The footage of Spanish police beating and injuring fellow citizens who participated in a non-binding referendum was unsettling. The Catalan government claimed that 844 people were injured by the end. It looked like a western democratic country was melting down before our eyes. The crisis is more than just a regional cry for independence, but an ideological crisis that will continue to be driven by a deepening financial crisis and austerity. Will authoritarianism destroy yet another democracy?
Contrary to political group think it was actually access private debt not public debt that brought the economy crashing down. But today private debt is again raging and nobody seems to want to address the issue. On the 10-year-anniversary of the Global Financial Crisis, anthropologist and author, David Graeber and former chairman of the now abolished Financial Services Authority, Lord Turner sits down with co-founder and presenter, Ross Ashcroft, to discuss what is preventing us from talking about the taboo that is Britain’s private debt problem.
What most of us have long believed about how the economy works is based on a set of fundamental myths, supported by a series of inappropriate and misleading metaphors, from which it is difficult to escape.
Separating economics and politics is impossible, so it’s important to point out that the misguided notion of austerity is not just killing people, but also democracy. For all the positive merits of the democratic system a major and inherent risk exists.