TheJournal.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 11 °C Saturday 18 May, 2013

Referendum roundup: 2 days to go

Austerity treaty, stability treaty or somewhere in between? TheJournal.ie keeps you up to date with our evening Fiscal Compact referendum bulletin.

Scrum: Gerry Adams and other Sinn Féin party members speak to the media on O'Connell Street in Dublin this evening.
Scrum: Gerry Adams and other Sinn Féin party members speak to the media on O'Connell Street in Dublin this evening.
Image: Laura Hutton/Photocall Ireland

EVERY EVENING,TheJournal.ie brings you the latest news and campaign moves, squabbles and – hopefully – useful tidbits of information as we face into the 31 May Fiscal Compact referendum.

(If you just want to make up your mind by yourself, you can read TheJournal.ie’s layman’s guide to the treaty).

WHAT’S NEW?

  • At the High Court in Dublin, a judge is currently hearing Sinn Féin’s legal challenge over statements made by the Referendum Commission in relation European Stability Mechanism bailout fund. The party has claimed that the Referendum Commission’s statements on Ireland’s chance of vetoing the ESM have tainted the referendum process. The court has dismissed the first part of Sinn Féin’s legal challenge but is hearing other parts of it this evening.
  • The Football Association of Ireland has waded into the referendum debate or rather is trying to stay out if, insisting it hasn’t come out in favour or against the Fiscal Compact treaty despite Sinn Féin posters which could indicate otherwise.
  • Meanwhile, voting has been taking place on the Mayo islands of Inishturk, Inishbiggle and Clare Island with almost 200 voters eligible to cast their vote on the three islands. Polls closed an hour ago but ballots will not be counted until Friday morning along with all the other ballots. Tomorrow, we can look forward to voting on four Galway islands.
  • If you’re utterly sick of referendum debates that have dominated TV and radio over the past few days then you will be pleased to know that a moratorium comes into effect tomorrow from 2pm. It means that broadcast media cannot utter a word about the referendum other than to say that they cannot utter a word about the referendum.
  • Speaking of broadcasters, Newstalk radio has found that 47 per cent of people who took part in its iPoll – which was run on the Newstalk app for iPad and iPhones – are in favour of a Yes vote in the referendum with 35 per cent opting for No. Eighteen per cent remain undecided, according to the poll.

AWKWARD THEY’RE BEHIND YOU OF THE DAY

29/5/2012 Campaign for the European Fiscal Stabili

As Labour TD Aodhán Ó Ríordáin campaigned for a Yes vote in Clontarf today, S.P.A.R.K. (Single Parents Acting for the Rights of our Kids) campaigners Grace Costigan, left, from Stepaside and Laura Caffrey, second from left, from Ballyfermot attempted to get his attention today. Photocall Ireland photographer Mark Stedman says that Tánaiste Eamon Gilmore was scheduled to be in attendance from 2pm onwards, but left early after being confronted by the protesters.

DOWN WITH THE KIDS CANVASSING OF THE DAY

down with the kids

Fine Gael’s Eoghan Murphy was in Rathmines campaigning for Yes vote with a few young friends but as he lamented on Twitter: “Forgot my tshirt…”

ENDORSEMENT OF THE DAY

The Irish Daily Star had a great story this morning detailing how some Irish celebrities intend to vote on Thursday but the government and other members of the Yes side will be delighted to hear that model and all round tabloid favourite Georgia Salpa will likely be voting Yes.

“We’re stuck between a rock and the hard place with this one and both have pros and cons,” Salps told the paper as she said she will likely vote in favour of the Fiscal Compact referendum. All of which leads to…

DISTURBING MENTAL IMAGE OF THE DAY

Salps votes yes

*shudder*

OFFER OF THE DAY

Micks offer

Worth staying up for, surely…

Read in full: The Fiscal Compact Treaty in laymans’ terms (PDF)>

Read more: TheJournal.ie’s coverage of the Fiscal Compact referendum>

Read next:

Comments (66 Comments)

  • @ Mensah Mensah

    Yes, that is your right. But as you have the right to vote where millions don’t, I feel the best thing you should do as I am, is to vote and vote with your conscious. I’m still undecided but one side is pulling me towards it more than the other. For the past few weeks it has been 70/30, then it changed to 40/60 last week it was 30/70! This week it’s the same, 30/70.

    But, I will vote, because too many fought for me to have that vote and it would be disrespectful to them if I do not use it.

    Reply
    • I’m sure that those who struggled for your right to vote which ever way whimsy will take you on voting day would feel that their sacrifice was worth while.

      Reply
    • Sheila byrne i understand what your saying,but i dont know what to believe anymore..it seems to me all politicians are the same..and im sick of them..

      Reply
    • @Sheila If the people that fought for you right to vote saw what “democracy” has become they would turn in their graves. Let’s stop labouring under the illusion that our voices can change anything. Democracy is a myth, and as long as there are people withvested interest who more buying power than ‘joe the plumber’ to coin the term, the rich stay rich.

      Reply
    • mart_n 30/05/12 #

      To be pedantic; nobody has the ‘right not to vote’, they have the freedom to refrain from doing so.. a freedom which wouldn’t exist if a majority availed of it.

      Reply
  • I believe that we have an obligation to our future generations to vote in this referendum.
    Be that a yes or no vote.
    Deliberately abstaining is not an option. How could anyone say to their children in the future that they did not think their future was important enough to merit voting .

    Reply
    • How can anyone who votes yes say they are looking after their children’s future!

      Reply
    • All I can say is that I am now thankful that I dont have children. It must be really frightening and dis-heartening for everthose of you with children knowing that may well be spending their adult life working to pay long deceased bondholders or living abroad because there will be no work here. VOTE NO NO NO NO NO NO

      Reply
    • I have 4 Ann. Each of them owe 40k as thing stand today. That’s assuming 100% of people find work in the private sector. In reality on 50% will so the really owe 80k each. For what?

      Reply
  • Ok PlEASE read people, no party political spin, here is the truth: The treaty has been designed by Governments in the interest of their parties so they have permission to make cutbacks to education, health etc across Europe so they can tell their people we had to do it because of the treaty when their countries General election comes up as they must pay the gambling superrich bondholders who pump millions into their parties to implement the policies that favour them instead of the middle and lower classes!! Millions across Europe are voting governments out for implementing austerity and they parties in power know the only way they will get back in is to get permission from the people to implement it through this treaty. History has proven the bondholders will continue to gamble even if they are not paid back, although reluctantly. Its also proven no country has exited a recession without stimulating the economy. Neither side are telling the full truth and spinning the story to suit the electorate. Its completely unjust to pay back German bondholders for their gambling losses and it’s also unrealistic to tax the superrich at 70% as they will just work in a different country unless all of them have a socialist government like France. My view is to follow the independents who gain nothing from the outcome and push for a fair bank deal. Although this Countries leader is promoting the treaty, there is quite obviously something seriously wrong with it due to The British Prime minister rejecting it, The Netherland parliament rejecting it’s policies, french people rejecting its policies, Greek people rejecting its policies. The Grandson of Eamon Develara Eamon O Cuiv risking a forced exit from his Grandfathers party for opposing it. Lastly the best point so has been made by Richard Boyd Barrett TD by stating if Europe refuses us another bailout should we need it then the books can balanced on the Department of finance Growth projections for 2014 plus refusing to pay the interest rate on the last bailout which is what the people want anyway. Books balanced simple. Vote No for a Bank Deal and as Minister Bruton let slip the Government will ask for a deal on the unjust bank dept for the second referendum which the Dog on the street knows will happen!! Article 15 of the treaty also states that any country can sign up to the fiscal compact even after 2013. No Country in history has accepted a treaty that was’nt fully finalised, Dont make us the First, however we should respect the peoples decision as alot of them have been bullied into it. I wont be, will you ??

    Reply
    • Choooon 29/05/12 #

      Quality post Declan, and very well said!

      Reply
    • Thanks Chooon, please share on your Facebook of you wish (copy & paste) thanks!

      Reply
    • mcbab 29/05/12 #

      I certainly haven’t been bullied into voting yes. I decided all by myself!!!!

      Reply
    • Declan I swill not be bullied either . Well said and well written. I will be voting No.

      Reply
    • I can only think of one good reason for voting yes. When Kenny returns to Merkel informing her that Ireland has rejected the toxic deal. He will be sacked and replaced. Well…
      Hang on…. I’m voting no!

      Reply
    • ESM funding: “Creative accounting” and not large enough.

      “The usual European response to such a stand-off is the use of creative accounting. I have heard the suggestion that one could “stretch” the callable capital of the ESM. That would leave the magic number of €211bn untouched. But it would also mean that the total rescue capacity can be no higher than €500bn at any time. The outcome would still look more like a toy pistol than a “big bazooka”. It took the markets several weeks to understand the significance of the recent political and economic developments in Spain. It may take some more until Germany’s stance on the ESM is understood.
      But it is only if you consider the two together that the real significance becomes clear.
      The current ESM is big enough to handle small countries, but not Spain. I expect Madrid eventually to apply for a programme, specifically to deal with the debt overhang of the Spanish financial sector. But even a minimally enlarged version of the ESM will not be big enough.”
      Financial Times

      Reply
    • Excellently articulated Declan!

      Reply
  • Brian Lenihan Sept 2008 “This will be the cheapest bailout in the world”
    Micheal Martin May 2012 ” A yes vote will give us access to cheaper money”
    ……… yada yada yada……. Have they learnt NOTHING???

    Things need to get worse before they get better….
    VOTE NO to bring this to a head a start afresh

    VOTE YES to pass the misery onto another 1/2 generations

    Reply
  • Current government debt stands at 173,000,000,000 euro. That’s 40,000 euro for every man, woman and child in the country. This means that as of today, my four children have been saddled with a debt of 40k each before they ever even find their first part-time job. And Enda wants us to vote yes so he can borrow even MORE money.

    Public services must be paid for according to the tax you take in. Not put on the never never. Enda I don’t want you borrowing any more money on behalf of my children.

    I’d prefer if you started by slashing your own pay. Follow that quite quickly with the pay of your fellow pigs slurping at the trough beside you. Tackle waste in the public service and social welfare.

    Threaten to reduce corporation tax to 2% if the Germans don’t take responsibility for their private banks debt which they have heaped on us.

    Do SOMETHING to close the deficit and stop borrowing more money so you and your ilk can continue your austerity free ivory tower lives; but whatever you do, GET OFF MY BLOODY BACK!! I’m tired carrying you. You’re too bloody heavy!

    Reply
    • we need a revolution to rid society of the parasites that are destroying IRELAND…keep the little we have vote NO

      Reply
    • National debts are never paid off in one generation. That said, your inaccurate measurement of debt is comparably lower than others internationally.

      Also please don’t be so simplistic as to argue that if some high earners only earned an average wage our economic situation would be any better, the root cause and size of the deficit clearly shows otherwise.

      Reply
    • Yep, foist on it your children. That’ll work.

      Reply
    • “Rob Power”. What an appropriate name for a Yes voter. Something Freudian about it

      Reply
    • The fund that will provide stability and certainty for Ireland.

      “EU finance ministers gathered in Copenhagen are poised to decide precisely how much firepower their new rescue fund – to be launched mid-year – will have. A draft communiqué suggests that as of mid-2013, presuming no new bailouts have been required in the interim, the combined lending ceiling of the future ESM and existing EFSF bailout funds will be set at 700 billion euros (500 billion pledged to the ESM plus the roughly 200 billion already committed to Greek, Irish and Portuguese rescue programmes).
      Up to mid-2013, if 700 billion proves to be insufficient — i.e. someone else needs bailing out — euro zone leaders will be able to bolster it with the 240 billion euros as yet unused in the EFSF, according to the draft, although German Finance Minister Wolfgang Schaeuble said last night that 800 billion should be the absolute limit.
      Sorry, there’s more. Because the ESM will not have its full 500 billion euros capacity on day one – it will build up over time – the real available figure for the next year is more like 640 billion euros. Confused? You should be.”

      Reuters

      Reply
  • Did anyone else spot when the clips from the Yes side are played, esp Martin. ‘Yes … So we can pay pensions, social welfare guards …..’ Kind of gave away what he is most concerned about, or am I overly cynical.

    Reply
  • Now Ms Salpa has endorsed the treaty we can all sleep easy in our beds !!

    Reply
  • Isn’t it a pity that a lot of people who would be voting No have had to emigrate… That is something that needs addressing.
    No guts, No glory, Vote No.

    Reply
  • Do you not trust ‘well-minded people’ to be well enough of mind to use their own best judgement when voting, whether that turns out to be a protest vote or not Karswell? The governments collusion in allowing us to be threatened with access to funding, something outside the treaty, allows a person to reasonably come to a decision also based on factors outside the treaty.

    I’m not saying they should, but it is as reasonable to vote no protesting the government allowing us to be blackmailed, as it is for the government to argue for a yes vote based on threats of access to funding that is outside the scope of the original treaty.

    Reply
  • Do what I did!! LEAVE!! fine gael and labour are butchering the country and so I don’t want anything else with the place until they are confined to the scrap heap! The lies and bull coming from them and their supporters makes me sick to my stomach! I Left 3 years ago with my fiancé and we are heading outside the eu early next year to start a new well paid jobs!!! I will return someday but they way the Irish sit back and take everything from the government is pathetic! Stand up for yourselves and strap a set on!!!

    Reply
  • Here is a layman’s video guide to the Fiscal Stability Treaty that we published today on YouTube: http://www.youtube.com/watch?v=WJqVL1Z5DVs

    Reply
  • Please Journal no more referendum.Am all full up…….

    Reply
  • Can’t wait till this referendum is over – sick of listening and seeing Claire Daly and Mary Lou -

    Reply
  • If I could ask you all to indulge me and to step back and look at the position SF has found itself in… Until quite recently, SF was considered to be, if considered at all, a minority party receiving votes and support from a hard-core following and with little floating voter credibility. The last few years have changed that. FF were punished for their corruption and short-sighted policies by being cast out from office. FG and Labour obtained power through a protest vote; their success in the last election was not due to the people’s faith in their policies or competence, they were simply the most likely alternative to FF. Given this, I understand people’s disgust, particularly at Enda Kenny, but I do not understand or illy believe their outrage and surprise. We’ve shouldn’t have expected anything more.
    And now to SF. The basic question to ask is; who draws benefit from your suffering? For the first time in modern Irish politics, SF are in a position to consolidate real power between now and the next election. However, they are till behaving as a minority party, hurling unsubstantiated claims from the sidelines and using emotions rather than reasoned arguments to wins debates. And yet they have also laid claim to the opposition held by FG not so ago. I for one do not want to see the pattern repeated.
    Let me be absolutely clear on this: SF has gained support over the last 12 months through the pain, fear and despair arrived by the people. SF has profited from, and will continue to profit from, misery. I am quite sure the party is aware of this, and, with this in mind, I think that, in the short-term, it is not in SF’s interests to improve the lot of he population. Quite the opposite, SF will want that the suffering of the population be maintained and intensified as much as possible until the next election. The worst possible scenario for SF as a party is that the economic conditions in Ireland improve before an election, the happy occurrence benefiting the people but reducing SF’s potential voters.
    Adding to this the arrogance and disrespect of a significant proportion of the party’s grass-roots supporters; their intolerance if other points of view, the barely veiled xenophobia and contempt for people who ask for objective clarification ( and who could well be potential supporters, if treated with respect ), their use of personal insult and unverifiable doggerel, their fundamentally undemocratic approach to achieving their objects ( “why tell a truth when a lie will serve” ).
    Please do not allow your current misfortunes to aid this party in gaining power. Mr Kenny is an embarrassment and a disgrace. Mr Adams trails behind him a malevolence, an intolerant crypto-fascism. This should not be an “either/or” debate. The enemy of your enemy is not your friend.

    Reply
    • Wow ! Where does one begin? …. Bitter much ! And just does not make any sense…

      Reply
    • @karswell
      Spot on. Very elegantly written

      Reply
    • Ah, the lovely Ms Chester. Thank you for your comment. Nothing for me to be bitter about my dear. I’m only concerned that well-minded people will use their vote as a protest, and so unintentionally lend support to people that would maim and scar this country far more than those responsible for current mismanagement.

      It is so generous for someone like yourself to volunteer to be an example to my points above. Extremely gracious of you, you have my sincere thanks.

      Reply
    • Firstly, I am definitely not a Sinn Féin supporter. Yes the current situation plays into their hands but it was and is not of their making. When the govt screws up the opposition benefits. There is no alternative opposition in the Dáil, SF are perceived as the leaders of the opposition as FF grow increasingly irrelevant in the minds of the majority due to the similarity of their policies to FLab (FG/Lab, sorry couldn’t resist).

      You comment on the behaviour of a majority of SF, is this from personal experience? Is it based on comments here as if it is it hardly compises a majority does it?

      I personally would be interested in a debate on SF’s policies rather than their history but can understand how many mistrust them based on their history.

      Reply
    • Karswell
      You are hillarious , NOT , but you are very wrong in everything you say . Your comments are misleading and your use of scare tactics are very unfair. But you know this. You are not being fair to the good decent people of this country who are afraid of the government, unlike myself who see you for who and what you are. You would want us all to roll over and go away and be quiet . But when someone like yourself gets so rattled by someone like me, it gives me a warm fuzzy feeling that I am doing and saying all the right things to show you up. I will never be shut up by your comments unless you stand up and speak for the people and not your bank accounts….

      Reply
    • Karswell 30/05/12 #

      I mean. I disrespect to the voting public, but the government, the political parties, the radio, newspapers, television and new media have added to the fear, confusion and uncertainty. In retrospect, I regret the choice I made in the ballot box last year. I am equally guilty of making unwise political decisions. I fear that if Ireland pursues an isolationist course, we will tear ourselves to pieces. I’ve watched this website as people, all of them intelligent, thoughtful and articulate, have progressively become more vicious and entrenched, hunkering down and snarling at one another.

      Reply
    • It certainly doesn’t appear that Karswell was rattled in any way, despite claims to the contrary by people attempting to dismiss his opinion.

      Reply
    • Disclaimer: No Political affiliations here. I don’t care what party it is or isn’t so long as I agree with their policies and feel they have some credibility.. Have to admit, its a shallow pool..

      I’m afraid I fail to see the logic of your conclusions Karswell. You are correct about the protest votes etc, but personally I don’t see SF getting a majority, at least not as long as Adams or McGuiness are in prominence. Perhaps if these two were to step out the support could rise, but we would not know unless it happened, anything else is mere conjecture.
      I notice around here that SF are always linked back to the Troubles, as though they had nothing to do with the Good Friday agreement, surely both are equally important? Why only consider one or the other when both have had such a dramatic impact upon the lives of the Irish people? While the people of Ulster see them as democratically elected leaders, many here continue to see them as terrorists.. Surely the people of Ulster who bore the brunt of the troubles would have more reason to hold a grudge?

      With regards their using emotive language etc, I know what you are referring to, however, the barrage of logical fallacies used by politicians is not exclusive to SF, it’s not even exclusive to Ireland. Whenever I watch politicians speak on TV I play a little game of “spot the fallacy”, they are abundant, you cannot lay that solely at the feet of SF, unless of course you actually meant to say that it is standard politico-speak and failed to clarify.

      Now, as we are on the subject of fallacy.. Your projections for what could happen if SF got into power are steeped in them.. The actual fact is that we do not know what having an SF majority in the Dail would bring, we have no track record (unlike other parties), all we have is guesswork – and that is not fact. You have used appeal to spite, appeal to fear, appeal to consequences of a belief, slippery slopes and more besides, then you launch into a hasty generalisation and attack about their supporters, what this is based on I do not know, but you could easily say the same for hardline supporters of *any* party. Again, like the fallacious political rhetoric, this is not exclusive to SF supporters.. The intolerance to others points of view is pretty widespread, and on this site particularly it appears that being called a “Shinner” is supposed to be some sort of insult.. The ignorance and ad hominem attacks are down to the individuals posting them, it’s not down to their political affiliations.

      To be quite frank, I find your comment just as fallacious as the nonsense spewing from ALL of our supposedly credible ministers.. But as I said, I find tremendous fault with your logic, nothing more..

      Reply
    • Shanti Om. The voice of peace! Onwards we go…

      Reply
  • A NO vote would mean 30% cuts in all pensions, social welfare and children allowances in 2014 as we would be deprived of EU funding if we are unable to return to the bondmarkets as is likely. The American Chamber of Commerce in Ireland has asked for a YES vote to safeguard jobs in multinational companies. The Small Firms Association has asked for a YES vote.

    Reply
    • A 30% cut in dole, pensions etc. is a small price to pay for our sovereignty.

      More importantly it will force the govt to cut spending on useless quangos etc.

      In a few years we will return to growth and dole rates etc. can be increased again as exchequer income rises

      Alternatively we can sell our souls to pay debts of foreign investors whom we owe nothing

      Reply
    • No it would mean a 33% cut in politician and public ‘servant’ wages. This might bring them somewhat closer to average European norms.

      Reply
    • And the little people will be saying NO. So what if I have my social welfare cut by 30%, I’ll live on beans and toast, but let me tell you this Barry, should that happen I will be outside the Dail everyday calling for Edna and MeHoles head. Revolution is born from oppression, poverty and misery.

      Reply
    • It’s coming anyway. Borrowing more money in a further bailout just delays the inevitable – and pushes us in deeper indebtedness.

      Reply
    • Barry, you are repeating the falsehood that we would have to make that adjustment overnight. This is patently not true. You may argue about what rate this money would be available to us, but there is no argument to be made about whether or not we will have access to funding.

      Reply
    • If the citizens of the Euroarea’s most populus and influential nations are taking their government to court it from ceding their sovereignty to a federal Europe and diluting their interest
      Why should the Irish people passively accept this?

      “The bailout policy of the Chancellor in the debt crisis is once more faced adversity: The former Justice Minister Herta Däubler-Gmelin wants to appeal, together with other planned permanent constitutional complaint against the euro rescue ESM and the European fiscal pact. The Alliance, comprised of the organization “more democracy” also belong to the liberal voters and the party ÖDP, has announced the appeal in the event that there is no referendum on the ESM and the Fiscal Pact to tighten fiscal discipline in 25 of the 27 EU countries will be.

      Main criticisms are loud Däubler-Gmelin, the ESM that the question of liability remains high in Germany remains unclear. With the euro rescue package and the Fiscal Pact, the fiscal and legal control of the German parliament would be unduly curtailed. “The Rubicon is crossed towards a European federal state”, the constitutional lawyer Christoph Degenhart said on Thursday in Berlin. The law professor at the University of Leipzig, together with the former Federal Minister of Justice for action leaders announced a constitutional complaint.”

      Frankfurter Allgemeine

      Reply
    • Thats great news Sean, thanks for sharing.

      Reply
    • @Barry. Add higher public service pay, TDs, ministers, tanaiste and The Führer plus 100% of quangos, pensionable allowances and semi state fat cats and I’d call that an excellent start. You have my vote

      Reply
  • Ok just decided…is my right to vote or not to vote…and i aint going to..

    Reply
    • mart_n 29/05/12 #

      You should feel honored to have the right to vote, and exercise that right accordingly. Look at the state of things in some other parts of the world. Hundreds of thousands of people are fighting today for the chance to have some say in their own future.

      Reply
    • Mensah

      You really should vote (and vote NO). This referendum is likely the most important event since the formation of the state.

      I am appalled, after all the events of the last 5 years or so, people can have any faith whatever in either the competence of mainstream politicians or that they actually represent citizens’ interests, or both.

      We should also realise that if the real ‘powers’ see a yes vote in these circumstances, they will be greatly emboldened to pursue policies that will become much worse.

      In as succinct a piece as I’ve thus far seen, Charles Hugh Smith explains the underlying agenda & forces at work.

      http://www.oftwominds.com/blogmay12/EU-neocolonial5-12.html

      Extract::

      “Forget “austerity”and political theater–the only way to truly comprehend the Eurozone is to understand the Neocolonial-Financialization Model, as that’s the key dynamic of the Eurozone.

      In the old model of Colonialism, the colonizing power conquered or co-opted the Power Elites of the region, and proceeded to exploit the new colony’s resources and labor to enrich the “center,” i.e. the home empire.

      In Neocolonialism, the forces of financialization (debt and leverage controlled by State-approved banking cartels) are used to indenture the local Elites and populace to the banking center: the peripheral “colonials” borrow money to buy the finished goods sold by the “core,” doubly enriching the center with 1) interest and the transactional “skim” of financializing assets such as real estate, and 2) the profits made selling goods to the debtors.

      In essence, the “core” nations of the E.U. colonized the “peripheral” nations via the financializing euro, which enabled a massive expansion of debt and consumption in the periphery. The banks and exporters of the “core” countries exacted enormous profits from this expansion of debt and consumption.

      Now that the financialization scheme of the euro has run its course, the periphery’s neofeudal standing is starkly revealed: the assets and income of the periphery are flowing to the Core as interest on the private and sovereign debts that are owed to the Core countries’ commercial and central banks.

      This is the perfection of Neofeudalism. The peripheral nations of the E.U. are effectively neocolonial debtors of the Core countries’ banks, and the taxpayers of the Core nations are now feudal serfs whose labor is devoted to making good on any bank loans to the periphery that go bad. “

      Reply
    • Mike

      this is basicly sociology 101. All first year sociology students are taught this in their first week at university and the concept is not only very easy to grasp but also basic common sense. Why people see this situation as something other than what it actually is (market manipulation), as set out by your quote, amazes me. The Franco German politicos and beaurocrats were well aware of what the banks where up to and allowed it to happen as they knew it was in their best interests in the long run.

      Reply

Add New Comment