Ireland

The shell game continues. Countries hike debt to rescue banks, which then threaten their rescuers with bankruptcy by shorting their bonds. Blackmail: countries in okay shape but with a plunging bond rate must accept to be rescued in exchange for ditching the Welfare State and imposing Libertarian Capitalism, i.e. every man for himself. Unemployment jumps, real wages drop, everyone is screwed, and the rich get richer. After Ireland comes Portugal, Spain and all the rest of the little duckies. The US too: this is like Brecht: when they come for you there will be no one left to object.

Everything, absolutely everything in the financial markets is a scheme to rob the working wage earner and create the conditions for Third World bliss: 1% of the population with 99% of the wealth. Check out how far along the US is on this road, and you have the country's history of the last 30 years in a nutshell.

The little man revolts but he hasn't a clue: there is a grass-roots movement by Spaniards to withdraw all their savings from banks on December 18th. Good luck. But if this goes on, the little man could get really angry and start thinking. Let's hope so.


Photo: Favela Morumbi, Sao Paulo
From Treehugger