It has not gone away.
Europe is now back centre stage as the world stock markets decide if it is worth betting on it as a single entity. If you were to cast your mind back to just before Xmas/New year, we were told everything would be fine if we just accepted tax hike’s, cut’s, cut’s and cut’s again. Alongside this the European Central Bank printed vast amounts of money and then proceeded to give this to the national banks at a give away rate of 1% interest rate. These banks used this in most cases to shore up their balance sheets,while the ordinary man/woman could not get any credit,who says the European Union is not a rich mans club.These euros printed on E.C.B printing presses postponed the events happening at present.
Having printed all these Euro notes to shore up the banking sector in Europe, they dare not continue to print this paper (euros) for fear of creating massive inflation with all its consequences. (Germany in the twenties). We can already see some results of their policy of saving the international banking system. Greece has being brought to its knees poverty is rampant, while Fascists stalk the streets for that is were their politics is carried out through their thugs in black shirts. This is not to mention the 20 or so elected to the Greek Parliament. Greece is but a reflection of what the rest of Europe could look like, if the capitalist class are allowed to ride roughshod over the lives of working people. They will not think twice of opening the gates to fascists if necessary to protect their profits At present it has not come to this though their crisis is serious, now in its fourth year and no sign of it diminishing. Greece seems more and more likely of exiting the Euro or the possibility of a military coup or both. It is interesting that the military is the one area where cuts did not take place on the contrary it had an increase in spending.
Spain borders on bailout territory like a yo yo,even more so now with Greece back centre stage. Indeed its banking system was only able to stay afloat due to the free Euro’s printed before Xmas by the European central bank. While Ireland continues to sink in its banking debt, unemployment at record levels,charity food lines are back with a vengeance. For four years Irish Governments have increased taxes on working people while at the same time taking billions out of the system to pay the bankers gamblers debts. To this day no one has faced a court all are free, living off their winnings,while the social fabric of society lays in tatters.In time a workers court can deal with these gangsters and hand down the justice required.At present an Austerity treaty is be put to Irish people,at the behest of Merkel to allow her to look tough to her electorate, which would enshrine austerity into the constitution. Hopefully the Irish will say no to this new dictatorship. The same crisis exists across Europe from the U.K. to Spain, Italy.Portugal, Netherlands, to Denmark, admittedly at different levels an international banking conglomerate, have run up massive debts gambling your money with the consent of your governments.In the process creating mass unemployment in Europe.When the capitalist pyramids collapse you pay they win.
Social Democrats to the Rescue
Capitalism can only win if we stand aside, this we do at our peril, in times of crisis capitalism is quite willing to unleash its dogs (Fascists) as it is doing in Greece at this moment in time.But if things get worse for capitalism they will give them(Fascists) free reign, to try and smash working class resistance.At present that resistance is in the hands of the radical left. This is made up of Euro communists and other leftists who want to remain in the present European Union. They have denounced strikers as strikebreakers for striking at the present time in Greece. At present their attempting to form a government with independent conservative elements.This is suicidal for working people and allows an opening for the far right to exploit the situation. So in all likelihood the situation will deteriorate for working people.Merkal the main representative of the capitalist class, will watch and wait to see what “Holland”of France and the pro growth politicians can come up with, as long as their ill gotten gains are protected they will have no objections to social democrats being in power. Indeed they usually are better at carrying out the ruling class’s wishes in times of social strife then a Sarkozy or Merkal.This Capitalist economic crisis has lasted a good four years with no sign of it abating on the contrary if anything it is deepening,creating third world economies in Europe. Indeed for all the talk of Europe becoming two tier, I would suggest in reality it is, with Germany/France its core and the outlining periphery countries playing second fiddle and as a source of cheap labour and production.
The next period in this Capitalist crisis could become explosive if Spain calls for a bailout, this will also put Italy in the cross-hairs. In turn Germany/French banks will start squealing as their profits and system will buckle under the pressure on their banks. In turn this will be reflected in the streets as it hits the pockets of working people.So can they stop it, capitalism will use all weapons in its arsenal to smash any social upheaval. Only international workers resistance based on workers parties with a clear program for power, from all of these countries can smash this capitalist system. Expropriate the banks. Set up a state bank under workers control. For a state plan to create employment through public works.For a sliding scale of wages and hours. For a workers Government.For a Socialist United States of Europe.