The bank guarantee represented the most spectacular single transfer of wealth ever in the history of this country, from society at large to a financial elite. The elite being depositors of more than €100,000 (depositors up to €100,000 had been guaranteed previously) and bondholders who had lent money to the banks. Even if the banks had not collapsed subsequently, it was still a huge transfer of wealth because of the insurance it gave the big depositors and bondholders. [Read More]
As we get closer to the financial and social endgame resulting from Fianna Fail and the Greens governance are country, their incompetence and lies are laid bare for all to see. Those of us who were advised to go and commit suicide by the then leader Mr. Bertie Ahern and didn’t, can see their very worst nightmares coming to fruition. We knew it was going to be bad but we could never have conceived just how bad it has become. And this is really just the start.
In a speech in 2007 Mr. Ahern promised that in a fall would reduce the gap between what we spent and what we took in taxes than revenues. He lied. Mr. Cowen, who was then the finance minister, simply went along with what ever he was advised to do by those total incompetents in the Department of Finance. The big accountancy and legal firms operating in Dublin who oversaw audits of the major banks and financial institutions, and charged millions for it, reported that everything was okay, these companies also lied. Full article on www.EamonnBlaney.com [Read More]
Auctioning some of our Oil & Gas reserves could get us out of the present economic and social mess yet it has never been considered or discussed. No, we are just been fed the same bullshit i.e. that individual citizens have to bail out the Irish banks, which are failed privately owned companies, even though it was not their fault. Why ? [Read More]
At the moment there are 450,000 people without paid employment out of a workforce of 1.9 million. Also consider that 460,000 of the total workforce do not compete for jobs or are in any danger of losing their jobs because they are our public servants. So, in the real world, the actual number of people available to work (or be made redundant) is 1,450,000 people. I’m sure even one of our overpaid bankers could work out that 32 per cent of the people in the “free labour market” are without jobs. That’s right folks, the real rate of unemployment in this country among the wealth-creating sectors is 32 per cent or one in three. [Read More]