I see Greece is getting a €100 billion debt write-down and isn’t that great for them? Of course, but it still leaves Greece in the shit, yet at the same time it just goes to show that financial gamblers can be told to go and get stuffed. Meanwhile, this very week, we here in Ireland are paying a billion euros to unsecured creditors in Anglo-Irish Bank. A billion euros of public money to people who took a private gamble and lost, paid for by Irish taxpayers, thanks very much.
So much for the open market. So much for the bullshit they told us about market forces and how governments must never interfere in it. So much for capitalism. Of course, what they meant was that governments must never interfere except when the gamblers stand to lose money. Then they must step in immediately to make sure that gamblers are looked after, using your taxes,, even if it means that our old people can’t afford to pay for heating.
Now, look. I know we have a massive budget deficit that has to be brought under control, and this post has nothing to do with that. We can talk about the budget deficit another time. This post is about governments paying for the losses of speculative gamblers using money that they take from you and from me.
Why are we paying for the losses of private companies like Anglo-Irish Bank and Irish Nationwide?
To use a phrase so beloved of our politicians and their media coaches, the reality is that these losses were created by private companies trying to make a profit and of course when you hope to make a profit, you must also plan to make a loss.
The investors in these banks planned to make a loss and they calculated accordingly, but when they see the Irish government covering their losses, they can’t believe their luck. Quick! Send down more coke!
Meanwhile, you pay bigger taxes so that we can get another pat on the head from Angela Merkel.
You will pay for these private losses by private gamblers, and you will never riot on the streets because you are not French and you are not Greek. You are not Italian and you are not German.
You are Irish and therefore you will take it up the arse as usual.