by BAR editor and senior columnist Margaret Kimberley
The Greek government, after months of demonstrations by a citizenry that rejects impoverishment for the sake of the bankers, has promised to submit the bailout plan to a referendum. This should be a lesson to the Occupy Wall Street movement and the U.S. public in general: force the issue, or the issue will be forced upon you. “Americans think that backing two political parties who are both eager to work in the interests of banksters is a solution to averting a disaster despite the fact that the disaster never ends.”
Freedom Rider: Shaking the System
by BAR editor and senior columnist Margaret Kimberley
“If only American politicians had to fear their people as much as their European counterparts do.”
The European debt crisis is but one symptom of the crisis in which the capitalist system finds itself. The years of accumulated “fictitious” capital, followed by a succession of ruptured market bubbles, were all signs that the system is like Humpty Dumpty, unlikely to be put back together again.
Greece is the current focus of attention, with American markets rising or falling based on the status of negotiations among the Eurozone leadership. Greece’s “partners” agreed to bail out that nation only on the condition that it impoverish its citizens. Yet because of sustained protest against the austerity measures, the prime minister has promised his people a referendum on the plan, which has thrown domestic politics and international finance into a state of turmoil.
The turmoil cannot be confined to Europe either. Former New Jersey governor Jon Corzine is in the news because the commodities firm that he heads, MF Global, was caught up in the European crisis and has now filed for bankruptcy. Corzine is a former Goldman Sachs executive who self-financed his own political campaigns for senator and governor. If there were a poster child for the unholy alliance between money and politics, Corzine should be it.
The fortunes of American firms and European politicians are not looking very promising these days, and that is a good thing. Greek Prime Minister Papandreou can’t close the rotten deal because his people won’t stand for it. As a result of popular actions such as strikes and demonstrations, he must offer a referendum which puts the entire system on notice and across the ocean MF Global and the American markets go in the tank.
“Greece’s ‘partners’ agreed to bail out that nation only on the condition that it impoverish its citizens.”
It is an important lesson for Americans. Greeks and other people around the world aren’t taken in by predictions of doom from the high and mighty. They have declared loudly and clearly that they will not pay a price because of corruption committed without their knowledge and consent.
The Occupy Wall Street movement should sit up and take notice. Their consensus organizational structure and national assemblies upon which it is based began in Europe. The OWS organizers would do well to repeat European actions taken against the 1% and the members of political class who are eager to do their bidding.
It is well and good to say that the OWS movement is finding its way, but if it doesn’t notice what happens when people take mass action, then they aren’t ready for the big leagues. Three years ago the American people were told that they would suffer if Wall Street was not bailed out with their money. The TARP deal went forward with the collusion of both Republicans and the then Democratic nominee, Barack Obama and the rest of his party.
The results of that capitulation have been calamitous. TARP was a band aid solution to a structural crisis and Americans are suffering despite the fact that their resources continue to be sucked into the bottomless pit of the federal reserve. Unemployment numbers are not improving, the housing market remains stagnant, and there is still no light at the end of the tunnel.
“Even Social Security, the erstwhile “third rail” of politics, is on the table ready to be butchered by the party that used to at least pretend to defend it.”
If only American politicians had to fear their people as much as their European counterparts do. Instead of cowering in fear when the Wall Street chieftains shout, “Your money or your life,” we might have something to show three years after the big heist. Instead, Americans think that backing two political parties who are both eager to work in the interests of banksters is a solution to averting a disaster despite the fact that the disaster never ends.
The Greeks are bearing a good gift to the people of the United States but only if Americans have the awareness to see it. It would be wonderful to witness Barack Obama and the Democrats having to undo their dirty work with the Republicans because of popular action. Instead, even Social Security, the erstwhile “third rail” of politics, is on the table ready to be butchered by the party that used to at least pretend to defend it.
Prime Minister Papandreou has risked the wrath of European leadership because the people of his country won’t stand for anything else. There is no reason to fear turmoil in the markets and firms going belly up. We ought to let American political leaders know that we too have had enough of the back room deals which never serve our interests.
If democracy wasn’t born in ancient Greece, it is certainly exemplified by the actions of its people today. Their actions have rattled cages in many parts of the globe, and not only should these events not be feared, they should be celebrated.
Margaret Kimberley's Freedom Rider column appears weekly in BAR, and is widely reprinted elsewhere. She maintains a frequently updated blog as well as at http://freedomrider.blogspot.com. Ms. Kimberley lives in New York City, and can be reached via e-Mail at Margaret.Kimberley(at)BlackAgandaReport.com.
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