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.
Author Archive | Éric Toussaint
Over 25 years ago now the people of South Africa won the struggle to end the Apartheid regime. Nevertheless, even though it is now against the law, de facto racial segregation is still apparent.
What have they done with the money? Have they invested in research and development, in production, in the ecological transition, in creating descent jobs, warding off climate change? Not at all!
The policy of Quantitative Easing (QE) has been implemented by the ECB since 2015 in the wake of what the Fed had done in the U.S. from 2008 to 2014. It consists of massively purchasing private and public debt securities from banks in the Eurozone and from corporations.
It is sad to see how completely misrepresented Adam Smith (1723-1790) is when pundits call upon him to vindicate neoliberalism and the status quo. It seems many have not really bothered to read his works.
One of the central and most concrete themes that the break should cover concerns the way public indebtedness is used to justify austerity policies.
The policies dictated by the European leaders have six fundamental objectives; Bail-out the private banks with public funds, preserve the Eurozone perimeter, bring neoliberal policies to bear more heavily on Greece, reinforce a Europe-wide authoritarian form of governance and more.
What we are fighting is a capitalist system that destroys nature.
One achievement of the Russian revolution that is often ignored is the fulfillment of a promise made by the Russian revolutionaries in 1905: that all debts contracted by the Tsarist regime that had been overthrown some eleven months earlier were cancelled.
This article, originally written towards the end of 2003, is now published on our website for the first time in English. The odious Iraqi debt is still under-documented today, though it is highly relevant in our research and our proposals against all illegitimate, illegal, odious and unsustainable debts. It is a rare case where a […]
Venezuela is an emblematic case of the infernal cycle that Latin America has been struggling with over the last two centuries. It all began in 1810, when Simon Bolivar, a figurehead of the Spanish colonies in their fight for freedom, began borrowing from London in very unfavourable conditions to finance the wars of independence.
Yanis Varoufakis traces his collaboration with Alexis Tsípras and his alter ego, Nikos Pappas, back to 2011. That collaboration gradually broadened, starting with 2013, to include Yanis Dragasakis (who became vice-Prime Minister in 2015). There is a constant in the relations between Varoufakis and Tsípras: Yanis Varoufakis constantly argues for changes in the political programme […]
In his latest book Adults in the Room, Yanis Varoufakis gives us his version of the reasons behind the Tsipras government’s shameful capitulation in July 2015. It essentially analyses the period 2009-2015, though it makes incursions into earlier periods. In my first article on the subject of this book, I analysed critically the proposals made […]
Yanis Varoufakis’s entire proposal regarding debt was and is unacceptable from a left-wing point of view because it presupposes evacuating any debate as to the legality and legitimacy of the debts whose repayment is being demanded of Greece.
There is still an opportunity to get out of the crisis situation and bring about social justice and structural changes that would favour the majority of the population. However if the radical majorities do not seize that opportunity, be sure that the far right will.