The global ,interconnected series of Usurer-Capitalist crises continue to evolve and expand unabated. That’s the good news ; the VERY good news. Irrespective of whether a peripheral and largely unimportant bankrupt and woefully endemically dysfunctional nation state such as Greece does or doesn’t manage to maintain it’s ,village-idiot who no-one can help ,status within a Teutonic-led megalomaniacal currency union. People do make History ,but not in the circumstances of their own choosing and in the end it is circumstances determine consciousness. Therefore it is the objective material socio-economic real historic contexts which by themselves effectively determine the extent to which outcomes of political actions are in one class’s favour rather than the other’s. In Syriza’s case ,there was /is no point whatsoever in fulminating against their strategy,failed or otherwise ,of seeking to keep Greece in the monetary union. Yes ,they were badly mistaken in their political attempt to do so but even by trying to do so ,it made no actual objective difference to the grand historic failure of the entire Euro and EU projects themselves. You can’t alter the course of History in your favour by waving placards at it or articulating woefully spurious and insignificant quasi-moral sentiments at the leading political actors in any given scenario. One might as well protest at the force of gravity or argue the toss over nuclear physics. Sufficient then for the International Monetary Fund ( and not Tom Cruise’s mythical espionage agency from Mission Impossible ) to restate the obvious. Gleaned from the Daily Telegraph of 28 July.
1. Rebalancing is going nowhere
The IMF notes that “rebalancing has failed to take place among creditor countries with the large current surpluses of Germany and the Netherlands continuing to grow and moving farther away from levels implied by medium-term fundamentals”.
Germany is running a record modern-era current account surplus, and has been in violation of the eurozone’s “excessive imbalances” rules for the last few years, without punishment.
For you Fritz ,the Fourth Reich is kaput !