The incendiary finance capitalism unleashed by Britain 25 years ago is at the heart of Europe’s raging debt woes
For here you had the British leader heading to the European Union summit convened last week to “salvage” the EU from its the terminal debt crisis ~ a crisis that is threatening the survival of the Euro single currency, the political future of the European Union and may even be sounding the death knell for the faltering capitalist world economy.
Yet, given the stakes involved, all Cameron wanted to do was exploit the crisis in order to claw further concessions for the City of London’s stock exchange.
Not that the leaders of the other 26 EU states are acting as noble knights in shining armour, vying to protect their populaces from further economic suffering.
In a very real way, the debt crisis of Europe is serving to usher in a dictatorship of finance capitalism.
Ironically, it is German Chancellor Angela Merkel and her French collaborator, Prime Minister Nicolas Sarkozy, who are foremost in marching mainland Europe into the arms of this dictatorship.
However, Cameron’s one-man crusade at the EU summit was no act of Churchillian defiance to defend the rights of the people in the face of financial fascism.
So the notion that the British leader was in some way making a fight-them-on-the-beaches kind-of stand towards other European leaders/quislings of finance capital is risible.
And what is even more risible is that the sole objective of Cameron and his foreign secretary William Hague was to secure concessions for the City of London.
Many people in Europe have good reason to believe that it is the City of London and its brand of finance capitalism that has created and provoked the debt crisis in the first place.
From then on, the British economy went from one based on manufacture and production to one hallmarked by financial speculation.London became the money capital of the world, outflanking New York.
The financialization of other economies would follow the British slash-and-burn economic path, as the new culture of predatory financiers and investors used speculative profiteering to gut manufacturing bases.
In previous centuries, it was England that innovated industrial capitalism. At the end of the 20th Century it was the British (and their Anglo-American culprits) who have the dubious honour of unleashing finance capitalism on the rest of the world.
The spectacle of bankrupt David Cameron swaggering over to Europe to ask equally bankrupt European governments for more deregulatory concessions for the City of London is about as stupefying as an arsonist returning to the scene of the crime ~ and asking for more gasoline.
Finian Cunningham is Global Research’s Middle East and East Africa correspondent