An Irish bank debt deal
If we are to use the mortgage analogy then it should be fully adopted. We bet the house, lost it, and are now to rejoice in the fact that we have a good deal on the mortgage. – Yours, etc,
Sir, – David Begg says of the deal on the promissory notes “It is complete nonsense .. a wholesale fraud on the Irish people” (Opinion, February 8th). On the same page Stephen Collins states “That will help the country back on the road to recovery. . . should pave the way for Ireland’s exit from the bailout”(February 8th). Excellent balanced reporting that leaves one most enlightened . . . or totally confused. – Yours, etc,
Sir, – The Government asserted that Ireland deserved a deal on its bank bailout debts.
If we are to believe its public utterances, it claimed that Europe had a political, moral and economic duty to alleviate the debt. Can it now make some gesture to ease the burden on the thousands of ordinary mortgage-payers who are in negative equity and live in mortal dread of eviction, repossession and financial ruin?
The vast majority of these mortgages are held by either State-controlled institutions or those who would have collapsed were it not for State largesse. If we are to recover our nation’s prosperity, it is most likely to be because of the efforts of these hard-working people who have made such an effort to improve their situation and provide a better life for their families.
One rarely hears the word mercy used by our Government, perhaps because it is a quality that it sorely lacks. – Yours, etc,
Sir, – Last week Michael Noonan again brought forward the notion that the Weimar hyperinflation is the reason for Germany’s knee-jerk antipathy to central banks funding of government(s).
What is misunderstood – apparently all round – is that Weimar’s inflated money supply was the result of money creation being in the hands of private banks. Hitler nationalised the Reichsbank in 1932 – how else did the catastrophic economy of 1920s turn into an – almost – world beating war machine by 1939?
Our current woes are the result of private banks creating money to suit, not the economy, but themselves. Until this mistaken belief and social injustice is corrected, we – not just Ireland, or Europe, but the western economies generally – will lurch from man-made crisis to man-made crisis. – Yours, etc,
Sir, – Will those who insisted that Anglo Irish Bank was systemic and must be retained at all cost now please stand up. – Yours, etc,