France Rises Up Against the New Fascism - Vaccine Passports 23:57 Jul 21 3 comments George Floyd: one death too many in the “land of the free” 23:58 Jun 23 0 comments The leveraged buyout, exploitation and punishment beating of Greece as warning to others. 11:45 May 11 0 comments Red Banner issue 60 out now 13:18 Jun 22 0 comments Red Banner issue 59 out now 17:46 Mar 28 0 comments more >>Blog Feeds
The SakerA bird's eye view of the vineyard
Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
Public InquiryInterested in maladministration. Estd. 2005RTEs Sarah McInerney ? Fianna Fail supporter? Anthony Joe Duffy is dishonest and untrustworthy Anthony Robert Watt complaint: Time for decision by SIPO Anthony RTE in breach of its own editorial principles Anthony Waiting for SIPO Anthony
Human Rights in IrelandIndymedia Ireland is a volunteer-run non-commercial open publishing website for local and international news, opinion & analysis, press releases and events. Its main objective is to enable the public to participate in reporting and analysis of the news and other important events and aspects of our daily lives and thereby give a voice to people.Julian Assange is finally free ! Tue Jun 25, 2024 21:11 | indy Stand With Palestine: Workplace Day of Action on Naksa Day Thu May 30, 2024 21:55 | indy It is Chemtrails Month and Time to Visit this Topic Thu May 30, 2024 00:01 | indy Hamburg 14.05. "Rote" Flora Reoccupied By Internationalists Wed May 15, 2024 15:49 | Internationalist left Eddie Hobbs Breaks the Silence Exposing the Hidden Agenda Behind the WHO Treaty Sat May 11, 2024 22:41 | indy
Lockdown Skeptics
Labour?s VAT Plan for Private Schools Flunks Revenue Test Sun Jul 28, 2024 19:00 | Richard Eldred
Far-Left Group Claim Responsibility for Paris Arson Attacks Sun Jul 28, 2024 17:00 | Richard Eldred
DESNZ Has Net Zero Competence Sun Jul 28, 2024 15:00 | David Turver
Hate Cleric Raises £3 Million to Create Islamic Homeland on Scottish Island Sun Jul 28, 2024 13:01 | Richard Eldred
Why I Fear What Labour Will Do to the Education System Sun Jul 28, 2024 11:00 | Stephen Curran |
Why the Fianna Fail Party wants to avoid bank nationalisation.
national |
anti-capitalism |
opinion/analysis
Sunday August 16, 2009 15:51 by Paddy Hackett - None patrickhackett at hotmail dot com Ireland
Why the Irish government want to avoid bank nationalisations. Capitalism is afraid to let the depression go its full course to thereby cleanse the system because of the potential threat from the working class. Indeed capitalism has become so contradictory that even a very deep downturn may not save it from deep stagnation. The cyclical downturn is now no longer sufficient as it would have been in the 19th century. Now we need cyclical world wars. Many economic commentators call for the nationalisation of Irish banks. They claim that it will reduce costs to the state. It is suggested by some commentators such as SIPTU's Manus O Riordan and Brian Lucey that Fianna Fail's policy concerning the refusal to nationalise is ideologically driven. This cannot be true especially given its history of past nationalisations and its generally populist character. They miss a sigificant political point. It is the Fianna Fail party's intention to maximise protection to the developers and their allies, the Irish banks. This Fianna Fail hopes to achieve by buying toxic assets at a higher price than is necessary. In this way revenue will have been transferred from one section of the capitalist to another --to the bankers and developers. The acute nature of the Irish Republic's economic crisis is exposing the degree to which the existence of the Fianna Fail party depended on the financial support of Irish property developers. Fianna Fail cannot turn on the developers. To do so would be to turn on itself. This, in a sense, is the basis for the Irish property bubble and the Fianna Fail government's procrastination wirth regard to its collapse. |
View Full Comment Text
save preference
Comments (2 of 2)