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The Banks v The People

Posted Sunday, January 23, 2011

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David McWilliams

According to economist David McWilliams in a recent article, there is a titanic battle taking place between the major banks and financial insitutions and the people.

He also said in a recent article that even Swiss bankers that he was talking to in Davos are astonished that the Irish Government is forcing the Irish taxpayer to pay them back for money they lost when they lent it to Irish banks.

He says that it is a misperception that the IMF/EU bailed us out.

Irish Taxpayer

The only ones bailing anyone out is the Irish taxpayer who is bailing out the foreign banks for the money they lost in a bad investment decision when they dicided to loan money to Anglo Irish Bank and the other Irish banks to loan it to people who couldn't save and needed 110% and 120% mortgages.

It is not the IMF and the EU providing the money.

It is those same foreign banks who are loaning it to us so that we can pay them back the money they lost.

Screw Them

As an Austrian exporter said when David McWilliams asked him if he thought that the Irish taxpayer should pay back the money that Austrian banks lost “Screw them. They lent to bad companies. Why didn’t they do their due diligence.

"Have they never heard the expression buyer beware? If I lent to a bad supplier would you pay for my stupidity?”

Debt Crisis

David McWilliams continues:-

"This story displays the complexity of the entire euro debt and credit crisis, which is getting worse by the day.

"The citizens of the likes of Austria do not willingly want to pay for countries like Ireland but they equally understand that Ireland is not being bailed out but the banks that lent to Irish banks are being saved from the implication of their own greed.Titanic Struggle

"What is going on at the moment is nothing more than a titanic struggle between the interests of the citizens of Europe and the interests of the finance industry in Europe.

"It is one the citizens must win. Otherwise Europe will be turned from a democracy — where broadly speaking economic policy is framed with the interests of the average citizen in mind, to a bankocracy — where economic policy is driven exclusively for the interest of the banks".

It's just a shame that the Government here and the two other main parties have all come down on the side of the banks instead of the people they represent leaving Sinn Fein and some Independents as the only ones who have come down on the side of the people.

Election Choice

It's only once every 4 or 5 years that Irish citizens get a chance to influence events.

Burn the Taxpayer or Burn the Bondholders will be the choice at the next election for Irish citizens.

Which option do you think they will choose?