This
reply was given by me, under the user name WTTR on 30th September
2009, in a Politics.ie thread opened by Dreaded Estate on how we should
cover in the "€22billion hole" i.e. the yearly government deficit.
A yearly levy of 0.147% (i.e. less than a
fifth of
one per
cent) on the GDP of the EU will bring in the
required €22billion.
This can be justified because the
funding for wage and salary increases in the
CS and massive profits in the
private sector came from over €60billion Securitisation of mortgage
products.
The legislation that allowed the
International Financial Buccaneers (IFB) rip-off the
Irish was initially passed as a result of IFSC lobbying of Irish MEPs,
DOF, The
Financial Regulator to change restrictions in the
Capital Requirements Directive in the
EU, and merrily adopted by fooled up to the
earlobes TDs in Leinster House. All this was done with the
carrot of increased employment in the
IFSC. All the above
collaborated
together to represent an
“Irish
position” to getting the
restrictions lifted.
Who was missing from the
so-called “Irish position”? The poor auld youthful mortgage holder, who
placed
his full faith in the
integrity of
politicians and bankers, was left to carry the
baby! Who are these
mortgage
holders, but those who had safe jobs i.e. Civil Servants etc. Cut the salaries of the
CS, then the
banks don’t get mortgages paid; but the
Asset Covered Securities (another
word for Securitisation) owned by Pension Funds from the
Aging EU have to be paid. These are indirectly covered by the Government Guarantee. So, knock 10% of
CS
salaries; this will not be saved, but will have to be provided for by the rest of us in increased taxation to further bail out the
banks.
The International Bankers, our MEPs, DOF and
Irish
politicians, and the EU
created the problem. Let them
bloody solve it? The Irish people can’t. We could solve it if we had
better
politicians with some foresight e.g. exploited our hydrocarbons for the benefit of the
whole community. But, I have always doubted that our politicians could
have
been so dim-witted to let this massive resource so easily go; I think
that their arms must have
been twisted by the EU. So the
Irish problem is an EU problem, let them
boldly solve it, or it is goodbye to the
Euro and the great European
dream!
Remember if you own the
bank a $100, it is your problem; if you owe them
$1billion, it is theirs!
http://www.politics.ie/economy/107103-22bn-hole-16.html#post2140991