The crisis in Europe and the financial aristocracy

The latest meeting of European Union (EU) finance ministers held at the start of this week once again revealed the complete subservience of the European political establishment to the European and international banking and finance cartels. (See “EU finance ministers meeting: No agreement on euro crisis”.)

Commenting on the relationship between European governments and the finance markets, British economist Phillipe Legrain writes: “So far, EU governments have decided that banks’ bondholders must be protected at all costs, preferring to impose losses on taxpayers instead—even if this stretches governments’ solvency to breaking point.”

For their part, reassured that they have the full backing of European treasuries behind them, the moguls of the finance world are undertaking their destructive work with renewed vigour.

An editorial in the German Süddeutsche Zeitung at the start of the year describes the activity of the modern breed of finance speculators:

“Just back from their two-week ski holiday, the currency dealers and finance managers have renewed their speculation against highly indebted Euro countries. Their first victim in the new year is Portugal….” Read more...