From Social Contract To Occupy Wall Street

The decade of the 1920s was one of industrialization and economic growth, globally. This relatively peaceful and prosperous period ended with the onset of a quarter century of economic hardship and armed conflict.

In 1927, a civil war broke out in China that would finally end with the victory of the Chinese Communist Party in 1949. In 1929, the New York Stock Exchange crashed, and the Great Depression began. Two years later, a period of 23 years of continuous international warfare began.


The period of open warfare, which includes the 1939-1945 interval labeled “World War Two,” began in 1931 with the Japanese invasion of Manchuria, and ended in 1953 with the armistice ending the shooting of the Korean War.


The United States of America emerged from the period of economic depression and world war as the supreme global power by 1945, and it would revitalize its non-communist European and Asian allies, and former enemies, during the period of postwar reconstruction from 1945 to 1953.


As the combatant nations of WWII recovered and reconstituted themselves in the immediate postwar years, they were each motivated by revulsion over the recent past, gratitude to the millions of soldiers and workers who brought about the collective liberation, and hope for a brighter future, to develop some form of social contract between the people and their governments, the labor force, and the industries. In the United States, this social contract was a bipartisan support for popular New Deal and progressive collectivities like Social Security, public education, unionized labor, the Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC), as well as the postwar G.I. Bill (educational and housing benefits for veterans). In the non-communist European states it was a social democratic form of government, which managed many nationalized popular benefits. In the communist states, the socialized benefits were offered in exchange for unchallenged political control by Communist Party authority.


The next twenty years (1953-1973) were the golden age of capitalism and Soviet communism, a period of unexcelled economic expansion resulting from vigorous industrialization coupled with distributive social contracts.


Despite increasing population, productivity slackened in the 1970s, and given the unavoidable increase of social costs, the expansion of prosperity stagnated. By the end of the decade, plutocratic political pressure in the West had built up enough to increasingly detach government from stewardship of the social contract, and more closely focus it on corporate interests. In 1978, the People’s Republic of China abandoned central planning and began command capitalism.


Over thirty years of neoliberalism followed in the capitalist world, to the present day (from about 1979 to 2011). Non-communist neoliberalism is “free,” or market-driven (with varying interventions by governments), while a command form of neoliberalism is used in the People’s Republic of China, directed by its exclusive national party.


At the beginning of the 1990s (between 1989 and 1991) the economically and politically stagnant Soviet Union and its satellite empire in Eastern Europe disintegrated, and the many independent states formed out of that former political monolith were absorbed into the capitalist world.


During the 1980s and 1990s, the United States was de-industrializing (“outsourcing”) to increase corporate profits by decreasing its domestic labor costs. Many newly industrializing states (NIEs) in Asia and Latin America were taking advantage of this expatriation of American industrial capacity, by offering to host foreign-owned industrial facilities, and offering their people as a lower-cost substitute labor force.


Japan was a leader in outsourcing production throughout Asia, but it only did so after achieving full employment in Japan, and only to increase its total industrial output to feed its export (mainly U.S.) market. While the portion of Japan’s labor force in industry has dropped since before the 1990s, the affected workers have been shifted to service industry employment, so full employment has been maintained (about 4% unemployment during the 2000s).


As in the major industrialized states during the 1970s, productivity gains in the 2000s in the now more developed NIEs were not always capable of outpacing the growth of population and the increasing costs of social needs and unexpected losses. So, the returns from some outsourced investments were diminished from initial expectations. The perceived lethargy of industrial development anywhere to yield profits quickly enough increased investors’ fever to decouple profitability from productivity. The first decade of the 21st century was one of frenzied speculation in financialized paper (e.g., derivatives, hedge funds), and was facilitated by the deregulation of the US banking industry in 1999.


The financial system collapsed between 2007 (burst housing bubble, banks insolvent) and 2008 (stock market crash, public bail-out of banks), after thirty years of de-industrialization accompanied by a trend of growing income inequality. From a rate of 4.5% in early 2007, the official US unemployment rate shot up past 10% by January 2010, and remains above 9% today. One should double these numbers for a more realistic estimate of unemployment.


The combination of heavy personal debt and lack of jobs (for skilled labor and professionals) has spurred many people across the United States to congregate in public protests, to move themselves beyond fearfulness in isolation to a release of their anger, by channeling it into a joint sense of purpose for social change. These are the people of the Occupy Wall Street (OWS) movement in its many locations.


The sense of purpose for social change has two parts: a change of self image so one interacts in a new and more effective way with the rest of society, and the taking up of some form of political activism so as to help move the larger society to change in desired ways. How these two factors are proportioned within any particular individual is determined by their unique circumstances.


OWS is the human face of debilitating debt and unemployment, and it will disappear when popular debt relief (e.g., for underwater mortgages and student loans) and the widespread availability of skilled employment occur. How long it will take the U.S. to arrange for popular debt relief and the widespread availability of skilled employment is unknown. Equally unknown are how many political and thus economic changes will have to be made in the course of arriving at popular debt relief and a full employment economy, but ultimately that point will be reached because it is the most stable arrangement for US society. Resistance to achieving this stable social state will only delay the inevitable and increase the quantity of blood, sweat, tears, and money needed to achieve it.


Every desire for social change held by every person in the OWS movement can be reflected in one simple phrase: renew the social contract.


OWS is an awakening. People who had thought of themselves as law abiding, hard working, loyal Americans ready and willing to take their places in society as contributors are waking up to the fact that they have been pushed out of American prosperity, and they want in.


OWS is a protest about being personally saddled with debt, primarily for homes and education, sold under promises of a better future, and then government allowing the lending institutions to destroy the economy necessary to support those rosy futures, at a handsome profit, without penalty, and — most galling — without canceling the essentially fraudulently-created debt on the mortgage holders of financially inundated real estate or evaporated professional careers.


The young people of OWS are the cadets of the bourgeoisie who have been excessed by the time of their graduation. A soulless nation is eating its young: for decades by incarcerating rather than employing blacks, and now, because of a tightening of the money situation for plutocrats, even throwing over the white cadets who have been training to man the occupations that will continue America’s bourgeois economics during the next two decades. The graduates of 2006 to 2016 may be a lost generation, as this is an ageist society. When the economy recovers, maybe by 2016 (since neoliberalism is likely to persist), employers will look to fresh graduates to fill the available slots; once five years out of school, you are obsolete.


OWS has social and political impact primarily by being LARGE and PRESENT. It has to be the elephant in the middle of the nation’s view-screen in order to cause a course correction. The longer OWS endures, the more likely it is that the political class will agree to work toward debt-cancellation and job growth, since these will make OWS disappear.


Can enough new jobs be created soon? Ambrose Evans-Pritchard (international business editor at The Telegraph) has the idea that a US economic turnaround (more jobs) will occur within the next few years, brought about by the exploitation of new domestic sources of petroleum (oil shale and tar sands) and a reversal of outsourcing (or, a return to domestic industrialization). This is just one indicator of rational expectations (devoid of environmental concerns) for a resumption of economic growth.


What about reform of the financial industry? Nicholas Kristof, a conservative pundit at The New York Times, is advocating reform of the financial industry because he understands that hubris by the plutocracy could lead to a disastrous popular backlash (the ultimate conservative nightmare is communism). Mainstream voices for financial reform know that wonderful profits can easily be made the old fashioned way, as was the case under Glass-Steagall banking regulations between 1933 and 1999.


And, what about debt relief? Wall Street certainly loves the idea when it applies to banks. Angela Merkel, Chancellor of Germany, recently stared down the European banks and made them accept a 50% writedown of their Greek debts. The stock market zoomed 300 points, because investors are far more concerned with the “stability” and continuity of the eurozone financial markets than they are with a few banks losing a few 10s or even 100s of billions (half made up with public bail-outs), so long as the game and the global banking casino are not shut down by a currency (euro) and credit market (banking industry) collapse.


Obviously, the concept of debt relief will be pushed and expanded further and further, because the debt burden everywhere is like a bone caught in the financial world’s throat. Once it is finally swallowed or coughed out, then the feasting can begin again. When debt is cancelled, people are free to borrow, spend, create, and expand productivity, that is to say generate earnings and profits. The next Steve Jobs may be milling about in an OWS throng, just waiting for student loan relief to set him capitalistically free. So, we can expect that when OWS people begin speaking the language of demands, one of the items included will be relief of students’ loans for education.


The young generation in OWS wants the freedom to advance their bourgeois, capitalist aspirations; they want to be the Steve Jobs and Barack Obama of the 2020s. They do not want to shrink their vision into re-entering a proletarian life, nor to occupy their minds and time with “organization” for proletarian-type unions like the UFW (United Farm Workers), nor consign their aspirations to distant hopes for an elusive millennialist “revolution.”


OWS is a leaderless coincident mass awakening, it is not a popular uprising in the style of the Mexican or Russian (February) Revolutions, and it is not organized in the sense of being hierarchical and regimented. The cadets manning OWS will never adopt Marxism, essentially none have flocked to the red banner.


The people in OWS are shackled by debt and economic fear, and they are gathered to celebrate the freeing of their minds from a number of illusions. Individually, they may go on to be active politically, each in their own way, but all are quite unlikely to relinquish their identification with the American bourgeoisie (“middle class”), or to relinquish their new and painfully-realized mental freedom by submitting themselves to the blinkered thinking of any political ideology that seeks to exploit their massed energy, or to direct their social purpose.


Renew the social contract.
 
Timeline: 1945 Social Contract to 2011 Occupy Wall Street

1945, Europe and Japan ruined by World War II

Civil War in China (1927-1949) interrupted by Japan’s occupation of Manchuria (1931-1945) and Sino-Japanese War (1937-1945)

Postwar rebuilding in Europe, 1945-1956:

U.S. role:

  • 1944, Bretton Woods system of currency relations to US dollar
  • 1945-1948, $12B in U.S. postwar aid to Europe
  • 1948-1952, $13B in Marshall Plan aid to Western Europe
  • (US GDP in 1948 was $258B)

Soviet role:

  • 1945-1954, Soviets extract 23% of East German GNP
  • 1945-1954, slow release of German POWs, forced laborers
  • 1949 Cold War split formalized, West and East Germany created
  • 1949-1956 East and West evolve comprehensive social contracts

Western European states (Atlantic Alliance) 1949-1956:

  • renew politically as social democracies
  • much foreign aid in, rapid growth, more satisfied population
  • have extensive political freedom on account of prosperity
  • 1954, West Germany gains full political and economic autonomy

Eastern European states (Warsaw Pact) 1949-1956:

  • reformed as Soviet communist satellite states
  • reparations or little aid, slow growth, less satisfied population
  • very limited political freedom in exchange for social contract
  • 1953 East German and 1956 Hungarian revolts suppressed

Postwar rebuilding in Japan, 1945-1960:

1945-1952, US aid of $1.9B while Japan under occupation:

  • this equaled 15% of imports and 4% of GNP, in forms of:
  • 59% food, 15% industrial materials, 12% transport equipment

1953, US military spending (Korean War) is 7% of Japan’s GNP

  • by 1960 US military spending in Japan less than 1% of Japan’s GNP

Economic growth 1953-1973:

“Golden Age” in Western Europe, Japan, and Soviet Union
economies achieve “full employment”
labor cooperation exchanged for social contract
productivity and gains due to industrialization, and:

  • government (trade) policies
  • exports
  • technology
  • cooperative labor

Economic stagnation 1971-1979:

1971 collapse of Bretton Woods currency relations to US dollar.

(The Vietnam War had accelerated inflation, and faith had been lost in the US’ ability to cut budget and trade deficits. “On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, ‘the Bretton Woods system officially ended and the dollar became fully fiat currency, backed by nothing but the promise of the federal government.’ This action, referred to as the Nixon shock, created the situation in which the United States dollar [not gold] became the sole backing of currencies and a reserve currency for the member states.”)

1973, first oil crisis
(Arab boycott over US aid to Israel in 1973 Arab-Israeli War)

1973-1974, stock market crash (20+ years of steady growth ends)

1978, People’s Republic of China abandons central planning

  • a centrally planned economy is replaced by command capitalism

1979, 2nd oil crisis
(U.S. opposes Iranian Revolution)

Thatcherism and Reaganomics

  • Margaret Thatcher, UK Prime Minister, 1979
  • Ronald Reagan, US President, 1981
  • lower productivity after 1960s, higher population and social costs
  • government increasingly oriented to corporate interests
  • retreat from New Deal and post WWII social contracts
  • trend of increasing income inequality begins

30 Years of US Neoliberalism, 1981-2011:

Ronald Reagan Administration (R), 1981-1988:

  • breaks the air traffic controllers union in 1981
  • “supply side” and “trickle down” economics, and tax cuts
  • deep recession of 1982 with 10% unemployment
  • stock market crash of 1987
  • Savings and Loan crisis, a $125B public bail-out
  • deregulation and hostility to regulate
  • no change to the minimum wage
  • raised national debt from $997B to $2.85T
  • the share of US income received during 1980-1988 by the:
    — 5% highest-income households grew from 16.5% to 18.3%
    — 20% highest income households grew from 44.1% to 46.3%
    — 20% lowest income households fell from 4.2% to 3.8%
    — second poorest 20%, fell from 10.2% to 9.6%.

George H. W. Bush Administration (R), 1989-1992:

  • recession in 1992 with 7.8% unemployment
  • developed North American Free Trade Agreement (NAFTA)

Bill Clinton Administration (D), 1993-2000:

  • 1994, enacts North American Free Trade Agreement (NAFTA)
  • 1996, ends Aid to Families with Dependent Children,
    — (fulfills promise to “end welfare as we have come to know it”)
  • 1996, Antiterrorism and Effective Death Penalty Act of 1996
    — (significant precursor of the Patriot Act of 2001)
  • 1999, signs Gramm-Leach-Blyly Act,
    — (this repeals Glass-Steagall Act of 1933, bank deregulation)
    — (see ENDNOTES for more on Glass-Steagall)
  • 2000, signs Commodity Futures Modernization Act,
    — (legalizes over-the-counter derivatives)
  • federal budget surpluses 1998, 1999, 2000, 2001 (Fiscal Years)
  • War on Drugs swells prison population from 1.4M to 2.0M

George W. Bush Administration (R), 2001-2008:

  • 2001 and 2003, total tax cuts of $1.3T, aimed at the wealthy
  • 2002, No Child Left Behind Act (push to privatize public schools)
  • “War on Terrorism”:
    — 2001, Patriot Act (curtails civil liberties)
    — October 2001, invasion of Afghanistan
    — March 2003, invasion of Iraq
  • 2002, stopped funding the United Nations Population Fund
    — (UNFPA promotes family planning in the developing world)
  • 2005, response (and lack of) to Hurricane Katrina
  • 2008, Troubled Asset Relief Program (TARP), the $700B bail-out

Barack H. Obama Administration (D), 2009-present:

  • failed to use Democratic majorities in congress to pass reforms
  • September 17, 2011, Occupy Wall Street begins; what now?
     
    ENDNOTES

“The People Cry Out Against the New Great Depression”
by Manuel Garcia, Jr.
http://louisproyect.wordpress.com/2011/10/05/the-people-cry-out-against-the-new-great-depression/
(Glass-Steagall Act and financial reforms are described)

“Some Central Themes of the Occupy Protesters”
by Associated Press
http://youtu.be/3zXk_2_LCR8
(video on income inequality)

“Graphic of US Income Inequality, 1947-2011”
by Robert Reich and New York Times
http://www.nytimes.com/imagepages/2011/09/04/opinion/04reich-graphic.html?ref=sunday

“United States Income Distribution 1947-2007”
by wikipedia
http://en.wikipedia.org/wiki/File:United_States_Income_Distribution_1947-2007.svg

“Where’s My Job?” by ConnectTheDotsUSA.com
http://www.connectthedotsusa.com/pdf/WheresMyJobSlides.pdf

“Owe Dear”
by The Economist
http://www.economist.com/blogs/dailychart/2011/07/world-debt-guide
(global debt map)

“World Power Swings Back to America”
by Ambrose Evans-Pritchard
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8844646/World-power-swings-back-to-America.html

“Crony Capitalism Comes Home”
by Nicholas Kristof
http://www.nytimes.com/2011/10/27/opinion/kristof-crony-capitalism-comes-homes.html

“Calling Bankers’ Bluff, Merkel Won Europe a Debt Plan”
by Steven Erlanger and Stephen Castle
http://www.nytimes.com/2011/10/28/world/europe/europe-in-accord-on-basics-of-plan-to-save-the-euro.html?_r=1

“Another Idea For Student Loan Debt: Make It Go Away”
by Petra Cahill
http://www.msnbc.msn.com/id/45040659/ns/us_news-life/

<><><><><><><>
From Social Contract To Occupy Wall Street
7 November 2011
http://www.swans.com/library/art17/mgarci32.html

<><><><><><><>

Where Did “the 99% vs. the 1%” Come From?

“What was the first appearance of ‘the 99% vs the 1%?’ Was it with the OWS or does it go back earlier to movements long forgotten?”

I don’t know, but here is an item from 25 October 2007:

All the fancy blather of all the talking heads is pure distraction from this simple fact: 99% of the American people (and of the world) are simply being robbed lock, stock and barrel. Their money, savings, pensions, livelihoods, homes, lands, jobs and career prospects, security, even their very food, water and air are being taken from them as quickly as the wheels of government, finance and industry can be turned to this task. We are taken to be crash-test dummies who can be hypnotized by televised images of Britney Spears underpants, and who won’t move our butts off the couch to keep our own homes and lives from being ripped off their financial foundations by the tornado-force suction of a rapaciously manipulated economy.

That excerpt is from: Homes Of The Crash Test Dummies
http://www.counterpunch.org/2007/10/25/homes-of-the-crash-test-dummies/

A few reminders of the times during which this was written:

June 2006 — U.S. housing prices peak.

February-August 2007 — subprime industry collapses (ongoing).

August 2007 — worldwide “credit crunch” as subprime mortgage backed securities are discovered in portfolios of banks.

September 2007 — Federal economists meet to address “housing recession that jeopardizes U.S. growth.”

October 2007
— U.S. backed bank consortium creates “superfund” to buy back, for detoxification and resale, the now junk subprime-backed securities (this effort is abandoned in December, there are no customers for 2nd hand junk);
— Federal Reserve Chairman Bernancke alarmed about bursting housing bubble;
— Treasury Secretary Paulson says: “the housing decline is still unfolding and I view it as the most significant risk to our economy. … The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth.”

The housing decline continued, the percentage of all households in some stage of foreclosure was more than:

1.03% in 2007 year-end
1.84% in 2008 year-end
2.21% in 2009 year-end
1.28% by mid-year 2010
2.23% in 2010 year-end
0.90% by mid-year 2011                                                                                                 1.45% in 2011 year end.

Percentages based on filings within the year (or half year). Data from http://en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble

The global financial crisis (crash) occurred during September-October 2008.

Today, 1 in 5 U.S. mortgages is underwater (more owed than the market value of the home).

So, perhaps my 2007 CP article was one of numerous sources that eventually coalesced into the OWS “the 99% vs the 1%.” From the mail I got at the time, I know the paragraph quoted was the most popular one in the article.

[OWS = Occupy Wall Street]

The 50% US GDP Heist, OWS and GIABO

Many of you will be very interested in the financial scandals that led to the 2008 economic collapse, and its social repercussions which include OWS (Occupy Wall Street). I have expanded some comments on this topic, which I posted at the Unrepentant Marxist blog, and present them here. I am posting this because it includes links to 2 video presentations (the first in three parts), which I think you will find interesting. The first 3-part video is of Christopher Hedges speaking to Harvard students, and the second video is Episode 217 of the Keiser Report, a regular commentary on the “Global insurrection against banker occupation, GIABO.”

Both of these video presentations suggest directions OWS can take, or evolve into, in answer to the question of “what next for OWS?”

For those who have not followed the financial news, the Keiser Report discusses: the recent scandal of MF Global, the European financial crisis and secret Franco-German machinations within the Fiscal World War III on the Continent (“Überdebten”), and the explosive revelations of the Bloomberg Freedom-of-Information suit to release Federal Reserve data on its secret multi-trillion-dollar lending (half the US GDP) to the insolvent big banks in 2008. The banks made $13B in profits “processing” these loans from the Federal Reserve (backing up the banks’ toxic worthless subprime “assets”), and which they distributed mostly as bonuses within their ranks. Al Capone only owned a few wards of Chicago, but these Wall Street banks managed to snag half the US GDP. Sustained moral outrage by the public would be a good thing, far more than just OWS; where is it?

Today, I finished reading Tony Judt’s book Ill Fares The Land (Penguin, 2010).

I highly recommend this book to everyone, and especially to anyone participating in the Occupy Movement (particularly the student-age contingent) and/or sympathetic to OWS aspirations. Judt’s book is like a blending of Keiser Report data into a Hedges exhortation to arrive at a seamless exegesis of this moment in history. This book is the moral equivalent in our time to Thomas Paine’s “Common Sense” in 1776. Would that it was as widely read and taken to heart.

Christopher Hedges at Harvard on OWS:

Part 1: http://youtu.be/AlR9rMrYuHU
Part 2: http://youtu.be/ugU6ELwbi_o
Part 3: http://youtu.be/SKSUfCG7ax4

or

(for part 1: http://www.youtube.com/watch?v=AlR9rMrYuHU)
(for part 2: http://www.youtube.com/watch?v=ugU6ELwbi_o)
(for part 3: http://www.youtube.com/watch?v=SKSUfCG7ax4)

Thanks to Louis Proyect for posting these video links at: http://louisproyect.wordpress.com/2011/11/29/chris-hedges-speaks-at-harvard-on-ows/

To complement these Hedges videos, listen to this Keiser Report (below) on the toxic entwining of:

— the Banksters (who are insolvent but want “unlimited” public bailouts with which to give themselves bonuses and build up big hoards of cash so as to keep gambling, instead of spreading capital throughout the economy, stimulating it and creating jobs — the economic purpose of commercial banks),

— the US Congress (which wants to spend more than available revenue), and

— the Federal Reserve (which is interested in enabling both pathologies to the tune of $7.77T — equal to 50% of the US GDP!!! — lent to the banks in secret before Congress created the one-tenth as large relief program, TARP).

The value and failings of OWS are commented on by guest Denninger near the end of this Keiser Report episode.

At the beginning of the program, Keiser and Herbert are discussing the latest financial scandal, of an investment firm (headed by a former New Jersey governor) that stole customer money. Brokers are not supposed to dip into customer accounts to make up their own gambling losses (especially when near $1B). This only works as comedy when done by W. C. Fields, in the Great Depression era film “The Bank Dick.” (The same title for a movie about banks today would convey a different connotation, which Fields probably intended as a double entendre.)

The Keiser Report commentators would like to see OWS take a more specific focus onto financial industry reform, which would require revising attitudes about federal oversight and monetary policy; and we know this economic concern would necessarily have to expand to include progress in reforming campaign financing, a.k.a. the corruption of Congress.

Chris Hedges, like Bill Moyers his elder contemporary, came out of divinity school and passed through journalism, so in their third chapter of life they preach to large secular congregations through the airwaves, and their sermons are based on moral principles. This is not a criticism:

“It is the gap between the inherently ethical nature of public decision-making and the utilitarian quality of contemporary public debate that accounts for the lack of trust felt towards politics and politicians…humans need a language in which to express their moral instincts.” — Tony Judt

The ideal follow-on political movement to OWS would combine the energy of moral outrage with a utilitarian specificity on financial reform (e.g., financial market taxes, banking reform, consumer & student debt relief, much more legal prosecution of fraud related to the 2008 financial collapse), similar to the reform movement represented by the Pecora Commission in 1932-1934. (My initial comments along these lines appeared in the UM blog at: http://louisproyect.wordpress.com/2011/10/05/the-people-cry-out-against-the-new-great-depression/)

So, from Hedges I see the message to OWS being “get mad as hell.” From Keiser and company I see the message to OWS being “now that you’re good and hot, focus your fire into a laser beam to burn through the stranglehold of bankster fraud.”

See Episode 217 here (mislabeled direct link):
http://rt.com/programs/keiser-report/episode-216-max-keiser/

or

E217 at:
http://rt.com/programs/keiser-report/

GIABO is Max Keiser’s acronym for the idea of a global financial war between “banks,” or massive finance capital in speculation, and the commons within each sovereign state, also known by various labels: the welfare state, social democracy (Tony Judt), conviviality (Ivan Illich), or the social contract (MG,Jr).

An interesting presentation on the “European Debt Crisis In Eight Graphs” is given in the following article, which includes discussion and analysis:

http://www.washingtonpost.com/blogs/ezra-klein/post/the-european-debt-crisis-in-eight-graphs/2011/12/01/gIQAsmR5GO_blog.html?wprss=ezra-klein

From the above article one can see that in Europe the war is between Northern European banks and Southern European (Ireland counts as “southern” because it is Catholic) social democracies. The “banker occupation” of a country is called “austerity.”

World War III is a post-nuclear financial war for control of the commons, globally.