: How much longer will Americans put up (…) -
Monetary tightening, inflation and bank failures
13 March 2023 - by Michael Roberts
Last week, US Fed Chair Jay Powell gave testimony to the US Congress on inflation and Fed monetary policy. He spooked financial markets when he appeared to say that the latest data on the economy would probably require further interest-rate (…) -
SVB: from the valley to the chasm
13 March 2023 - by Michael Roberts
On Friday, Californian bank Silicon Valley Bank (SVB) became the largest bank to fail since the 2008 financial crisis. In a sudden collapse that shocked financial markets, it left billions of dollars belonging to companies and investors (…) -
India : debt, banking crisis,...
10 January 2023 - by Eric Toussaint, Sushovan Dhar
Sushovan Dhar is interviewed by Eric Toussaint about the debt situation and the banking crisis in India, and other topics. Eric Toussaint : In your presentation at the 9th CADTM South Asia Conference in Colombo you explained that India’s real (…) -
The debt scenario in India
9 December 2022 - by Sushovan Dhar
Sushovan Dhar, CADTM delegate at the 9th CADTM South Asia meeting in Colombo, Sri Lanka (2-4 December 2022), spoke on 2 December at the conference on South Asian private debt, financial institutions and the role of social movements. | Read (…) -
Bank Privatization and the Never-finished Neoliberal Agenda
25 October 2022 - by C P Chandrasekhar
The long-standing debate on whether India’s public sector banks should be privatized has resurfaced in recent days. Two articles, besides numerous statements from advocates of ‘reform’, triggered this round of debate—one wittingly and the other, (…) -
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 (…) -
Development banks have no business financing agribusiness
19 October 2021 - by Collective
On the eve of an annual gathering of public development banks in Rome, groups from around the world have signed a letter slamming them for bankrolling the expansion of industrial agriculture, environmental destruction and corporate control of the (…) -
Paris Commune 150: the economics
18 March 2021 - by Michael Roberts
Today is the 150th anniversary of the beginning of the Paris Commune. The Commune (Council) was formed as result of what should be considered the first uprising and revolution led by the working class in history. This new class was the product (…) -
India: Proposals against new attempts to privatise state-owned banks
11 March 2021 - by Eric Toussaint, Sushovan Dhar
Public sector banks account for more than two-thirds of the banking market in India. Currently, they are subjected to a systematic smear campaign launched by the reactionary Narendra Modi government, big media including the international press (…)
- Depression
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- Antifascism
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- Belt and Road
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- Illegitimate debt
- ILO
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- Imperialism
- Inequality
- Inflation
- Initiative for the heavily indebted poor countries (HIPCs)
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