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24 April 2012

The Agony Of The Élites



     Those who own the country ought to govern it.
        - Founding Father John Jay

………

It has taken me no time at all this morning to learn that our global élites are becoming wary, perhaps hostile, towards this whole democracy thing. Time:

The real problem is that as popular support for the euro diminishes across the political spectrum, governments will be less willing to take the aggressive and sometimes painful measures needed to keep the euro zone together. When leaders know that the majority — or at least a large minority — of their constituents oppose a policy and are unwilling to accept its costs, they will be tempted to stand aside and let nature take its course. And in this case, the path of least resistance is simply to deplore the failure of the euro while doing little to prevent it.

NYT:

But as the budget-cutting pain of reduced government benefits and social services brings protesters to the streets and drives support for nationalist or far-left parties, it is not clear what the economic alternative might be. Rejecting austerity budgets in favor of more government spending will not automatically ensure economic growth, many economists say.

“The last thing these economies need is a debt-financed stimulus program,” said Jörg Krämer, the chief economist of Commerzbank in Frankfurt.

For now, at least, the threat of democracy seems to be limited to Europe; in the United States, of course, a strict two-party system reliant on private money to operate guarantees that both parties will serve that money. The trick the capitalists used in Greece and Spain - appointing tame technocrats to run those countries - may not be working anymore - Holland might be a test case of that. And France, it should go without saying.

The global élites aren't going to go down without a fight. And I wouldn't put it past them to start intentionally wrecking economies out of sheer petulance, but also as a means of provoking a violent backlash. Then they can bring the boot down.

………

     "Those who make peaceful revolution impossible will make violent revolution inevitable"
        - President John F. Kennedy


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