On Feb 25th 2009 at a rare Garda protest Mr. John Healy, Deputy General Secretary of the Garda Representative Association, said the government has “sat around while our banks have been raided by private individuals for their personal profit”, “43 billion has been made in the last three years of the Celtic Tiger while one percent of the population has profited […] bankers that have switch their accounts from account to account. And individuals who have directly and openly manipulated share values.”
Exactly how many billions did 114 politicians out the 132 that voted from all the parties, not just Fianna Fáil, agree upon dishing out at the request of corporate banks?
Less than 200 individuals rushed in to law a “€420 billion bank guarantee scheme”, as stated by the Irish Times. The entire nation is liable for that. According to Brian Lenihan bankers and himself cooked up this legislation at an after hours meeting (a quietly mentioned fact by the main media). On Sept 29th 2008 AIB and BOI wanted to urgently meet with Lenihan. The bankers present at the department of the Taoiseach late Monday night were Central Bank governor John Hurley, AIB’s Eugene Sheehy, AIB’s Dermot Gleeson, BOI’s Brian Goggin and BOI’s Richard Burrows. At four thirty in the morning, an hour after the bankers left, a copy of their plan of action was sent to the European Central Bank. That day Lenihan and the Attorney General reviewed the draft legislation.
Since then private banks have gobbled up billions and NAMA is set to gorge on more. NAMA, a recently proposed government body, would buy up liabilities on the property market. NAMA would use the public’s money pot to buy up properties that have fallen over 50% with defaulting mortgages and estates that developers can’t sell along with other toxic. NAMA transfers debt to the very generous Irish people, just like the bailout bill does. NAMA defiantly won’t be buying needed hospital beds for the nation. The creation of NAMA, to be voted on by the characters managing the government not the people, would certainly be another great asset for the private banks in this marriage of corrupt capitalism and socialism (which some might describe as an elite’s utopia).
During the boom times Ireland was able to pay off approximately two billion Euro from the national debt per annum. If/when the bankers use up €420 billion it would take the Irish people 210 years to pay off that debt at the rate set during the Celtic Tiger not a depressed economy. This does not take in to account the interest that would be owed on this bank-bowered debt used to bailout the banks.
Last April CNBC ran an article titled “The World’s Biggest Debtor Nations”. Ireland had the highest debt in the world to GDP. Ireland’s gross external debt (government, the private sector and personal debt) according to the World Bank’s data is $2.3 trillion dollars, 811% of our GDP. To put a trillion in perspective: one trillion seconds ago it was the year 29,700 BC. The fact that other major western nations, including England, are almost in as dire a state as Ireland will be no real consolation.
Direct Irish economic concerns are as follows: nation bankrupting bailouts, our massive external debt, the government gambling away millions of pension savings on the big stock market casino, the handover of our abundant resources to corporations and the EU, and the skyrocketing cost of Ireland’s social services (crippled by an oversaturated EU immigration policy).
The 1% dominant minority
The majority of people rely on the economy for their livelihoods. But what runs the integrated global economy? Credit! Those who own the gold get others to make their rules. If everything runs on money and you own the money, it’s easy to run things.
The current system will be updated with desired regulations (a better game for a few) and new banking language that the general public don’t understand, like with any good con. However, not until after some turmoil as turmoil is needed for large-scale changes to be accepted. As the EU Commission President, Manuel Barroso, said, “the kind of occasion where the crisis calls in to question all certainties and minds are more open to change, these are very special moments.”
The EU and European Central Bank game
Nigel Farage, Member of the European Parliament, once said in parliament that the type of illegal actives characters of the unelected European Commission have entangled with in their past would not lead too kindly if they decided to become trustworthy used-car salesmen. Belgium Justice Minister, Melchior Wathelet, resigned in disgrace over scandalous inaction regarding a serial child kidnapper-seller-rapist-murder the public kept informing the police about. Wathelet ended up been handed one of the best-paid jobs in Europe, a European Court of Justice judge. Although acquitted, the European Central Bank President, Jean-Claude Trichet, was on trial with eight others for his part in signing off official accounts during a time of fraud at one of France’s biggest banks (Credit Lyonnais) which resulted in a €31 billion Euro bailout. The “right” kind of people always seems to get picked for the top.
No individual running the European Central Bank are elected by the public, they are hand picked, and no EU institution has authority over the decisions of the ECB. The ECB is an independent corporate entity. Article 106.2 of the EU’s 1992 Maastricht Treaty states, “the ECB shall have legal personality”. Article 107 says the ECB and national central banks are totally independent from member state governments and “any other body” including the EU. It even forbids “the community of institutions and bodies” and “any government of a Member State or from any other body” from instructing or advising the ECB and national central banks. Article 108.2 allows the ECB to publish or withhold any or all information on decision-making. As we all know, the ECB have the “EXCLUSIVE right to AUTHORIZE the issue of bank notes within the Community.”
On June 25th 2007 while everyone was happy with the booming economy the Telegraph published that the Bank for International Settlements’, the ultimate bank of all central banks, 77th annual report talked of a coming global depression. The people behind this bank don’t have crystal balls. They are the movers and shakers that make things happen. Irish bank stocks lost 50% of their value by Dec 2007. The 6 o’clock news did not tell the public about the credit crash until late 2008. The last thing you want to do is give up more control under the Lisbon treaty or any other proposed laws to the crisis creators. Reduced outside control over people’s livelihoods and lives is needed for once.