Bailout used to support a ‘big lie’
It succinctly describes the astonishing betrayal of the vanquished Irish nation as we begin to absorb the debts adopted by our Government on September 30, 2008.
Goebbels wrote: “If you tell a big enough lie and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the state can shield the people from the political and economic consequences of the lie. It thus becomes vitally important for the state to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the state.”
Our Government elected to adopt the private sector debts of the renegade Anglo Irish Bank that it not only failed to regulate, but encouraged to act recklessly. This act of stupidity, unique in Europe, gave the bondholders a gift they could never have dreamed of. This “free to the bondholders” insurance policy then became a state obligation. As the extent of the foolish bondholders lending to the criminally negligent Anglo Irish Bank came to light, our obligation grew.
Now we are in the loop for €40 billion. This is before the fantasy notion that we will somehow recoup a profit on these dud assets.
Rather than becoming bogged down in choreographed arrests of those who caused this local problem, we need to start challenging the lies we are being told by our Government.
The bondholders who truly own Anglo need to be named and the Government forced to determine in an open process why these commercial lenders have a call on this state for contracts they freely entered into with their bank.
The idea that the EU will fund us to pay off Anglo’s debts, but will not fund us if we cause bondholders to take responsibility for their gamble, is one Goebbels-sized lie. But hey, this is Ireland; Goebbels would have loved it here.
Declan Doyle
Lisdowney
Kilkenny
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