STOCK MARKET WATCH -- Thursday, 28 March 2013

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19. Europe's south rises up against those who act as sadistic colonial masters

http://www.guardian.co.uk/commentisfree/2013/mar/28/europe-south-rising-up

The "new world order" announced at the end of the 1980s was the shortest in history. Protest, riots and uprisings erupted all over the world after the 2008 crisis, leading to the Arab spring, the Indignados and Occupy. A former director of operations at MI6, quoted by Paul Mason, called it "a revolutionary wave, like 1848". Mason agreed: "There are strong parallels – above all with 1848, and with the wave of discontent that preceded 1914."

Many on the left have been more circumspect. The philosopher Alain Badiou welcomed the Arab spring but did not think it would lead to a "rebirth of history". For Slavoj Žižek, 2011 was the "year of dreaming dangerously". A melancholy of the left descended as the protest wave started receding. But on this occasion the pessimism was premature. Resistance against austerity and injustice is again in the air. In Bulgaria and Slovenia, protesters unseated the government. In Italy, the overwhelming anti-austerity vote has shaken the parties committed to the Berlin orthodoxy. Large marches and rallies in Portugal and Spain have undermined governments and policies and a new push for anti-austerity unity is emerging in Britain. In Greece, the parties that brought the country to its knees and are now administering policies causing the well-documented humanitarian catastrophe and rise of fascism are on the brink of exit.

Finally, the Cypriot government agreed the unprecedented haircut of bank savings but was forced to renege after MPs of all parties under pressure from the public voted against it and ruling party MPs had to abstain. This was the first formal rebuff of austerity, something that the obedient governments of southern Europe had not dared. When the government finally accepted the European blackmail, it presented it as unavoidable and, under instruction from Germany's foreign minister, Wolfgang Schäuble, refrained from putting it to parliament or the people. The words "democracy" and "referendum" create panic in the corridors of Brussels. But the symbolic value of a small nation rejecting the initial troika blackmail and protecting the savings of ordinary people is immense. The European debate has concentrated on the protection of savings. The protection of our democracy is perhaps more important.

The argument against austerity has been won in southern Europe. The continuation of austerity, a matter of survival for the ruling elites, can be achieved through ideological misinformation and police repression. We cannot predict the timing and location of the next flashpoint but its occurrence is certain. It is the result of systemic pressures and failures felt by all Europeans and exacerbated in the south. Three are the most prominent.