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  • Monthly Review Essays

About Éric Toussaint

Éric Toussaint, a doctor in political science, is president of the Committee for the Abolition of Third World Debt (CADTM) Belgium. He is a co-author (with Damien Millet) of Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers (Monthly Review Press, 2010). Toussaint has been serving as the scientific coordinator of the Greek Truth Commission on Public Debt since April 2005.
  • Christopher Columbus

    Globalization from Christopher Columbus, Vasco da Gama and Ferdinand Magellan until today

    Originally published: CADTM (Committee for the Abolition of Illegal Debt) on December 21, 2021 (more by CADTM (Committee for the Abolition of Illegal Debt))  |

    In North America, the European colonization started during the 17th century, mainly led by England and France, before undergoing a rapid expansion during the 18thcentury, an era also marked by massive importation of African slaves

  • Éric Toussaint, responds to the questions of the L’Anticapiltaliste weekly

    The dual explanation of the crisis, the fake social turnaround by governments, the need for radical responses

    Originally published: CADTM - Committee for the Abolition of Illegitimate Debt on July 12, 2021 (more by CADTM - Committee for the Abolition of Illegitimate Debt)  |

    The answer is plain to see: the two explanations are not contradictory. A combination of the two enables us to understand what has been happening right before our eyes.

  • North Africa and the Middle-East: A new wave of debt

    North Africa and the Middle-East: A new wave of debt. Part 6

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) along with Omar Aziki and Milan Rivié on May 26, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt) along with Omar Aziki and Milan Rivié)  |

    We deepen our analysis by focusing on various regions. After Latin America and the Caribbean and Sub-Saharan Africa, we continue with the Middle-East and North Africa (MENA).

  • An unsustainable burden of debt afflicts the peoples of Sub-Saharan Africa

    An unsustainable burden of debt afflicts the peoples of Sub-Saharan Africa. Part 5

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié on May 10, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié)  |

    In Sub-Saharan Africa, where health spending and human development levels are in a dramatic state, there is a stronger case than ever for unilateral suspensions of debt payments based on arguments recognized in international law; such as state of necessity and fundamental change of circumstances.

  • Latin America and the Caribbean are facing a serious debt crisis

    Latin America and the Caribbean are facing a serious debt crisis Part 4

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié on May 3, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié)  |

    The series continues with analyses of how indebtedness developed in other regions of the Global South.

  • Developing countries in the stranglehold of debt

    Developing countries in the stranglehold of debt. Part 3

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié on April 26, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt) along with Milan Rivié)  |

    The coronavirus pandemic and other aspects of the multidimensional crisis of global capitalism are enough to fully justify suspending debt repayment. Indeed priority must be given to protecting people against ecological, economic and public health disasters.

  • Series title: Ecuador: Progress and limits of resistance to the policies of the World Bank, the IMF and other creditors

    Resistance against the policies imposed by the World Bank, the IMF and other creditors between 2007 and 2011

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on April 15, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    Ecuador provides an example of a government which officially decided to investigate the process of indebtedness so as to identify illegitimate debt and suspend its repayment.

  • Guillermo Lasso

    From Rafael Correa to Guillermo Lasso via Lenin Moreno

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on April 14, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    On 11 April 2021, Guillermo Lasso (52,4%), the right-wing candidate, defeated Andres Arauz, the candidate supported by Rafael Correa and part of the Left, by 52.4% vs 47.6% in the second round of ballots for the presidential election.

  • Ecuador’s poisoned loans from the World Bank and the IMF

    Ecuador’s poisoned loans from the World Bank and the IMF

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on March 31, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    Ecuador provides an example of a government which officially decided to investigate the process of indebtedness so as to identify illegitimate debt and suspend its repayment.

  • The Paris Commune of 1871, banks and debt

    The Paris Commune of 1871, banks and debt

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on March 18, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    150 years ago, on 18 March 1871, the Paris Commune was born.

  • Thomas Piketty

    Thomas Piketty and Karl Marx: Two totally different visions of Capital

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on March 9, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    In his book Capital in the Twenty-First Century, Thomas Piketty has gathered his data meticulously and provided a useful analysis of the unequal distribution of wealth and income, yet some of his definitions are somewhat confusing and even questionable.

  • In memory of Patrice Lumumba, assassinated on 17 January 1961

    In memory of Patrice Lumumba, assassinated on January 17, 1961

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on January 17, 2021 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    On 17 January 2021, we commemorate the 60th anniversary of the assassination of Patrice Lumumba (1925-1961).

  • Climate and environmental crisis

    Climate and environmental crisis: Sorcerer’s apprentices at the World Bank and the IMF

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on December 23, 2020 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    In December 2020, on the occasion of the fifth anniversary of the signature of the Paris Agreement on Climate, the UN General Secretary sounded the alarm because the situation has fundamentally worsened. In this article we analyze what the World Bank and the IMF have done in connection with the environmental crisis and climate change.

  • The World Bank HQ Main Complex Atrium (wikimedia)

    From Paul Wolfowitz (2005-2007) to David Malpass (2019-…): the U.S. President’s men control the World Bank

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on September 14, 2020 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few major allied powers who work to generalize policies that run counter the interests of the world’s populations.

  • Reply to the letter by Philippe, King of the Belgians, about Belgium’s responsibility in the exploitation of the Congolese people

    Reply to the letter by Philippe, King of the Belgians, about Belgium’s responsibility in the exploitation of the Congolese people

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on July 8, 2020 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    On 30 June 2020, on the occasion of the 60th anniversary of the former Belgian Congo’s independence, the news went viral over the planet: Philippe, King of the Belgians, had conveyed regrets for the colonial past, and particularly for the time when Leopold II owned the Congo as a personal possession (1885-1908), to the Congolese head of state and to the Congolese people.

  • Atom Stock Market

    The capitalist pandemic, Coronavirus and the economic crisis

    Originally published: CADTM on March 19, 2020 (more by CADTM)  |

    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 affects countries of the Global South with very fragile public health systems that have been undermined by 40 years of neo-liberal policies, the death toll will be very high. We must not forget the critical situation of the Iranian population, victim of the blockade imposed by Washington, a blockade that includes medicines and medical equipment.

  • No, the coronavirus is not responsible for the fall of stock prices

    No, the coronavirus is not responsible for the fall of stock prices

    Originally published: CADTM (Committee for the Abolition of Illegal Debt) on March 3, 2020 (more by CADTM (Committee for the Abolition of Illegal Debt))  |

    We are witnessing a big crisis in the stock markets of the Wall Street, Europe, Japan and Shanghai, and many blame the coronavirus for it. In the last week of February 2020, the worst week since October 2008, the Dow Jones fell 12.4%, the S&P 500 fell 11.5% and the Nasdaq Composite fell 10.5%.

  • Rosa Luxemburg

    Rosa Luxemburg and debt as an imperialist instrument

    Originally published: CADTM - Committee for the Abolition of Illegitimate Debt on February 6, 2020 (more by CADTM - Committee for the Abolition of Illegitimate Debt)  |

    In her book titled The Accumulation of Capital, published in 1913, Rosa Luxemburg devoted an entire chapter to international loans in order to show how the great capitalist powers of the time used the credits granted by their bankers to the countries of the periphery to exercise economic, military and political domination on the latter.

  • (CC - bc.edu)

    Another look at the Federal Reserve’s panic in September 2019 and solutions to the crisis

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on October 28, 2019 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market.(1) The repo market designates a mechanism used by banks to obtain short-term financing. They sell securities they hold in repurchase agreements (repo).

  • The Mexican debt crisis and the World Bank

    The Mexican debt crisis and the World Bank

    Originally published: CADTM (Committee for the Abolition of Illegitimate Debt) on July 22, 2019 (more by CADTM (Committee for the Abolition of Illegitimate Debt))  |

    In 2019, the World Bank (WB) and the IMF will be 75 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the interests of the world’s populations.

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Books By Éric Toussaint

  • Debt, the IMF, and the World Bank: Sixty Questions, Sixty Answers August 31, 2006

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    Sam-Kee Cheng A late 1940s Soviet poster showing a US military service member lounging on top of a German factory, smoking a cigar. The text beneath reads DER DOLLARIMPERIALISMUS [dollar imperialism].

    1. Introduction The predominance of US economic, political and military power in the world was established at the end of the Second World War.1 With just 6.3 percent of global population, the United States held about 50 percent of the world wealth in 1948. As the only power which had used nuclear weapons on civilian […]

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