Economic Melt Down In Ireland
As many industrialised countries around the world begin the slow climb out of economic recession, Ireland's economy like the recent fallen snow is in melt down mode. Ireland which is a small Island nation of 4 million people in The Irish Republic and an additional 1.5 million people in Northern Ireland (Northern Ireland remains under British Rule) has been gripped by economic recession.
However, unlike so many other countries Ireland is lead by a Government which has little economic foresight or direction. During the 'boom' years in Ireland a small elite group of Government Ministers, Building speculators and Bankers insured that the 'new' wealth in Ireland remained the preserve of the few - collectively known as 'The Golden Circle'.
Corrupt bankers lent Billions of Euro to property speculators on the basis of untested assets and in many cases hundreds of millions were lent with no assets or securities in place. Government Ministers ensured that the speculators and bankers kept their wealth by introducing tax loopholes and an inept Financial Regulator.
Ireland has been robbed by the few, yet unlike the Obama administration Ireland has not established a banking inquiry, Ireland has not punished the wrong doers, in fact The Irish Government has punished the ordinary worker and tax payer in general by imposing scathing wage cuts and public service cut backs.
The Irish Government has established The National Assets Management Agency (NAMA) which has already began the process of taking the bad debts of property speculators from the banks. NAMA will be funded by the Irish Tax payer and will cost at least 100 billion.
Over the past ten years the bankers and speculators, cheered on by Government Ministers, have been allowed to rob the Irish people through a process of corruption and self serving. With the creation of NAMA the Irish people are to be robbed in day light once again, ordinary people are to pay for the crimes of the corrupt while the European Parliment appears to offer nothing more than platitudes about new standards of financial regulation.
