The European sovereign debt crisis, which was caused by member states' public debt but increased because of the actions taken to rescue the banks after the 2008 crisis, demonstrates at least three things. First, that currency does not exist without a state. Second, that capitalism cannot be managed by the market alone. And third, that the austerity measures will not bring Europe out of the crisis but will in fact continue to make it worse – until the euro crashes.
However, the most important point to emerge from the crisis is that Europe's political reinvention will depend exclusively on the social struggle against neoliberal politics.… Seguir leyendo »