by Eric Toussaint and Damien Millet
Global Research, June 8, 2009
The partisans of capitalism, and among them, prominently, the EU leaders, have lost all credibility. For years now they have trampled on the rights of peoples while not wavering when it came to making decisions directly opposed to their advertised principles in order to bail out major banks.
European government parties could have acted differently and nationalised the banks, thus retrieving the cost of the bailout on the patrimony of major shareholders and CEOs. The public credit instrument that would have resulted could finance socially useful and environment-friendly projects while guaranteeing individual savings. The crisis has brought back onto the agenda proposals that had been swept aside during the long neoliberal night such as a radical reduction of working time (with creation of jobs and no loss of pay) or indexation of wages and social benefits on the cost of living. Europe needs new financial discipline: company ledgers have to be opened to external and internal auditing (through the trade unions among others), all financial products must be regulated, and it must be forbidden for companies to have assets in any tax haven. Major means of production, trade, finance, communication and other services must be transferred to the public sphere and taken away from capitalists’ control. Access to public goods must be systematically promoted.