Before the bank bust, Ireland had little public debt. But with taxpayers suddenly on the hook for gigantic bank losses, even as revenues plunged, the nation’s creditworthiness was put in doubt. So Ireland tried to reassure the markets with a harsh program of spending cuts.Then castrate them and send them to prison. They are a plague upon the nations. Recommend this Post
Step back for a minute and think about that. These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit. Yet ordinary Irish citizens are now bearing the burden of those debts.
Or to be more accurate, they’re bearing a burden much larger than the debt — because those spending cuts have caused a severe recession so that in addition to taking on the banks’ debts, the Irish are suffering from plunging incomes and high unemployment.
Friday, November 26, 2010
If Only Caning Was An Available Remedy
Cane all bankers. Cane them, I say:
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It is actually much worse than this, but I'll just give my solution. The Irish government must crush the shareholders of these banks, the bond holders, and the executives. Nationalize all banks, the only people to come out hole should be depositors.
ReplyDelete(They should probably drop out of the Euro as well, and declare all debts to be in the Irish Pound, and all deposits in banks to be safe but now in the Irish Pound)
This could destroy the Euro, but the Irish government is supposed to be there for the people of Ireland, let the governments of other countries worry about their own countries.