Creating more debt is not an option

It is the dependence of our political-economic system on economic growth that is causing our problems.

The financial crisis stemmed from a conscious growth target — by government to promote growth deployed in deregulation of the financial markets to promote the habit to make room for business growth, and consumer spending debts.

Our mountain of debt has weakened our economy. Profit-driven economic growth also creates unemployment. There are fewer people required to make the same product.

In an economic downturn it will result in a downward spiral. The loss of work and a meaningful social position is traumatic. Betting on growth simply is not an option.

Creating more debt is not the way forward. A much more logical solution is to consume less and save more. Bankers on huge wages and bonuses create social inequality and therefore fuel tension in society.

The rich control organisations such as the IMF and World Bank. Negotiations on trade liberalisation are primarily used as a lobby group.

We need to ensure a balanced benefit to all concerned.

Anthony Woods

Ennis

Co Clare