The United States, the Eurozone and even our own administration here in the United Kingdom have shown us that we are fast approaching the time for a major rethink of the Democratic Model.
The Global Economy is becoming permanently unstable and far too technical to be in the hands of gifted amateurs. Or, in the case of the United Kingdom: the “Gentleman Politician”.
By all means, allow the Elected Ones to fanny about with the politics but sharp-end economics should now be in the hands of professionals who do not constantly keep one eye on the opinion polls and the other on their next election.
There have already been attempts to install Technocrats, e.g. Italy and Greece – but these were no more than economists dressed as politicians, who were then expected to play politics. Inevitably, they crashed and burned.
Cyprus is the latest to demonstrate that politics (of any flavour) coupled with an absolute inability to Manage at Macro level is slowly killing economies.
Some may repeat the “But it’s those bankers” mantra…. and to a certain extent they are correct. However, the Root Cause is the politicians’ inability and unwillingness to manage the banks, themselves and the economy.
Cyprus should not only be a very loud wake-up call but also a watershed moment for Western politics.