Who are we to spend our lives working for? Can we not even be told?
We know who is holding the gun to our heads - the government - but they are just the hit-men, we still don't know who is pulling their strings. Our money is being taken from us by force by a government that continues to avoid taking the one simple step that could have protected us. Eyes glaze over when we see the words 'banking resolution law' but that would be our life-jacket. It would provide a rational basis for dealing with bondholders and transform the current state of terror which the government says (in so many words) justifies its actions.
Taxpayers will have to pay for bondholder bailout - The Irish Times - Tue, Oct 05, 2010What is missing here is that in most modern states there is a banking resolution mechanism, a special form of bankruptcy proceedings for banks, which can set the terms of how, and if, and in what way, bondholders are remunerated when the banks are in distress. It is negligence beyond the normal sclerosis of the Irish political system that three years after the Northern Rock collapse, we do not have such a mechanism. The effect of this is to protect the subordinated and senior bondholders.
One has to ask – why has such a mechanism not been put in place, and to whose benefit is it that it is not? It’s clearly not in the taxpayers’ best interests. But then very little of the Government’s policy on the banking crisis has been. While a resolution scheme may yet emerge from the slough of despond that is the Dáil, it will be too late to prevent the transfer of tens of billions of euro from taxpayers to wealthy private individuals, some of whom are certain to be domestic.
We must find out why that is being allowed to happen and who benefits.
From citizens to bonded labourers. In most places bonded labourers know their master. That crumb is denied us.
Every so often the government dangles the prospect of a resolution law before us before lapsing into silence. This was in March: http://www.politics.ie/economy/12604...gislation.html