Liberal democracy suffers from a legitimacy deficit. While the formal rules of legality are adhered to, this does not restore the fundamental trust of the people in the legitimacy of governance. A dramatic loss of reputation for politics is met with a growing alienation between the rulers and the ruled. It is not the interests of the people that determine the government's agenda, but rather the system imperatives of global financial capitalism. Losses are borne by taxpayers, without them having any say in the matter. This, however, ultimately undermines the essential legitimacy foundation for democracy.