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Editorial

ORIGINAL FRENCH ARTICLE: Repousser la dictature de la finance

by Patrick Le Hyaric

Pushing Back the Dictatorship of Finance

Translated Wednesday 31 August 2011, by Gene Zbikowski and reviewed by Gene Zbikowski

It’s been over three years since the world entered into an acute phase of the crisis of the ruling system, because the present crisis is the crisis of capitalism, and it will only be solved definitively by a superior organization of society, at last made for human beings and no longer first and foremost for the profitability of capital.

What has been happening over the past few months and what has accelerated even more in the past few days shows this in a very worrying way. Indeed, the rulers of this world explained around the week of July 20 that the new plan to aid Greece, and then the agreement in the United States to raise the debt threshold, would solve the problems. This has once again been proved false and super-false. In truth, the governments have contented themselves with putting themselves at the service of the financial sharks. Moreover, aren’t the major media and the ministers now saying that it is necessary to “reassure the financial markets?” One of two things: either one receives one’s power from the people to reassure the financial markets, as they say, or else to realize policies that serve the peoples.

Now there’s something that gives an idea of the class nature of the present government. In truth, for years, the different governments in France and also in the other countries of the world have delegated their power or given their power to the vultures of finance. This is what we denounced when we rejected the Maastricht and Lisbon treaties. We told the truth. The high holy “freedom of circulation of capital and goods,” with all the deregulation that ensues from that, mean exactly that. This freedom is the freedom for the holders of finance to speculate against the people’s rights to live better, to have a job, to have public services and effective social protection. The financial funds, the banks, and the insurance companies speculate on everything, even – the height of the system’s folly – on the purchase, repurchase, sale and resale of sovereign debt.

We have also shown to what degree the European central bank’s concept was very harmful. Every day we have a new proof. The European central bank lends to financial establishments, but does not lend to governments. The banks re-lend this same money which they borrowed at a rate of 1% from the European Central Bank, they were re-lending it to the governments at a rate of 14.5% at the end of last week [August 4-5, 2011]. And the height of the greed of this world is reached with these agencies that rate the financial situation of governments. Since these rating agencies, of which there are only three, are linked to the banks and the financial funds, they cause the interest rates on loans to rise in order that these same financial institutions may make even more money while forcing governments to push more austerity, unemployment, destruction of social protection and of public services on the citizens.

This is a dead-end! Because the shrinking of the citizens’ purse is going to reduce economic activity even more, and consequently employment. Thus we have entered into a new system of totalitarian capitalism where elected officials no longer make the choices. Political sovereignty is taken, little by little, from the people, who are forced to suffer, to pay, and to be super-exploited to satisfy the appetite of capital.

The peoples must rebel in a united way and get their fate back in hand. They must submit all the less as other choices are possible, and in short order: returning to the system of public credit in the place of loans from the financial markets; obtaining that the European central bank be the one to buy up sovereign debt, including through the creation of money; blocking speculation by taxing the movement of capital; exiting integral free market economics via financial tide gates on the borders, operated in relation to criteria of environmental and social effectiveness. Above all, in place of the “Euro plus pact,” which is a pact to institutionalize austerity, the urgent things is to divvy up wealth in a different way by improving the remuneration of labor, retirement pensions, and social protection. A European human and social development fund financed by the tax on financial transactions and monetary creation on the part of the European central bank would be a new tool to re-launch useful social investment and for human development, notably education, training and research, as well as the common infrastructure projects that Europe needs.

The peoples must take their affairs in hand against the dictatorship of finance. This is the only way to exit the present serious economic crisis.


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