Finance

Out Of The Dark And Into The Light: The ROSCA Movement In Canada

March 3, 2025 PK Mutch, Rabble. Create! Banking, Canada, Community Banks, Finance, ROSCA

Most Canadians have never heard of a Susu, Pardner, Hagbad, Chit Fund, or Tontine, collectively known by their academic name, ROSCA. But that’s about to change. Especially if Dr. Caroline Shenaz Hossein has a say—and the freedom to say it. For over ten years now, Dr. Hossein, award winning University of Toronto scholar, author, international speaker, and daughter of Caribbean immigrant parents, has been an unstoppable researcher and fiery advocate for the acceptance of ROSCAs as part of our financial system. Dr Hossein, also a founding member of the Banker Ladies Council, has been holding the torch through her research for over a decade

Javier Milei Is Destroying Argentina’s Economy

February 28, 2025 Ben Norton, Geopolitical Economy. Resistance Report Argentina, Colonialism, de-industrialization, Donald Trump, Elon Musk, Finance, Finance and the Economy, Javier Milei, Neoliberalism, South America

Argentina is governed by a right-wing libertarian named Javier Milei. He proudly identifies as an “anarcho-capitalist”. His career has been cultivated by powerful billionaire oligarchs, such as Eduardo Eurnekián, who employed Milei and several of his cabinet members. Milei has also enjoyed the support of US billionaires like Elon Musk and Silicon Valley oligarch Peter Thiel. US President Donald Trump considers Milei to be an obedient ally. When he campaigned for president in 2023, Milei embraced the nickname “el loco” (the madman). He brought a chainsaw to rallies, pledging to cut government down to the bone.

Trump’s Tariffs Could Cause Huge Global Crisis

February 5, 2025 Michael Hudson and Ben Norton, Geopolitical Economy. Resistance Report Banks, Canada, China, Donald Trump, Finance, Finance and the Economy, Joe Biden, Mexico, Russia, Tariffs, Venezuela

The US designed the global financial system in a way in which the US dollar is at the center, and other countries need to get access to dollars to pay off their dollar-denominated debt, and to pay for imports. Yet, in order for this system to work, the US has to run a deficit with the rest of the world, a current account deficit, so other countries can get those dollars. But Trump wants to disrupt this. He says he wants to tariff other countries to reduce the US trade deficit, which means that other countries won’t be able to get the dollars they need to pay off their debt and to pay for imports.

Trump’s Tariff Threats Could Destabilize The Global Economy

January 26, 2025 Michael Hudson, Geopolitical Economy. Educate! BRICS, Canada, Debt, dollar, Donald Trump, Finance, Mexico, protectionism, Tariffs, Trade

Trump told the Davos Economic Forum January 23: “My message to every business in the world is very simple: Come make your product in America and we will give you among the lowest taxes of any nation on earth.” Otherwise, if they continue to try and produce at home or in other countries, their products will be charged tariff rates at Trump’s threatened 20%. To Germany this means (my paraphrase): “Sorry your energy prices have quadrupled. Come to America and get them at almost as low a price as you were paying Russia before your elected leaders let us cut Nord Stream off.”

Elite US Economist Warns: Dollar System Is Weakening As Gold BRICS Rise

October 23, 2024 Ben Norton, Geopolitical Economy. Resistance Report BRICS, De-dollarization, Finance, Gold, US Economy

More and more countries around the world, particularly in the Global South, are seeking alternatives to the US dollar-dominated financial system, as part of an international drive known as de-dollarization. Many Western media outlets and pundits, however, have argued that de-dollarization is overblown. One of such naysayers is New York Times columnist Paul Krugman, a centrist economist who was awarded the so-called “Nobel Prize” in economics (which in reality is issued by Sweden’s conservative central bank). In a 2023 article, Krugman claimed to “debunk” the critics of the dollar system, asserting that “the hype about de-dollarization is much ado about almost nothing”.

BRICS Plans ‘Multi-Currency System’ To Challenge US Dollar Dominance

October 20, 2024 Ben Norton, Geopolitical Economy. Resistance Report BRICS, De-dollarization, dollar, Finance, Global Economy, Russia

The Global South-oriented organization BRICS has released plans to transform the international monetary and financial system and challenge the dominance of the US dollar. As the chair of BRICS for 2024, Russia proposed the creation of a BRICS Cross-Border Payment Initiative (BCBPI), in which members of the organization will use their national currencies to trade. BRICS will likewise establish an alternative messaging infrastructure to circumvent the SWIFT system of interbank communication, which is overseen by the United States and subject to Western unilateral sanctions. This “multi-currency system” will also include new mechanisms not only to de-dollarize trade, but also to encourage investment in BRICS members and other emerging markets and developing economies, including a BRICS Clear platform, a “new system of securities accounting and settlement”, and financial instruments denominated in national currencies.

Public Banking Efforts Are Gaining Momentum In California

July 2, 2023 Oscar Perry Abello, Next City. Create! California, Finance, Public Banks, Small Businesses

Prince Osemwengie has been looking into every tool in the toolbox to help stem the tide of local businesses being displaced due to rising rents and rising property values in South Los Angeles: Technical assistance and legal aid for small business owners, commercial rent subsidies, tax credits for small business oriented economic development, community ownership of commercial real estate, and all the above. But with the financial system so tilted against local businesses, especially Black- and Brown-owned businesses, he believes the time has come for a more drastic solution: L.A.’s first city-owned bank. And with a recent city council vote, that solution is one step closer.

What Sweden Can Teach The US About Overcoming The Housing Crisis

May 21, 2023 David J. Thompson, Grassroots Economic Organizing. Create! Cooperatives, Finance, Housing, Sweden

The housing-supply crisis in the United States has most impacted low- to moderate-income households. And, while the Earned Income Tax Credit (EITC) program plays a valuable role in increasing housing access for low-income families, there is no similar source for moderate-income households. Lacking a targeted funding scheme, the demand for moderate-income housing grows, yet the supply is negligible. There are loud voices demanding resources for moderate-income households, but there is not as yet an agreed-upon policy or viable funding format to meet that demand. Limited Equity Housing Cooperatives (LEHC) — a cooperative corporation that owns the entire site of the cooperative, including all the apartments and buildings on the site — could be a supplier of much-needed, permanently affordable housing for moderate-income households.

While Crypto Bro Scammed Clients, Reporters Scammed Readers

November 21, 2022 Ari Paul, Fairness and Accuracy In Reporting. Educate! cryptocurrency, Finance, FTX, Media

Today, you probably know who Sam Bankman-Fried and FTX are, and the details of why he and his company are front-page news are emerging at an amazing pace. Here’s the short version: Bankman-Fried—a boyish-looking cryptocurrency baron known commonly as SBF—announced that his lauded cryptocurrency exchange, FTX, had lost at least $1 billion in client funds, sending the crypto market into a tailspin (Fox Business, 11/16/22). The company, once the third-largest cryptocurrency exchange (AP, 11/16/22), has filed for bankruptcy. Lest one think this is a debacle that only affects crypto bros, Treasury Secretary Janet Yellen warns that “the sector’s links to the broader financial system could cause wider stability issues” (New York Times, 11/17/22). How could this happen? How could no one have seen this coming? These are the questions many people are asking. One problem is that in the months leading up to Bankman-Fried’s transition from financial genius to possible financial criminal (Yahoo Finance, 11/14/22), he received little scrutiny in the media. On the contrary, he was celebrated.

Berlin: Activists Protest Climate Debt Inside Finance Ministry

October 17, 2022 Imanuel Marcus, Berlin Spectator. Resist! climate crisis, Debt, Finance, Germany

Members of three groups known as Last Generation, Scientist Rebellion and Debt for Climate staged several protests today. Some activists entered Germany’s Ministry of Finance with banners on which they accused Finance Minister Christian Lindner of an “empty promise” in regard to debt cancellation. “Dear Christian Lindner”, Debt for Climate said on Twitter. “We know that you are in the building, you just passed our activists. We are here to talk to you about what you promised to do: debt cancellation for the Global South.” The protesters told him to meet them “outside” for a discussion. The same group posted photos. They showed its members inside the Ministry. Some of them had glued their hands to windows, elegant counters, desks and other furniture. Others held big signs. “Cancel the debt of the global south!” one of the banners read.

Reimagining Reparations As America’s Marshall Plan And Not Just A Payday

September 15, 2022 Jon Jeter, Black Agenda Report. Create! Black America, Finance, Human Rights, Reparations, Systemic Racism

Congratulations Fam, I hear that you’ve finally secured the bag, otherwise known as reparations. A cool $800,000 to be paid in eight annual installments, the first $100,000 of which arrived in your bank account today. Well, maybe not quite $100k, but about $75,000 after taxes. Still some nice coin. So, how should we get the party started? You say you want to finally buy a house for you and your family? Seventy-five grand is not gonna get you that deluxe apartment on the upper East side, but it’s a nice downpayment on a three-bedroom condo in Teaneck or Tallahassee. All you have to do is pop into the bank and sign on the dotted line . . . but wait one cotton pickin’ minute; is that a subprime mortgage? Perhaps America’s worst- kept secret is that usurious, adjustable mortgages were not designed to help African Americans who don’t have money but to exploit those who do.

Who Is Bankrolling Israel’s Latest Excursion Into The West Bank?

July 23, 2022 Jessica Buxbaum, Mintpress News. Educate! Colonialism, Finance, Israel, Palestine

Occupied West Bank - On Wednesday, thousands of Israeli settlers from the Nachala settler group — along with Israeli lawmakers — flocked to the occupied West Bank and established seven illegal outposts in a land grab operation propelled by a massive fundraising campaign. By Thursday evening, Israeli forces evacuated the day-old outposts and detained and later released 11 settlers. Despite the evictions, Nachala remains determined to continue building on land they claim is only reserved for Jews, with plans to set up new outposts as early as next week. Nachala, the group responsible for the infamous Evyatar outpost erected last year, has been preparing since April to establish outposts en masse in July. Initially, the plan was to build 28 new outposts throughout the West Bank, but that number was scaled back in recent days.

Investors Are Reevaluating The Mountain Valley Pipeline

March 12, 2022 William Limpert, Truthout. Resist! Finance, Fossil Fuels, Mountain Valley Pipeline, Pipelines

During a recent hearing about the Federal Energy Regulatory Commission’s (FERC’s) policy statements about fracked gas certificates, Sen. Joe Manchin of West Virginia, the chair of the Senate Committee on Energy and Natural Resources, defended the MVP. Manchin claimed the pipeline is 95 percent completed, but opponents cite the company’s own reports, which indicate “final restoration of the pipeline right-of-way is now about 55% complete.” Moreover, two recent federal court rulings have thrown out key MVP permits, as three more federal agencies have been sent back to the drawing board after failing to analyze the MVP’s harmful impacts. The court ruled that the United States Forest Service and the Bureau of Land Management inadequately considered actual sedimentation and erosion impacts, prematurely authorized stream crossings, and failed to comply with a Forest Service rule.

Cryptocurrencies: A View From The Left

January 8, 2022 Thomas Redshaw, Red Pepper. Educate! cryptocurrency, Finance, Left Politics

The use of cryptocurrencies is rapidly increasing across the world. In 2020, scholars at the University of Cambridge estimated there were 101 million people using cryptocurrencies worldwide, an increase from 35 million just two years previously. The rise of cryptocurrency is usually a story of pizzas bought with bitcoins now worth over a billion dollars, kingpins of darknet drugs markets ordering assassinations and hospitals being held to ransom by anonymous hackers. These new levels of activity however are pushing cryptocurrency, and its underlying blockchain technology into the mainstream – with significant consequences. The first and arguably biggest impact so far is cultural.

Climate Movement Hails $40 Trillion In Fossil Fuel Divestment Pledges

October 28, 2021 Brett Wilkins, Common Dreams. Resist! climate crisis, Divestment, Finance, Fossil Fuels

Over the past decade, nearly 1,500 investors and institutions controlling almost $40 trillion in assets have committed to divesting from fossil fuels—a remarkable achievement that climate campaigners applauded Tuesday, while warning that further commitments and action remain crucial. "Amidst a depressing era in the race against climate change—with killer fires and titanic storms, political stalemate, and corporate greenwashing—the fossil fuel divestment movement is a source for tremendous optimism," states a new report—entitled Invest-Divest 2021: A Decade of Progress Toward a Just Climate Future—published Tuesday. "Ten years in, the divestment movement has grown to become a major global influence on energy policy," the publication continues.

«1 2 3 4 5 6 »

Daily movement news and resources