Europe’s leaders breathed a sigh of relief when prime ministers George Papandreou in Greece and Silvio Berlusconi in Italy stepped down.
“Technocrats” have replaced them. Lucas Papademos is the new Greek prime minister and Mario Monti is Italy’s.
The ruling class has hailed them as “experts” who will drag their ailing economies, and the eurozone, back to health.
We’re told that imposing people who “understand” capitalism can lift Europe out of crisis.
But this ignores one of the central laws of capitalism—that it is a chaotic system in which crisis is inherent. None of our rulers truly understand this.
Papademos and Monti are seen as experts because they are bankers, supposedly unhindered by political considerations.
But if bankers understood how to avoid crisis, why are we in this mess to start with?
The cycle of boom and bust does not come about because leaders aren’t knowledgeable enough about how the system works. It happens because crisis is built into the system—something our rulers are terrified of admitting.
Ultimately, they have no solution that will restore profitability and the smooth running of the system.
So capitalism’s crises will continue, no matter what the technocrats decree, unless we rise up and topple their system.