Surviving Capitalism (Not) : Debt crisis splits Europe

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, October 27, 2011

Debt crisis splits Europe

Click here to access article by Peter Schwarz from World Socialist Web Site.

The ruling capitalist classes are ecstatic over this morning's news: European leaders reached a deal with Greek debtholders on Thursday morning after nearly 11 hours of talks. The agreement includes a large bailout of Greece by the European Union and the International Monetary Fund (IMF). The latter institution means that more US tax dollars will be tapped.

Meanwhile the stock markets are engaging in an orgy of stock buying. And ruling class media is likewise hailing this news. For more balanced and accurate coverage, read this article and also one by financial expert, Yves Smith, in her blog article entitled, "Eurozone Leaders Agree a Few Rescue Details, Like 50% Haircut on Greek Bonds; Plan to Develop a Plan Gooses Markets".