Euro Crisis: Britain’s Financial Arsonist Returns to the Scene of the Crime
by Finian Cunningham
December 14, 2011
The incendiary finance capitalism unleashed by Britain 25 years ago is at the heart of Europe’s raging debt woes
You either have to admire British Prime Minister David Cameron’s brass neck, or wince at his arrogant stupidity. The smart money is probably on the latter option.
For here you had the British leader heading to the European Union summit convened last week to “salvage” the EU from its the terminal debt crisis – a crisis that is threatening the survival of the Euro single currency, the political future of the European Union and may even be sounding the death knell for the faltering capitalist world economy.
Yet, given the stakes involved, all Cameron wanted to do was exploit the crisis in order to claw further concessions for the City of London’s stock exchange. Such self-serving opportunism was rebuffed by his German and French counterparts, whereupon Cameron stomped his feet and declared that Britain would exercise its veto over EU plans for tighter fiscal controls on member states. The British veto may now hamper the EU’s ability to assuage the financial markets, which are daily extracting pounds of flesh with exorbitant rates of borrowing on government bonds.
Not that the leaders of the other 26 EU states are acting as noble knights in shining armour, vying to protect their populaces from further economic suffering. The revised EU treaty they have in mind will only deepen that suffering by expanding austerity and cutbacks for the majority of people across Europe. The fiscal and economic policies of member states will henceforth be dictated by the European Central Bank and the International Monetary Fund. That is, national sovereignty supposedly serving the people, according to their votes, is to be replaced by the rule of unelected bankers and technocrats. In a very real way, the debt crisis of Europe is serving to usher in a dictatorship of finance capitalism. As Paul Craig Roberts noted recently on Global Research with regard to the EU – “the banks have taken over” .CONTINUE AT: [link to globalresearch.ca]