Red Banner issue 60 out now 13:18 Jun 22 0 comments
Red Banner issue 59 out now 17:46 Mar 28 0 comments
The Fake Banking Enquiry. More Cynical Theatre For The Downtrodden Irish Masses? 11:29 Dec 28 0 comments
Red Banner issue 58 out now 15:58 Dec 10 0 comments
Media Fuss over €280 Million While Completely Silent on €28 Billion Plus Interest 19:33 Dec 05 0 commentsmore >>
Officials and Provisionals Sat Apr 01, 2017 22:54 | James O'Brien
Interview with Cathal Goulding Mon Dec 26, 2016 17:11 | Cathal Goulding
Trump, Russia and the CIA Sat Dec 10, 2016 18:23 | Gavin Mendel-Gleason
Why is my rent so high? Mon Oct 31, 2016 18:51 | Gavin Mendel-Gleason
Review of Capitalism: Competition, Conflict, Crises by Anwar Shaikh Sun Oct 30, 2016 16:21 | Gavin Mendel-Gleason
Interested in maladministration. Estd. 2005
Fianna Fail liars Anthony
Bus strikers beat themselves up Anthony
A bird's eye view of the vineyard
Douce France Sat Apr 29, 2017 12:40 | The Saker
Russia on the long and difficult path to true civilizational identity Fri Apr 28, 2017 16:14 | The Saker
Syrian War Report ? April 28, 2017: Govt Forces Advance On Multiple Fronts Fri Apr 28, 2017 15:38 | Scott
BREAKING: Personal message from Xi Jinping to Vladimir Putin: our friendship is unbreakable Thu Apr 27, 2017 22:15 | The Saker
Syrian War Report ? April 26, 2017: Syrian Army Makes Important Gains In Homs Province Thu Apr 27, 2017 18:23 | Scott
Human Rights-Based Integration Policy and the New ?Migrant Integration Strategy? Fri Apr 28, 2017 12:33 | Cliodhna Murphy
The Citizens Assembly Proposals: A Draft Bill Tue Apr 25, 2017 20:42 | admin
NUI Galway Announce New Director of Irish Centre for Human Rights Mon Apr 24, 2017 11:50 | Eoin Daly
Barriers to first trimester abortion care. Sun Apr 23, 2017 12:31 | admin
Why would any country put abortion in the Constitution? Thu Apr 20, 2017 17:28 | Máiréad Enright
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.