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Why the Fianna Fail Party wants to avoid bank nationalisation.
national | anti-capitalism | opinion/analysis Sunday August 16, 2009 15:51 by Paddy Hackett - None patrickhackett at hotmail dot com Ireland
Why the Irish government want to avoid bank nationalisations.
Capitalism is afraid to let the depression go its full course to thereby cleanse the system because of the potential threat from the working class. Indeed capitalism has become so contradictory that even a very deep downturn may not save it from deep stagnation. The cyclical downturn is now no longer sufficient as it would have been in the 19th century. Now we need cyclical world wars.
Many economic commentators call for the nationalisation of Irish banks. They claim that it will reduce costs to the state. It is suggested by some commentators such as SIPTU's Manus O Riordan and Brian Lucey that Fianna Fail's policy concerning the refusal to nationalise is ideologically driven. This cannot be true especially given its history of past nationalisations and its generally populist character. They miss a sigificant political point. It is the Fianna Fail party's intention to maximise protection to the developers and their allies, the Irish banks. This Fianna Fail hopes to achieve by buying toxic assets at a higher price than is necessary. In this way revenue will have been transferred from one section of the capitalist to another --to the bankers and developers. The acute nature of the Irish Republic's economic crisis is exposing the degree to which the existence of the Fianna Fail party depended on the financial support of Irish property developers. Fianna Fail cannot turn on the developers. To do so would be to turn on itself. This, in a sense, is the basis for the Irish property bubble and the Fianna Fail government's procrastination wirth regard to its collapse.