Bruno Waterfield: There Is An Alternative


From Bruno Waterfield writing at EUobserver – The Irish, TINA, and the EU:

There is no more telling indictment of the political elites that have created this crisis than the myth that There Is No Alternative to bailing out banks – the EU’s founding TINA principle.

The crisis is a product of human agency, the choices and decisions taken by people facing circumstances that are man-made and, thus, susceptible to political intervention.

The huge liabilities created for public budgets by the political decision, forced on the Irish, to extend loans – on top of the vast existing contingency liability of bank bailouts – were not inevitable.

There is an alternative. Governments can restructure debt. Governments do not have to borrow from private investors.

Governments did not have to overstretch themselves, creating trillions in contingent liabilities to bail out banks. These are choices that the market “contagion” is reacting to.

People who use the TINA argument have given up on politics. A political class and EU that organises policy on that basis have failed to represent the possibility of choice, of rationality.

Read more.

Advertisements
This entry was posted in Accountability, Bankers' Bailout, Budget, Debt Default/Restructuring, Economy, Elections, EU, Ideology, ireland, Solutions and tagged , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s