Economist Richard Wolff says the old European elite believed it could fix their broken capitalism on the backs of the masses and that has proved to be a fatal mistake
The Brexit vote is leading to the fragmentation of the United Kingdom and a leadership crisis within the parties of Britain, and calling into question whether the European Union is unifying and peaceful venture, said Heiner Flassbeck, former Director of the Division on Globalisation and Development Strategies at UNCTAD. “Germany is clearly responsible for much of the trouble in the eurozone. So in the European monetary union. But nevertheless, these eurozone troubles have clearly spilled over into Great Britain, and have given the image and the idea to the British people, to many British people, that this Europe doesn’t function at all.” Flassbeck said that the Greek experience of neoliberal austerity, and Germany’s subsequent denial of responsibility, has “not shown that Europe is a functioning union.” “We have a disaster situation, in particular in continental Europe, but also in the UK for the poorer part of the population,” said Flassbeck. “And this disaster is due to the fact that Europe is implementing the wrong policies. And these policies are, in their character, neoliberal.”
Russia flexed its military might over the weekend, testing a Topol intercontinental ballistic missile. The tests come amid increasingly strained ties between Washington and Moscow, following US ally Georgia’s military offensive in South Ossettia in August. Author and Political Economist William Engdahl says " Russia’s response to Georgia’s military offensive has sent shock waves throughout the region."