Austerity trades democracy for technocracy


Indeed, the financial markets appear to be less bloodthirsty since the chairman of the ECB, Mario Draghi, strong-armed his Board to approve a decision whereby the bank would use the European solidarity mechanism to buy government bonds from stricken countries in order to sharply reduce the interest on those bonds. But does anybody care about the sacrifices that those countries have to make to qualify for such aid? The fact that they have to trade in their democracy for a technocracy.

But there is something else. What the ECB has essentially decided to do is create money. Simply said, Mario Draghi can print money as and when he pleases. While I always associated that power with people like Mobutu [the former president of the Democratic Republic of Congo].

Not only populists, communists or outright fascist have come to the conclusion that there is something wrong with the tactics and strategy of Europe. Its peace-loving, hard-working citizens feel fear in their hearts, people who aspire to no more than a simple home, children, and a wage with which they can give their family a reasonable future. But even that most meagre of happiness is now being denied them, forcing them into the Church of Saint Precarious.

* Read more here.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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