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, September 18, 2011

The Debt Crisis in the European Union: The ECB, ever loyal to private interests (Part 3 of 7)

Click here to access article by Eric Toussaint from the Committee for the Abolition of Third World Debt. 
...we need to be aware that various EU treaties have to be abrogated, that the ECB statutes have to be radically changed, and that the EU has to be founded on other premises. Yet to achieve this, the balance of power has first to be changed through massive street mobilizations.
I don't know if you can follow all the financial tricks that European banks use to enrich themselves, but it is clear to Eric Toussaint that the European Union and its institutions were designed for the welfare of the private banks and their owners, the capitalist ruling classes, and not for the benefit of the vast majority. Surprise, surprise!

I will continue to run all seven parts of the author's articles to shed some light on the dire debt situation that the private banks have laid upon Europe's working people. It is a situation that is still developing, and many think that it will deteriorate into a much deeper crisis. (For example, see this.)
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