The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.
Democracy is acceptable to neo-liberals only in so far as it does not contradict the free market.
Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.
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