Eamon Ryan is to stupidity what Mozart is to genius.
This is the man who told us we couldn’t wind up Anglo-Irish Bank or we’d be thrown out of the Euro zone.
This man’s idea of explaining policy is to repeat the words “smart economy” until everyone is asleep.
This man is an absolute cretin, and yet, at the same time, infallible: he’s always wrong.
Eamon Ryan is the single most stupid politician I have ever seen in my entire life, and if Eamon Ryan says the bank guarantee will work, then we are doomed, because as sure as eggs is eggs, this fool will be wrong, as he has been about every single thing he has ever said.
Two extremely worrying articles appeared in the last week. One, in the Irish Times, was written by Morgan Kelly, professor of economics in UCD, and the other, by Peter Boone and Simon Johnson, appeared in the New York Times.
They say much the same thing. In 2010, Ireland will have one of the highest budget deficits in the world and the banking bail-out is going to sink us.
It’s that simple.
If the government persists with its bank guarantee, public finances will collapse and Ireland will default on its sovereign debt.
Morgan Kelly puts it even more starkly: It is no longer a question of whether Ireland will go bust, but when.
Now, I don’t know about you, but I’m prepared to believe Kelly, Boone and Johnson before I believe some Fianna Fáil hack with a vested interest in shouting them down, and in any case, I have strong evidence of my own to support their thesis that the bank bailout will sink Ireland. Eamon Ryan thinks it will all be fine.
To put the problem in numbers, Kelly compares Ireland to the USA, where the government put €557 billion into buying the banks’ bad debts. Half a trillion! And the American taxpayer is likely to lose €150 billion.
But wait. Scale the figures down to the size of Ireland per head of population. That’s the equivalent of the Irish government spending €7 billion on NAMA and the bank recapitalisation combined, with a loss of just under €2 billion.
Seven billion invested. Two billion written off.
But what are we actually spending on NAMA and the bank capitalisation so far?
Will I tell you?
It’s €70 billion. Seventy billion euros.
That’s ten times as much as the USA, per person. And the loss on that is likely to be at least €50 billion which is proportionately twenty-five times the cost to the American taxpayer.
There’s only one reason for this. Our present Taoiseach and Finance Minister decided to underwrite the gambling debts of of dodgy bankers who came with lies in the middle of the night, and high-risk investors, instead of explaining to them that their bad business decisions were not our problem.
As a consequence, you and I now face years of savage cuts in public services, including schools and hospitals. In addition, we also face huge tax increases.
By contrast, the bankers and the bondholders stay fat, perhaps having to pull in their belts half a notch, but still of ample girth. It will be IMF rule, and all because this government, Fianna Fáil, the Republican Party, when it came down to hard-faced ideology, proved that its slogan is nothing more than that: an empty slogan.
Republics are for the little people when times are easy. This is all about the big boys — the ones who matter. This is all about bailing out the pals who run the banks, and the other pals who own the banks and the politicians.
I know it isn’t nice to be thinking about uncomfortable concepts like treason, but what we have seen in Ireland over the last two decades is nothing short of treason. A small cabal of very wealthy men have bought a government and used it to suck the life-blood out of a small country.
And when their pyramid scheme collapsed, as it always must, the government stepped in with a guarantee to save the wealthy circle, but they didn’t use just money. They pledged your future, your children’s future, their education, welfare, health, peace and happiness for all time.
That was some guarantee for a bunch of small fat sweaty men in baggy suits to make, wasn’t it?
Unless this criminal guarantee is rescinded somehow, Ireland will sink without trace. There will be no investment for generations. You, I and our children will be screwed, and people had better start waking up to this very tangible reality. Make your decision now.
Eamon Ryan thinks it won’t happen, but that’s because Eamon Ryan is a blithering cretin.
There’s only one remote chance of saving this country from obliteration, and that’s to let the banks collapse — all of them if necessary. Every single, crooked, scumsucking, embezzling, thieving one of them, and set up new, unencumbered banks on the rubble.
If this doesn’t happen, we’ll end up having to build a new country on rubble, and nobody wants that, except perhaps a small bunch of pudgy, tanned men in some Portuguese golf resort.
Previously on Bock