What shall we do with our new banks?

Slí Eile02/10/2010

Slí Eile: as the sweet tones of the 'People's flag is deepest red it shrouded oft our martyred dead' signalled the end of that very nice protest on Kildare St last Wednesday it became obvious that the authorities were so impressed that at long last they decided by 6.30am the following morning to take majority public control of Allied Irish Banks. The commanding heights are now in full view and socialism (for bankers) is within reach. From each according to their means (higher interest payments to unknown investors) to each according to their needs (the same unknown investors are are senior bondholders). No wonder it can be claimed that some €15bn in senior debt (in Anglo-Irish) has the same status as deposits and this is a legal matter (did I hear some mutter the constitution - they must be talking about private property). Now would readers of this site care to suggest what we the people of Ireland - gnáth phobal na hEireann - might do with this new found resource. This is about democracy. Truly Marx was right when he said that the modern State is but a committee for the management of the common affairs of the bourgeoisie. Except that the international bourgeoisie are not too impressed with the efforts.

Posted in: Banking and financeFiscal policy

Tagged with: bad banksnationalisation


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