The European crisis has to be tackled in order to bring back democracy. It can be done by learning from the past why democrats felt discomfort with banks in order to be in a position to envision a new future.
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Australian economist, Joseph Schumpeter pointed out how European states fed on taxes from their populations as a response to the government providing them with goods and services thus causing a creation and circulation of money which is the prerogative of the state.
The entire economic crisis is history that is repeating itself, unfolding right before our very eyes. However, this time, it is only worse. The banks are under siege, with millions of the citizens’ eyes now fully open. They (the citizens) are more than convinced that banks are exploiting them and abusing their power while the governments on the other hand are violating the core principle that is that the legitimacy on rests on the citizen’s demands.
As we continue to face the worst economic crisis since the 1930’s, Europe looks like a conglomeration of conflicting ideas which can be traced back to the banks fighting over their future and also misconduct.