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Having just returned from a recent extended Mediterranean trip; conversations with citizens from the UK, Italy, Spain, and Greece, indicate their root cause economic issues are strikingly similar to ours in the US. The following article expresses it quite well.
"Contrary to popular belief, bankers and politicians are not to blame for the financial crisis. Rather, it’s systemic flaws in the very nature of democracy that allowed financial imbalances to take root.
'Social plateshifts fostered excesses of leverage and a dearth of thrift that brought capitalism to its knees,' David Roche and Bob McKee wrote in their book Democrisis.
McKee blamed politicians, particularly those in democratic economies, for allowing the credit boom to take place. 'Politicians did not do anything about it, they fail to control debt from rising in their countries which threatens democracy,' he told CNBC.
He argued that democracies have to reconceive themselves to address the core causes of modern-day problems, rather than treating symptoms, such as slow economic growth, joblessness and debt."