PIGS... and ( I )...

Thursday, February 3, 2011






must all fall, at all costs: they are the outer limits of the Eurozone... and the “Dollar Zone’s” attack commenced with the weakest link, Greece.

There was a huge mobilization in Europe and, despite indecision on the part of an unpredictable Germany that gained so much from its big business with Greece in its heyday, the “investors’” attack was repelled, at least for now. And the link between news on a European collapse and large U.S. media and financial groups was apparent, although the good economists and financial commentators did not give this the publicity it warranted.

Then it was Ireland’s turn, a country that until just a few months ago (check the periodicals library!) was cited as an “example” of neo-liberal development by those same economists, business schools and rating agencies, international banking institutions... and political parties and leaders obsessed with globalization. They are now looking the other way –something that many politicians are lately doing quite blatantly- and, once again, much effort was needed to rescue that formerly exemplary and now wayward country.

If the European Union is not capable of putting its foot down, it may soon be Portugal’s, and then Spain’s turn. The triumph of the ultra-Republicans in the U.S. certainly doesn’t bode well for that capacity for reaction. Contrary to the situation just a few years ago (!), Portugal, along with Greece and Spain, is the last stronghold of social-democratic government. The famous Scandinavians and the large Central European countries are now all in the hands of rightist parties, which frequently lean toward alarming extremes.

The pursuit is relentless, accentuated even more by the long arm of the "Tea Party". If Portugal is the third to go... using the medical term favored by news commentators, the “contagion” will reach our country, which was unable to timely contain the immense real estate bubble, although we must admit that in calm waters it’s hard to predict a storm. I remember in 2000 the boundless enthusiasm with which a member of the government at that time proclaimed that Spain had “more buildings under construction than all of the countries in Europe put together”. And now we logically have more unemployment than all of the countries in the EU.

I continue to place my hope in the democrat Obama. And for the good of Europe –which has allowed so many excesses from “globalizers”, has distanced itself from the United Nations, outsourced so much of its production to the East, and continues to tolerate dependence in defense and the existence of tax havens...- I trust that citizens, who cannot continue as passive observers, will promote a courageous "democratic (r)evolution" in the European Union, being aware of the extraordinary role that they must play at this time.

Otherwise, the





will all fall, one after the other... But it won’t stop there. Then will come I... (Italy), and then Belgium... and...

And what is worse, the Union will dis-unite, the dominant classes in each country will seize the reins to energetically take over a situation for which they are to a great extent responsible... and the dream of a united Europe, as a guiding light for others, will slowly fade...