Democracy is a form of governance that enables a people to rule their nation as they see fit, and it includes lawful actions of civil disobedience such as a general strike as well as elections and referendums.
Greek Prime Minister George Papandreou’s call for a citizens’ referendum to decide the future of Greece is direct participatory democracy in action. Yet the European leadership and the Elites who need global markets to remain in nosebleed territory are outraged by this unscripted emergence of democracy.
The balance between QE and Treasury supply will begin to shift in July. The underlying bid it has provided for stocks and Treasuries will begin to fade.
This report tells why, and what to look for in the data and the markets. GO TO THE POST
The absurdly hostile reaction to democracy in action reveals the ugly, sordid truth, not just in Europe but in the U.S. and other faux democracies: democracy is tolerated until it threatens the global markets that empower the financial/political Elite. Then it becomes a mortal danger to be subverted or overthrown.
The message is clear: saving the Eurozone’s banks and Elite bondholders is more important than mere democracy or national sovereignty. Here is a typical apologist’s handwringing angst over the terrible consequences of Capitalism with a capital C in action: banks which assessed the risks and offered loans to Greece on terms they reckoned profitable are now the victims who must be “rescued” by the debtors.
“Our rescue”? Talk about the “Big Lie” and propaganda making “up” into “down.” The “rescue” is not a rescue of Greece, it is a rescue of the overleveraged, politically untouchable big banks and the wealthy holders of Greek bonds.