Of course the EU (Ollie Rehn) is saying that the Finance bill is essential - the EU need to pass severe austerity on the people of Ireland to save their failed banking system. If banks start to fail there will be a domino effect into Europe. The flawed and corrupt banking system itself is the root of the problem. We have no obligation to save private corporations who have no authority over us. Pouring money into this failed banking banking system is like kicking a can down a road, but sooner or later you run out of road. For many months I have pointed out the fact that bank gaurauntee should not have been implemented (it is a financial crime to make the people of Ireland pay for the debts of private banks (i.e. corporations) and their international bondholders.) Their massive debt (it is not our debt!) is unpayable..default is inevitable...
Ireland would be crippled by €10 billion per year interest payments.
http://www.irishexaminer.com/home/ireland-to-be-crippled-by-10bn-a-year-interest-137916.html
The current flawed system based on fractional reserve banking requires GDP growth in order to pay interest (transfer wealth to the bondholders) to the banks.
Ireland will simply not achieve the very high levels of GDP growth required to make these huge interest payments. In addition, we live in a planet of finite resources - i.e there are limits to growth. The GDP growth fixation is outdated and flawed. We need a new system based on ecological economics and the science of sustainability.
heres a quote from David McWilliams..
"The Finance Bill simply endorses the IMF/EU deal which will bankrupt us."
prosecute a banker today..
http://www.villagemagazine.ie/index.php/2011/01/prosecute-a-banker-today/
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