Irish Leaders Castigated As Greatest Traitors Of All Time
Fools Crow’s Blog • January 4, 2011
The Irish Government has recently passed the harshest budget in the history of the State with further austerity promised for the next three years and perhaps for decades. Prime Minister Brian Cowen and Finance Minister Brian Lenihan have steered Ireland from the booming prosperity of a Celtic Tiger to a ruined shell of a country where unemployment, poverty, emigration, and despair are proceeding to destroy a once proud, industrious people.
Cowen and Lenihan also bear the ignominy of having brought in the International Monetary Fund who, along with EU banksters, are now dictating Irish fiscal policy. The IMF has long had a vulturish reputation for plundering weaker countries by stripping the flesh of its victims down to the bare bones. This repulsive scavenger is well known for promoting austerity and misery, grabbing national assets for its bankster and corporate friends, and leaving the skeleton of a country’s economy in its wake. The first piece of offal to be plucked from the Irish carcass by this opportunistic carrion eater was the nation’s €20 billion pension fund, the life savings of working people.
…This writer, and many others, pointed out at the time that there was a much better short-term solution to the Irish banking problem. The Government could have let the banks fail – that’s what happens in capitalism when businesses are reckless or make mistakes – and set up a state bank. A state bank could have created all the credit the country needed with a much, much smaller outlay. Through fractional reserve lending, a bank can create some twelve and a half times the amount of credit that it holds in assets. For example, if a state bank is capitalised with €10 billion it can lend out €125 billion. With only €20 billion in capital a state bank could create and lend out €250 billion. This would have boosted Irish businesses and given the economy a huge injection and would have obviated the need to go back to the exploitative money markets.
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