European governments' inclination to apply austerity cuts in tackling budget deficits is due to a “corrupt banking system” in Europe, an economic expert says.
“The European governments ... all say they have no alternative. That is because they are completely controlled by a corrupt banking system which always wants to lend money at interest if it can,” Rodney Shakespeare, professor of binary economics in London, told Press TV.
Recommending a way out of the present economic situation, Shakespeare said that the people of Europe should “demand that the European Bank provide interest-free loans for the purposes of the public capital projects of Greece.”
“The people of Europe must ... demand that they start to get interest-free loans from their national banks for the big public capital spending; and at the same time, that will cap the national debt because you can use the same mechanism to actually get rid of the national debt,” Shakespeare added.'
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