Tuesday, December 6, 2011

Michael Hudson on the transition from democracy to oligarchy in the EZ


One of the three defining characteristics of a nation-state is the power to create money. A second characteristic is the power to levy taxes. Both of these powers are being transferred out of the hands of democratically elected representatives to the financial sector, as a result of tying the hands of government.
The third characteristic of a nation-state is the power to declare war. What is happening today is the equivalent of warfare – but against the power of government! It is above all a financial mode of warfare – and the aims of this financial appropriation are the same as those of military conquest: first, the land and subsoil riches on which to charge rents as tribute; second, public infrastructure to extract rent as access fees; and third, any other enterprises or assets in the public domain.
In this new financialized warfare, governments are being directed to act as enforcement agents on behalf of the financial conquerors against their own domestic populations.....
Read the whole post at Michel-Hudson.com
Europe’s Transition From Social Democracy to Oligarchy
By Michael Hudson
As first published in Frankfurter Allgemeine Zeitung

1 comment:

GLH said...

That is actually the best critique of what is happening in Europe - and basically all over the world - that I have read. Michael Hudson is excellent.
Now, I remember watching TV when the people in Argentina were rioting in the streets. I recall that even old people were in the streets because their SS had been taken away. I just wonder how long it will be before all of Europe is in that condition. I believe there is a revolution coming. Of course, even our government believes so because they are continually preparing for it by changing this country into a police state. The next few years promise to be very interesting.