The harsh reality - Bank power a threat to our society

IF YOU accept that we need a sound banking system you will have to acknowledge that the banks have an extraordinarily strong hand when negotiating with the Government no matter how dire the circumstances.

Indeed, the more difficult the circumstances, the more desperate the Government, the stronger the banks’ hand becomes. Our reliance on the banks has loaded the dice in the financiers’ favour. No matter how responsible or irresponsible our bankers know that this power can insulate them from the consequences of their actions. This is not right but it is the reality of Ireland at Christmas 2008.

When the security of our society is dependent on self-interested, self-serving commercial institutions it matters little enough what the minor details are but the big picture reality is unavoidable. The banks cannot be allowed to fail or chaos will ensue. This is reflected by the fact that so many of our senior bankers remain in place even if they have become as reliant on the Government as the Government is on them.