David McWilliams: Sunk, Hanged, Bust – Government negotiated against us

Via NewsWhip.ie – David McWilliams writes in the Irish Independent – Bailout will sink Ireland before we can even swim:

Foreign banks and creditors should lose everything they gambled on the likes of Anglo, but instead, they have been saved by the taxpayer

Make no mistake about it, this ‘bailout’ will sink Ireland. We are witnessing a monumental struggle between the innocent average Irish person and the guilty creditors of the bust Irish banks.

Interestingly, the financial markets have seen through what the Government and the elite are trying to do and have reacted with ferocious negativity to the Irish deal.

The markets realise that the Irish State is not bust; rather the Irish banking system is bust. Therefore, rational people can see that any deal which is framed to give Ireland a chance has to sever the link between the bust banks and the solvent State.

However, far from severing the link, the deal solders the link between State and banks, making the Irish Republic itself little more than a bust bank. The rest of the world has twigged that what the elites are trying to do is preserve their system by giving the bill to the people, and this will not work. This is why, far from calming the financial markets, the IMF deal with Ireland has enraged them.

Extraordinarily, the people who were supposed to negotiate for the Irish people not only negotiated against us, but couldn’t see the backlash coming. Perhaps this is because few of them have any real financial market qualifications…

The bailout hits the sweet spot where the interests of our insiders and the European insiders meet. Luckily for us, the financial markets do not have the same interests. The markets want growth, not punishment, which is why they are sceptical.

Without a radical change in the way this country is governed, there is no hope of growth returning. Our only hope is that maybe there is a tide coming that will wash away the ‘insiders’ and take their policy decisions that will bankrupt the country with them.

Read more.

This entry was posted in Accountability, Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EU, ireland, Leo Varadkar versus the World and tagged . Bookmark the permalink.

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