The Greek people, eligible to vote, have voted to reject the bailout offer. This presents a clear clash between democracy and capitalism essentially the root of the last few months of turmoil.

The citizenry of a nation have chosen a path and have done so again even though it is incompatible with the current interpretation of capitalist theory and the implementation of sovereign, individual and national debt. This is the key moment were the ECB and the EU need to start looking beyond the preservation of the current broken system and consider what next. (This Forbes article has an interesting discussion about the craziness of the current situation.) The reason the what next question is now so important is that unless a new agreement can be made on Greek terms a sovereign default situation will occur and this expose the lie once more that everything pays it debts. The lie that once dis-proven caused the American mortgage crash and the global banking crisis.

So who will win democracy or capitalism?

Koln Concert by Keith Jarrett

The recording of Keith Jarrett's concert in Koln in January 1975. Continue reading

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