We must take back our democracy

THE last few days have been dominated by the budget. Fresh from all that Enda Kenny and team are attending the EU summit in Brussels and what might be their last chance to salvage what is left of Ireland’s fiscal and political independence.

We must take back our democracy

The Taoiseach observed in his recent lullaby talk to the people that they were “not responsible” for the debt disaster while preparing them to pay for it. We see those at least partially culpable walking away with armfuls of cash — massive pensions and bonuses. We blame seedy government officials, weak opposition leaders and greedy developers who stepped into the loan traps set for them by the banking elite. But the fundamental blame lies with the banking system itself.

Debt, or the promise to pay, in interest and capital, has become an asset. The gold standard has been abandoned and banks have been permitted to hand out “virtual” money — loans vastly in excess of deposits. The bubble created by deliberately reckless lending was destined to burst, but the banks, perceived to be too big to fail, have duped our leaders into repaying their “losses” in full, in real hard-earned taxpayer revenue meant for the benefit of society in general. The result is not so much a recession as an astonishing and systematic robbery of the people. We have had many warnings about this over the years, warnings that have gone unheeded. Henry Ford said that “it is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning”. Cuts and taxes are acceptable — and indeed needed — but only if they are implemented for the purpose of closing our real national deficit. They are morally indefensible and counter-productive if implemented to pay the debts of private and wealthy banking consortia whose only motive is profit. It is time for us all to wake up. Our priority is not to save the euro, but to save the people, to stand up for radical banking reform and to retrieve our hard-won democracy.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €120 €60

Best value

Monthly €10€5 / month

More in this section

Revoiced

Newsletter

Sign up to the best reads of the week from irishexaminer.com selected just for you.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited