Financial and Currency Crisis Undermines the Euro and National Sovereignty

Richard Corell, Ernst Herzog

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The euro crisis reveals that, under imperialist conditions, oppressor nations developed
and they are oppressing other nations. Less money capital of “rentiers” and “usurers” finds its
way into the sphere of production to extract surplus value, but circulates in the financial sector
as “fictitious capital” instead. The financial crisis shows where wealth is produced and how the
capitalist crisis starting in the sphere of production, penetrated the financial sector and from there
the most powerful EU states too. To rescue the rich, governments try to pass on the losses to the
working people and the poor. The imperialist states try to pass on the burden to the weaker states,
denying their national sovereignty. When the working class and the peoples organize resistance,
the struggle amongst monopolies and national states over sharing the wealth and passing on the
losses becomes fierce. The danger of fascism and war grows.
Original languageEnglish
Pages (from-to)235-248
Number of pages14
JournalWorld Review of Political Economy
Issue number2
Publication statusPublished - 2011


  • euro
  • EU
  • oppressed nations
  • German imperialism
  • usurer state


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