Archivo de la categoría: Capital financiero

Financial fictions: the old ones — Michael Roberts Blog

I must declare an interest.  In days of old, many moons ago, I worked for an investment consultancy that advised Bill Hwang, the owner of Archegos, the ‘family office’ hedge fund that recently collapsed leaving $20bn owed to two big banks, Credit Suisse and Nomura. Bill Hwang Hwang was then a ‘Tiger cub’, someone that […]

Financial fictions: the old ones — Michael Roberts Blog

G20: the debt solution — Michael Roberts Blog

This weekend, the G20 leaders’ summit takes place – not physically of course, but by video link.  Proudly hosted by Saudi Arabia, that bastion of democracy and civil rights, the G20 leaders are focusing on the impact on the world economy from the COVID-19 pandemic. In particular, the leaders are alarmed by the huge increase […]

G20: the debt solution — Michael Roberts Blog

Financiarización en Argentina, análisis crítico — Rolando Astarita [Blog]

En la nota anterior (aquí) presenté datos que desmienten la idea de que el sector financiero goza de una tasa de rentabilidad sistemáticamente más elevada que los sectores productivos de las economías capitalistas. En esta entrada amplío con la experiencia argentina. Me mueve a hacerlo la popularidad que tiene la noción de “valorización financiera”, asociada […]

Financiarización en Argentina, análisis crítico — Rolando Astarita [Blog]

Financiarización, ¿qué evidencia empírica? — Rolando Astarita [Blog]

Una de las tesis más populares en la izquierda es la referida a la financiarización. La misma dice, en trazos gruesos, que las finanzas impusieron su hegemonía sobre el capital productivo a finales de la década de 1970. Desde entonces, las finanzas realizarían una sistemática punción de plusvalía sobre el capital industrial, agrario o mercantil, […]

Financiarización, ¿qué evidencia empírica? — Rolando Astarita [Blog]

You can take a horse to water but…. — Michael Roberts Blog

Last Thursday, Mario Draghi, the current head of the European Central bank, soon to be replaced by Christine Lagarde from the IMF, announced a parting gift to banks and financial markets. The ECB decided to reintroduce its bond purchasing programme in order to inject yet more billions into Europe’s banks in order to persuade them […]

a través de You can take a horse to water but…. — Michael Roberts Blog

More momentum on the banks — Michael Roberts Blog

At the weekend, I participated in a session on what to do about the banks at the Momentum conference (The World Transformed) in Liverpool, England. For those readers who do not know what Momentum is, it is a campaigning group within the British Labour Party that supports more radical measures in favour of labour and […]

a través de More momentum on the banks — Michael Roberts Blog

Un ejemplo de cómo opera el capitalismo en el «socialismo» estilo chino

La policía escolta en Pekín a varios manifestantes afectados por las pérdidas de las plataformas P2P. Greg Baker AFP
  • La jungla de los microcréditos online en China deja a millones sin ahorros
  • Decenas de millones de ciudadanos pierden su dinero debido al fraude y la insolvencia en el negocio, mientras Pekín aplaca cualquier atisbo de protesta

Xavier Fontdeglòria

Pekín 9 de agosto de 2018 – 23:47 ED

Xie, de 29 años y que prefiere identificarse solo por su apellido, ha perdido los ahorros de toda su familia después de que la plataforma de microcréditos online china Zhang Yue Li Cai dejase de operar repentinamente este julio. Atraída por las nada despreciables ganancias* a corto plazo, en diciembre invirtió hasta 400.000 yuanes (algo más de 50.000 euros) para que esta empresa los prestara a otras. Menos de un año después, Xie no solamente da por imposible recuperar el dinero perdido, sino que siente la persecución de las autoridades chinas, que se han desvinculado de unas prácticas que mezclan la mala gestión, el fraude y los esfuerzos de Pekín para controlar los riesgos de su sector bancario en la sombra. Seguir leyendo Un ejemplo de cómo opera el capitalismo en el «socialismo» estilo chino

Argentina en el carry trade (o la bicicleta financiera)

En la edición del 23 de marzo pasado del Cronista Comercial se informa que Argentina es uno de los países más redituables del mundo para hacer carry trade (véase Matías Barbería, “Argentina, segunda entre los países más atractivos para el carry trade”). El carry trade consiste en una operación especulativa consistente en tomar dinero prestado […]

a través de Argentina en el carry trade (o la bicicleta financiera) — Rolando Astarita [Blog]

Should Greece Pay Back Its Debt?

Özlem Onaran

Financial speculators are nervously asking whether Greece will pay its debt or default. Political leaders from Europe to the US and the IMF are telling the Greek government to leave aside its democratic mandate and accept further austerity as a condition for getting credit to continue to pay back its debt. But the right question politically is: should Greece pay this debt.?

On 4 April the President of the Hellenic Parliament, Zoe Konstantopoulou, set up the Debt Truth Committee – a special committee of the Parliament to investigate the truth about the increase in Greece’s public debt. Eric Toussaint of the Committee for the Abolition of Third World Debt is the team’s scientific coordinator. The Debt Truth Committee currently includes 35 international and Greek experts in law, economics, accounting, banking from Europe as well as Zambia, Ecuador, and Brazil.

There are well-established concepts in international law that question the legality, legitimacy, sustainability or odiousness of a loan agreement if and when it deters a state from meeting its obligations to its citizens to ensure adequate access to health and education, a life with dignity, and the right to organise. There is a long history of states making use of these legal concepts to enter into dispute with their creditors over their sovereign debt starting with Cuba in 1898, the US in Iraq in 2003 and Ecuador in 2007.

These legal concepts are the guiding references for the Debt Truth Committee: Is any part of Greek public debt before or after the Memoranda of Understanding (MoU) with the Troika illegitimate? Was it contracted by a government without considering whether the public or general interest would be safeguarded? Was any part of it contracted in violation of the current legal or constitutional system? Has any part of the debt been granted on conditions that violate the social, economic, cultural, civic, and political rights of the people concerned? Were the loans intended not to save Greece but French and German banks?

The creditor institutions as well as the debtor governments have an obligation to audit these aspects before any loan agreement is made. Did EU governments consider whether any of these loan agreements violated the EU Charter of Fundamental Rights?

Seguir leyendo Should Greece Pay Back Its Debt?