If you were a Taoiseach, what will you do to get us out of recession?

  1. gbolahan profile image59
    gbolahanposted 7 years ago

    If you were a Taoiseach, what will you do to get us out of recession?



  2. peterxdunn profile image58
    peterxdunnposted 7 years ago

    I would do what they are doing in Iceland: take direct (government/treasury) control of the banks and arrest all the bankers who have been fraudulently lending out money (and then securitizing the debt: ie selling on the debt to a third party) that the banks did not have in their reserves.

    This was all made possible by the deregulation of the banks which allowed them to keep transactions (loans etc) off their balance sheets (undeclared) which, in turn, led to a situation whereby no one could tell how much debt a bank was carrying so the quoted share prices of the banks in question had no bearing on reality whatsoever.

    This is an ongoing situation that reaches much further afield than just Ireland. All of the world currencies are, pretty much, now only supported by debt that is being constantly shunted around the the world banking system.

    I've even heard that the main subject of discussion at Davros concerns the pros and cons of injecting another 100 trillion (!!!) dollars worth of debt into the global economy.

    The power that we are handing over to the banks here is totally unprecedented. If the banks - and this does look likely - were to suddenly stop lending money (please bear in mind that central banks create money by - quite literally - waving a magic wand: otherwise known as a pen) then the recession that is now supposed to be over (we wish) will seem like a mere dip in the road when compared to the precipice that we are all fast approaching.

    Oh - Brian Cowen is just a glove puppet controlled by the future owners of the Emerald Isle: the IMF.