Here’s the best analysis I’ve seen of the current economic catastrophe happening in Greece and the rest of Europe. It’s from Richard Wolff, an American economics professor and an avowed Marxist – one of the very few in the US. He does weekly radio commentaries on current economic events on KPFA, which are very insightful, and has two websites of his own: http://www.rdwolff.com and http://www.democracyatwork.info.
Appropriately and necessarily, Wolff provides a Marxist historical perspective, situating the current Greek crisis in the history other economic crises in Europe over the 20th century, including how Germany was bailed out of total collapse after WWII, when the Western powers simply cancelled all its accumulated wartime debt – allowing it a fresh start, which was then lauded an “economic miracle”.
Alongside the Greeks, many other Europeans now grasp what awaits them too in the “unified Europe” that German leaders are constructing and using. Yet the Portuguese, Irish, Spanish, Italian and other poorer (relative to Germany and France) people want a differently unified Europe. With troubling historical echoes, German leaders once again seek to force a particular kind of capitalist unity onto Europe. The weapons this time are economic and political instead of military, but they too provoke
resistance. Europe risks severe divisions and disunity with serious ramifications for the world.
German capitalism in its way replicates the fundamental mistake of capitalists elsewhere. It does not know how or when to stop overstepping the limits of what the rest of society will endure and allow. No matter whether opposition comes from Greeks suffering absurd privations, from Germany’s only real opposition party, Die Linke, from Pope Francis or from rising questions and challenges of capitalism per se around the world, German capitalism pushes ahead oblivious. It ignores especially its own past lessons about recasting internal economic problems as the fault of other, lesser people who deserve harsh punishment. Europeans everywhere recoil, again, from German foreign economic policies and their modes of articulation. Their worries about the sort of European unity Germany’s economic dominance will yield are changing into opposition and resistance. Something ominous is underway, and the unfolding Greek tragedy-cum-resistance expresses it profoundly.