The question that is never asked, however, is why? Why was it necessary for the prosperous, technologically advanced nations of Europe to borrow so much simply in order to provide their citizens with certain basic necessities and decent working conditions?The answer: immigration. Not simply the literal displacement of desperate people from places like Mexico, Eastern Europe, Africa, the Middle East, etc., though that too is a significant factor. But immigration in a more general, figurative sense. As I put it in the previous post, "a huge hoard of starving, desperate, workers is overwhelming the hitherto impregnable borders of the first world economic fortress."
Thus, the root cause of all the borrowing on which everyone is now focused is not simply moral turpitude driven by greedy bankers and their clueless marks, as real as that may be, but a much more fundamental aspect of capitalism -- its tendency to encourage the most ruthless, cutthroat, socially damaging forms of unbridled competition. In the name of "unrestricted free markets," natch. Aka liberal "reform," which of course all the major power players on both sides of the political fence are continually promoting.
Returning to the situation in the States, when we look at the reality behind the hoards of illegal Mexican immigrants and ask ourselves why they take such huge risks to get here, the answer is usually that these people want to partake of the advantages of the "American way of life." Which may be true, in a very general sense. More particularly, however, there is no denying that the great majority come to this country expecting jobs. Why? Because in fact until very recently there were a great many US businesses, both large and small, prepared to hire them. And in fact dependent on them. Why? Because of good old, American as apple pie, "free market" competition. Competition for markets, yes. But mainly competition among workers.
The more potential workers for any given job, the less one has to offer them in wages, benefits, decent working conditions, etc. So illegal immigration, over which so many of our very confused and befuddled Tea Partiers are so worked up over, happens to be very good for business. Which is the real reason why it's been tolerated and will continue to be tolerated. Of course, now that there's been such a huge slowdown in the economy, the need for such workers has diminished, which is why so many are now in fact being deported. (Why bother with them when so many US citizens are now desperate enough to take such exploitive jobs.) When the economy picks up, however, the rules will, trust me, once again be bent.
What does this tell us about the European situation? It tells us that European workers are now being forced to compete with the huge hoard of economic "immigrants" from the most impoverished regions of the third world. So thanks to the "unrestricted free market" in human exploitation worldwide, European workers (along with American workers, of course) are in effect being told, in no uncertain terms, to literally enslave themselves. Otherwise, how can they compete with all the billions of submissive wage slaves of the "developing" world? And if they refuse, as the Greeks may well do this Sunday, why then they will be responsible for the collapse of the European economy if not the world economy, an apparently "disastrous" outcome, leading to the dread EOTWAWKI (End of the World As We Know it).
From this perspective, the whole dog and pony show of recapitalization, austerity, growth, default, EFSF, ESB, TARGET 1, TARGET 2, etc., etc. is nothing but a huge misdirection, intended to confuse the workers of the world as to the true nature of what is taking place. Amidst all this turmoil, the tiny minority of plutocrats and oligarchs is doing just fine, raking in millions if not billions in profits earned on the backs of hapless human beings the world over, conned into believing they have no choice but to sacrifice their very lives to feed the enormous profit machine. What is at risk if they refuse to comply, is NOT their own well being, which will in fact be liberated, but the vast wealth of the super wealthy, whose power very literally depends on the willingness of ordinary people to buy into the swindle.
When the huge monstrosity that "free market" capitalism has become finally collapses under its own weight, the spell will be broken and we can all return to our lives as autonomous human beings rather than pawns in someone else's game.