Issue No. 329/330 (2018)

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COVER: The Global Economy: From Debt Crisis to Financial Crisis?

Warnings of a new global financial crisis
Warnings have been sounded of ‘ticking time bombs’ in the global financial system waiting to explode because of the reckless and wrong policies of the developed countries.
By Martin Khor

Global economy vulnerable a decade after
More than a decade after the world’s worst economic downturn since the 1930s’ Great Depression, the world economy remains vulnerable.
By Anis Chowdhury and Jomo Kwame Sundaram

The new debt crisis
Since 2010 the debt situation has worsened significantly for many countries of the Global South. As a result, out of 141 countries examined, some 119 are critically in debt.
By Jürgen Kaiser

Credit agency says some African countries’ debt worrying
Servicing of debts owed by 11 African countries that were part of the World Bank’s Heavily Indebted Poor Countries (HIPC) Initiative of the 1990s is now back at pre-crisis levels.
By Paul Redfern

The return of a housing bubble
Asset price inflation has been generated by the liquidity created by central banks in the advanced countries to address the recession they were experiencing. Many developing countries are prone to an unwinding of unsustainable asset prices in ways that can be damaging.
By CP Chandrasekhar and Jayati Ghosh

The IMF is back in Argentina
The $50 billion credit granted by the International Monetary Fund in June sets an international record and will directly impact the economic and social situation of Argentina. Historian and economist Eric Toussaint speaks with Sergio Ferrari.

‘Do you know who governs us? The damned Monetary Fund’
Jordan’s June 2018 rising

From 30 May to 7 June, the Jordanian people staged an uprising, not merely against specific elements of the structural adjustment programme of the International Monetary Fund, but against the whole neoliberal path on which the state had embarked.
By Sara Ababneh

IMF to muddle through crisis again?
The economic outlook for many developing countries is bleak. Many of them are heavily indebted and have become dependent on short-term capital flows to balance their books.
By Yilmaz Akyüz

Debt justice prevails: Belgian vulture funds law survives challenge
Vulture funds thrive on the misery of indebted nations. A recent Belgian court decision may prove to be a setback to their predatory activities.
By Bodo Ellmers and Antonio Gambini


US investment spurs land theft, deforestation in Brazil, say experts
This investigation reveals one example showing how international financial capital is used to adversely impact the people and forests of Brazil.
By Alicia Prager and Flávia Milhorane

The anti-Sterlite protests: How copper came a cropper
For more than two decades the inhabitants of a district in India’s Tamil Nadu state had endured the pollution caused by a copper smelting complex known as Sterlite Copper. In May this year, their anger boiled over.


40 years after the Alma Ata Declaration, let’s remember that health care is a global right
The writer recounts the radical goals of the Alma Ata Declaration – and how they were undermined by neoliberalism and structural adjustment policies.
By Matthew Bramall


South Africa’s original ‘state capture’
The co-optation of the African National Congress
There is a need to revisit the elite compromise made over 20 years ago if there is to be real social change in South Africa.
By Sampie Terreblanche


Myths of the Six-Day War
New scholarship easily challenges the falsehoods long prevalent in Western circles about the 1967 Six-Day War between Israel and the Arab countries.
By Ilan Pappé

No way home
Trump’s zero-tolerance immigration policy, which separates parents from their children, is a cruel strategy to curb the flow of immigrants and asylum seekers arriving in the United States. Here’s why it’s bound to fail.
By Nara Milanich

The day the US became an empire
The following article traces the evolution of the US empire, locating its origins in the annexation of Hawaii in 1898.
By Charles Pierson

The US Air Force’s strange love for the new B-21 bomber
The US Air Force is looking to mark a new generation in stealth technology by developing a B-21 Raider bomber able to elude even the most sophisticated air defences in the world.
By William J Astore

No, AMLO is not Mexico’s Trump
Equating Mexico’s president-elect Andrés Manuel López Obrador with Donald Trump may be absurd, but that hasn’t stopped mainstream media from running with it.
By Richard Seymour


Threats to journalists are now omnipresent
Journalists across the globe, and not only those in conflict zones, are increasingly endangered.
By Nava Thakuria


Beyond suffrage: Indonesian women’s activism
More than a century has passed since Putri Mardika, Indonesia’s first ever women’s organisation, was established, but similar challenges remain in the efforts to influence national politics to bring progress to all women.
By Devi Asmarani


Looking at the World Cup through Galeano’s eyes
Attempts are made to use Uruguayan social critic and activisit Eduardo Galeano’s writings as a guide to the World Cup’s darkness and lights.
By Joel Sronce


A portrait of Felicia Langer
To mark the passing of Felicia Langer, a Holocaust survivor who dedicated her whole life to fighting for the Palestinian cause, we reproduce below a profile article that was first published in 1998.
By Faiza Rady


Twenty years later
Jibanananda Das (1899-1954) was a Bengali poet, writer, novelist and essayist. Though overshadowed by literary giants like Rabindranath Tagore, he has over the years gained recognition as one of the greatest poets in the Bengali language.
By Jibanananda Das

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