The Bottomless Pit that is the National Debt

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Statement from Repudiate the Debt

The recently published report of the Central Bank of Ireland entitled “Irish SME credit supply and demand: Comparisons across the surveys and countries” exposes as never before what the bank bail-out is costing the Irish economy, in particular small businesses.

The whole of Irish society outside of the foreign monopolies is being squeezed to death at the behest of the external EU-ECB-IMF troika. They have given priority to the payment of what they term the “sovereign Irish debt”-money owed to European banks, finance houses, and rich individuals.

The internal troika of Fine Gael, the Labour Party and Fianna Fáil have willingly gone along with this strategy. Despite the Government’s majority stake in many of these banks and having representatives on their boards, they are unwilling to break ranks with the external troika, despite the massive cost to working people and the choking of small businesses.

More public money is squandered, being pumped into failing banking structures, adding more and more to the massive corporate socialized debt. It is a revolving door, with money coming in and then straight back out of the country, while the bill for the people in the form of growing debt becomes bigger and bigger and the services to the people become fewer and fewer. This can only be seen as a massive transfer of wealth from working people and their families to finance capital.

Tragically, it is transferring our wealth to the same institutions whose speculation sparked the crisis.  ISME is not representing the best interests of small businesses. It is facilitating European big business and finance capital by supporting the policies of the Government and the European Union. What businesses that rely on the Irish market need is an end to “austerity” so as to boost consumption and credit, to be directed towards Irish business. This is not the troika’s strategy.

Only a radical departure from the present strategy can break our people free of the growing shackles of debt bondage. The Irish political establishment is clearly part of the problem and not part of the solution.


One Response

  1. John Mc Donnelll

    August 23, 2012 1:47 pm

    Why is that members of organisations who are the paymasters put up with this.
    Whether it’s trade-unions or business representatives.
    You only have to look at south africa at the miners and policeman who was murdered in a protest.
    Where workers was fighting for a pay rise and health and safety issue to be addressed.
    When if addressed by their unions, these issues could be dealth with lawfully under the south african constitution. There is a general lack of engagement by these so called representatives.
    The problem is that the neo-liberal extremist have a strategy and will look after its interest.
    The so called representives are either incompetent or are masquerading and only interested in their own agenda.