Upcoming Events

National | Anti-Capitalism

no events match your query!

Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Elaine Byrne: Lacking moral courage to name names

offsite link Real democracies and referendums Anthony

offsite link Public Services Card: Some still forced to comply Anthony

offsite link Catholic Church: Dark influence still active Anthony

offsite link Tom Parlon launches new career in comedy Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Trump Plans to Keep U.S. Troops Permanently in Iraq Tue Feb 18, 2020 00:29 | The Saker
by Eric Zuesse for The Saker Blog A reliable and exceptionally knowledgeable source, who doesn?t wish to be publicly identified, has confidentially informed me that an agreement has been reached

offsite link Moveable Feast Cafe 2020/02/17 ? Open Thread Mon Feb 17, 2020 10:00 | Herb Swanson
2020/02/17 10:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Erdogan?s Long-Coming Reality Check: Fri Feb 14, 2020 22:04 | The Saker
by Ghassan Kadi for The Saker Blog It is hard to say if Erdogan is running out of choices, friends, time, or all of the above; and his stands on

offsite link Adventures Of Idlib Hipsters. American Waterloo In Khirbat Amu Fri Feb 14, 2020 18:49 | Scott
https://southfront.org/adve... In Turkey, it is by now a good tradition to threaten Syria with a war every time when luckless Idlib rebels suffer another military defeat from the Syrian Army.

offsite link IRGC Aerospace Forces Commander?s debriefing about Iran?s strike against Al-Assad US Airbase Thu Feb 13, 2020 23:50 | The Saker
Press conference by the Commander of the Aerospace Forces of the Islamic Revolution Guards Corps (IRGC), Ali Hajizadeh, on January 10, devoted to the Iranian strikes against al-Assad US Airbase.

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link Latest Listings Mon Feb 10, 2020 10:07 | Human Rights

offsite link Latest Updates Thu Nov 21, 2019 20:32 | Human Rights

offsite link US Holds China To Account For Human Rights Violations Sun Oct 13, 2019 19:12 | Human Rights

offsite link UN Human Rights Council Should Address Human Rights Crisis in Cambodia Sat Aug 31, 2019 13:41 | Human Rights

offsite link Fijian women still face Human Rights violations Mon Aug 26, 2019 18:49 | Human Rights

Human Rights in Ireland >>

Cedar Lounge
"A flaky website that purports to be ?leftist,? The Cedar Lounge Revolution, occasionally makes a relevant point or two."

offsite link Unserious 07:55 Tue Feb 18, 2020 | WorldbyStorm

offsite link FG/FF and? 07:31 Tue Feb 18, 2020 | WorldbyStorm

offsite link ?The Strange Death of Jeremy Corbyn? 19:06 Mon Feb 17, 2020 | irishelectionliterature

offsite link Long past time? 18:01 Mon Feb 17, 2020 | WorldbyStorm

offsite link Sinn Féin, A Second Election and The Left 11:33 Mon Feb 17, 2020 | irishelectionliterature

Cedar Lounge >>

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 comauthor address author phone Report 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 20:05author address author phone Report 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.

 
© 2001-2020 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