An economic expert says Europeans need to rise up against their governments with a unified banking policy to escape austerity.
The eurozone went into financial meltdown in early 2008, and since then the EU governments have adopted harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many countries of the European Union.
Press TV has conducted an interview with Rodney Shakespeare, a professor of binary economics from London, to further discuss the issue. Shakespeare is joined by Larry Birns, the director of Council on Hemispheric Affairs, Washington, and Paolo Raffone, the secretary general of CIPI Foundation in Brussels.
We are talking about markets driving out as far as the root cause of this economic crisis. Your comments please.
The root cause is a system which creates money, as administration cost adds compound interest and does not put it into the spreading of the real economy, into the real economy and its spreading. The situation is an outrage.
In Spain 56 percent of people under 25 are unemployed and its 68 percent in Andalusia in the south and there is a solution.
These smirking idiots are telling us the pain is necessary and its God’s will. It is not necessary. It is not God’s will. The solution is quite simple and has been done in the past and it can be done again.
You open up either in this case to the European Central Bank (ECB) or your national bank. That means you get out of the euro and use your own national bank and you open up an interest free supply in the first place, directly for huge public capital projects for bridges, roads, tunnels, hospitals…
We see now more and more people in various European countries taking to the streets. Is it reaching to the point that basically people no longer have confidence in their governments, because although they’re making greater and greater demands, not much is being done, if anything, to reach their demands?
Do you think that we’re reaching that point of the people totally losing confidence in their governments and if so, what does it mean exactly, what do you think that we will see this year?
We’re reaching the point, but people are protesting and they’re not yet prepared to go for the one thing they have to say, [that] existing economic theory and existing economic politics has betrayed us.
They must go for one clear policy and solution, which actually cracks open the politically elite and cracks open what is a corrupting system.
That one thing is either you open a bank or a national bank use of interest-free loan supply for public capital expenditure.
The trouble with the protesters is they’re upset, they’re losing faith, but they’re not prepared to go for the throat and kill the system, which is now destroying their lives.
There is no hope now for the people of Europe unless they effectively have a revolt.
There’s no good having fires and demonstrations on the street unless you have a clear and simple policy, which you are proposed to address and that you’re going to insist on coming from your politicians.
They must go for it now or the next thing is they will be controlled by drone fascism, as is happening to the Americans.
The Europeans [should] rise up now with a clear and simple policy of interest-free loans from the ECB or their national banks, and if they don’t go for that, they will be controlled in a fascist way for evermore.
How close do you think that we are to that, as our guest in Washington said [that] at some time when basically you can’t even guarantee college graduates jobs, it’s going to definitely pressure the system. How close are we to this, what does it take actually for it to reach that point in Europe in your perspective?
Time is very short. You’re now at levels of unemployment and distress that the social order is going to increase and as that actually increases, you’re then going to get complete spying on everybody and a vicious, a ferocious repression. Well this is what happened in the 1930s.
Time is short. There’s only one thing you can do: let’s not talk vaguely about the end of the system or this.
It’s to go for one clear policy, which actually overthrows the system and reverses it into something positive. That has to be the use of the bank with interest-free loans for public capital spending.
You can also use that in several other ways. You can do that now by pedicle demand. But even the unions in Europe are not prepared to challenge the system. They’re prepared to protest. They are not prepared to come up with a clear specific policy, which will actually address their needs and which actually challenges the globally financial elite.
You said there the people are prepared to protest, but not actually prepared to do what really needs to be done. Why is that the case?
They’ve been conned by the belief that they live in a system, which ultimately its outcomes are fair and efficient.
They have to say we reject all that and we’re going for new policy and new thinking. They’ve got to show a bit of guts and if they don’t do that now, Europe will be controlled by fascism. It will be too late. They have to demand what I’ve said now. Other people are saying the same.