Europe’s dirty secret
Stefan Steinberg & Barry Grey
WSWS
In a revealing admission concerning the relationship between capitalist governments and international financial interests, the Financial Times on Tuesday wrote of “Europe’s dirty secret.”
The newspaper editorialized against the plan of the European Union, the European Central Bank (ECB) and the International Monetary Fund to loan Ireland tens of billions of euros in order to guarantee in full the investments of international bankers and bondholders in the country’s failing banking system.
Under the plan, Ireland will effectively surrender sovereignty over its economic policy to the EU and the IMF and agree to claw back the latest bailout of the global financial elite by imposing a new and even more savage round of attacks on the wages and living standards of the working class.
The Financial Times argued that using the €440 billion European Financial Stability Facility (EFSF) to cover the bad debts of the financial elite by propping up zombie banks, while driving the Irish state closer to default, would be “a fatal mistake.” The Times insisted that such a policy was shortsighted and self-defeating, since sovereign defaults would trigger new financial panics and bankruptcies.
The Times wrote:
“It would keep the Irish people indentured to those who recklessly fund their banks: EFSF funds must, after all, be paid back by taxpayers. It would also give an official EU imprimatur on Europe’s dirty secret: public treasuries will do anything to make private bank creditors whole.”
What the Financial Times calls a “dirty secret” is hardly news to those who have followed developments since the collapse of Lehman Brothers 26 months ago. What is remarkable, however, is the bluntness with which this organ of British finance capital acknowledges the existence of a dictatorship of the banks over government policy throughout Europe. Nor is it any different in North America, South America, Africa or Asia.


"When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle." ~ 















Any world is an illusion, but within illusion, another world, a better world, seems possible. In the material world, the one we think is real, the divide between the 'left' and 'right' is an artificial one. This divide serves to keep us separate from each other and prevents us from seeing clearly that we in fact have shared interests and a common enemy. A better way to approach economy, politics, culture and society would be to take note of the ways in which our societies are divided horizontally: the interests of the few (the elite) and the many (ordinary people). The elite wants to oppress and exploit the rest of us. In a material sense, they are our enemy. They are working to establish a One World Company, aka a totalitarian New World Order. World government is the last thing ordinary people need. We need free and open communities with equal rights for everyone and a profound respect for the many differences between us. We want freedom rather than security. We want peace, not war. Above all else, we want truth, dignity and justice. ~ The Editor






