Surviving Capitalism (Not) : The Debt Crisis in the European Union: Has the crisis peaked yet? Part 6 of 7

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

Thursday, September 29, 2011

The Debt Crisis in the European Union: Has the crisis peaked yet? Part 6 of 7

Click here to access article by Eric Toussaint from the Committee for the Abolition Third World Debt.

The crisis is far from over. Even if we only consider the financial aspects, we must be aware that private banks have continued to play an extremely dangerous game which profits them as long as nothing goes wrong, but which is prejudicial to the majority of the population. The amount of bad assets on their balance-sheets is enormous. ...The risks are colossal and the policies adopted by the ECB, the EC and the member States of the EU will not solve anything – indeed quite the contrary.