Thursday, 17 November 2011

Upside-down logic

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November 17th 2011
LOGIC TURNED ON ITS HEAD

I’m one of those of the persuasion that there’s a logical explanation for almost everything but when it comes to this bank bailout issue, I think even Stephen Hawkins would be bamboozled. Riddle me this please, anyone:
  • ·         To enable our Central Bank continue to borrow c.€100bn from the ECB, we agree to assume, in full, over €70bn in bank bond debt, a sum that itself will exceed €100bn before it’s finally paid off. That makes some kind of economic sense?
  • ·         €55bn in bank bonds due over the next four years, from banks which we own almost in their entirety (four fully, two majority shareholder) – where will that money come from, if not from us?
  • ·         All that money will be borrowed from the generous ECB of course, on top of our already massive and still growing sovereign debt – how in heaven’s name is this sustainable?
  • ·         How did the wrong thing to do on February 24th 2011, one day before the general election, become the right thing to do on February 26th? Less than a year ago every single member of the Fine Gael and Labour parties spoke vehemently against the imposition of the November 2010 Agreement with the troika (IMF/EU/ECB), talk of betrayal and treason bandied about, voted en-masse against it in the Dáil; now, if another vote were held on the imposition of that same agreement, every single one of those same two parties would vote in favour, not a single voice stating categorically that we should NOT carry out its terms. They don’t WANT to do it, any more than any of the discredited FF/Greens coalition wanted to do it, but they’re doing it nevertheless.
  • ·         Cowen, Kenny, Noonan, Gilmore, Howlin, these are direct political descendants of Eamon de Valera, Michael Collins, William T Cosgrave, James Connolly, Jim Larkin, men who risked life and limb to win independence, who fought and overcame phenomenal odds, yet these modern heroes hand over sovereignty without a fight. Oh, with a whimper alright, pleading to be allowed burn SOME bondholders and in the process humiliating themselves and the nation they supposedly represent, but that isn’t a fight, it’s not even an argument – just burn them, THEN it becomes a fight.
  • ·         Greatest mystery of all – the Irish have a long and world-wide reputation as a proud, intelligent, independent-minded nation of fighters, and yet with the exception of a stubborn few, we’re allowing this pillage of our economy happen without real protest. €3.8bn in cuts/taxes in Budget 2012, €3.77bn in bank bonds to be paid just in the next two months alone. No money to keep our most venerable in their usual hospital beds, no money for badly-needed extra front-line public service staff, no money for third-level education, no money for infrastructure, but we can find billions for the failed bank bondholders.
Logic? Where this bank bond bailout is concerned, there is none.

Regards, Diarmuid O'Flynn.

1 comment:

  1. To force us us the citizens to pay bondholders monies that we don't in fact owe, to is wrong, wrong wrong.
    Right and wrong are the highest imperatives. They must not to be equalled or undermined by arguments about expediencies or fears.
    Right and wrong must be placed before these arguments - even if the sky should fall down.
    Otherwise, anything can be justified.

    ReplyDelete