An analysis of the financial state of affairs in Ireland - from a bar stool somewhere in Dublin

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.