Last week another installment of the cruel theatre of the absurd, also known as the ‘Greek Rescue’ (and more recently re-released as ‘Greece’s success story’), was delivered silently: Not for the first time, the bankrupt Greek state borrowed from one arm of the Eurozone to give to another, with massive interest to boot. To be precise, the Greek government borrowed €4.2 billion from the European Stability Mechanism (ESM) in order to repay the… European Central Bank (ECB) €5.6 billion, leaving the ECB with a profit of €2 billion plus from this hideous transaction. Re-pay what exactly?
Beginning this coming Sunday 12th May, and lasting all of next week, the 6th Subversive Festival will be held in Zagreb. This year’s general theme is: THE UTOPIA OF DEMOCRACY. Speakers will include Tariq Ali, Oliver Stone, Susan George, Franco Bifo, Alexis Tsipras, Jean Luc Melenchon, Eric O. Wright. Slavoj Zizek and… yours truly. It promises to be an exciting week – during which I shall be involved directly in three events:
- Sunday 12th May, 19.00-21.00: Panel discussion involving Franco Bifo, Susan George and Yanis Varoufakis on the theme of The Utopia of the European Union
- Tuesday 15th May, 19.00-21.00: Keynote by Yanis Varoufakis entitled: Confessions of an Erratic Marxist
- Wednesday 16th May, 18.00-19.00: Book promotion (of the Global Minotaur) by Yanis Varoufakis
For more watch this space…
The video recording of my discussion with Andrew Brady, of USI, below is for ‘true believers’ only. It is a talk from the heart about the Eurozone Crisis on the day when labour around the world heralds the obligation and asserts the right of working people to demand a re-think of the social relations governing production, distribution and governmance. On this, rather bleak, May Day, with rising unemployment and poverty taking their hideous toll in Europe, Andrew gave me an opportunity to express fully, and without a whiff of strategic rhetoric, my frustration regarding the European elites’ inability even to look after themselves properly. In a confessional mood, I told Andrew that Europe resembles a ship whose captain is interested far less in the seaworthiness of her vessel than in maintaining her firm grip on her crew. In the video I speak openly as a leftwinger who finds himself in the awkward, and quite schizophrenic, situation of trying to stop European capitalism from committing suicide when the stewards of European capitalism are sitting idly by, unwittingly encouraging a suicide which they will suffer from massively.
Before or after watching this video, please do visit USI’s webpage and contrbute if you can to their worthy campaign to throw bridges across our many, and growing, European divisions.
Intransigent Bundesbank: Mr Jens Weidmann’s surreptitious campaign to bring back the (greater) Deutsch Mark27 Apr
Any fair minded reading of the Bundesbank’s latest Constitutional Court deposition must lead to one of two conclusions: Either the Bundesbank has failed to recognise the existentialist threat to the Eurozone (that was placed in suspended animation during the past eight months or so), or the Bundesbank has intentionally opted for a strategy that will, sooner or later, see the disbanding of the current Eurozone. Loath to assume naiveté on the Bundesbank’s part, I opt for the latter. Here is why: Continue reading