Thursday, July 2, 2015

J. W. Mason — What Greece Must Do

The Greek government takes control of the Bank of Greece. It replaces the BoG’s current leadership — holdovers from the old conservative government, appointed at the 11th hour when Syriza was on the brink of power — with qualified people who support the program of Greece’s elected government.
The argument is made that the central bank has abused its mandate, failed in its fundamental duty to maintain the integrity of the banking system, in order to advance a political agenda.
This is the crux of it. It involves abrogating the neoliberal principle of central bank independence. This would be a declaration of war against TPTB. It's high time to have that war between neoliberal capitalism and democracy.

There is much more to the proposal, but taking political control of the central bank is a sine qua non.

3 comments:

Detroit Dan said...

Glad to see you sticking up for Syriza. These folks are putting it all out against the neo-liberal establishment, and taking a lot of fire. Let's hope for a "no" vote on Sunday.

Anonymous said...

"There is much more to the proposal, but taking political control of the central bank is a sine qua non."

And, as you note, apparently was accomplished by Troika & Company some time ago. Gaining that, the next step was to "Wash 'em up and get 'em ready".

Anonymous said...

... am wondering when and if the Parliamentry Greek Debt Committee's assessment: "... we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious" or suing the ECB for suspending ELA support will enter the play (?) - what's under the rock becomes undeniable (?). In the end it seems to be Wall St. hedge funds and geopolitics driving all of this (driven by retardant human nature) - nobody can see anything through the fogs .... the casualty is the vision for a humane europe; peace! I'm with human beings ....