Financial crisis
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The Capitalist Pandemic, Coronavirus and the Economic Crisis
19 March 2020 - by Eric Toussaint
Translation in bengali for Bangladesh and West Bengal (India) A public health crisis The coronavirus pandemic is a serious public health problem and the human suffering caused by the spread of this virus will be enormous. If it massively (...) -
The People of Colombia Are Cracking Up the Walls of War and Authoritarianism
20 January 2020 - by Justin Podur
The protests that started with the national strike called by Colombia’s central union on November 21 to protest pension reforms and the broken promises of the peace accords have persisted for two months and grown into a protest against the whole (...) -
Haiti 10 years after the earthquake: the fight for social and economic justice continues
13 January 2020 - by Iolanda Fresnillo
On January 12 2010 an earthquake of magnitude 7.3 on the Richter scale ripped through Port-au-Prince metropolitan area and other parts of Haiti. More than 1.5 million people, representing 15 per cent of the country’s population, were directly (...) -
Le défaut de paiement de dette de Infrastructure Leasing & Financial Services (IL&FS) : Privatiser les profits, socialiser les pertes ?
31 décembre 2019 - par Sushovan Dhar
Même lorsque l’effondrement de Lehman Brothers a secoué l’ensemble du monde financier, les élites politiques indiennes et la classe capitaliste étaient tout à fait convaincues que la contagion ne se propagerait pas à l’Inde. Il est vrai que les banques (...) -
The fantasy world continues
29 November 2019 - by Michael Roberts
The fantasy world continues. In the US and Europe, stock market index levels are hitting new all-time highs. Bond prices are also near all-time highs. Investment in both stocks and bonds are delivering massive profits for the financial (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 2)
Global Economic Volatility and Socio Political Reactions
16 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
Trade and currency wars, financial volatility and economic turbulence are now the most important features of the world economy. The elements of a new international financial crisis are in place. Although we do not know when it will break out, (...) -
Series: Adverse International and Local Conditions for Sub-Saharan Africa (Part 1)
South African Special Economic Zones : History of Limited Successes
8 October 2019 - by Eric Toussaint, Patrick Bond, Ishmael Lesufi, Lisa Thompson
Given both short- and longer-term trends in the world and South African economies, there is a danger of government and society placing inordinate hopes in what are variously termed Export Processing Zones, Industrial Development Zones and (...) -
The mountain of corporate debt will be the seed of the next financial crisis
3 May 2019 - by Eric Toussaint
The scene is again set for a new major international financial crisis. Central bankers, leaders of institutions such as the IMF, the OECD and the Bank for International Settlements are all aware of the situation. Many articles in the specialized (...) -
Things to watch in 2019: Debt and emerging debt crises
18 January 2019 - by Bodo Ellmers
More than a decade after the last global financial crisis hit, the next wave of defaults is lapping at our shores. Financing conditions will become more difficult in 2019. The world’s major central banks ‘normalised’ their monetary policies last (...) -
The Infrastructure Leasing & Financial Services (IL&FS) Debt Default: Privatize Profits, Socialize Losses?
15 January 2019 - by Sushovan Dhar
Even when the Lehman Brothers collapse shook the entire financial world, the Indian political elites and the capitalist class were quite confident that the contagion would not spread to India. True, the Indian banks and financial institutions (...) -
Economic crisis and global disorder – An increasingly chaotic globalization
9 January 2019 - by Michel Husson
Ten years after the bankruptcy of Lehmann Brothers, more and more analyses are being produced centring on two questions: how did it happen? Can it happen again? But they are almost all centred on the workings of finance, past or future. The (...) -
Argentina in turmoil
24 October 2018 - by Jérôme Duval
After Argentine President Mauricio Macri announced, on 3rd September, a brutal austerity plan under IMF supervision, the people hit the streets to express their anger at rising prices and budget cuts. Seventeen years after the 2001 crisis in (...) -
The euro project and the international integration of the South-Eastern European economies
13 October 2018 - by Ana Podvršič
In the recent years, scholars in critical international political economy have considerably explored the differences and similarities between the countries of the European periphery. Most of the studies, however, have focused on the structural (...) -
The Next Crash
17 September 2018 - by Robert Reich
Trump and his Republican enablers are now reversing regulations put in place to stop Wall Street’s excessively risky lending September 15 will mark the tenth anniversary of the collapse of Lehman Brothers and near meltdown of Wall Street, (...) -
Bailing out Banks after Lehman Brothers: A Holy Union for a Deuce of a Swindle
17 September 2018 - by Eric Toussaint
In this text, first published in 2008, Éric Toussaint exposed as inadequate governments’ responses to the international banking crisis and anticipated what actually occurred in the following years: a significant increase in public debt and an (...) -
A new global credit crunch to come?
4 August 2018 - by Michael Roberts
At the time of the general election in Turkey, [I pointed out->https://thenextrecession.wordpress.com/2018/06/25/erdogans-turkey that Turkey was near the top of the pile for a debt and currency crisis. It was running a massive current account (...) -
How mainstream media deal about public debt issues
3 April 2018 - by Eric Toussaint
Éric Toussaint, spokesperson for the CADTM, refers here to the partial approach to the public debt issue developed by mainstream media at an international level: they never include the deleterious consequences of repaying public debt on people’s (...) -
Dancing on the Volcano
22 November 2017 - by Eric Toussaint
The statements of Mario Draghi, Jean-Claude Junker, and Donald Trump remind us of all the past crises. They could very well have participated in the 1825, 1875 and 1929 crises without changing a single word. Capitalism is not yet on the brink (...) -
The euro crisis and contradictions between countries in the periphery and centre of the European Union
17 November 2017 - by Eric Toussaint
The crisis that started in the United States in 2007-2008, hit the European Union head on in 2008, and has been causing major problems in the eurozone since 2010. Banks from the strongest European countries are responsible for spreading this (...) -
Panama and the Criminalization of the Global Finance System
20 April 2016 - by Michael Hudson, Sharmini Peries
Sharmini Peries: Within a week the 11 million documents called the Panama papers, published by the International Consortium of Investigative Journalists, has become a household name. The documents are connected to the Panama law firm Mossack (...) -
The Subprime Specter Returns: High Finance and the Growth of High-Risk Consumer Debt
21 January 2016 - by Jennifer Taub
With more than half of American consumers classified as having subprime credit scores, it is no surprise that subprime lending is once again on the rise. Making expensive loans to the underemployed and overextended may help fuel economic growth; (...) -
“Not at the cost of human rights” – UN expert warns against more austerity measures for Greece
15 July 2015 - by United Nations - Human Rights
ADDIS ABABA / GENEVA (15 July 2015) – The United Nations Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, today urged the European institutions, the International Monetary Fund and the Greek Government to fully assess (...) -
Financialisation, foreign debt and crisis
2 February 2015 - by Ahilan Kadirgamar
Since the end of the war, Sri Lanka’s economy is being transformed through a rapid process of financialisation. Such widespread financialisation facilitated infrastructure development, a real estate boom linked to urbanisation and expansion of (...) -
CETA: Taking away the means to deal with a financial and a EURO crisis
6 October 2014 - by Myriam Vander Stichele
The negotiated text of CETA (leaked on 5 August 2014) has some very alarming provisions about financial services and investments. These CETA rules seriously undermine the power of parliaments, governments and regulators to introduce, change or (...) -
G20 finance ministers cannot hide failure to tackle major issues
24 September 2014 - 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 (...)
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