Europe’s Transition From Social Democracy to Oligarchy | Rethinking Europe |

Another impressive analysis of the real motives behind the eurocrisis from economist Michael Hudson. First published in Germany's Frankfurter Allgemeine Zeitung.


"So something has to give. Will it be the past few centuries of liberal free-market economic philosophy, relinquishing planning the economic surplus to bankers? Or will society re-assert classical economic philosophy and Progressive Era principles, and re-assert social shaping of financial markets to promote long-term growth with minimum costs of living and doing business?

At least in the most badly indebted countries, European voters are waking up to an oligarchic coup in which taxation and government budgetary planning and control is passing into the hands of executives nominated by the international bankers’ cartel. This result is the opposite of what the past few centuries of free market economics has been all about."


More extracts of and comments on this brilliant piece later on my blog