It is simply outrageous that private corporations seeking maximisation of private profit can plunge the finances of entire countries into chaos as is happening with Greece at the present time.
The fact that private banks and hedge fund operators along with debt rating agencies can manipulate a situation that allows them to charge extortionate rates of interest for certain countries creates an economic dictatorship in effect. It is working people and the poor who pay the price for this in savage cuts to public expenditure and in their living standards, by governments which simply do the bidding of these institutions.
The fact that governments all over the European Union, together with the EU Commission, dutifully bend the knee to this system indicates that they put adherence to capitalist markets above any consideration of social solidarity.
The dictatorship of the financial markets is causing enormous destruction in the world economy generally. The effects are being felt in particular by the people of Greece with vicious attacks on their services and living standards.
Following Greece the financial sharks will direct their speculation toward Spain, Portugal and others of the weaker member states of the European Union. Driven by the greed for short term profits these banks and Hedge Funds hold countries to ransom so that they can walk away with massive ill-gotten gains.
Working people all over the European Union should not allow themselves be picked off one by one by the financial piranhas but should mobilise in opposition to break the dictatorship of the markets.
The alternative is that, on a Europe wide basis, the major financial institutions should be taken into public ownership and then run democratically for the benefit of the big majority with investment policy directed by social needs. Working people all over the European Union should not allow themselves be picked off one by one by the financial piranhas but should mobilise in opposition and behind.
CHECK OUT OTHER RELATED ARTICLES:
- Press Statement: European Parliament votes on new regulatory controls of financial markets
- The Praetorian Guards of the financial markets
- Full Frontal Assault on Democratic Rights of Europeans as Markets dictate appointments in both Italy and Greece
- Video: Joe Higgins questions Taoiseach on scandalous speculation of carbon tax credits by financial markets
- Latest EU Summit Leaders deal will not prevent a further deepening of the crisis
