Posts Tagged 'ecb'

Ireland’s future depends on breaking free from the bailout

Once again Morgan Kelly has set the cat among the pigeons with his  reportage and analysis of the stranglehold that the troika of the EU/ECB/IMF has inflicted on Irish taxpayers.  Whatever about his prescription, his background detail, particularly his claim that it was US Treasury Secretary Timothy Geithner who overruled the IMF team ( the IMF ironically wanted the bondholders to take responsibility for their high stakes gambling) and sided with the ECB who insisted that Irish taxpayers, and not bankers would take the hit.

The deal, which puts Irish taxpayers in hock for generations ensures that ordinary workers – nurses,  guards etc  and small businesses will have to pay more for less and take the hit through increased taxes including  increased indirect taxes through levies – property tax, water tax, carbon tax etc  and through decreased services – education, health etc..

Of course, the real reason, while punitively and unrealistically punishing Ireland, was to protect the Eurozone and send a stark message to Spain

Colm McCarthy,  another right of centre Irish economist had this to say:  “…… unless the European banking crisis is acknowledged and dealt with soon, we are witnessing a slow-motion train-wreck that will end badly for Ireland, for several other eurozone members and ultimately for the entire European project.”  You can read his piece here.

Meanwhile Irish Times political correspondence, Stephen Collins, again hardly a radical voice in the wilderness, has had a go off high-earning lawyers, hospital consultants, doctors, judges, academics and senior executives in State bodies, who, in an outright attack on Ireland’s elite earners, he claims,  are using their power to evade taking equitable responsibility.  He quotes American thinker, John Jay Chapman who oberved:

“People who love soft methods and hate iniquity forget this,  that reform consists in taking a bone from a dog  – philosophy won’t do it.”

June 2017
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