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Russia: Origin and consequences of the debt repudiation of February 10, 1918

8 February 2022 - by Eric Toussaint

In February 1918, the repudiation of the debt by the Soviet government shocked international finance and sparked off unanimous condemnation by the governments of the great powers. This decision of repudiation was intrinsic to this first big (...)
One year after: Joe Biden, president of the United States

24 December 2021 - by Eric Toussaint

Some commentators thought that Joe Biden as president would mean a Keynesian turn in the US. The same hopes and illusions had developed in the early days of Barack Obama’s presidency in 2009. In both cases, the election occurred when the US was (...)
The central bankers’ dilemma

20 December 2021 - by Michael Roberts

“The inflation that we got was not at all the inflation that we were looking for,” US Federal Reserve Chair Jay Powell said in his press conference after the Fed’s monetary policy committee decided to accelerate the ‘tapering’ of its bond purchases (...)
“Your Debt Is Someone Else’s Asset”: Calls Mount to Cancel Debt & Halt Wealth Transfer to the Rich

16 December 2021 - by Amy Goodman, Astra Taylor , Nermeen Shaikh

As calls grow for Biden to extend the moratorium on student debt, we speak with the Debt Collective’s Astra Taylor and feature her new film for The Intercept, “Your Debt Is Someone Else’s Asset,” animated by artist Molly Crabapple. The $15 trillion (...)
Call

Why Eurozone countries’ debt to the ECB must be cancelled

7 December 2021 - by Eric Toussaint, Sonia Mitralias, CADTM Europe, Paul Murphy, Miguel Urbán Crespo, Andrej Hunko, Cristina Quintavalla, Manon Aubry, Leïla Chaibi

Since the beginning of the coronavirus pandemic public debt in the eurozone has increased by an average of 20%. The reason for such an increase is straightforward: instead of finding the necessary new resources by taxing the wealthiest 1% and (...)
[Video] Should debts held by the ECB be cancelled?

24 September 2021 - by Eric Toussaint, Renaud Lambert, Aline Fares, Benjamin Lemoine

CADTM Summer University 2021: Global Crisis, Debt Cancellation for Social Justice! Thursday 23 September, 6.30-8.30 p.m. – Should debts held by the ECB be cancelled? With Renaud Lambert (Le Monde Diplomatique), Benjamin Lemoine (researcher (...)
The Jackson Hole dilemma

30 August 2021 - by Michael Roberts

Next weekend, the central bankers of the world meet in a slimmed down COVID annual jamboree at Jackson Hole has more than doubled to $8tn. The European Central bank has total assets worth more than €8tn, the Bank of Japan has about $6tn, while (...)
Whose Home Is This? At Least 55,625 Properties Under the Hammer in Real Estate Auctions — and Counting

9 August 2021 - by Sotiris Sideris

A data-driven research into housing financialization in Greece and the restructuring of the country by the markets, accompanied by an open dataset. The home of a six-member family in Marathonas was to be auctioned off online on September 18 (...)
Paradigm shifts

28 July 2021 - by Susan Watkins

Emerging from year zero of the pandemic, the us and eu have adopted recovery programmes widely acclaimed as historic turning points. The Next Generation eu programme (ngeu) offers €750 billion to help member states towards a greener, more (...)
USA: Imperialist Keynesianism

27 July 2021 - by Ashley Smith

In his address to Congress, Joe Biden celebrated his American Rescue Plan and promoted his American Jobs and American Families plans. The capitalist media declared it the end of Reaganomics and a return to Franklin Delano Roosevelt’s New Deal (...)
Call for the Suspension of the EU – Colombia Free Trade Agreement

18 June 2021 - by Group of signatories

Brussels, June 14, 2021 Ms. Ursula von der Leyen President of the European Commission Mr. Josep Borrell High Representative of the Union for Foreign Affairs and Security Policy Vice President of the European Commission Mr. Valdis (...)
How Private and Public Debt Crises Exacerbate Housing Problems in the EU

9 June 2021 - by Eric Toussaint, Eva Betavatzi

Abstract The increase in mortgage lending in European countries since the 1990s’ is symptomatic of a political determination to push households into buying rather than renting on the housing market. Banks benefit from this as it allows them not (...)
Greece: Information Note of the “Committee on Family Law and Consensus Joint Custody”

27 May 2021 - by Committee on Family Law and Consensus Joint Custody

Since November 2020, 24 women’s organizations and collectives have set up the “Committee on Family Law and Consensus Joint Custody”, expressing our strong concern about the Greek government’s initiative to introduce a bill entitled “Reforms (...)
The Earldom of Larios Uses Debt Blackmail to Build a Golf-Course on Agricultural Land

29 April 2021 - by Eric Toussaint

Here we have a concrete example, in 2021, that plunges us into the debt system and history as it has been created through the class struggle. As I am short of time, I shall tell the story succinctly. It takes place in Nerja, a small town of (...)
Sunny side of the Alps clouding up: Slovenia in the grips of a right-wing tornado

7 April 2021 - by Ana Podvršič, Jaša Veselinovič

After less than a year since the start of the epidemic, Slovenia barely resembles a country that, for a long time, has been seen as a social-democratic outliner in the region. The outbreak of the epidemic coincided with a major political change (...)
Call for the Housing Action Day on 27 and 28 March 2021

26 March 2021 - by Collectif

The Housing Action Day launched by the European Action Coalition for the right to Housing and the City will take place in 75 European cities! For more information on the mobilisations in Europe: https://housingnotprofit.org/housing-action-day/ (...)
Greece: A Lost Democracy

22 March 2021 - by Eva Betavatzi

The authoritarianism of the Greek government is increasing every day, and so is protest against it. For several weeks now, angry voices have been heard in the streets of Athens, Thessaloniki and several other cities in Greece, decrying the (...)
“Exceptional circumstances can help indebted States”

14 January 2021 - by Eric Toussaint

A judgment by the Court of Justice of the European Union states that a State is entitled to impose losses on its creditors. This is a most significant decision. Several States facing a radical change of circumstances because of the impact of (...)
The strategic debates of the European left - from Recommons Europe to the pandemic

8 January 2021 - by Catherine Samary, Srećko Pulig

On 13 December as part of the “Subversive Festival” in Zagreb, two European zoom-panels were organised presenting the two texts translated into Croatian produced by the network Recommons Europe (see (...)
Regrets, Apologies and Repair for Belgium’s Colonial Harms

3 December 2020 - by Valerie Arnould

Former colonial countries appear increasingly willing to engage in processes akin to transitional justice in order to confront the legacies of their colonial past. In this blog post, Valerie Arnould discusses recent initiatives in Belgium meant (...)
The crisis triggered by the pandemic and the economic policy of the European Union

19 November 2020 - by Daniel Albarracín

This chapter will address the pandemic crisis at the level of political economy and, in particular, the fundamental decisions that the European Union is adopting, whose measures will take precise form once its particular institutional procedure (...)
El pueblo estadounidense depone a Trump

10 de noviembre de 2020 - por Dan La Botz

En la elección más importante desde hace varias décadas en EE UU, el pueblo estadounidense votó el 3 de noviembre a favor de deponer de la presidencia al Republicano autoritario Donald Trump, pues la mayoría dio su voto al Demócrata Joseph Biden. (...)
The American People Turn Trump Out of Office

10 November 2020 - by Dan La Botz

In the most important American election in decades, the American people voted on November 3 to remove the authoritarian Republican Donald Trump from the presidency, a majority voting instead for Democrat Joseph Biden. While the electorate was (...)
Europe and the Pandemic

9 November 2020 - by Eric Toussaint, Manoel Barbeitos

Éric Toussant interviewed by Manoel Barbeitos for Tempos dixital. For example since the first semester 2019, industrial production had fallen in several key economies, with a reduction of production in Germany and in several industrial branches (...)
The US economy – some facts

4 November 2020 - by Michael Roberts

As we await the result of the US presidential election, here are some facts about the US economy within a world context. Share of world GDP In 1980, it looked like this: The US had more than twice of the share of global GDP than Japan, and (...)