Here’s an article from the blog of the author Charlie Stross on the erosion of democracy in today’s world:
To which I will add:
There’s another issue here as well. In Ireland under the Troika every
economic decision must be approved by a bunch of unelected bankers
whose only virtue is that they control enough money to blackmail us.
They will withdraw their loans and collapse our economy if we don’t do
exactly what they say. They are euphemisticaly known as the “bailout
But even before the EU-IMF deal, it was absolutely vital that every
policy be agreeable to unelected people who sit on huge piles of cash,
ephemisitcally known as “the markets”. They can bet against the
currecy and withdraw investment from any country that takes any
measure against the bosses and in favour of the people.
Appeasing the rich and powerful makes the problem worse. Acting
against them opens up a struggle of a revolutionary nature.
This is why there’s no ground today for old-school reformism and
Keynesianism to stand on.