The text is taken from “The guardian”, it’s called “A crisis of capitalism” and it has been written by R. Bellofiore on Wednesday 21 September 2011. It has also a second title: “The financial problems plaguing Europe and Italy are not home-grown. They are part of a global attack on labour”.

The reader can understand that the text deals with economics and politics, noticing the words “crisis”, “capitalism” and “financial”.

The text starts with a paragraph of introduction (with a quotation by Karl Marx) that explain why the other  countries have a deformed vision of Italy.

The second paragraph, instead, presents the main problem: the Italian crisis. He explains that the crisis derives from some Europeans and international issues. These problems deal with the behavior of the ECB that impose austerity to the states, while they raise the interest rate against inflation; with the lack of an European budget and the absence of a political sovereignty.

The writer, in particular take stand against the behavior of Germany (and its neo-merchantilism), criticizing its way to ignore European problems, taking advantage of the crisis and causing economic stagnation.

Also the Keynesianism imported in Europe, according to Bellofiore, caused  the increase of deficit and the imposition of austerity.  In addition, he explains that this economic-philosophy can only create more stagnation, caused by the decision of not to re-finance  the national debts of countries like Greece.

Bellofiore thinks that Europe has never been united, because every nation only preserve its interests.

He continues explaining how the Italian economy fell in ’60, with the decrease of the production and the stop of the economic growth. Capitalists reaction were to intensify the labour without the developing of innovations.  This was the beginning of the de-industrialization process, that brought us to this crisis.

Bellofiore suggest that the last solution should be the introduction of Eurobonds, a new kind of financial investment, that could make Europe finally united.