A non-partisan journal of the left.

Search London Progressive Journal

  • Enter text and click Search. This search does not accept exact strings with " or '. For exact searching click 'Exact Search'.
  • or

The Banks, Fragile Giants

Part 5 of Eric Toussaint's series Banks versus the People: the Underside of a Rigged Game shows that big banks continue playing with fire, because they are persuaded that governments will save them whenever necessary... [read more]

Swimming With Sharks: Goldman Sachs, Schools and Capital Appreciation Bonds

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up?... [read more]

Governments submit to “Too Big to Fail” banks (part 1)

Since 2007, the major Central Banks of the most industrialised countries have lent massively to private banks at very low interest rates in order to avoid their failure... [read more]

The big private banks run on LTRO

Part 6 of the series 'Too Big to Fail' by Eric Toussaint... [read more]

Trumping the Federal Debt Without Playing the Default Card

The government can reduce the debt by buying it – and ripping it up... [read more]

The Italian Banking Crisis: No Free Lunch—or Is There?

It has been called “a bigger risk than Brexit”– the Italian banking crisis that could take down the eurozone... [read more]

Governments submit to “Too Big to Fail” banks (part 2)

Governments make gifts galore to private banks... [read more]

What can we do with what Thomas Piketty teaches us about capital in the twenty-first century? (Part 2 of 2)

Part 2 of Eric Toussaint's review of Thomas Piketty book Capital in the Twenty-First Century... [read more]

How to Wipe Out Puerto Rico's Debt Without Hurting Bondholders

During his visit to hurricane-stricken Puerto Rico, President Donald Trump shocked the bond market when he told Geraldo Rivera of Fox News that he was going to wipe out the island’s bond debt.... [read more]

“Print the Money”: Trump’s “Reckless” Proposal Echoes Franklin and Lincoln

The right of government to issue its own money was one of the principles for which the American Revolution was fought... [read more]

Bank of North Dakota Soars Despite Oil Bust: A Blueprint for California?

Despite North Dakota's collapsing oil market, its state-owned bank continues to report record profits. This article looks at what California, with fifty times North Dakota's population, could do following that state's lead... [read more]

BCE / LTRO: what’s that ?

Part 5 of the series 'Too Big to Fail' by Eric Toussaint... [read more]

A journey into the vice-ridden world of banking

The primary objective of the world’s leaders is to avoid another banking and financial crash that could be worse than the one in September 2008... [read more]

Unprecedented!

Michael Roberts on why the present economic crisis demonstrates the vulnerability of "free market" capitalism. ... [read more]

Funding California Schools: Proposition 51 Versus a State-owned Bank

There is a much cheaper way to fund this $9 billion school debt... [read more]

Can Jill Carry Bernie’s Baton?

Bernie Sanders supporters are flocking to Jill Stein, the presumptive Green Party presidential candidate... [read more]

How Obama Could Beat the Debt Ceiling and Go Out a Hero

The debt ceiling is an unconstitutional gimmick that violates the 14th amendment... [read more]

"Don't Talk Zionism!"

Decades ago in Israel, "Zionism” was a kind of joke among young people. "Don’t talk Zionism!" meant "Don’t talk highfaluting nonsense!"... [read more]

Grexit or Jubilee? How Greek Debt Can Be Annulled

The crushing Greek debt could be canceled the way it was made – by sleight of hand... [read more]

The Leveraged Buyout of America

In a letter to Federal Reserve Chairman Ben Bernanke, US Representative Alan Grayson and three co-signers expressed concern about the expansion of large banks into what have traditionally been non-financial commercial spheres... [read more]

Banks versus the People: The Underside of a Rigged Game! (Part 2)

The European Central Bank and the Federal Reserve are at the service of the major private banks... [read more]

Bye Bye, Dubai?

Mick Brooks looks at the unfolding crisis in Dubai, and its potential implications for the world economy. ... [read more]

“We’ll Look at Everything:” More Thoughts on Trump’s $1 Trillion Infrastructure Plan

The Trump agenda, it seems, is not set in stone. The president-elect has a range of advisors with as many ideas... [read more]

Part 3 of the series Governments submit to “Too Big to Fail” banks

Private banks shamefully enjoy a monopoly of lending to the public sector... [read more]

Banks bluff in a completely legal way

Part 8 of Eric Toussaint's series Banks Versus The People: The Underside Of A Rigged Game!... [read more]

The circulating money supply: Why QE3 won’t jumpstart the Economy—and What Would

The economy could use a good dose of “aggregate demand”—new spending money in the pockets of consumers — but QE3 won’t do it. Neither will it trigger the dreaded hyperinflation. In fact, it won’t do much at all. There are better alternatives, argues Ellen Brown.... [read more]

Telling the Players with a Scorecard

How politics is manifested as economics and economics as politics should concern us right now, argues Steven Colatrella.... [read more]

The Greek Crisis and the Threat to the Euro

Can the EU afford to let Greece withdraw from the Eurozone? Socialist Appeal's Mick Brooks considers the significance of the Grek Crisis.... [read more]

The European Central Bank’s true priorities

Part 7 in a series of articles by Eric Toussaint - Governments submit to “Too Big to Fail” banks ... [read more]

Time for the Nuclear Option: Raining Money on Main Street

Predictions are that we will soon be seeing the “nuclear option” — central bank-created money injected directly into the real economy... [read more]

The Greek Coup: Liquidity as a Weapon of Coercion

In the modern global banking system, all banks need a credit line with the central bank in order to be part of the payments system... [read more]

The ECB’s Noose Around Greece

Remember when Goldman Sachs delivered a thinly-veiled threat to the Greek Parliament, warning them to elect a pro-austerity prime minister or risk having central bank liquidity cut off to their banks?... [read more]

The End of Money

It’s Time to End Our Slavery to the Money-System declares Oliver Thompson ... [read more]

Venezuela and Argentina Increase Cooperation in Gas, Agriculture, and Finance

James Suggett on the latest Venezuelan-led initiative to further economic cooperation between Latin American states.... [read more]

The Credit Cruch - One Year On

Twelve months on from the beginning of the current economic crisis, Socialist Appeal's Michael Roberts examines the causes and effects of the so-called "Credit Crunch".... [read more]

Saving Illinois: Getting More Bang for the State’s Bucks

Illinois is teetering on bankruptcy and other states are not far behind, largely due to unfunded pension liabilities; but there are solutions.... [read more]

If China Can Fund infrastructure with Its Own Credit, So Can We

While American politicians debate endlessly over how to finance the needed fixes and which ones to implement, the Chinese have managed to fund massive infrastructure projects all across their country, including 12,000 miles of high-speed rail built just in the last decade... [read more]

What a State-Owned Bank Can Do for New Jersey

Having a cheap and ready credit line with the state’s own bank can have similar benefits for New Jersey and other states... [read more]

Trump’s $1 Trillion Infrastructure Plan: Lincoln Had a Bolder Solution

Central banks have been pumping money into the global economy without a whole lot to show for it... [read more]

Clean eating versus industry

During the eighties and nineties here in the UK we were broadly encouraged to eat lower fat spreads such as margarine, associated with a push for polyunsaturated fat consumption... [read more]

Quantitative Easing for People: The UK Labour Frontrunner's Controversial Proposal

British MP Jeremy Corbyn has proposed a “People’s QE” that has critics crying hyperinflation and supporters saying it’s about time... [read more]

Greece: Alternatives to the Capitulation

On 5 July 2015 the Greek people overwhelmingly rejected the austerity measures imposed by the institutions that were known as the Troika... [read more]

Derailing Amtrak

Tracking the Latest Disaster in the Infrastructure Crisis... [read more]

From Austerity to Prosperity: Why I Am Running for California Treasurer

Welfare payments, health care for the poor, and benefits for the elderly and disabled have been slashed. State workers have been downsized... [read more]

Elections in Norway

Patrizia Bertini speaks with Norwegian Labour Party politician Rudolph Brynn about the general election next week... [read more]

The Public Debt of Japan and China – Funded by Investment Credit Creation or by Foreign Borrowing?

Economist George Tait Edwards puts paid to rumours of impending financial crises in Japan and China... [read more]

The Self-Hating State

Devolving policy to “the market” doesn’t solve the problem of power. It makes it worse, writes George Monbiot.... [read more]

United Socialist Party of Venezuela Begins Campaign for Regional Elections

Tamara Pearson on the start of election campaigning in Venezuela.... [read more]

Nation, language, culture - play things of the elites?

One vital aspect of Globalisation is that local wage traditions, built up over centuries of trade union struggles by the working class, have to give way to cheap labour that moves at the speed of money around the globe to satisfy the needs of multinational companies. Cheap labour has been achieved by making wars and creating a refugee crisis... [read more]

America Polarized in Turmoil

United, we must take back our country from the ultra-supremacists in the White House... [read more]

Why Donald Trump Is Right To Look East

The investment potential of the Russian economy offers good reasons why it is time for the West to take a more positive attitude towards the country. The President-elect might be doing everyone a favour in the long run, David Morgan argues.... [read more]

The Great Rift

The tragedy of present-day Israel is not that there are so many divisions, but that they all converge in one large rift.... [read more]

What is to be Done with the Banks? Radical Proposals for Radical Changes

Immediate measures for moving towards socialisation of the banking sector... [read more]

The Citadel Is Breached: Congress Taps the Fed for Infrastructure Funding

In a landmark infrastructure bill passed in December, Congress finally penetrated the Fed's "independence" by tapping its reserves and bank dividends for infrastructure funding... [read more]

A Crisis Worse than ISIS? Bail-Ins Begin

While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US... [read more]

Hang On to Your Wallet: Negative Interest, the War on Cash and the $10 Trillion Bail-In

In uncertain times, “cash is king,” but central bankers are systematically moving to eliminate that option. Is it really about stimulating the economy? Or is there some deeper, darker threat afoot?... [read more]

Ukraine slides towards default

When the international bourgeoisie begins to openly worry about a default, we can be sure that the Ukrainian economy is in a lot of trouble... [read more]

Life, Oil and Ghosts in the delta of the river Niger

Sweet and light - crude oil from the delta of the river Niger is the major Nigerian commodity and European and American companies export it for a profit... [read more]

Extremism is prevailing in Eurozone Negotiations

The negotiations between the newly elected Greek Government and the other Eurozone states have been a battle between pragmatism and extremism... [read more]

EU Showdown: Greece Takes on the Vampire Squid

Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken... [read more]

Would Scottish Independence Mean Economic Sovereignty?

Scottish voters will go to the polls on September 18th to decide whether Scotland should become an independent country... [read more]

Banks: Fudged health report

The final part of the series by Eric Toussaint - Banks versus the People: the Underside of a Rigged Game!... [read more]

The Peoples Assembly - Flexing Our Muscles

Dr Thabo Miller encourages the People's Assembly to adopt an electoral strategy... [read more]

The Bank Guarantee That Bankrupted Ireland

The Irish have a long history of being tyrannized, exploited, and oppressed—from the forced conversion to Christianity in the Dark Ages, to slave trading of the natives in the 15th and 16th centuries, to the mid-nineteenth century “potato famine” that was really a holocaust... [read more]

From Obamacare to trade, superversion not subversion is the new and very real threat to the state

Rightwing politicians and their press use talk of patriotism to disguise where their true loyalty lies: the wealthy elite, writes George Monbiot.... [read more]

Martial Law and the Economy: Is Homeland Security Preparing for the Next Wall Street Collapse?

Reports are that the Department of Homeland Security (DHS) is engaged in a massive, covert military buildup, writes Ellen Brown... [read more]

China’s All-Inclusive Economic Miracle: The Third Economic Bomb

George Tait Edwards explains China's recent economic success by examining its past history... [read more]

Currently Mistaken Ideas in Western Economics and Their Suggested Corrections (preferably soon) Part 1

Economist George Tait Edwards straightens out some of the economic myths taught at Western universities (Part 1 of 2) ... [read more]

The Crime of Alleviating Poverty: A Local Community Currency Battles the Central Bank of Kenya

Ellen Brown reports on how former Peace Corps volunteer Will Ruddick and several residents of Bangladesh, Kenya, face a potential seven years in prison after developing a cost-effective way to alleviate poverty in Africa’s poorest slums... [read more]

Nations Get what their Financial-Industrial Systems Deliver: A Comparative Analysis of Three Different Groups of Financial-Industrial Systems

George Tait Edwards compares three different financial-industrial systems and considers the merits of each model... [read more]

FDR’s American Economic Miracle 1938-44, or the First Economic Bomb - The USA from 1938 to 1944 (Part 1)

George Tait Edwards reveals the secret of America's economic boom during the the FDR years ... [read more]

Shimomuran Economics: The No-Debt Investment Credit Creation Path to More Rapid Economic Growth

George Tait Edwards MBE makes the case for the urgent implementation of Keynesian economics to stimulate growth, based on the economic model's previous success in the US, China and Japan... [read more]

Ensuring Scottish sovereignty

Ellen Brown discusses options for economic development in a future independent Scotland... [read more]

The development of the European social models

The 19th century in Europe saw the development of philosophical, political and economical theories that challenged and questioned the political structure of the time (Part 1).... [read more]

Why Miliband and Balls have got it wrong

The capitulation by Labour to the austerity and cuts agenda of the Tories and the right-wing press has been confirmed by shadow chancellor Ed Balls' statement that Labour would not be able to reverse the Tory cuts and would maintain the pay freeze within the public sector if they come to power at the next election, says John Wight.... [read more]

A Conservative Christmas Carol

The London Progressive Journal gives its take on current events in the latest fortnightly editorial... [read more]

From Tiananmen Square to Tahrir Square

Steven Colatrella on the nature of uprisings against the state in the wake of revolution in Tunisia and Egypt.... [read more]

Netanyahu’s Ring and the Legitimacy of Zionism

At the root of Israeli state violence is a total refusal to recognise the Palestinians as a people, let alone a nation, writes Ahmed Amr.... [read more]

Venezuela Reiterates Commitment to Multipolar World Following Israeli Accusations

Israeli intelligence is using the relationship between Iran and leftist leaders in Latin America to stoke up fears in relation to Iran's nuclear ambitions, says Tamara Pearson.... [read more]

Budget: Where’s Our Bail-out?

As New Labour announces its new budget, Socialist Appeal's Mick Brooks provides his assessment of the British economic malaise.... [read more]

Interview: Manuel Yepe talks to London Progressive Journal

On the Fiftieth anniversary of the Cuban Revolution, Alexa Van Sickle talks to Manuel Yepe, the former Cuban Ambassador to Romania and close friend of Che Guevara, about what the future may hold for the Caribbean island. ... [read more]

Ecuador Pushing to Break Free from the Cycle of Debt

Samuele Mazzolini examines a bold new intiative from the Ecuadorean government, aimed at establishing a coordinated transnational policy among debtor nations with respect to the crippling debt burdens that are stifling progress in the developing world.... [read more]

Conscription Is The Antidote To Militarism And Imperialism

We need to re-think the relationship between society and the military.... [read more]

London Court Rules in Favour of Venezuela in Dispute with Exxon

James Suggett on a courtroom victory for Venezuela against big business. ... [read more]