Commentary on Political Economy

Monday 12 December 2011

The 'Grand Refusal' of the European Elites

Visitors to our site will know by now what I think about Europe's ruling capitalist elites, the German in particular, and of the manner in which they are systematically attempting to destroy the European polity that we are strenuously to construct and to defend against the modern equivalent of les rois fai-neants (the kings who did nothing), too self-interested to budge from dithering and indolence in the face of impending disaster.

Anyone who understands anything at all of the present crisis besetting European and global capital will also know and agree that the only way to get out of this bind into which Finanzkapital placed us in its efforts to avoid loss arising from the "fictitious value and profits" that it accumulated during the Great Moderation (1980 to 2007) at the expense of hundreds of millions of workers especially in China, aided and abetted by the Chinese dictatorship - anyone with a trace of knowledge and decency will know by now that the only way to get out of this is NOT for European workers to starve and suffer but rather for Finanzkapital (especially sovereign bond holders) to register huge "losses" on their "fictitious" balance-sheets.

Yet this is precisely what the European "leaders" failed to do in Brussels last week and have failed to do for years now - in fact, they did not even TALK ABOUT IT! The item was not on the menu! Instead. they think they can wriggle out of this bind with more "austerity", which suits German elites very well given that much of their filthy "trade" is now with economies "outside the eurozone", but means sweat blood and tears to European workers in the rest of the eurozone. Anybody who thinks that this utter and miserable nonsense has any chance of succeeding as a "rescue plan for the euro" is a complete imbecile - first and foremost of course the befuddled and comical "leaders" of the eurozone parading histrionically every month in Cannes or in Davos but finding precious few real "decisions" to make, owing to their indolence and insanity.

Meanwhile, they blame the "financial markets" and the financial markets blame them! The "meat in the sandwich" are European workers who have just about had enough of this grex venalium and will soon dispatch them to the dustbin of history.

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