Click here to access an approximately 20 minute interview with Michael Hudson on KPFA, Los Angeles.
For background on his remarks, he uses his article (translated into English) entitled, "Europe's Transition From Social Democracy to Oligarchy", published in December in the Frankfurter Allgemeine Zeitung, the newspaper in Germany with the largest circulation.
He essentially argues that the governing classes in Europe are using the parties that historically have been associated with the left and labor to ram through the neo-liberal policies of the right. This, of course, is the situation here in the US where the Obama administration has been used likewise. One has to marvel at the ingenuity of capitalist political operatives.