Draghi dragged us all down… ha ha… as he was bound to do. And those who suddenly panicked on the market are either dumb or devious. Still, it is the middle of summer and everyone (that is everyone of importance, not the great unwashed which by now is a large swathe of the population of Europe) wants to go on holiday or already has,
Nevertheless, Marie Antoinette (aka Christine Lagarde) took time off from choosing scarves to tell us, things are bad! Really bad! And set to get much worse! Wow! I wonder how she managed to reach such a conclusion? Still, though quick to place the blame on everybody and anybody else, not a word about the catastrophic policies pushed and imposed by the IMF itself. But be that as it may.
So, what does this gracious lady suggest be done? “.. a policy game changer is needed.” [For Europe]. Good. yes. But what does she actually mean by that? She means: “urgent steps for a banking union, fiscal integration, phased fiscal consolidation and monetary accommodation.” How about a little less obfuscation Madame?
Where is the substance to these empty words endeavouring to express ideas that are either unworkable under the present state of Europe or else would require several decades perhaps. Surely her sense of urgency requires something far more speedy and immediately effective to be done.
But she, and all of them, always persistently refuse to countenance, even just to mention the basic premise for such reforms of the Eurozone. And that is Democracy. How are you going to effect any of this fiscal consolidation without the expressed democratic consent of the people throughout the Eurozone?
Now who is being stupid! I am of course. Neither the European appointed, unelected, unaccountable establishment, nor the leadership of the big bully state who has the money to pound anyone she likes into the ground, still less Marie Antoinette herself (well she is a queen after all) has the remotest intention of achieving any of this through…. democratic means? (A nasty sneer here). Heaven forbid! We shall decide and we shall impose. Look at our great success in Greece!
Great success in Greece? Well yes. We may have ruined their economy, but look at them. We have abolished their democratic rights, particularly all those relating to labour relations, we have reduced them to penury and we are now promising them even worse, perhaps even total annihilation, and all their politicians (well they are the ones we bullied them into voting for) can do is smile obsequiously, cringe and bow and assure us, that yes, indeed Master, all she be done as you desire.
And if that isn’t true, what did Signor Draghi’s insistence on “conditionality” imply? Yes, okay, we may, we just may consider trying to do something sensible to keep your borrowing rates down, but be warned, if we do it will only be if you agree to totally ruin your Economies and relinquish your very sovereignty, Greek style. Ok?
And that is tantamount to water boarding. Here in Greece water boarding has become a way of life for us. As if the full blown depression, soaring unemployment, abolition of hard won labour rights were not enough, we are now being told that… not to fix our economy, that is irrelevant… but for us to regain our “credibility” whatever the hell that might mean, we have to proceed with further such austerity measures, even more stringent than the ones already imposed.
Now, in water boarding the victim (the Greek people in this case) is held under water till he is a hair’s breadth from drowning and is then allowed out out for a brief breather only so that he will be kept alive before it starts all over again. At this stage, the nice gentlemen of the troika and our own quislings, politicians and technocrats together, are colluding to submit us to another even more desperate water boarding session. They have their hands tightly round our throats and we are poised over the water, for the final immersion.
This time, though, the immersion will be final. Not because anything will get better, not because they will, perhaps relent and not practice any more of this salutary treatment on us, but quite simply because Greece is so worn out by all this repeated water boarding, that she will not have the strength to withstand the suffocation any more, and will indeed drown before being allowed a small breath of air.
Mind you, we mustn’t complain. All this is necessary to frighten the rest of Europe who have become uppity. Greece must be made an example of. Greece has been made an example of. And in this, The Frau and her coterie have succeeded admirably! So, Signor Draghi, you are quite right to stress “conditionality”! In plain speak it means if we do deign to “save” you, you will have to agree to be water boarded (perhaps even to death like the Greeks), or else no dice!
By the way, wasn’t water boarding declared illegal and condemned as torture? No? No! It is all being done for your own good! (Like lobotomies and electric shock treatments.)
Ok. So now that that has been decided, the troika can take off and join The Frau in a well earned summer holiday!