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 ? […]
To be published in the Sunday Independent 12 Sept 2010
On numerous occasions in the last week we have heard our Minister for finance Mr. Lenihan remind us of the necessity to continue to guarantee the banks. Not to have done so initially would almost certainly have meant the instant financial collapse for our state. Of the two options open to him (letting the banks go, being the first), guaranteeing the Irish banks was the only practical option. Well, according to those who were advising himself and Mr. Cowen on that fateful night, when the crises meeting took place in Government Buildings.
Let’s face it, this is what he was told by the CEO’s and the Chairmen of Allied Irish Banks and Bank of Ireland. And these people should know shouldn’t they? These were the same people who, we had been led to believe, understood international finance, economics and the creation of wealth. After all, the bankers were finance professionals and Mr. Lenihan and Mr. Cowen, were legal professionals. You wouldn’t go to a solicitor for financial advice nor vice versa, would you? Our representatives at the meeting (Zig & Zag) were either lied to or they were incompetent, or both. Fortunately for everyone in the room that night, we’ll never know as there were no minutes taken at the meeting. Yeah, right.
We can only surmise that the bankers put up an extremely strong case for the guaranteeing of the banks and strangely Anglo Irish bank, which they knew was in serious trouble. The problem is, Mr. Lenihan has ever told us what, specifically, the alternatives were. Sure, we have heard the warnings of “economic meltdown” and “imminent collapse of the financial system” etc etc. But so far, nobody has actually told us what these mean. What advice specifically did Mr. Lenihan and Mr. Cowen receive from the bankers? What “appalling vista” lay before them that left them with no choice but to guarantee the Irish banks and therefore a generation to economic hardship? I, for one, would really like to know the answer. I mean, how bad would the alternative have been? ./………… […]
Have you noticed the endless stream of economic experts telling us about things we don’t understand, in a language we have never heard? For example, you may have heard the term ‘quantitative easing’ mentioned, which actually means ‘printing more paper money’. What it does not tell you is that this is effectively money borrowed today from our taxes tomorrow. There are 100’s of similar examples. These so-called economic experts are the very people who could not forecast the largest economic collapse in the history of the State. These are the same people who told you that house prices would continue to rise. These are the people who talk about “green shoots of recovery”. These are the people who have consistently lied to you, whether this was maliciously or through incompetence, you can decide yourself. […]
Recently, The Minister for Trade Enterprise and (Un)Employment Mr. Batt O’Keeffe ,announced the creation of 50 high-tech jobs, at a cost of €20 million. Not surprisingly these jobs are are to be created in his constituency. Think about that for a moment, €400,000 for each job created. And even then, the profits are repatriated to the parent companies Country of origin. […]