Series: Governments submit to “Too Big to Fail” banks (part 7)
We have seen that since the beginning of the 2007-2008 crisis, the ECB has played a vital role in saving the big private banks, their owners and directors, while at the same time guaranteeing the continuity of their privileges. We can clearly see that without the ECB, the big banks would have sunk and that would have forced the authorities to take very severe action against them.
Series : Bretton Woods, the World Bank and the IMF: 70th anniversary (Part 13)
The supposed South Korean success story has been achieved thanks to policies that run contrary to the economic model advanced by the World Bank. Far from being a virtuous accumulation of wealth through the advantages of free-market forces, the economic development of South Korea came about by "a brutal primitive accumulation achieved by the most coercive methods, in order to produce virtue by force" (J-P Peemans).
Tunisia Once Again the Site for the Next WSF in March 2015
The Arab Spring is now going through a frustrating period of setbacks. From this perspective, the fact that the next World Social Forum will again take place in Tunis, from 24 - 28 March 2015, proves particularly important. “This forum is a necessary one in order to, among other things, raise citizens’ level of consciousness in order to better mobilise to confront injustice and inequality, and support peoples’ liberty and dignity,” emphasises Mimoun Rahmani, researcher on economics, active (...)
The Argentine parliament has just passed legislation for launching a debt audit commission. It will look into the debts contracted by the country since the military junta took over in 1976. The Commission, which is yet to take off, is supposed to submit its report within 180 days. The audit can genuinely serve the interest of the people. Thus, CADTM urges the Argentine government to follow the example of Ecuador which set up a commission in 2007 for an audit of the debt incurred between (...)
IMF and World Bank at 70: many happy returns?
by The Bretton Woods Project
In July, the IMF and World Bank turned 70. Unlike previous anniversaries of their establishment at the Bretton Woods conference in 1944, this milestone passed with relatively little attention or criticism. This reduced interest is presumed by many commentators, supportive or critical, to (...)
Human Rights Council condemns vulture funds activity
by Aldo Caliari
Last week, the Human Rights Council adopted a resolution condemning the activities of vulture funds for their impacts on the capacity of governments to fulfill their human rights obligations. In a resolution passed with 33 of the votes of members, only 5 countries voting against (United States, (...)
Argentina passes law to establish debt audit commission
by Jubilee Debt Campaign
Argentina has legislated to create a commission to investigate the origin of the country’s debt, dating back to the military dictatorship of 1976 to 1983. The law states that once the commission has been established, it will report within 180 days. Campaigners in Argentina have been calling for (...)
How to resist vulture funds and financial imperialism?
by Eric Toussaint
Speech delivered at the International Seminar on "Alternatives to financial imperialism and vulture funds" held in Caracas (Venezuela), on 12th August 2014 Panel moderator: Dr. Eric Toussaint has come from Belgium to be with us today. Born in Namur (Belgium) in 1954, with a PhD in Political (...)
Initial reflections on the UN decision to establish a multilateral legal framework for the processes of public debt restructuring
by CADTM AYNA, Jubileo Sur Americas, Lutheran World Federation
Since the imposition of the economic policies of the last dictatorship, the Argentine people have continued to suffer the impacts and consequences of the debt generated in that period and its subsequent restructurings. Amidst repeated crises and via structural adjustment after another, a model (...)
Six years later...
by Sushovan Dhar
We vividly remember how the collapse of Lehman Brothers almost destroyed the world financial system There was neither remembrance nor anamnesis of that horrible day which shook the financial world and brought it to its knees six years ago. On September 15, 2008, the world witnessed the collapse (...)
Quantitative Easing Or Business Easing In Europe?
by Ronald Janssen
A political “consensus” is at this moment being forged in the Euro Area around a policy mix where the ECB would go for some form of, yet undefined, quantitative easing and this in exchange for radical structural reforms. To push this view through, it seems as if anything is allowed. A rather (...)
Series: Governments submit to “Too Big to Fail” banks (part 4)
United-States : the Fed Bails Out Wall Street
by Eric Toussaint
Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Since 2008, the Fed has granted unlimited credit to banks at an official rate of 0.25%. In fact, as the General Accounting Office (GAO) has revealed, the Fed has lent close to $16 trillion at an interest rate below 0.25%. |1| The report (...)
G20 finance ministers cannot hide failure to tackle major issues
by Jesse Griffiths
The communiqué from this weekend’s G20 finance ministers’ meeting in Cairns tried to paper over increasingly evident cracks in the global economy, trumpeted an OECD initiative to reduce tax dodging which is not as good as it seems, continued to focus on privately funded infrastructure, and (...)
Series : Bretton Woods, the World Bank and the IMF : 70th anniversary (Part 8)
World Bank and IMF support to dictatorships
by Eric Toussaint
After the Second World War, in a growing number of Third World countries, policies diverged from those of the former colonial powers. This trend encountered firm opposition from the governments of the major industrialised capitalist countries whose influence held sway with the World Bank (WB) (...)