Sir, – The two recent pieces by John Waters (Opinion, March 22nd) and Stephen Collins (Opinion, March 23rd) were very interesting because they represent diametrically opposing views.
Collins believes the EU/ECB is a force for good; although it has forced Ireland to repay the bondholders of private Irish banks in full and has now legalised the theft of 30 per cent of depositors’ savings in Cyprus. Waters believes we are at the endgame of the euro project. I agree with him, but go further.
We are at the endgame of the current banking model whereby private banks create more than 97 per cent of the money supply. The system by which private banks create money out of thin air is known as fractional reserve banking. Currently, banks have at most 8 per cent reserves backing the 100 per cent credit they create. Almost all banks have suffered losses greater than 8 per cent and are technically insolvent. The savings of hard-working citizens are now being stolen in order to shore up these private banks which are all bankrupt. This legalised theft will continue and intensify until the people wake up and say No. Bravo Mr Waters. – Yours, etc,
JAMES McCUMISKEY,
Rosetta Park, Belfast.
Sir, – Brian Flanagan, (March 21st) is factually incorrect when he writes that “no penalty applied to public sector pensions”.
In 2011, levies were imposed on contributory public sector pensions at a rate of 6 per cent on annual pensions from €12,000 to €24,000, 9 per cent on pensions up to €60,000, and 12 per cent per annum above this figure. Such pensions, which were dependent on the contributions of the employee during their pensionable service were also subjected to the universal service charge ranging from 2 to 7 per cent on all income. Since those pensions were contractual, questions of property rights and the legality of such levies could arise.
It is also important to bear in mind that neither such employees nor their spouses were entitled to claim the contributory old age pension which is available to the private sector. – Yours, etc,
WILLIAM J SILKE,
Beach Court,
Grattan Road, Galway.
A chara, – “We would never touch saving deposits,” proudly declared Minister for Finance, Michael Noonan. I wonder has he ever heard of Dirt? – Yours, etc,
SEAN O DIOMASAIGH,
Kiltale, Dunsany, Co Meath.
Sir, – If only Michael Noonan had been a little more circumspect and sympathetic about events in Cyprus and the consequent anxieties of Russia. Twenty-four points lost in the Eurovision vote. – Yours, etc,
EUGENE TANNAM,
Monalea Park,
Firhouse, Dublin 24.