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Fourth International

International Viewpoint, the monthly English-language magazine of the Fourth International, is a window to radical alternatives world-wide, carrying reports, analysis and debates from all corners of the globe. Correspondents in over 50 countries report on popular struggles, and the debates that are shaping the left of tomorrow.

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  • Last part of the series: The Banks and the “Too Big to Jail” Doctrine (Part 9)

    The Impunity Enjoyed by the Banks must Stop

    1 September 2014, by Éric Toussaint

    We all know the saying “Too big to fail.” In managing the crisis the banks have caused, the governments of the industrialised countries have adopted a new doctrine that might be summed up as “Too big to jail.”

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  • Series: Banks and the “Too big to jail” doctrine (Part 8)

    Complicity of Dexia in very serious Human Rights violations in the Israeli occupied territories

    1 September 2014, by Éric Toussaint

    In 2001, the Dexia Group (Dexia SA) took over the Israeli bank Otzar Hashilton Hamekomi. It has been disclosed that this subsidiary – now called Dexia Israel – finances Israeli colonies in the Palestinian territories [2]which means Dexia is involved in the occupation of Palestine. As the platform “Palestine occupée – Dexia impliquée( Occupied Palestine - Dexia Involved)” says, “financing these colonies contravenes international law, in particular article 49 of the fourth Geneva Convention, which states, ’The occupying power shall not deport or transfer parts of its own population into the territory it occupies.’” [3]

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  • Series: The banks and the “Too Big to Jail” doctrine (Part 7)

    The Big Banks Organise Massive Tax Evasion on an International Scale

    31 August 2014, by Éric Toussaint

    Another example of the “Too Big to Jail” doctrine: International tax evasion and fraud organised by UBS, Switzerland’s biggest bank.
    UBS, which had to be saved from failure in October 2008 by massive injections of Swiss public money, was involved in the LIBOR manipulation scandal, the currency markets manipulation scandal (UBS is the subject of several inquiries by controlling authorities in Hong Kong, US, the UK, and in Switzerland) and the abusive sale of structured Mortgage-Backed (…)

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  • Series : The banks and the “too big to jail” doctrine (Part 5)

    Big banks’ tampering with interest rates

    31 August 2014, by Éric Toussaint

    The extremely tolerant approach to the manipulation of interest rates by the governments of the main industrialised countries shows the extent to which the ’Too Big to Jail’ principle is applied. In 2010 the media revealed that a group of eighteen banks had been manipulating the London Interbank Offered Rate (LIBOR) from 2005 to 2010. LIBOR is a benchmark rate used for a market of $350 trillion, in assets and financial derivatives, which means it is the second most important benchmark rate in the world after the dollar exchange rate. The rate is based on information provided by eighteen banks about their funding costs in interbank markets. In 2012 evidence was provided of collusion among big banks such as UBS, Barclays, Rabobank, or Royal Bank of Scotland in order to manipulate LIBOR in their own interests.

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