The Case For Default: The Best Of The Bad

A default on sovereign debt within the Eurozone is widely considered to be the first domino of a violent chain reaction that would send a shockwave through the European banking system, triggering other sovereign defaults, a spate of financial sector nationalisation, and another world recession. It is seen as a cataclysmic event that must be avoided at all costs. 

However, the public have long ago woken up to the fact that these costs are to be borne not by those who made the foolish decisions to lend money to the untrustworthy governments and failing banks, as you would expect in a capitalist society, but instead by the hardworking majority, who are to be saddled with even more debt, taxes and decreased public services in order to prevent the default from ever happening.

Yes the politicians and corporations do run the show, but for those of us still privileged to live in a functioning democracy, our majority should be our saving grace. Peoples of Europe unite, and embrace default!

High Treason

A total of five national parliaments have recently been shaken up as a result of the ongoing crisis in the European Union. Most legislation from the EU is voted on in Brussels and presented directly to governments for implemention, thereby bypassing national parliaments. On numerous occasions however, and increasingly so during this period of crisis, the interests of national governments can conflict with the core EU agenda. When the stakes are high and measures must be executed swiftly and decisively, this creates a problem.