One thought on “Currencies, deficits, debt and Brexit

  1. Thanks for the thorough and illuminating discussion.

    The same Left that believes corporations and the plutocrats are in charge of the political system, is committed to a central bureaucracy in Brussels etc that is – to put it charitably – far more difficult to control democratically than the national legislature, and a blessing in its opacity and remoteness to “corporations and plutocrats.”

    They seem to embrace the dogmatic credo whereby the world will perish unless a certain bureaucratic structure is maintained, accepting, indeed, pushing the EU’s argument that:

    if you are unwilling to join our bureaucratic structure,

    you will perish economically (i.e. we will treat you as if you did not belong to Europe);

    you will turn into nationalistic monsters, even fascists;

    you will start waging war on one another;

    and many more similar insults to our intelligence.

    I begin to feel that the Minsky instability hypothesis applies to politics as well – we have had stable political conditions for many decades, which is why the people are willing to trust politicians in inordinate measure and let them isolate themselves more and more from democratic control, until we get a severe crisis of instability towards which the EU is indeed drifting.

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