Rss Feed Tweeter button Facebook button Delicious button

Skip to content

Wednesday, May 23rd 2012


Can we decide please?

Fine Gael and a increasingly unsure Labour Party are saying that any alternative to compliance with the terms of the IMF/EU deal is a reckless gamble. Vincent Brown (whether mischievously or otherwise) rounded on Eoin O Broin of Sinn Fein on the basis that burning the bondholders and the strategy that SF is advocating would see us unable to pay public servants, including the Gardaí, within a year or so. Scaremongering, in other words.

None of us have a crystal ball, but it seems to be that it is entirely reasonable to go back to the major European governments - the movers behind the deal - and outline in clear terms that we are not going to subject our people to this level of misery over a prolonged period and we are not going to be restricted in our ability to invest in job creation, if the democratic will of our people is to vote for parties that advocate this approach.


And there’s the rub. Are we saying that advocating anything other than an agenda suitable to the IMF - a conservative and deregulated economic approach - like the one that facilitated the runaway banks for example-is tantamount to a reckless gamble? So that’s it. Its the same political and economic approach or nothing. That’s the real danger here and it needs to be challenged. The IMF and EU don’t see Fine Gael challenging and, alas, Labour seem to be moving towards the continuation of this right wing agenda too, though I suspect that they are wobbling. I hope so

Discussion

We welcome and encourage lively discussion from the public about articles on Irish Left Review. You can leave a comment using the form at the bottom of the page. Please read through the existing comments before posting your own.

  1. Comment by: William Wall

    Feb 2nd 2011 at 08:02

    Very succinctly put and dead on. The issue, as with the Nice and Lisbon referenda, is one of democracy. I suggest holding a referendum on the issue: Are we prepared to shoulder this unbearable debt burden, or do we want to go a different way. In either case there are risks, but the risks fall on different people.

  2. Comment by: Pope Epopt

    Feb 2nd 2011 at 10:02

    A good suggestion going the rounds is the following:

    Buttonhole the candidate themselves, not their canvassers, and record a question like:

    Do you think we, the Irish public and their government, should default on the €90bn of private debt taken on by the last government - yes or no?

    along with the response. Record on camera, phone, or whatever you have to hand, and post it on Youtube.

    That will sort the wheat from the chaff.

  3. Comment by: Des Brannigan

    Feb 2nd 2011 at 11:02

    I wish to attend next saturdays conference in the gresham hotel.

    Please advise how will i gain entrance.

    Thank you,

    Desmond Brannigan
    01 6600737

  4. Comment by: William Wall

    Feb 2nd 2011 at 13:02

  5. Comment by: Des Derwin

    Feb 2nd 2011 at 14:02

    Our left candidates and panelists need to sharpen up their media act in relation to finances and the economy. It is both a matter of ready answers and personal push.

    That said, Vincent, whom I admire and read voraciously, is become a bit of a liability for the left. He is giving the third degree to people, some inexperienced but genuine, who are saying exactly what Vincent is saying in his own fucking columns! He is undermining and discrediting the left - for the sake of being the great macho anchorman? - and also his own strongly held and brilliantly broadcast views. He keeps aggressively implying to his left guests that ‘there is no money’, there is no alternative, when his own columns point out - better than anyone in journalism except Fintan and Gene - that, in his own phrase, we are a very rich country with a very poor state (due, he also argues, correctly, to the fiscal treatment of the rich).

    Either Vincent eases up, and uses his show to help promote an alternative (that’s what he wants isn’t it?) or we send our people on better armed and fired up.

  6. Comment by: Donagh

    Feb 2nd 2011 at 15:02

    All due respect to Vincent but I think he just doesn’t get the argument. It might be because of his schooling in the Donnie and Nesbit’s school of economics, learning at the barstool bended knee of Colm McCarthy.

    In his Sunday Business Post column he puts it like this:

    Do we want a radical change in the structure of society, whereby wealth, income, power, influence and welfare are redistributed and the people are given a direct say in major decisions, but with lower growth and - for a while at least - less job creation?

    Or do we want a less radical change with incremental improvement in equality with some job creation?

    Or do we want a society that remains more or less as it is, but is better managed politically?

    Or a society that is even more unequal, but perhaps with the prospect of greater growth and maybe more jobs sooner rather than later? Somehow, I think debate on these kinds of choices will be stifled fairly quickly.

    This suggests that he associates low growth in the short term with real redistribution, and implies that less equality etc will provide more growth. The options further down the list are less groovy from a left perspective seem, in Vincent’s mind, to be associated with higher growth in the more immediate future.

    He thinks that reducing the deficit by cutting public expenditure will generate growth, and produce jobs in the economy when the opposite is the case, as FF’s policy to date has shown and will again be confirmed if FG and Labour get into power. At no point does he talk about the structural weakness of the economy or how that can be changed through investment and that there are many plausible ways to fund that investment without tearing apart the semi-states. But then he’s a politico who is good at putting other politico’s on the spot.

  7. Comment by: CMK

    Feb 2nd 2011 at 23:02

    Vincent is disgracing himself on TV3 now. He’s taken the right wing “where are you going to get the missing 19bn” trope and is battering each guest, in turn, with it. Kieran Allen staring glumly into space.

  8. Comment by: vincent wood

    Feb 3rd 2011 at 00:02

    @cmk
    Actually think Kiaran Allen is doing very well. Maybe VB is trying to sharpen everybody up for the campaign!

  9. Comment by: CMK

    Feb 3rd 2011 at 12:02

    @Vincent Wood

    Yes, of course Allen quite well. Just the camera caught him looking glumly for a moment or two.

This article is also being discussed on the following websites:

  1. Feb 2nd 2011

Leave a Comment

(required)

(required, will not be published)

Sins of the Father

Sins of the Father:

Tracing the Decisions

That Shaped the Irish Economy,

by Conor McCabe

from The History Press

Now Available as an e-Book.

Subscribe by Email

Enter your email address:

Delivered by FeedBurner



Irish Left Review on Facebook

Best of the Web

  • 97% Owned | Documentary on Money

    This looks good…

    When money drives almost all activity on the planet, it’s essential that we understand it. Yet simple questions often get overlooked - questions like:

    • where does money come from?
    • Who creates it?
    • Who decides how it gets used?
    • And what does that mean for the millions of ordinary people who suffer when money and finance breaks down?

    97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach.

    Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis.

    Produced by Queuepolitely and featuring Ben Dyson of Positive Money, Josh Ryan-Collins of The New Economics Foundation, Ann Pettifor, the “HBOS Whistleblower” Paul Moore, Simon Dixon of Bank to the Future and Sargon Nissan and Nick Dearden from the Jubliee Debt Campaign, this is the first documentary to tackle this issue from a UK-perspective, and can be watched online now.

    No comments »
  • Greek leftist brings message to Europe - “Let’s talk”

    “The first reason we are taking this trip is because we want the governments of these important European Union countries, France and Germany, to see what we stand for: what is being transmitted in Europe about us is not what we represent and want,” Tsipras told Reuters at the office of his SYRIZA party.

    He will not be meeting government officials, but will see fellow leftists in France and Germany, including former French presidential candidate Jean-Luc Melenchon and Klaus Ernst and Gregor Gysi of Germany’s The Left. He will hold news conferences in both capitals to get his message to a wider audience.

    “We are not at all an anti-European force. We are fighting to save social cohesion in Europe. We are maybe the most pro-European force in Europe, because its dominant powers will lead the union into instability and the euro zone to collapse if they insist on austerity,” he said.

    While he repeated his assertion that the terms of a 130 billion bailout agreement Greece signed with international lenders in March are now a “dead letter”, he said that if he comes to power he will seek a new policy mix to keep Greece in the euro.

    “Yes, we do want Europe’s support and funding, but we don’t want the money of European taxpayers to be wasted. Two bailouts in a row went into the dustbin, into a bottomless barrel. If this continues we would need a third package in six months. Europeans and their leaders must realise this,” he said.

    No comments »
  • Damien Dempsey calls for a No vote in the 31st of May Fiscal Compact Treaty Referendum

    No comments »
  • Mandate: Vote No to the Austerity Treaty

    No comments »
  • Étienne Balibar: ‘Ejecting Greece from the eurozone would be a moral failure for Europe’ - video

    French Marxist philosopher Étienne Balibar discusses European identity amid the financial crisis. Using ideas explored in his 2002 book Politics and the Other Scene, he argues that the continent still has some way to go to rid itself of xenophobia.

    Guardian Comment is Free Video Interview

    No comments »
  • Greece: when the lights go out

    Ireland is not Greece, Michael Noonan has said. The two countries are so far apart that the only thing that reaches us is feta for our fancy salads. Yet, Phil Hogan is planning to use details from electricity bills to go after those who haven’t paid their household charge, just like they tried in Greece. Let’s see how that goes…

    The desperate cunning scheme to get Greeks to pay property taxes by bundling them with electricity bills didn’t last long. You guessed it, people stopped paying their electricity bills and now it looks like the power company - which had to be bailed out last month - has stopped even trying to collect the levy.

    No comments »
  • Greece: heading for the exit? | Michael Roberts

    There is a way out of this. But it’s not on the basis of the pro-banking, pro-capitalist policies of the Euro leaders. Greek state finances would be fine if the richest Greeks paid taxes and did not spirit their money offshore to buy property in Kensington, London or Monaco, with the connivance of Greek banks and politicians granting their wealthy friends and multinationals all kinds of tax advantages and favours that have diluted tax revenues to the point where there is not enough in the kitty to maintain public services.  According to the Tax Justice Network, over a trillion dollars lie in offshore banks and companies in tax havens (not all Greek money of course).  Recover this money and governments could not only reduce their debts but pave the way for a lowering of taxes across the board to encourage investment and growth and increase spending power for the majority.

    Capital controls, public ownership of the banks and major corporate sectors to organise a plan for investment and growth: this is not just an alternative programme for Greece but for all of Europe.

    No comments »
  • On ABC Radio National, PM program: ‘Stupendously idiotic’ policies for Greece can’t work.

    Good answers….

    MARK COLVIN: Well it’s being imposed effectively from Germany, isn’t it? What are the chances that Germany is going to have any patience with a Greece which has failed to form a coalition, which is going into uncharted territories, as you say, with a new election?

    YANIS VAROUFAKIS: It’s like asking the question, what kind of patience am I going to have with gravity? It doesn’t matter.

    (sound of Mark Colvin laughing)

    Gravity is a law of nature and I cannot do anything about it. Similarly, Germany at some point, and I think that that point has already come, Germany will realise that it is absolutely impossible to, for a country like Greece, or for Spain for the matter, to exit this debt deflationary spiral, through cutting. This cannot be done even if every single Greek and Spaniard and Italian wants to do it.

    Even if God, his angels and, you know, every good man and woman on this planet wanted to implement this German prescription on the European periphery, it cannot be done for the same reasons why I can’t fly without an aeroplane.

    MARK COLVIN: So what’s the alternative? Where’s the money going to come from for pump priming?

    YANIS VAROUFAKIS: Well, I don’t think we should have pump priming. What I think we should have in Europe is a little modicum, tiny whiff of rationality.

    No comments »
  • Video: David Graeber and David Harvey in Conversation

    David Graeber and David Harvey discuss their new books, Debt: The First 5000 Years, and Rebel Cities, respectively.

    25 April 2012 at The CUNY Graduate Center

    No comments »
  • Choonara, McNally and the US rate of profit | Michael Roberts

    As readers of my blog will know, ad nauseum

    Oh go on then, say it again, once more with feeling….

    I think there has been a secular downtrend visible in the US rate of profit, but there is also a profit cycle in the US capitalist economy that lasts from trough to trough about 32-36 years.  I reckon that the last peak year of 1997 set the marker for the end of the ‘neoliberal’ up phase from 1982.  The down phase then began to exert pressure on the US capitalist economy.  It forced an even bigger switch from productive investment in manufacturing, transport and communications into financial and property sectors to maintain profits through the expansion of what Marx called fictitious capital, or credit.  That laid the basis for the crisis in 2007 and the ensuing major slump.  In that sense, Marx’s law of profitability did operate to cause the crisis.  The great up phase in profitability after 1982 had finished in 1997, some ten years before the Great Recession.  We are still in the down phase, which will last for at least another three to seven years, on my reckoning, in what is really a long depression like the 1880-90s in the US and the UK.

    But remember the data for these arguments are for the US only.

    No comments »

Link Archives »

Authors