The train wreck that is the Government’s economic strategy

COMMUNIST PARTY OF IRELAND

The train wreck that is the Government’s economic strategy

2 February 2012

The Central Bank’s quarterly report exposes the train wreck that passes for the economic and social policy of this bankrupt Government and failed system. The system, both at the national and the international level, continues like a ball bouncing down a stairs, falling deeper into crisis.

The mounting payments to service this odious debt—which could cost the people nearly €9 billion this year, plus the payments to bond-holders due this year, coming to about €5 billion—are unsustainable. Growth is now forecast to be no more than 0.5 per cent; this is far below what the Government and all the establishment think-tanks believe is necessary to “pay our debts.”

The payment of this odious debt piles more and more pain upon the people as this Government and its EU allies attempt to deal with the massive socialised debt on the backs of the people, to save the German and French banking system. They have constructed a permanent debt relationship that will continue indefinitely, with massive transfers of wealth from the people of the peripheral countries to the finance houses of Frankfurt and Paris.

The austerity pact will be a permanent policy and is a pact to fleece and rob the people. It is to ensure that more of the people’s money will be spent on servicing a debt that is not theirs than will be spent on the people’s basic needs, such as decent health and education services.

Eugene Mc Cartan

087 9733414