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Europe's Transition From Social Democracy to Oligarchy - HudsonQuicklink submitted by Dr Stuart Jeanne Bramhall Permalink |
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 Michael Hudson by Prosper Australia |
The easiest way to understand Europe's financial crisis is to look at the solutions being proposed to resolve it. They are a banker's dream, a grab bag of giveaways that few voters would be likely to approve in a democratic referendum. Bank strategists learned not to risk submitting their plans to democratic vote after Icelanders twice refused in 2010-11 to approve their government's capitulation to pay Britain and the Netherlands for losses run up by badly regulated Icelandic banks operating abroad. Lacking such a referendum, mass demonstrations were the only way for Greek voters to register their opposition to the 50 billion Euros in privatization sell-offs demanded by the European Central Bank (ECB) in autumn 2011. |
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