Threat To Fishing Communities is Laid Starkly Bare in New Film - Atlantic 20:04 Apr 10 0 comments
Luas drivers show the way-Strike for a real recovery 22:41 Mar 31 2 comments
Poolbeg incinerator - city council manager assures company they can ignore vote of council 00:08 Aug 27 0 comments
"Fuck the EU" - Conclusive proof that the US is meddling in the affairs of a soverign country 13:01 Feb 08 9 comments
Ukrainian anarchist dispels myths surrounding Euromaidan protests, warns of fascist influence 21:44 Jan 23 7 commentsmore >>
Wailings about Left Unity Sat Feb 13, 2016 01:13 | James O'Brien
The Bern Manifesto: Why I am Voting for Bernie Sanders Wed Jan 27, 2016 23:59 | Jerome Nikolai Warren
Kautsky â€“ The crisis of capitalism and the shortening of working time Mon Nov 09, 2015 22:34 | James O'Brien
How to do better things with words Fri Oct 23, 2015 07:38 | modulus
Syriza and Israel: Syrizaâ€™s response Thu Aug 20, 2015 18:10 | yeksmesh
Interested in maladministration. Estd. 2005
Conor Pope: Genuinely clueless Anthony
A bird's eye view of the vineyard
Big Brother reprimands his unruly subjects: Obama lectures the UK population on how to vote in the B... Sat Apr 30, 2016 22:30 | The Saker
Orthodox Christian Georgian Assyrian Church Chants 16 & 50 Psalms Sat Apr 30, 2016 22:02 | Scott
Just some really good music (including different versions) Sat Apr 30, 2016 17:14 | The Saker
Russia Defense Report: Who Is Afraid of Iskander-M? Sat Apr 30, 2016 16:31 | The Saker
Moveable Feast Cafe 2016/04/30 ? Open Thread Sat Apr 30, 2016 06:30 | Herb Swanson
Ireland’s Home Mortgage Crisis: No Debt Relief.
international | worker & community struggles and protests | opinion/analysis Sunday March 17, 2013 21:34 by Caoimhghin Ó Croidheáin - Artist
The Destruction of Savings and Pensions
We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without intrinsic value) has created exponential growth for the world’s financial elites. This led to unprecedented bubbles in the property market as banks made it easy for people to borrow more money than they would have been allowed in the past when a conservative banker guideline for a home buyer was to have a two to two and a half times mortgage-to-salary ratio.
In contrast to these methods for almost unlimited sources of (false) wealth conjured up by financial elites, workers (borrowers) have only one source – wages – which are going into decline due to government cutbacks and increased taxes. Yet despite this obvious anomaly, whereby the banks get bailouts with even more money, borrowers are expected to pay back, and in full, under threat of repossession, every single cent of the flawed money lent to them to pay exorbitant house prices inflated by excessive lending in the first place.