Montag, 13. Mai 2013

Sold down the River

A90-year-old World War II veteran argued that the neo-liberal period of economic policy-making is the anathema to what the soldiers had sacrificed for during that war. 

Sure enough, the Eurozone monetary system is poorly designed because the neo-liberal ideologues wanted to reduce the capacity of member states to fulfill their democratic charters, which, in part, requires them to use fiscal and monetary policy to advance public purpose or collective good, rather than design policy for sectional gain.

But even with that design flaw, the ECB has all the financial capacity it requires to fund any size deficit in any of the Euro-using member states. The fact that it has not been prepared to use that capacity is the question not the lack of it.

In the meantime, the Euro elites have been making determined steps to further erode the democratic rights of European people. The establishment of the Eurozone was one thing – bulldozed through against popular sentiment.

The Stability and Growth Pact restrictions on fiscal flexibility were another example. Who voted for them? Who benefits from them?

These are reflections on how neo-liberalism is really the antithesis to democratic ideals. The so-called free markets have nothing to do with freedom or political inclusion. More recently, the interference in national affairs in several nations and the arbitrary haircut forced on private investors. All are trampling the democratic rights that a 90-year old British soldier had fought for:

"The problem with society, today, is not lack of money or debt but lack of ideas, lack of commitment by our government to realize that its constituents are the people, not city bankers and hedge fund managers whose loyalty is to their ledger books rather than to the community. I don’t know if we will come out of this present darkness. Perhaps humanity will simply retreat into the caves whence our ancestors came because we were cowed by self-serving political parties and dubious leaders of business."

An elite minority obviously has called out wealth for a maxim. And so the masses blindly stumble after it, because they were promised that wealth would soon trickle down.
Neither the one nor the other seems like even having the slightest idea of ​​what wealth is for. So the real waste, with which we are confronted today, is not the waste of money, but the waste of opportunities for people.

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