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German philosopher Jürgen Habermas uses  Papandreou’s referendum shock to explain the clash between democracy and financial market stability and shows how our political "leaders" are the marionettes of the financial powers.

His conclusion makes the connection with the future of the European Union:

"Die bailouts, die sich überschlagen, haben bestenfalls aufschiebende Wirkung. Eine überzeugende Lösung der Finanzkrise ist mit Mitteln der Fiskalpolitik allein gar nicht zu haben; überzeugen könnte die europäische Politik nur mit dem glaubhaften institutionellen Entwurf zu einer abgestuften Integration."

While I agree with Habermas that we need a debate on a new Europe, I am not sure it can be built by improving the current institutional framework. As I wrote in another blog post, we might have to resurrect Europe from its ashes once this generation of “leaders” has gone through its “Götterdämmerung”
Via www.faz.net

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