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Predictable fallout from the excesses of unbridled capitalism

May 08, 2012 Letters

 

 

DEAR EDITOR,
The recent elections in France and Greece have brought to the surface the growing discontent and frustration experienced by the voting public over IMF/EU austerity measures imposed on them as a consequence of the economic and financial crisis. In both countries, right and centre-right parties have suffered significant losses at the polls in favour of leftist and anti-austerity parties.
In the case of France, Socialist François Hollande was swept to victory in presidential election, defeating Nicolas Sarkozy, a significant shift to the left that could have far-reaching implications not only for France but for the entire Eurozone countries that have, by and large, embraced an economic approach which places the burden of the crisis on the backs of the working people by way of cuts in social services and other austerity measures.
These measures were largely imposed by the IMF/EU as part of a massive bailout plan. The medicine clearly proved too painful for the vast majority of people, who expressed in no uncertain terms their anger and disapproval by voting out those parties that embraced such policies as in the case of France and Greece.
Sarkozy, known for his flamboyance and erratic behaviour, became the 11th Eurozone leader in succession to be swept from power since the commencement of the debt crisis some three years ago.
The writing is clearly on the wall for all political parties, whether from the right or the left of the political spectrum, that the masses are no longer prepared to countenance the excesses of unbridled capitalism and would have no difficulty in replacing any party and government that seeks to shift the burden of the crisis on the shoulders of the working class. There is a growing awareness that the crisis did not emanate out of the working class, but from the unregulated nature of the market economy, and it is therefore unreasonable and unfair for the working people to suffer the consequences of such crisis.
Hydar Ally 

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