Finance against people
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Series: 1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough !
The WB assists those in power in a witch-hunting context
17 January 2024 - by Eric Toussaint
In July 2024, the World Bank and the IMF will be 80 years old. 80 years of financial neo-colonialism and the imposition of austerity policies in the name of debt repayment. 80 years is enough! The Bretton Woods institutions must be abolished and (…) -
Davos and the melting world economy
16 January 2024 - by Michael Roberts
The annual jamboree of the rich global elite called the World Economic Forum (WEF) is under way again in the luxury ski resort of Davos, Switzerland. Thousands will attend and many of the ‘great and good’ of political and corporate leaders have (…) -
Series: 1944-2024, 80 years of interference from the World Bank and the IMF, that’s enough !
Concerning the founding of the Bretton Woods’ Institutions
10 January 2024 - by Eric Toussaint
Series : Bretton Woods, the World Bank and the IMF: 70th anniversary -
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 (…) -
IMF surcharges or surtaxes: How, in total opacity, the International Monetary Funds is making money at the expense of countries in the most precarious position
22 December 2023 - by Maxime Perriot
What are those IMF surcharges? They are very rarely seen on the web, and for good reason: the IMF does not communicate about them. It is almost impossible to find references on the subject in French, and there are very few in English. How much do (…) -
Let’s not be fooled by Kristalina Giorgeva and the IMF
5 December 2023 - by Maxime Perriot
In an interview given to Marie Charrel for Le Monde on 12 November 2023, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), displays once again the total disconnect between the thinking of the IMF, current (…) -
Microfinance and Credit Regulatory Authority – A fatal flaw
24 November 2023 - by Amali Wedagedara
Microfinance and Credit Regulatory Authority mooted first in 2012 as the Microfinance Regulatory and Supervisory Authority (MRSA) has seen daylight. But could it be the solution it is purported to be, i.e., regulate money lending and microfinance (…) -
Grant distribution failures foil ‘financial inclusion’
25 September 2023 - by Patrick Bond, Milford Bateman, Lena Lavinas, Erin Torkelson
The Postbank ‘glitch’ in early September was devastating to 600,000 social grant recipients, and although the problem was solved last week, according to the state-owned bank, advocacy NGO Black Sash reported ongoing crises. This is a tragedy, (…) -
Éric Toussaint: “There are not enough leaders ready to stand up to debt creditors.”
1 September 2023 - by Eric Toussaint, Jorge Muracciole
The spokesperson for the Committee for the Abolition of Illegitimate Debt warns that in 2023-2024, “all records of fiscal adjustment in the Global South will be broken”. He also affirms that “the IMF is much stronger than it was two decades ago.” (…) -
Deeper than ever, the crisis leaves capitalism out of breath
20 June 2023 - by Eric Toussaint
CADTM : Are we witnessing a crisis This is a major crisis of the globalized capitalist system, the worst crisis since those of the years 1914-1945 Éric Toussaint : Yes. All the warning lights are flashing: there is a very significant (…) -
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, (…) -
The Fitch rating agency downgraded France’s rating.
France Shown Yellow Card
13 May 2023 - by Yvette Krolikowski
On Friday 28 April 2023, the Fitch financial rating agency downgraded France’s rating from AA to AA- with ’stable outlook’. The agency said, “Political deadlock and (sometimes violent) social movements pose a risk to Macron’s reform agenda and (…) -
Incoming World Bank President Ajay Banga’s predatory-finance background threatens even more prolific Bank poverty-creation
12 April 2023 - by Patrick Bond, Milford Bateman, Lena Lavinas, Erin Torkelson
Should the incoming World Bank president, Ajay Banga, be allowed to take office without a full investigation into his predatory-financing history, especially as a visionary leader of MasterCard committed to ‘financial inclusion’? (…) -
May 1968 - March 2023!
27 March 2023 - by Yorgos Mitralias
At a time when those who declare, even among the French elites (!), that we are witnessing the emergence of a “new May 68” are multiplying, while noting that in the country now reigns .... “an insurrectional atmosphere”, one can now reasonably (…) -
Youth mobilize against Macron’s scorn
27 March 2023 - by Maxime Perriot
One week after the French government used article 49,3 of the Constitution to impose its reform of the retirement age thus short-circuiting the parliament, popular mobilization has intensified and seen an important increase in the number of (…) -
Illicit Financial Flow
14 March 2023 - by High Level Panel on Illicit Financial Flows from Africa
Over the last 50 years, Africa is estimated to have lost in excess of $1 trillion in illicit financial flows (IFFs) (Kar and Cartwright-Smith 2010; Kar and Leblanc 2013). This sum is roughly equivalent to all of the official development (…) -
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 (…) -
Greece: The infamy of a predicted terrible rail disaster
6 March 2023 - by Yorgos Mitralias
The following could be a dark humor joke, but it is a very real story and, above all, emblematic of this neoliberal and dilapidated Greece of the first half of the 21st century. Only a few hours before the terrible rail disaster of 28 (…) -
World Economic Forum plutocrats suffer vertigo on contemporary capitalism’s roller-coaster
17 January 2023 - by Patrick Bond
Part 1: The context of extreme financial devaluations The World Economic Forum is meeting in Davos this week. The gathering of many of the wealthiest corporate elites and state leaders compels consideration of directions global capitalist (…) -
Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
17 January 2023 - by Oxfam
The super-rich outstrip their extraordinary grab of half of all new wealth in past decade. Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages. A (…) -
When States Start with a “Clean Slate” and Repudiate Debts: Whose Turn Now?
12 December 2022 - by Eric Toussaint, Anaïs Carton
In this article, Anaïs Carton and Éric Toussaint demonstrate, using a number of examples, that there is no automatic continuity of obligations related to debt when one State or government succeeds another. _______________________ In April (…) -
Public debt and Microfinance in Morocco : When the poor Finance the rich
9 December 2022 - by Jawad Moustakbal
Jawad Moustakbal (ATTAC CADTM Morocco) was one of the CADTM delegates at the 9th CADTM South Asia meeting, in Colombo, Sri Lanka (2-4 December 2022). He presented the damage caused by microcredit and public debt in Morocco for decades. Jawad (…) -
Powell’s pivot and the impending slump
8 December 2022 - by Michael Roberts
Stock markets rallied in November as inflation rates subsided a little and the US Federal Reserve began to talk of lower interest-rate hikes from hereon. Financial investors are hoping that the Fed is set to ‘pivot’ from tightening monetary (…) -
Private Debt in India : Current trends in the context of COVID-19 Pandemic
8 December 2022 - by Chinmayi Naik
Chinmayi Naik (Working Peoples’ Coalition in India) was one of the CADTM delegates at the 9th CADTM South Asia meeting in Colombo, Sri Lanka (2nd - 4th december 2022) . She made a presentation about the state of private debt in the context of (…) -
The “Debt for Climate” campaign interviews Eric Toussaint about the responsibility of private companies and international organisations, such as the IMF and WB, in climate change
5 October 2022 - by Eric Toussaint, Debt for climate
It is important to emphasise that a whole series of large capitalist companies in the North, from the beginning of the industrial revolution, developed an intensive exploitation of raw materials, developed a mode of production that emitted a (…)
CADTM
COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT
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