Nèdeem Elmahjoub's blog

A New Consensus?

Britain Be careful with what you advocate.  Even for half-baked solutions, the market fundamentalists would ditch you out

A new global credit crunch to come?

"The use a loan is put to is not fundamnetal for characterizing the debt as odious. Financial support for a criminal regime, even if it happens to build a school or a hospital, amounts to consolidating the said regime. The nature of the regime aside, the use of funds should suffice to qualify debts as odious whenever these funds are used against the populations's major interests or when they directly enrich the regime's inner circle. Thus, debts incurred within the framework of structrural adjustments fall into the category of odious debts, since the destructive character of the SAP [Structural Adjustment Program] has been clearly shown, including by UN agencies." Toussaint and Millet, 2010, pp. 249-50

"The national economy, once protected, is literally controlled today. Loans and donations fund the budget. Fishing for capital, either the heads of state themselves or their governmental delegates pay a visit to the capital cities of their former metropoles each quarter. The former colonial power makes countless demands and secures concessions and guarantees, as it takes less and less care to mask its hold on national power. The people miserably stagnates in unbearable destitution and slowly becomes increasingly aware of its leaders’ heinous treason." — Frantz Fanon, The Wretched of the Earth . How much has changed since Fanon wrote those words in 1963?

HSBC, your local lethal bank  Besides its recent crimes in Mexico and Switzerland, here is another one

Britain's New African Empire