The Real Problem With Europe’s Economy | newmatilda.com

Evan Jones writes at NewMatilda

The unreformed finance sector is the central vehicle for this rollercoaster. The perspicacious Lordon once more: “Save me or I’ll kill you.” Or, more accurately, “Save me and I’ll kill you.” A sector whose integral function in economic activity gives it a public purpose has been appropriated for entirely private ends, and with disastrous consequences.

Meanwhile here in Oz the MSM are reporting the banks (all 4 of them) recorded a 9% increase in income from bank fees last financial year, a little under half of that coming from households who pay fees for mortgages, personal loans and credit cards.

Also echoing sentiments expressed by Jones, the ongoing debacle surrounding the Government’s moderate proposal for a Resources Rental Tax has included repeated threats by multinational mining companies to take their business elsewhere unless they get the proposed tax scrapped.

Despite the spectacular collapse of high risk schemes on Wall Street based on pernicious and predatory lending schemes and the public retreat of neoliberal ideology it is obvious that capitalists has no intention of modifying their behaviour or a desire to accommodate any desired social objectives that might be expressed by the majority of people. While this is classically portrayed as fundamental to the nature of free-enterprise and human behaviour it is also underlines the necessity for structural change. The choice is fairly obvious, either capital is brought within the sphere of social control or any ideas of social progress and ecological stabilisation must be jetisoned since the two are clearly incompatible.

The Real Problem With Europe’s Economy | newmatilda.com.