Independent UK: Capitalism at a crossroads

[marmar]

Rarely have the world's most powerful people looked so impotent. The leaders of France, Germany, Italy, Japan, Russia, Canada and our own Prime Minister were received by the American President at Camp David last night at a gathering intended to hammer out a comprehensive solution to a eurozone emergency that threatens to plunge the world into a new financial crisis.

In an acknowledgement of the increasing possibility of such an outcome, a European commissioner confirmed for the first time yesterday that Europe's institutions are preparing plans to cope with a Greek departure.

"There are in the European Central Bank, as well as in the Commission, services working on emergency scenarios if Greece shouldn't make it," said the EU Trade Commissioner, Karel de Gucht, to a Belgian newspaper.

The stakes were increased last night, when it was claimed in Athens that Angela Merkel had suggested on the phone to President Karolos Papoulias that Greece should consider holding a referendum on euro membership alongside new elections next month. .................(more)

The complete piece is at: http://www.independent.co.uk/news/world/politics/capitalism-at-a-crossroads-7767040.html

[xchrom]

1. du rec. nt

[FarCenter]

2. But capitalism, in the form of bond vigilantes and hedge funds, is in control

The politicians can't do squat so long as the non-bank, deregulated credit market players are in control.

The real solution is for the Eurozone to nationalize their financial industry. Then the Eurozone politicians can negotiate directly with TPTB in London, New York, Dubai, Singapore, Hong Kong, etc.