Nuff talkin' 'bout the banana republic of the USA and its surreal mortgage crisis, embodying the total decay of the rule of law, replaced by the rule of raw power. While I can feel compassion and solidarity with the North American people, of course, what matters most directly to me is the European stage. And it is also bad: very bad.
It's not so much the economy (that also) but specially the totalitarian tendency of neoliberalism in the current shape of undemocratic EU.
Michael Hudson (famous economist from Kansas), has a review of the institutional neofeudalism being sponsored by the totalitarian instruments created by the democratically repealed European Constitution (renamed Treaty of Lisbon). With no check and balances and absolutely no role for popular representation in Brussels (other than merely cosmetic), the European Commission (EC) and the European Central Bank (ECB), none of them elected in any democratic way, in agreement with the IMF and the same loan sharks that operate at the other side of the Ocean, are forcing governments of all political colors to devalue the living conditions by imposing extremely negative austerity programs that only aim to force people into Third World living conditions.
But you better read his article: Who Wins?
This is what is causing the reaction of the Working Class. Can the bureaucrats in Brussels rule against the will of the people? For how long?