Thursday, 18 November 2010
Terry McDonough puts the Irish crash in a global context
"The current coalition’s ‘solution’ to the crisis is precisely the intensification of global neo-liberalism. Ultimate salvation will come from renewed international expansion – in the meantime, Irish banks are to be rescued unconditionally with wads of public money, while being maintained in private hands to the greatest extent possible. Social services and programmes are to be drastically cut to prove to international markets that Ireland is fiscally responsible. Wage cutting in the public sector is meant to signal open season on private sector wages and conditions, but falling wages and falling government spending will only intensify the crisis. Taken as a whole, this programme tries to solve the crisis on the backs of the ordinary Irish citizen. However, any remote possibility that this might work on its own terms has been lost as the revenues and savings are pumped into an insolvent banking system in order to rescue international bondholders – a strategy that threatens the state with bankruptcy". You can read the full text of Terry McDonough's article putting the Irish crash in a global context in the latest edition of The Citizen here.