For the second time in as many weeks I’ve come across a post highlighting an aspect of the current global economic crisis that is worrying and potentially very dangerous. Golem XIV has a post up entitled Democracy or the Banks – which do you want? A rather pertinent question, because who stands to lose most if the economy goes from crisis to full meltdown? Not us, below-the-liners.
The French elite face the ruin of their banks and the confiscation of their wealth contained therein. The German elites are no longer sure they are best served by making common cause with their French counterparts. Whatever they agree to let us remember it is their wealth not our pensions which are most at risk here.
But in that fact may also hide the single biggest threat to democracy in Europe.
There is a growing feeling among the financial elite that democracy cannot be allowed to get in the way of their management. I think we are on the brink of an profound, history changing assault on Democracy in Europe.
I think the financial elite will attempt to create a new organization (a European IMF an EMF) and put it beyond and above democratic control. They will talk about it in terms of making it ‘independent’ of politics. But in reality it will be nothing less than the creation of a government above democracy. Democracy will continue much as the Roman Senate continued under the Caesars . It will become, even more than it already is, nothing more than the high status venue of choice for the wealthy to pursue favour, fortune and position.
This might sound a bit hysterical, were it not for the fact that Saturday last week The Slog noticed some peculiar movements in the financial market en reported them in How the Money is consolidating its grip on people and politics.
However, in scanning and site-surfing for data over the last week, one particular trend seems to be ticking away in the background – if trends, like time-bombs, tick. This involves the quiet moves going on around the world to consolidate all types of bourses and exchanges into fewer and fewer hands.
The increasing mergers of stock exchanges into three groups – centred in turn in Asia, Europe and the Americas, but global in their reach, spells a lot of news that is not good for anyone who holds democracy and (personal) sovereignty dear.
What we can already see in the US, the UK and the EU however is a succession of political bigwigs scared witless of telling the financial community to jump off the nearest pier. Bankers and sovereign lenders generally are not as stupid as they sometimes appear. In the EU, they’re refusing to take a haircut on their bad debts – yet they know that the result of that will be global meltdown. So why are they doing it? Because, I suspect, of that ancient Japanese proverb I just invented: ‘Government with no money not regulate. In fact, not do anything except what told.’
Everyone from the wackiest libertarian to the most dyed in the wool capitalist needs to keep an eye on this, writes The Slog. It feels like the real folks are going to wind up getting screwed royally. And if you control the money and the mouthpieces, there’s not a lot the Resistance can do.
Read it all. Yes, all.