Sunday Business Post – Tom McGurk: Slaves of debt, will you vote to endure your pain?


From  The Sunday Business Post – Slaves of debt, will you vote to endure your pain?:

It may be early days, but I don’t think the extraordinary importance of next year’s general election has yet fully sunk in. It is not an exaggeration to view it as being of the same order of significance as the seminal election that followed the signing of the 1922 Treaty…

Not only has our economy been smashed, but we seem to have signed an agreement that has indentured us into savage, economic servitude to bank debt and greatly reduces our prospects of every returning to economic stability.

In fact, we may well be looking at an entire generation of recession. Since we signed the EU/IMF deal, there has been hardly an encouraging word about our action from anywhere across the world…

[PIMCO’s] Bosomworth argued that Greece, Ireland and Portugal cannot get back on their feet without either their own independent currencies or a large transfer payment…

Where once the notion of joining the euro, belonging to the single currency and being a small part of an enormous economy in the most populated economic unit in the western world seemed, if anything, to guarantee our economic survival, now all of this has been turned on its head.

The very structures that were supposed to deliver us from our linkage with, and historic dependence on, sterling and British economic domination have now delivered us into an economic prison. Unable to act independently, devoid of the ability to use our currency or economic planning to regain sovereign debt stability, we have been reduced to a sort of debt gathering agency.

In truth, this is no longer an independent country exercising its sovereignty. In real terms, we are little more than a dysfunctional branch of the ECB on the very margins of Europe…

So the unique significance of the next election relates to whether we are going to meekly accept this circumstance or seek an alternative. As in all master/slave relationships, we are being told only two things.

One, we have no alternative to what is being offered and, two, if we seek a alternative, we will end up in even worse circumstances. In the face of this, the notion that somehow the election of a new government from among the current opposition – which is offering just a variation of what we already signed up to – is no choice at all.

The only question for election 2011 is the one that, as yet, nobody in the political establishment is prepared to ask: are we electing just another bunch of people to implement the EU/IMF deal, or are we using what is left of our democratic process to assert our sovereignty and seek an alternative?

And what is that alternative and the implications of seeking it?

Read more.

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

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