So much for the promissory note deal. Despite all the posturing by Kenny and Rabbitte, we’re as far away from getting a break as we ever were, so why precisely would we continue with this nonsense? Fitzy and Fingers between them ran up a loss of €34 billion in their privately-owned lending institutions. These companies had nothing to do with mainstream banking and even less to do with the broader economy. They were little more than funding vehicles for the small bunch of cronies who destroyed our country.
If they had been allowed to collapse, no-one would have suffered except the international investors who routinely calculate such ups and downs into their plans, but the two Brians decided to bail them out anyway by placing a huge burden on the Irish people. Of course, both Anglo and Irish Nationwide are dead banks that will never trade again and never make a profit. Therefore, the huge cash injection went straight to the bondholders and the huge corresponding debt burden went straight onto the shoulders of our children.
Why did Brian and Brian decide to bail out the investors in two failed businesses? Perhaps we’ll never know.
Would they have done the same thing if Anglo and Irish Nationwide happened to manufacture clothing or hamburgers? Almost certainly not, and yet, they chose to enslave future generations of Irish people in order to protect the investors in these two private companies.
The consequence is that every year for the next ten, our government must pay €3 billion to pay off this awful promissory note. Not to the bondholders, remember, since they already got all their money, but to our central bank which, in turn, destroys that money in order to balance the books. It’s utterly absurd. €3 billion every year, to pay for the incompetence of two failed banks, even though we don’t own the debts they ran up. This money is the difference between decency and misery, between people dying on trolleys or going home alive, between police protection and rampant crime.
That’s the cost of bailing out the Anglo billionaire investors to make sure we won approval in Europe and got a pat on the head.
Fast forward to today. Enda Kenny, Pat Rabbitte, Eamon Gilmore and Michael Noonan in their various ways have reassured us that a deal was on the cards. Draghi was behind it. Von Rompuy was behind it. Osborne was in favour. Barroso thought it should happen. Olli Rehn said it was only right.
Well, guess what? The governors of all the central banks have said no. There isn’t a deal for Ireland, even though we took onto ourselves a huge burden in order to save the Eurozone. It turns out that paid officials, and not elected representatives, are in charge of Europe.
Maybe it’s time to stop being the best kids in the class and instead threaten to pull down the whole tent on top of everyone, just as we should have done nearly five years ago when the whole scandal first began to emerge.
The French would do it in a blink, but of course, they have some self-respect, unlike us.