ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Michel ChossudovskySubscribe to Michel Chossudovsky

Seattle and Beyond

The need of the hour is globalisation – not what the WTO recommends but globalisation of the struggle against the WTO. A broad-based, democratic struggle encompassing all sectors of society must challenge the legitimacy of WTO and reassert national sovereignty, elimination of poverty and lasting world peace.

G-7 Solution to Global Financial Crisis-A Marshall Plan for Creditors and Speculators

A Marshall Plan for Creditors and Speculators Michel Chossudovsky FOLLOWING the dramatic nosedive of the Russian rouble, financial markets around the world had plummeted to abysmally low levels. The Dow Jones plunged by 554 points on August 31, its second largest decline in the history of the New York Slock Exchange. In the uncertain wake of 'black September 1998', G-7 ministers of finance had gathered hastily in Washington. On their political agenda; a multibillion dollar plan to avert the risks of a worldwide financial meltdown. In the words of its political architects US treasury secretary Robert Rubin and UK chancellor of the exchequer Gordon Brown: "we must do more to...limit the swings of booms and busts that destroy hope and diminish wealth".1 Announced by president Bill Clinton in late October, the G-7 proposal to install a 90 billion dollar fund "to help protect vulnerable but essentially healthy nations" from currency and stock market speculation will go down in history as the biggest financial scam of the post-war era.

Brazilian Financial Scam

Michel Chossudovsky Since July this year, 30 billion dollars have been taken out of Brazil The loot has been transferred into the coffers of western banks and the overseas dollar accounts of Brazil's financial elite. The conditions enabling the outflow of the country's hard curreny reserves had been carefully worked out by the IMF and the government of Fernando Henrique Cardoso in consultation with the world's largest commercial banks and brokerage houses.

Global Financial Crisis

Michel Chossudovsky Almost 10 years after Black Monday, October 19, 1987, Wall Street experienced its largest one-day decline since 1987 on Friday, August 15, 1997. The symptoms were similar to those of Black Monday. In the weeks that followed, however, business forecasters and academic economists alike have casually disregarded the dangers, alluding to 'strong economic fundamentals'. The realities are concealed, economic statistics are manipulated and economic concepts are turned upside down, when actually the stock market frenzy has taken place against a background of global economic decline and social dislocation.

Economic Reforms and Social Unrest in Developing Countries

Economic Reforms and Social Unrest in Developing Countries Michel Chossudovsky SINCE the early 1980s,the 'macro-economic stabilisation' and 'structural adjustment' programmes imposed by the IMF and the World Bank on developing countries (as a condition for the rescheduling of their external debt) have led to the impoverishment of hundreds of millions of people. Contrary to the spirit of the Bretton Woods agreement which was predicated on ' economic reconstruction', the structural adjustment programme has largely contributed to destabilising national currencies and ruining the economies of developing countries.

Canada s Economic Crisis

kept quiet. The other incident related to an article on poverty measurement by P D Ojha, published in the RBI Bulletin, (It is generally not known that the RBI was a pioneer on this theme the detailed study by Dandekar and Rath, employing similar yet more refined methodology, appeared a year later.) Somebody, probably the banking secretary, drew the attention of the finance minister (Y B Chavan) to the propriety of publishing such a 'subversive' article in the RBI Bulletin. The finance minister mentioned this to Jagannathan, who replied whether it would have suited the government if the author instead of 'poverty' had used the word 'malnutrition'.

Economic Genocide in Rwanda

Michel Chossudovsky Unlike the picture painted in international media, the Rwandan crisis was not solely due to tribal hatred but also because of the economic collapse under the austerity measures imposed by the IMF and the World Bank THE Rwandan crisis has been presented by the western media as a profuse narrative of hunwn suffering while carefully neglecting to explain the underlying social and economic causes. As in other 'countries in transition', ethnic strife and the outbreak of civil war are increasingly depicted as something which is almost 'inevitable' and 'innate to these societies' constituting 'a painful stage in theirevolution from a one-party state towards democracy and the free market'... The brutality of the massacres has shocked the world community! but what the international press fails to mention is that the civil war was preceded by the flare-up of a deep- seated economic crisis. It was the restructuring of the agricultural system which precipitated the population into abject poverty and destitution.

Dismantling Former Yugoslavia-Recolonising Bosnia

Dismantling Former Yugoslavia Recolonising Bosnia Michel Chossudovsky WESTERN public opinion has been misled; the plight of former Yugoslavia is the outcome of an "aggressive nationalism', the inevitable result of deep-seated ethnic and religious tensions which have their roots in history.[l]The 'Balkans' power-play' is the focal point, the global media has highlighted the clash of political personalities: "Tudjman and Milosevic are tearing Bosnia-Herzegovina to picces'', [2] Western mediation concluding with the Dayton Airforce Base Agreement in November 1995 is narrowly portrayed as the means to 'restoring peace' in Bosnia-Herzegovina, while contributing under the hallmark of 'the free market' to the rebuilding of the newly sovereign states.

Effective Global Surveillance-IMF s New Role

A new triangular 'division of authority' among the IMF, the World Bank and the World Trade Organisation is emerging, with the IMF calling for more effective surveillance' of developing countries' economic policies and increased co-ordination among the three international bodies.

Debt and Democracy in Brazil

Debt and Democracy in Brazil Michel Chossudovsky Micheline Ladouceur Under a recent agreement with international creditors on the restructuring of its commercial debt, Brazil will have to put in place reforms which will he a lethal blow to its social programmes which are already in an advanced stage of decay due to successive 'shock therapies'.

Russia Towards Economic Collapse

The IMF's 'economic medicine' to Russia is devised not only to enforce debt-servicing obligations, but also to enlarge the debt. By crippling the national economy, the economic reforms are creating greater dependence an external credits.

Russia under IMF Rule

Michel Chossudovsky The IMF-style 'shock treatment' adopted by the Russian Federation in January last precluded from the outset a transition towards a nationalist capitalist economy owned and controlled by a Russian entrepreneurial class and supported by social and economic policies of the state. This while narrowly promoting the interests of Russia's merchants and business tycoons, is already beginning to destroy the national economy and push the system of state enterprises into bankruptcy.

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