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8 July 2020

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8 july 2020

The current multi-dimensional crisis has made the situation more complicated forcing us to think about a number of issues and certainly, about the banking system that is at the root of the present financial crisis. It is vitally important to envisage a democratically controlled banking system. In this context, it is interesting to listen to the exchange between Philippe Poutou and Eric Toussaint about the socialisation of banks.

Olivier Bonfond discusses Eric Toussaint’s latest publication on the Greek tragedy, Sellouts in the Room, to be published in English later this year. Bonfond, himself a member of the Greek debt audit committe set up by the Hellenic parliament, analyses the key points of the book through the lens of his own experiences. He insists that it is a must read for the left and progressives, whenever they are in power, in order to fulfill popular mandates.

Ndongo Samba Sylla explains how debt impinges upon national sovereignty in the Global South. Drawing heavily from the Senegalese experience, he describes how African countries that have unreasonably accumulated foreign currency-denominated debts over the past decade are now nearly bankrupt. Sankha Subhra Biswas unmasks the farcical $ 265 billion stimulus by the Indian government. This economic package is going to do much more good to private corporations than to the common people in the streets. As the economic crisis loomed large, the IMF was projected as a messiah to rescue economies around the world. The Amandla article exposes this lie and points out the dangers associated with the Fund’s packages.

Mireille Fanon-Mendès France raises the issue of black bodies, death and reparations.

Finally, as a part of the series on the 76 years of World Bank and the IMF, we present readers with an exposure of the ‘South Korean miracle’ and how the twin bodies have influenced State policies through their loans by setting up a debt trap.

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