George Osborne: King Fool |
EXTRACT: Concisely summing up the new fiscal deal in Europe, [Angela] Merkel pronounced that the “debt brakes will be binding and valid forever”; from now on, “never will you be able to change them through a parliamentary majority”. Whoever you vote for, the EU bureaucracy wins. Merkel could not have made the fundamentally anti-democratic nature of the current EU set-up more clear: an elitist project run in the interests of capital at our expense. Not that genuine communists have any illusions in the ‘independent’ bourgeois nation-state: inside or outside the euro zone/SCG, or the EU, capital needs to attack the working class in order to salvage its system. A system that is suffering from chronic dysfunction.
All the evidence is that the banks and other financial institutions are hoarding cash - sitting on the money as the fiscal environment looks more and more dangerous. Perfectly rational, of course, for the viewpoint of the individual capitalist - totally advisable, in fact. But it is totally irrational for the system as a whole. The second great credit crunch remains a very real possibility.
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