Con una lettera aperta ai leader europei, Ann Pettifor - direttrice di PRIME Policy Research in Macroeconomics - chiede di abbandonare le catene che li legano agli interessi privati, minacciando di disintegrare l'Europa
On May 15th, in what can only be described as an act of coercion, an impoverished and effectively insolvent Greece acceded to the handover of a bond payment – €436 million – to private financial ‘vulture funds’. The Greeks had little choice. However, in acquiescing to this handover - facilitated by its paymasters,‘the Troika’ - impoverished Greeks protected reckless private wealth from the consequences of their risks. Namely: losses and bankruptcy, and the discipline of market forces.
This is a perverse distortion of free market capitalism because, as Professor Kunibert Raffer has argued ↑ : “the most basic precondition for the functioning of the market mechanism (is) that economic decisions must be accompanied by (co)responsibility: whoever takes economic decisions must also carry financial risks. If this link is severed – as it was in the Centrally Planned Economies of the former East – efficiency is severely disturbed…. At a time when riskless decision making by bureaucrats is abolished in the East, there is no reason why it should be preserved in the West”.
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