Bailouts, Greece & Capitalism
Lousy job prospects got you down? Deep in debt? Welcome to 21st century capitalism. The dominant ruling class has one mantra: More for Me, Less for You. That has certainly proven true. Workers’ incomes have gone flat while the rich have gotten richer. Maybe Desperate Housewives should be replaced with a series called Desperate Workers. The global economic crisis continues to take an enormous human toll. In many ways, Greece has become the symbol of an economic system in disarray. While banks were bailed out, the people of the cradle of Western civilization were subjected to an EU German-directed austerity program. While banks were bailed out, the people of the cradle of Western civilization were subjected to an EU German-directed austerity program. The bad joke is the Bundesbank has done today what the Wehrmacht was unable to do in World War Two. Greece is on its knees. But the Syriza Party is resisting diktats from Brussels and Berlin and offering hope to beleaguered Greeks.
Richard Wolff is Professor of Economics Emeritus at the University of Massachusetts in Amherst and currently a visiting professor at the New School in New York. The New York Times calls him “America’s most prominent Marxist economist.” He is the author of numerous books including Democracy at Work, Capitalism’s Crisis Deepens and Occupy the Economy with David Barsamian.