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Whether markets or Troika, it’s the citizen who pays

Last days of Roman Empire update: Ireland exits troika package and is now back in the markets.

The Government will use pension and insurance funds, and private investors, to finance Ireland by buying Irish debt bonds and paying this debt back at a premium — the premium being interest.

This, as opposed to the ECB/IMF/EC buying Irish debt bonds and then paying this debt back at a premium — the premium being interest. Are the markets and the Troika not one and the same? Yes, but in the former your money is funding Ireland, as you invest in a pension, as you buy insurance or as you enrich people/companies by buying their products. In the latter, your money is funding Ireland in the form of public taxation. In both instances, the citizen is under the cosh. The interest owed back to the ‘investors’ does not exist in society and so paying it causes the lack that is evident all around us. Both models are unnecessary. We, the people, via our governments, could issue our own money, free from usury.

Barry Fitzgerald


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