Wednesday, 20 June 2012

Bailouts and a modest sum

In the political discourse of Greece, where a coalition government has been formed essentially as a one party state to enforce further brutal austerity and neoliberal privatisation measures as dictated by the IMF, the term "bailout" is used synonymously with "austerity". Greece's politicians referred to as "pro-bailout" are accordingly those in favour of the IMF-dictated austerity measures. The bailout funds of course do not aid the Greek people themselves; they are injected into its banking system to ensure its buoyancy within the financial crisis it played a major role in creating through its irresponsible overlending and malpractices in general, as applies on an international level. Compared to the government of Iceland, which nationalised its banks, and jailed and reclaimed the profits of the select groupings of white-collar criminals from its corporations and investment banking systems instead (sparing it from recession), the Greek government with IMF diktat is determined to force the cost of the bailing out its banking system upon its people, manifesting in the unspeakable socioeconomic austerity which Syriza leader Alexis Tsipras rightfully describes as "barbaric".

The identifiable synonymy of the bailouts of banking systems and the ideological austerity inflicted onto society to pay for its financial cost, is therefore something that is very much worth incorporating into a more universal lexicon of opposition to said ideological austerity. (The austerity itself obviously not applied to corporations and banking systems). The effects of the austerity ideology's barbarism in Britain is quite similar to those in Greece. Teachers are having to bring food into schools to feed children who have gone without breakfasts due to their parents being unable to afford to feed them because of the government's cuts to welfare and tax credits, for example. The authorities within Britain's healthcare system are 'rationing' funding for urgent surgeries and medicines for patients, thereby forcing people to suffer with medical conditions for prolonged periods of time only because their afflictions happen to not be terminal or immediate existential crises. Those are a recent sample of the barbarism's consequences. The hungry child and the suffering patient: they pay for the at least £850 billion cost the bailout of the UK's banking establishments in 2008. The bailout barbarism is something that should be opposed completely.

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