Op-Ed

By now you have probably been told innumerable times by friends, colleagues and progressive commentators why holding your nose and voting for Joe Biden is absolutely necessary to save America from four more destructive years of Donald Trump. I agree with all those voices. And I endorse all their reasons—which I will not repeat here, […]

Some people on the left have been confused about what to do in November. So much so, that former members of Students for a Democratic Society felt compelled to write an open letter urging a vote for Biden against Trump.[1] We agree. A Trump victory would further exacerbate inequality, sexism and the environmental crisis while […]

When Margaret Thatcher coined “Tina” – her 1980s dictum that “There is no alternative” – I was incensed because, deep down, I felt she had a point: the left had neither a credible nor a desirable alternative to capitalism.

During the early years of the eurozone crisis, I remember gauging its depths by the rapidly diminishing half-life of the celebrations that followed every European Union summit. Premature proclamations that the crisis was over inspired hope, which caused the money markets to rebound. But then, at some point, gloom would unfailingly return. As the years of austerity for the many and socialism for the few ground on, that point arrived sooner after each EU summit.

While the media are reporting the news of the deadlocked EU Summit negotiations over the so-called ‘Recovery Fund’, an eerie silence prevails regarding the Elephant in the Room: The huge wave of austerity the Eurozone is sleepwalking towards. Let’s look at the facts.

“Strengthening the solidarity of Europe’s oligarchs is not a good strategy for empowering Europe’s majority. Quite the contrary. Any “recovery” based on such a formula will short-change almost all Europeans and push the majority into deeper despair.”

Europe never was the battlefield on which the frugal North clashed with the profligate South. Instead, every European country has been the battlefield where a vicious class war is fought by a transnational oligarchy-without-frontiers training its armour against the weaker residents of every country, every region, every community. Covid-19, and the European Union’s response to it, only magnifies the human costs of this unremitting class war.

Things are only going to keep getting stranger from here.

Before capitalism, debt appeared at the very end of the economic cycle; a mere reflection of the power to accumulate already produced surpluses. Under feudalism, production came first with the peasants working the land to plant and harvest crops. Distribution followed the harvest, as the sheriff collected the lord’s share. Part of this share was later monetised when the lord’s men sold it at some market. Debt only emerged at the very last stage of the cycle when the lord would lend his money to debtors, the King often amongst them.

Barack Obama made a whole political career out of this.