George Floyd: one death too many in the land of the free 23:58 Jun 23 0 comments
The leveraged buyout, exploitation and punishment beating of Greece as warning to others. 11:45 May 11 0 comments
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 commentsmore >>
New York Baseball Games to Have Separate... Wed May 05, 2021 19:15 | Anti-Empire
Irishman Who Filmed Garda Disrupting Mas... Wed May 05, 2021 17:48 | Indymedia Ireland
âChina Is Not a Cowâ â Beijingâs... Wed May 05, 2021 16:06 | Global Construction Review
Grandma-Killing Expert Andrew Cuomo Says... Wed May 05, 2021 14:09 | Gabe Kaminsky
Germany Ponders âNewâ Freedoms but O... Wed May 05, 2021 13:05 | Field Empty
A bird's eye view of the vineyard
The forthcoming inevitable battle for Middle-East Peace Wed May 05, 2021 20:04 | amarynth
The Feminization of Western Men Wed May 05, 2021 09:48 | amarynth
Financialization and its Discontents Tue May 04, 2021 19:21 | amarynth
Moveable Feast Cafe 2021/05/04 ? Open Thread Tue May 04, 2021 07:30 | Herb Swanson
Foreign Ministry Spokeswoman Maria Zakharova?s interview with the RT television channel, May 3, 2021 Mon May 03, 2021 23:19 | amarynth
Stay Sceptical. Control the Hysteria. Save Lives.
Why has the NHS COVID-19 app not been withdrawn? Wed Apr 28, 2021 16:46 | Toby Young
The EU?s Vaccine Passport Scheme Could Destroy Peace in Northern Ireland Wed Apr 28, 2021 16:36 | Toby Young
Number of Covid Hospital Patients in England Falls to Seven-Month Low Wed Apr 28, 2021 15:59 | Michael Curzon
Almost 70% Of English Adults Have Covid Antibodies Wed Apr 28, 2021 13:29 | Michael Curzon
The Growing Plague of Mandatory Testing in UK Workplaces Wed Apr 28, 2021 12:59 | Will Jones
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.