Calm down dear

The British PM Cameron told Europe to come together today and to get themselves sorted out. Like some superannuated head teacher he lectured his fellow european leaders on their duty. Some run when they are frightened. It is the english public school way to bellow. Fear is still the name of the game. Those damn Greeks are about to bring the house down! They have had the temerity to vote for parties that do not want austerity. Hospitals may be running out of medicine. Some pensioners may have started starving. But the 'lazy' Greeks who have been sitting around in the sun too long, should shut up and take their medicine.

Meanwhile the rich are shifting about 750 million euros a day out of Greece. Spanish banks are teetering. French banks (Credit Agicole has vast investments in Greek debt) are shaking. The trillion euros supposed to be available from the European Bank, from the european Crisis Fund and the from the IMF has not yet been paid for. The edifice of European capital is groaning, like a great building shifting on its fragile foundations.

British banks are exposed too. Not so much to Greece (about £700 million) but to French, Italian and to Spanish banks, nobody will own up to how much and that is a very bad sign. The Bank of England knows. Cameron knows. And Labour leader Milliband, as ever master of the situation, makes jokes about texting.

Greece needs a government that is bold enough to repudiate all its debts. We all do. These debts were created by bankers and if bankers wish to pay them that is up to them. Meanwhile the rest of us (and it is 99% of the world) should start building the sort of economy that serves the people.