Unreported Europe.

Something strange is happening to Europe. During the 19th century Africa was known as the "Dark Continent" because it was largely unexplored and unknown. No one knew what went on there because it was hidden from view. Now, at the beggining of the 21st century and in an age of global commiunications, the same thing is happening in Europe. For the last two weeks Spain has been convulsed by some of the bloodiest riots the continent has ever experienced and yet news coverage has been almost non-existant. The BBC seems to have been in a self-imposed purdah on the subject but have gone into overdrive to report a lone killer in Colorado and are positively orgasmic over the Olympics. There have been dozens of riots across Europe during the last two years yet, if you listened only to the BBC, you would get the impression that the continent, with the possible exception of Greece, is entirely at peace. It is not and resentment and resistence to an elitist programme of austerity continues to build. In Germany demonstrators were escorted by a police force who spontaneously took off their riot helmets in a display of solidarity with the protestors while the French have uncerimoniously ditched those who sought to punish them for the crimes of others. In Britain the Tories have undertaken a programme of austerity, if only for the poor, without a majority or a mandate by deliberately fixing the rules to delay a democratic election until 2015. But the truth is that Neoliberalism is clinging onto power by its fingertips across the globe and a real revolution is sweeping the world whether the BBC reports it or not.

Spain: What's The Difference?

So Spain has been "rescued" by the European Bank, but the question is why no austerity package? The experts tell us that the difference is that the debt in Spain was that of its banks while that in Greece was sovereign debt caused by government overspending. Essentially, therefore, Spain was able to tell the European that they could save Spain's banks or not as they pleased, but that the government was not going to accept pauperising its own citizens further in order to facilitate a deal. The rest of Europe was handed a stark choice - bail out the Spanish banks or watch the Eurozone collapse completely. The truth is that the Spanish government chose not to borrow the huge amounts of cash that were coursing through the Spanish banks until 2008 whereas the Greek government did in order to subsidise the living standards of its citizens. There is no doubt that the Greeks were reckless and are now paying for it in spades. But the Greeks have a choice as to what they can do about it. They can leave the Euro, re-issue the Drachma and devalue like crazy to reduce their debt and give themselves a fighting chance of recovery. That they have chosen not to do so shows that they prefer to cling to the Euro's apron strings rather than face the uncertainty of going it alone. But, at the end of the day, what has all this support for Greek and Spanish banks actually achieved? Essentially taxpayers money has been pumped into the banking system to fill the black hole in liquidity caused by their reckless gambling on the property bubble. By shoring-up the banks governments have managed to keep property prices artificially inflated but this cannot solve the paradox of millions of empty properties on one hand and millions of essentially homeless people on the other. What our leaders are doing is not a solution it is an attempt to continue the problem and, worse yet, to breath more life into it. Not only are ordinary people being forced to pay for the mistakes of the banking system they are also being effectively barred from any reward for doing so. Our money is being used to save the banks but our children will still not be able to buy a home of their own, while rents continue to rise to feed the insatiable greed of a minority. All in this together? Don't make me laugh.

Spain's Bankia Seeks To Have Its Debt Nationalised.

It would seem that its towering block of offices is not the only thing that is wonky about Spain's fourth largest bank, Bankia. Ahead of this year's board meeting the bank has asked the Spanish government to bail it out yet again. Once again we are to treated to the spectacle of a failing business failing to fail and to private debt being nationalised by a business that seems to think that it lives in a socialist paradise. Funny how capitalism seems to be suspended when banks screw up isn't it? And who is that will eventually pick up the bill? Those who have made vast fortunes over the last 30 years? Not on your life. It will be Spanish taxpayers (those that are still left in work) and, eventually, the rest of Europe's taxpayers or, as our governments like to call us, the mugs. In the meantime the banks are still handing themselves lottery wins for bonuses and patting themselves on the back for being so incredibly gifted. Perhaps Adrian Beecroft is right after all and the people who run these institutions should be summarily dismissed with no right of appeal - now that might just improve productivity.