I understand the frustrations and anger, I really do. After all, I’ve defended and given vocal support to the Occupy Movement; even if my views will differ on some elements, I whole heartedly object to corporate welfare and the banking system holding taxpayers hostage.
Countless individuals of this generation are out protesting on the streets everyday – in reality, it is the only thing they have left. Young people have discovered the great truth of life and we don’t live in a utopia; the economy was built on a giant ponzi scheme, government is incompetent and senior politicians just want your vote. It is understandable, then, that young people are rather angry. They’ve been told a great, great lie.
Especially young Greeks, Spaniards, Portuguese and Irish.
The aspirations and hopes of this generation, including its freedoms, have been substituted and negated by the requirement of preventing the collapse of German and French banks. Greek bailouts are not provided to ensure public officials get paid, hospitals afford medication and the lights remain on across the country – the ‘aid’ is to meet debt requirements. Majority of it held in Frankfurt and Paris.
The greatest tragedy, after the human cost, is the lack of prosecutions. During the Great Depression, several bankers and investors faced federal investigation for insider trading, corruption, financial manipulation and fraud. Fred Goodwin was just stripped of his knighthood and slapped on the wrist. That’s it. Whilst Athens, Madrid, Lisbon and Dublin burn, Brussels still demands obedience and loyalty to the ‘grand project’; a project that is failing, and failing very rapidly. The Commission still enjoy lucrative salaries, pensions and power.
A Union of Europe has failed to achieve its primary goal: improving the lives of Europeans. Young Germans might enjoy relative good levels of employment, but their Greek, Spanish, Portuguese and Irish counterparts cannot get a job. How is that the foundation for a strong, vibrant and productive economy union? it’s a recipe for social unrest, not unity.
And a bigger threat is now on the horizon: markets have turned their attention to Italy. Even the IMF, let alone the ECB, cannot afford a financial package to rescue Rome; the Italian economy is just too big to bailout. The core of the Eurozone will be breached.
Collapsing currencies never end well and the disintegration of monetary unions-throughout human history-has always ended with civil wars and the rise of authoritarian regimes. And it is this generation, the young people of Europe, who are the sacrificial lambs in this financial slaughter.