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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

Europe: technocratic rule means? « Previous | |Next »
December 11, 2011

What implications can be drawn from the democratic deficit in a Europe moving towards greater integration as a response to the euro crisis?I have argued in previous posts that under the political umbrella of financial emergency, wages and living standards are to be scaled back and political power shifted from elected government to technocrats governing on behalf of large banks and financial institutions. Public-sector labour is to be privatized – and de-unionized, while Social Security, pension plans and health insurance are scaled back.

Robert Fisk concurs. In Bankers are the dictators of the West in The Independent says:

The protest movements are indeed against Big Business – a perfectly justified cause – and against "governments". What they have really divined, however, albeit a bit late in the day, is that they have for decades bought into a fraudulent democracy: they dutifully vote for political parties – which then hand their democratic mandate and people's power to the banks and the derivative traders and the rating agencies, all three backed up by the slovenly and dishonest coterie of "experts" from America's top universities and "think tanks", who maintain the fiction that this is a crisis of globalisation rather than a massive financial con trick foisted on the voters.

The banks believed – and still believe – they are owners of their countries. The ratings agencies and the US banks are interchangeable, that their personnel move seamlessly between agency, bank and US government.

The ratings lads (almost always lads, of course) who AAA-rated sub-prime loans and derivatives in America are now – via their poisonous influence on the markets – clawing down the people of Europe by threatening to lower or withdraw the very same ratings from European nations which they lavished upon criminals before the financial crash in the US. I believe that understatement tends to win arguments
It is a neo-liberal roll back of social democracy. From the financial sector’s vantage point, the right solution to the Eurozone crisis is to reverse the regime of social democracy that had been begun to be put into place a century ago. Whereas the latter regime subordinated the banking system to serve the economy, the bankers versions of a neo-liberal regime subordinates the economy to serve finance capital.
| Posted by Gary Sauer-Thompson at 9:27 PM |