Surviving Capitalism (Not) : The monstrous fact. From bail-outs to debt peonage.

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Sunday, October 9, 2011

The monstrous fact. From bail-outs to debt peonage.

Click here to access article by David Malone from his blog, Golem XIV.

The author examines the current plan formulated by the Western capitalist ruling class called the European Financial Stability Facility (EFSF) to find what it is really all about:

The trick is that the money paid will now not be a ‘bail out’ it will be an ‘investment’. We won’t be bailing out the banks, they’ll be bailing us out (with money we have given them and to asset strip the Greek people – but we won’t talk about that will we). We will have all been pulled through the financial looking glass. And better yet, the amount of return will not be simply what the banks could get by forcing Greece to flog its ‘assets’ today, but will be the whole future income from those assets as well. Rather than give Greece what it needs or even just force it to sell what you want as payment of its debts, even better is to force the nation and its people in to a long term debt peonage.