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Right wing Daniel Hannan agrees with the Leftists, the Eurozone bailouts are wrong!
Daniel Hannan

I got a faceful of teargas just now. There was a manif outside the European Parliament, with hundreds of angry young Lefties – one can’t properly call them anarchists since most of them depend on the state for their living – yowling and gibbering like stricken apes. The EU’s response to the Greek crisis was a disgrace, they screamed. The workers of Europe were being sacrificed appease to the speculators. And d’you know what? They’re right.

When the credit crunch hit in 2008, governments around the world turned to the one set of people who, by definition, couldn’t give them disinterested advice, namely bankers. Predictably enough, the bankers solemnly assured the ministers that, unless they received colossal sums, the entire economy would collapse. I’m sure that if governments contracted out their policy on subsidising bakeries to bakers, they would also be told that handouts were vital. The bakers might even half-believe it themselves. But they would be wrong, just as the bankers were wrong. Proof of just how wrong can be found in Iceland, which was in no position to assume private bank liabilities, and which consequently – despite being far worse hit by the collapse than any EU state – is now in healthier shape than many eurozone countries. Don’t take my word for it: even Paul Krugman, guru to statists and Keynesians everywhere, has noticed.

The 2008 bailout round failed spectacularly in its declared effect, namely to ward off recession.

Britain, the United States and other Western countries gave unprecedented sums of money to their banks. We know where the money came from but, three years on, we have little notion of where it went, or who has it now. It is beginning to dawn on some of our political leaders that perhaps they were panicked into a bad decision. Yet, unbelievably, they now propose to repeat their mistake.

The eurozone bailouts are, in essence, another transfer of wealth from the poor to the rich. As this blog never tires of pointing out, the bailout money isn’t going to the people of Greece, Ireland or Portugal; it is going to bankers and bondholders who made bad investments. The repayment, however, will indeed come from the people of these unhappy lands. No wonder they are out on the streets.

Lefties are wrong about a lot of things. Their refusal to understand that excessive spending and borrowing were the cause of this crisis, and won’t be its solution, is almost heroic in its mulishness. But they are absolutely right about one thing: the policies being pursued by EU leaders are indeed a form of class war against working people, in effect if not intention. As Brian Denny tells Britain’s Marxist newspaper, The Morning Star:

“Struggling countries like Greece, Ireland and Portugal are spiralling into further crises due to EU policies. No amount of bail-outs and loans will stop it as they cannot devalue their currencies while locked into the eurozone.”

Spot on, comrade. Brian is campaigning for an In/Out referendum, and I’d urge everyone to support him. You don’t have to be a Marxist to see that the Marxist critique of the EU – that it’s an intrinsically oppressive system, taking from the many to give to the few – is accurate. Sooner or later, the revolution will come.


View Daniel Hannan’s blog at

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Continuing the Discussion

  1. The Euro crisis, debt laden lollipops and lambs to the slaughter | Hot to Spot linked to this post on June 26, 2011

    […] from all over the political spectrum agree on this fact from right wing Tories such as Danniel Hannan to the multitudes of economists and the thousands of public union workers out on the street in […]

  2. The Euro crisis, debt laden lollipops and lambs to the slaughter « Dark Politics linked to this post on June 26, 2011

    […] from all over the political spectrum agree on this fact from right wing Tories such as Danniel Hannan to the multitudes of economists and the thousands of public union workers out on the street in […]

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