The book The Debt System. A History of Sovereign Debts and their Repudiation will be published later in 2018 by Haymarket in Chicago https://www.haymarketbooks.org/books/1234-the-debt-system . The original French edition has been published in novembre 2017 in Paris http://www.cadtm.org/Le-Systeme-Dette-Histoire-des-dettes-souveraines-et-de-leur-repudiation . It has been published in Spanish in Barcelona in January 2018 http://www.icariaeditorial.com/libros.php?id=1690
This book of twelve (...)
Alexis Tsipras’s government promised to end austerity. Now it’s defending the banks against people evicted from their homes — and persecuting those who protest.
Many on the international left believe that things in Greece are slowly improving, and that the Syriza government remains a left-wing force that is protecting the interests of workers and the poor even despite very difficult conditions. For those who accept this view, recent developments in the country will come as a nasty surprise. (...)
Regulation does not work October 6, 2018
There is one big lesson from the Danske Bank money laundering scandal. Regulating the modern banking system does not work. Modern banks are now primarily giant hedge fund managers speculating on financial assets or they are conduits for tax avoidance havens for the top 1% and the multi-nationals.
The Danske Bank scandal is the latest and largest example of these modern banking activities. Over $235bn in ‘special transactions’ flowed through the (...)
So the Turkish foreign exchange crisis is all over the news. But the Argentine one is less conspicuous in the international media. Turkey’s economy has had many similarities with Latin American economies over the years, in terms of the incomplete process of industrialization, and the types of crises associated with neoliberal reforms over the last three decades. Note, however, that the Argentine nominal depreciation has been larger than the Turkish (the same is true if you go back to the (...)(...)
The great Brexit calamity blows everything else away. Nothing gets done and serious crises are left mouldering by this absentee government. At least Brexit warfare distracts from the dilapidations of never-ending austerity. Top of the heap of festering neglect is social care, disappearing for escalating numbers of old people as stricken councils cut back, care homes close, and over 1.4 million are left home alone with little or no help.
A heavy blow fell on care workers last Friday. The (...)
Global debt-to-GDP is now at a comfortable record high and the Bank for International Settlements, aka the central bank of central banks, noted on Friday that over the last 16 years, debts of governments, households and corporations has gone up...everywhere.(...)
One of Germany’s most senior banking regulators has warned London that it is likely to lose its role as "the gateway to Europe" for vital financial services.(...)
Fresh worries over Greece’s debts have pushed the country’s borrowing costs sharply higher amid renewed insistence from Athens it will not swallow further austerity demands from international lenders.(...)
The Yemeni government’s decision in September to relocate the central bank and replace its governor has left the country without an institution capable of providing basic economic stabilization.(...)