I have a friend Anthony, he is great at summing up the state of affairs in Ireland. He really does not appreciate how much we his friends enjoy and learn from his observations. In spite of our pleas, he does think he should be writing a blog presenting his ruminations. So, I am putting his ruminations into MY blog! For the second time too. Read on and see if you agree that our man Antho hits the nail on the head with his observations.
Let me know, dear blog reader if you would like to hear more from our man Anto sitting on a bar stool somewhere in Dublin......
And so an analysis
of the financial state of affairs in Ireland from a bar stool somewhere in Dublin. A la Anthony
…..Yes, I do have a problem with the idea that every Irish person must pay
€8,900 towards private bank debt whereas the norm is €191. So
what, a property boom happened here. But I have no property - not even a
car! All we ended up with was higher rents.
Why do H, A, N and myself owe €36,000 when not one of us has ever borrowed from
a bank... have limited enough savings that have yielded only minimum interest
payments? My sister, likewise has never borrowed from a bank, nor indeed
has my mother, unless you include her as part of the deal back in 1971 when my
Dad - and it really was only a male matter back then - purchased the
house.
The Irish did not print money... the money that fueled the boom did not
originate solely in Ireland. Much of it emerged from banks in Germany and
France... and the UK. In other words, from other private investors.
Why are the Irish only responsible for those 'bad bank debts'? The
bankers took the risk... and the risk wasn't worth it. Weren't they able
to see that the whole thing was a house of cards. The whole thing
collapsed. Under capitalism, therefore, they 'lost'. Ahem... not
so... the Irish tax payer - and that includes all residents, regardless of
where they came from - must 'pay' instead. How are we more responsible than
anyone else? A lot of people here believe that it was to save the euro
and to save French and German banks. Maybe so. I don't know.
The taxpayers here would also include you and H in Germany, if ye ever decided to move
over here to Ireland. The debts of 2008 have simply been transferred elsewhere... to
other people in another time. I still find this perplexing. Can you
justify it to me? Please do. Even
if I had bought a home at an exorbitant rate - we'll say €500,000, which was
not 'unreasonable' back in 2007, I'd still have to pay a mortgage on
that... and still pay the €8,900 to cover the banks' losses. How is that
anyway fair? The banks have been 'bailed out', but Joe and Jo Soap have
not.
It's been the biggest bank robbery ever - except, this time, the Banks are the
robbers.
Clearly, I now need to take a break... from the meanderings of a mad man.
I still haven't lost faith in the European 'dream' but increasingly; I think
that there are fewer and fewer of us about. I honestly think that if the
UK leaves the EU, there'll be a hell of a lot of people here clamoring to
follow. Sad, sad days... and just months after the EU obtained the Nobel
Peace Prize... for actually managing to achieve peace between the former
enemies. Is it from this that the European goals of the past half century
die?
Thanks Anthony, came it coming. You really do make your case. Roisín Hausfrau.