Written on the Guardian website today, by the philosopher and cultural critic Slavoj Žižek. Discussing how the worst is yet to come for the everyday Cypriot, and how the agreed payback to the EU will not be possible. Pointing out what is becoming more obvious to those effected by the bank bailouts, that the banking system is not working and needs a whole new/old approach for it to be able to deal with the banking crises.
“This is why the solution is not just more regulation to prevent money laundering and so on, but a radical change in the entire banking system – to say the unsayable, some kind of socialisation of the banks. The lesson of the worldwide crashes after 2008 is clear: the whole network of financial funds and transactions, from individual deposits and retirement funds to the functioning of all kinds of derivatives, will have to be somehow put under social control, streamlined and regulated. This may sound utopian, but the true utopia is the notion that we can somehow survive with only cosmetic changes.” Slavoj Žižek