Upcoming Events

National | Anti-Capitalism

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link The Founding Fathers and Other Tales Mon Feb 19, 2018 22:23 | The Saker
by Jimmie Moglia for The Saker blog The skeptics among my twenty-five readers may suspect from the title, that I am jumping on the bandwagon of our discontent, to direct

offsite link China?s ?New Silk Roads? reach Latin America Mon Feb 19, 2018 14:43 | The Saker
by Pepe Escobar (cross-posted with the Asia Times by special agreement with the author) Beijing is turbo-charging its infrastructure connectivity across the region and the Caribbean A sharp, geoeconomic shift

offsite link The Black Sea Development Navy Brief 2/18 February 2018 Sat Feb 17, 2018 22:57 | Scott
by LeDahu for the Saker Blog   Unprecedented show of power projection by the US Navy with 2 Arleigh Burke class DDGs now deployed in the Black Sea.  The USS

offsite link Lessons From History Fri Feb 16, 2018 23:26 | mod editor
This comment was chosen by moderator HS from the post  “Syrian War Report ? February 13, 2018: Israel Deploys New Anti-Missile Systems Near Syria”. The moderator felt the comment was

offsite link Syrian War Report ? February 16, 2018: Turkish Forces Capture Large Area In Afrin Fri Feb 16, 2018 20:14 | Scott
https://southfront.org/syrian-war-rep... On February 15, the Turkish Armed Forces (TAF) and the Free Syrian Army (FSA) achieved a major breakthrough in their battle against Kurdish YPG/YPJ forces in the area of

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Repeal and Replace? Sat Jan 20, 2018 12:58 | Fiona de Londras

offsite link Shifting Sands Under the Abortion Debate Mon Jan 15, 2018 09:30 | GuestPost

offsite link Liberty, the ICCL, and other NGO groups? landmark challenge against the UK Government?s mass surveil... Tue Nov 07, 2017 11:56 | admin

offsite link What Ireland can gain from international guidance on Article 19 UNCRPD Mon Oct 23, 2017 12:53 | Eilionoir Flynn

offsite link Repeal or Replace? Tue Oct 03, 2017 06:31 | Fiona de Londras

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Display Cases 22:08 Mon Feb 19, 2018 | irishelectionliterature

offsite link Downbeat rhetoric on the 8th 15:35 Mon Feb 19, 2018 | WorldbyStorm

offsite link February polls ? so far not so good 11:24 Mon Feb 19, 2018 | WorldbyStorm

offsite link Est. 1970? 09:17 Mon Feb 19, 2018 | WorldbyStorm

offsite link Left Archive: Capital in Ireland: The Ripening of Time No. 7, May ? July 1977 02:19 Mon Feb 19, 2018 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

Why the Fianna Fail Party wants to avoid bank nationalisation.

category national | anti-capitalism | opinion/analysis author Sunday August 16, 2009 15:51author by Paddy Hackett - Noneauthor email patrickhackett at hotmail dot comauthor address Ireland Report this post to the editors

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.

It must be also remembered that not all Irish developers are going to ultimately suffer from the property market collapse. Many of the weaker property developers will be squeezed out to the advantage of the stronger capitalist developers. In this way they can increase their profits. Indeed the present depression is all about the need to squeeze weaker capitalists out of the system to the advantage of bigger ones. If there is not a social revolution then there will be a consolidation of finance capital at the expense of weaker capitalists and the working class.

If there is not a global revolution the working class are in for a hard time. This is why I have written that things, in the wake of the current depression, are never going to be the same again. The working class, to defend its class interests, must strengthen itself organisationally and politically against the consolidation of capitalism. The worker is going to be made pay for the billions that Washington, London, Paris etc., have recently injected into the financial sector to help slow down and arrest the downturn. But this massive unprecedented injection of funds into the system is merely going to create a new "bubble" that leads to a new collapse. 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.

Paddy Hackett

Related Link: http://paddy-hackett.blogspot.com
author by sam simpson - SFpublication date Sun Aug 16, 2009 23:55author email samsimpson at utvinternet dot comReport this post to the editors

The truth of the matter is that unless Ireland in particular gets radical if not revolutionary political change very soon, a descent into serious and sustained social unrest with the inevitable 'security' crackdown is on the way. The signs are ominous. Unfortunately the lack of either resources or cohesion amongst the Left are making a viable alternative appear very far off, and a successful Revolution no more than a pipedream. The re-democratisation of Democracy will inevitably require compromises. It is time for the Left to unite - my enemy's enemy is my friend...

author by Fred Johnstonpublication date Tue Aug 18, 2009 20:05Report this post to the editors

Fianna Fáil want to keep the banks alive because the banks propped up developers who in turn, almost by tradition, propped up Fianna Fáil. The real danger is that a rogue banker, finding himself in the courts (which, naturally, shoud be the destination of such folk) will decided to spill rotting beans about how deep the bank.developer/Fianna Fáil connections run.

 
© 2001-2018 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy