Committee for the Abolition of Illegitimate Debt

Neo-fascism and imperial domination no longer whisper from the edges of the political map. They stride openly across continents, coordinated, financed, and emboldened. Power is reorganising itself across borders. To confront it, resistance must do the same—be international, strategic, and anchored in the struggles of working people.

The launch of the Global Front Against Neo-fascism and Imperialism, endorsed by 565 figures and more than 900 activists, together with the convening of the First International Anti-Fascist Conference for the Sovereignty of Peoples, marks an important moment. The conference in Porto Alegre, the growing support from Brazilian organisations and the steady work of the International Committee all point in the same direction: anti-fascism today must be organised at the global level. It must confront the economic and geopolitical structures that sustain authoritarian rhetoric, not just be symbolic or episodic.

Several contributions in this issue of the newsletter examine the contemporary architecture of imperial power. The analysis of Trump and the uninhibited imperialist domination of the Western Hemisphere shows how coercion, sanctions, destabilisation and open intervention are increasingly treated as normal instruments of policy. The article on the former Honduran president Hernández illustrates how corruption, narco-politics, and imperial manipulation intersect. At the same time, the observations about China–United States asymmetrical rivalry remind us that inter-imperialist conflict does not weaken domination; it reorganises it, with peripheral economies and working populations bearing the burdens of the clashing.
The article about Trump, Europe, and the global neo-fascist movement reveals that these changes extend beyond more than one country. Neo-fascist political movements work through networks of ideas, money, and political alliances that cross continents. The reflection on Minneapolis and the key moment in Trump's rise show that popular uprisings can stop even the most entrenched authoritarian projects.When fascism advances, it also encounters resistance.

The first axis of this bulletin is the organisation of anti-fascist and anti-imperialist struggles; the second concerns the financial logic that underpins contemporary domination. The articles on private debt and artificial intelligence reveal a new phase of financialisation. Global debt has reached unprecedented levels, approaching 346 trillion dollars. The swift rise in speculation surrounding artificial intelligence prompts familiar concerns: "Will the excitement over the technology serve as yet another justification for socialising losses while privatising profits?" Taxpayers may be compelled to support AI technology companies in times of crisis, echoing the "too big to fail" syndrome that has characterised neoliberal capitalism for so many decades.
The consequences are visible at the level of everyday life. The discussion of microfinance and regulatory reform shows how indebtedness penetrates the most precarious layers of society. Debt, presented as an inclusion, often functions as discipline. Similarly, workers' demands in free trade zones for pro-worker legal reform expose the structural imbalance between capital mobility and workers' rights. Financial expansion and repression of working people are not separate processes; they reinforce each other.

The section devoted to India offers a concrete illustration of how state policy consolidates capital while shifting adjustment onto the working class. The analyses of the Union Budget Consolidation Without Redistribution and Capital Consolidates, Labour Adjusts demonstrate how fiscal choices strengthen corporate interests under the guise of stability. Public expenditure is reoriented, redistribution is limited, and workers are told to adapt. The statement “Our fight is for the workers” reaffirms that resistance must be organised around class interests, not nationalist narratives.

In Europe, the political terrain remains unstable. The examination of the Belgian political situation highlights the fragmentation of traditional alignments and the growing influence of right-wing forces. At the same time, the article questioning why European institutions persist in certain external policies underscores the structural continuity of neoliberal and geopolitical priorities, regardless of electoral change. Institutional inertia protects markets and strategic alliances whilst becoming ever more restrictive of social rights.

Read collectively, the texts reveal a clear pattern. As inequality spreads and democratic space contracts, neo-fascism takes root. Imperialist competition intensifies, and its tremors are felt most sharply at the margins. Debt expands, speculation surges, and the workers must absorb the shock. Crisis here is not chaos. It is reorganisation—managed through coercion, financial power, and exclusion.

But this reorganisation is contested. From Minneapolis to Porto Alegre, from Indian workers to free trade zone workers, from anti-imperialist solidarity campaigns to the mobilisation of hundreds of organisations, resistance is neither isolated nor accidental. It is searching for coordination and coherence.
The Anti-Fascist and Anti-Imperialist Conference matters. It is not an academic gathering or a symbolic declaration. It represents an effort to link struggles across continents and to articulate a common front against the convergence of fascism, imperial domination, and financialised exploitation. Mobilisation around this conference is part of a broader strategic necessity: to build durable structures capable of confronting power from its roots up to its summits.

The challenge before us is therefore twofold: to deepen our understanding of the structures we face and to strengthen the collective instruments capable of transforming them.

The road ahead will not be straight but coordination is growing. Porto Alegre is one moment in that process. The task is to carry it forward.

Developing the website in four languages (French, Spanish, English and Portuguese) and the electronic bulletins in three languages ( French, English, Spanish) are a couple, among the numerous projects of CADTM. A new site set up recently and we hope likewise to provide more articles for a possible maximum number of readers around the world. The members of the CADTM international network will actively participate in the research and production of articles so that we can provide you with better information.
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