The IMF smokescreen

24 October 2020 — The Next Recession

By Michael Roberts

In its latest World Economic Outlook report, the IMF again tackled the issue of climate change, global warming and what to do about it.  As it did last year, the IMF recognised that climate change was a burning issue for humanity and the planet.  But this time it claimed that there were policy options that could stop any further heating to a tipping point beyond which there was no turning back. Continue reading

Coronavirus: Drop the debt

2 April 2020 — Global Justice Now

As coronavirus gets a foothold in every country, governments in the global south are facing an appalling choice: pay for emergency healthcare, or pay off international debts.

Across Africa, Asia and Latin America, lower-income countries urgently need to scale up their health spending. But they’re due to spend over $25 billion on debt payments in 2020. This is money that could be used now to save lives as this terrible virus continues to spread.

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97% Owned (Money Documentary) | History Documentary | Reel Truth History

7 May 2019 — Youtube – Reel Truth History Documentaries

When money drives almost all activity on the planet, it’s essential that we understand it. Yet simple questions often get overlooked – questions like: Where does money come from? Who creates it? Who decides how it gets used? And what does that mean for the millions of ordinary people who suffer when money and finance breaks down?

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Dossier 16: Resource sovereignty—the Agenda for Africa’s exit from the state of plunder

10 May 2019 —  Tricontinental: Institute for Social Research – MROnline

In May 2011, the International Monetary Fund (IMF) published a Working Paper by Burcu Aydin called ‘Ghana: Will It Be Gifted Or Will It Be Cursed?’ (WP/11/104). Oil had just been discovered off the shore of Ghana. This anticipated a bounty of revenue for the country. Aydin asks whether Ghana will face the ‘resource curse’. The resource curse – also known as the Dutch Disease – occurs where revenue from sale of this resource rushes into a country, appreciates the currency and causes a major crisis in other parts of the economy. Looking at 150 middle- and low-income countries, Aydin came up with a strong finding: ‘Results show that there is a poverty trap for poor resource-rich countries due to their low institutional quality’. Bad governance and poor macroeconomic management, Aydin suggests, diminish the possibility for the onrush of revenues from natural resources to enhance a country’s development. There is no mention, in the IMF’s Working Paper, of the other actors in the process – namely, the multinational companies that dominate the natural resource extraction business. The pro-corporate literature explains problems in the resource economy in two ways: 1) poor macroeconomic management that allows revenues to flood the economy and appreciate the currency, 2) bad governance because of corruption and theft by government officials.

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Michael Hudson: “Moral Hazard” vs Mutual Aid – How the Bronze Age Saved itself from debt serfdom

20 November 2018 — Naked CapitalismMichael Hudson

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year  Jointly posted with Hudson’s website

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Maria's 'Other' Victims: Puerto Rican Bondholders By Eoin Higgins

11 October 2017 — FAIR

CNBC: If you don't think you own Puerto Rico debt, you're most likely wrong

CNBC (10/4/17) assumes that “you” are among the “more than 500,000 individual bondholders” or the “hundreds of thousands more investors with small exposure through mutual funds”—despite the fact that it gets 43 million visitors a month.

With crushing debt threatening to annihilate its economy (CounterSpin, 7/31/15, 5/12/17), the island of Puerto Rico was already desperate. Then came Hurricane Maria, the September storm that tore through the US colony, leaving most of the island’s residents without power and many without water. The official death toll on the island from the Category 4 storm that packed winds of up to 155 miles per hour is at 43—and hospitals and funeral homes have said that the toll is significantly underreported.

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Before Maria, forcing Puerto Rico to pay its debt was odious. Now, it’s pure cruelty

4 October 2017 — Climate & CapitalismGreen Social Thought

Cancel the debt now!

To expect Puerto Rico to rebuild from this unnatural disaster while at the same time bailing out Wall Street financiers is to condemn its residents to a permanent state of crushing hardship and impoverishment.


by Stan Cox and Paul Cox

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Reasons To Be Uncheerful By S. Artesian

19 June 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

Three months ago, the Hellenic Parliament in Greece decided to establish the Truth Committee on the Public Debt to examine the origin of the accumulation of that negative value, of capital’s anti-matter called debt, that has, pretty much, sucked Greece into a black hole.

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The Shorty Long of It By S. Artesian

5 March 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor 

1.  The Short

Submit the “reform package” agreed to by Syriza government to the parliament for a vote
No to the “reform package” agreed to by the Syriza ministers
–No confidence in the Syriza government
–Repudiate the debt, the MFFA, and the reforms in their entirety.

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The Cat in the Box: Quantum Social Democracy and the Uncertainty Principle By S. Artesian

28 February 2015 — The Wolf Report: Nonconfidential analysis for the anti-investor

Richard Seymour, VIB, wrote on SIP Louis Proyect’s chat-list:

No formal count was taken at this meeting, but according to Stathis Kouvelakis, 30 MPs were out of the room when the vote was taken and 40 abstained or voted against.  If this is right, then a third of those present voted against.  He recounts that most speakers – some 80 MPs – criticised the deal, in an emotional and turbulent meeting that went on for 12 hours.

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