Bank Bailout is a con

Posted Wednesday, December 15, 2010

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Bank bailout is a con

So says David McWilliam's latest article in the Irish Independent

Here are extracts from it.

Establishment v People

We are only fiscally delinquent when we attach our banks to the people, so we should cut them loose.

The Establishment is pitted against the people, leaving a huge vacuum, which will be filled.

The people clearly do not want this EU deal.

We know that you can't solve a problem of too much debt with even more debt.

You solve a debt problem with less debt.

We also realise that no other country has ever tried this policy combination of four years' austerity with no debt restructuring. The reason is because it is not possible.

Econocide

We are embarking on "econocide" or the deliberate killing of the economy. It is rarely practised for obvious reasons, but our Establishment seems intent on doing it. We must stop them.

These are the people who brought you the housing boom.

These are the people who told you there would be a "soft landing".

These are the people who told you the banks were "well-capitalised".

These are the people who told you the bank bailout was "manageable".

You would be forgiven for not believing a word that comes out of their mouths.

Debt Crisis

Next year, the economy will contract further under the pressure of the State taking out so much money.

Without this type of deal, the end result of the Government's policy will be a bigger debt crisis in two years' time.

But in the meantime, more bank creditors will have been paid and the process of soldering the banks to the State will be complete.

Bailout

According to the figures of the BIS (Bank of International Settlements), the banks of the peripheral countries owe the banks of Germany and France over €973bn.

That figure explains why the IMF is here.

It is not here to bail us out; it is here to bail them out. The bailout is a bailout for the banks of Germany and France and the Irish taxpayer foots the bill.

It is that simple.

With Interest

And where will the EU and IMF money come from?

It will be borrowed from the very investment banks that will be bailed out.

So they will get interest payments from us, in order that we pay for their mistakes.

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