Nèdeem Elmahjoub's blog

Pakistan The winners are the non-voters. "Khan claims he wants to ‘depoliticise’ the police and establish ‘law and order’ in a violent crime-ridden society; to ‘improve health and education’ through bringing health insurance to 70% of the population. Yet in no way is Khan sympathetic to the interests of Pakistan’s working class or rural farmers.  He is set to follow the dictates of the IMF as the ‘solution’ for Pakistan’s continuing economic failure.  And that means his policy ‘aspirations’ will never be met." It's not cricket See also Khan is only a player in the circus run by Pakistan's military

Another indictment of the "International Criminal Fund" “We are not poor but were made poor, this is your policy, oh dollar” ( Mish faqir lakin ifqar, hatha nahjak ya dular ). This understanding of corruption is in stark contrast to notions of corruption which depict the main problem of postcolonial states in the global South as one of corrupt individuals, rather than global economic structures that keep elites, leaders and policies which harm their populations. Framed this way, the problem is mismanagement rather than (deliberate) structures that benefit the elite at the expense of the majority." Do you know who governs us? The damned Monetray Fund Essential reading: Debt, IMF, and the World Bank  by Eric Toussaint and Damien Millet, 2010

Jordan A strike and protests against reforms imposed by the IMF, an international criminal institution, causing the rise in taxes on revenues, the prices of bread, oil and other commodities. The role of the US, the UAE, Israel, Egypt and Saudi Arabia in exasperating the crisis because of Jordan's stance on Jerusalem. The unions and the protests are calling for the fall of the government if their demands are not met.

The unsevered umbilical cord that leaves large swathes of the Global South economically reliant on their old colonial powers, even after formally attaining national independence, is the  structural dependence  of these peripheral states on foreign credit and investment, which has long been provided to them by private banks, international investors and financial institutions in the advanced capitalist countries. Subjecting the nature of this structural dependence to closer theoretical and empirical scrutiny may therefore allow us to approach the problems faced by “the new debt colonies” from a somewhat different angle, enabling us to better understand the more subtle contemporary forms of financial subjugation operating at the structural and institutional level that serve to reproduce these deeply entrenched international power asymmetries over time, even in the absence of territorial control or outright military intervention. The New Debt Colonies should be read along with Imperial

"We have flags, a national anthem, but everything else is decided by the West. It's all wrapped up in nice words, under cover of aid extended by such bodies as the WB and the IMF, that are nothing more than instruments of torture invented by the West to continue its domination." — Ahmed ben Bella, president of the Algerian Republic, 1963 to 1965. Quoted by Toussaint and Millet, 2010.

"Repaying the debt is an essential obstacle to satisfying basic human needs, such as access to clean water, decent food, basic health care, primary education, decent accomodation, and satisfactory infrastructure. Without any doubt, the satisfcation of basic human needs must take priority over all other considerations, be they geopolitical ot financial. From a moral point of view, the rights of creditors, shareholders, or speculators are insignificant in comparison with the fundamental rights of five billion citizens. Debt is one of the main mechanisms through which a new form of economic colonization operates to the detriment of the developing countries. It is one more brick in the edifice of historic abuses, also carried out by the rich countries: slavery, pillage of raw materials and cultural goods, extermination of indigenous populations, and colonial servitude. The time is overdue to replace the logic of domination by the logic of redistribution of wealth in the name of jus

The IMF and the World Bank The myth of "helping the poor" and "development" "The joint IMF–World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them in Africa, providing $76 billion in debt-service relief over time. Three additional countries are eligible for HIPC Initiative assistance." 
 Back in 2008, some analysts showed that the HIPC initiative had failed, and failed miserably. 
Let's take just one aspect behind the failure. "The creteria used for country selection excluded the mostly highly populated developing countries (for example, Nigeria — 120 million inhabitants — which was on the very first list in 1996) and kep only small countries that are both very por and heavily indebted... The countries where the majority of the world's poor people live are

"The financial crises that affected the developing countries between 1994 and 2002, resulting from the deregulation of the market and the private financial sector as recommended by the World Bank and the IMF, led to an enormous increase in internal public debt. In short, by following the Washington Consensus, governments of developing countries had to give up their currency and capital controls. This was combined with the deregulation of the banking sector in different countries. Private banks had to take more and more risks, which led to numerous crises, beginning with Mexico in December 1994. Capital was massively withdrawn from Mexico, sparking off a chain reaction of bank failures. The Mexican government supported by the World Bank an dthe IMF, transformed the banks' private debt into internal public debt. This took place in extactly the same way in countries as different as Indonesia ((in 1998) and Ecuador (1999/2000).  In addition, even in those countries whose bank

"Masters in the art of deceipt, the accused institutions [the IMF and the World Bank] concede some mistakes so as to remain at the center of international affairs. Far from being worried by the increasing poverty that it causes, the World Bank seems more concerned with social troubles that put neoliberal globalisation in jeopardy. In a semi-confidential report, under the guise of a mea culpa , it continues to promote an economic model that has deliberately denied impoverishment people vital protections from the insatiable appetite of the most ferocious economic actors. From now on, the new edifice that ensures the expansion of the model of capitalist agriculture consists in making access to land subject to market forces, but also water resources, which amounts to a privatisation of biological life. Finally, it promote the concentration of agricultural resources and encourages speculation." Debt, IMF, and the World Bank  by E. Toussaint and D. Millet, 2010, p. 123

How fundamentalism works "As economics is not an exact science, the number of counter-examples is irrelevant. If I put forward a hypothesis in physics which is proved wrong by an experiment, I must question the theory. And the theory progresses through such invalidation. In economics, you can undermine the existence of millions of people, but none of that human evidence will affect the ideology of structural adjustment ." — Susan George, vice president of ATTAC France, December 6, 2000 See also "How poor countries develop rich countries" "A tonne of cocoa is roughly US $1,300, while one 4x4 vehicle is now about US $120,000. So you need about 92 tonnes of cocoa to exchange for one 4x4. But to get one tonne, you will need not less than 20 acres of land. The average cocoa farmer in Ghana has only around 2-3 acres, meaning it would take him or her well over 500 years to produce enough cocoa to buy a 4x4.” John Opoku, human rights lawyer and activist, Gha

The evolution of neoliberalism in Tunisia 1980-2107

“all the successive governments of Tunisia after 14 January have devoted themselves to the same economic and social choices of the Ben Ali regime, the rich are getting richer, the poor are getting poorer. (…) We are fed up with false promises and can no longer wait. We can no longer live without social welfare, without free access to healthcare, free education and social housing. We can no longer live without hope for change.” Tunisians oppose the IMF  The IMF in a few words

"European countries claim to be at Tunisia's side, yet for years have failed to deliver on that promise. Instead, they prioritise their own  national interests, securing access to Tunisia's lucrative market and  workforce without reciprocating in kind." What a discovery!  January 1978 a general strike was drowned in blood. In December-January 1983-4 the "Bread Riots" also brutally suppressed with more than 80 deaths. December 2010-January 2014 an uprising was met with the police more than 80 people.  Now we are in January 2018 and protests have erupted. The local bourgeoisie with International capital and financial institutions (imperialism's "peaceful" tools) keep countries like Tunisia under their heel. You're on your own

I am reading Debt, the IMF and the World Bank by Éric Toussaint and Damien Millet. It is an indictment of the IMF as an international criminal organisation of enslavement. "Following the exigencies of the governments of the richest companies, the IMF, permitted countries in crisis to borrow in order to avoid default on their repayments. Caught in the debt's downward spiral, developing countries soon had no other recourse than to take on new debt in order to repay the old debt. Before providing them with new loans, at higher interest rates, future leaders asked the IMF, to intervene with the guarantee of ulterior reimbursement, asking for a signed agreement with the said countries. The IMF  thus agreed to restart the flow of the 'finance pump' on condition that the concerned countries first use this money to reimburse banks and other private lenders, while restructuring their economy at the IMF's discretion: these were the famous conditionalities, detailed in th

"High inequality could threaten global capitalism," says an international criminal institution that played a significant role, at least in the last forty years, in creating that inequality and plunder. An interview with Michael Roberts World's witnessing a new Gilded Age My advice: the representatives of the capitalist system should do something about the new Robber Barons to save their criminal system so that criminal action go on as usual, but more legal and more accepted by the general public.

The big powers and their imperialist institutions decide. [S]ome recognition means the state "enjoys some of the benefits of being a state such as access to the World Bank, the IMF, and the International Olympic Committee."  "It's essentially impossible for a group to become independent and claim its own statehood unless others, other powerful states, are willing to support it" The cases of Somaliland, Kosovo, and East Timor

"Varoufakis explains how he gradually convinced Tsipras, Pappas, and Dragasakis not to follow the orientation adopted by Syriza in 2012, then in 2014. He explains that along with them, he worked out a new orientation that was not discussed within Syriza and was different from the one Syriza ran on during the January 2015 campaign. And that orientation was to lead, at best, to failure, and at worst to capitulation." Varoufakis Account of the Greek Crisis: A Self-Incrimination

Arab autocrats and their foreign sponsors ...

I make it clear in the book (something I also made clear in my previous book  Desiring Arabs  in the context of post-1967 Arab intellectual debates) that the failure to take political economy seriously in relation to debates about “women in Islam” and the attendant privileging of the idea of cultural determinants can be historicized in terms of the end of the cold war era. Once the USSR was eliminated, the global public sphere becomes dominated by the ideas of West European and US Human Rights and other “development” NGOs, in addition to the expansion of the purview of the World Bank and the International Monetary Fund to encompass all of Eastern Europe and the disintegrated Soviet republics (not to mention post-Apartheid South Africa and the post-Oslo yet-still-occupied Palestinian territories). It is then that the liberal language of rights achieves something like global hegemony and questions of political economy recede, almost disappear, in the framing of the problem of “women in

Sisi's Egypt