TINA and Eamon Keane: Colm McCarthy and why we will tell the Trio the truth soon

Eamon, Bill is still in Fine Gael and has toured the country. Fine Gael people are leaders of the copers in society all over the country. So Fine Gael people know that the fiscal gap has to be closed as a prelude to the restoration of economic sovereignty. Fine Gael people know that debt write-off and restructuring has to happen. Fine Gael people know that we can’t pay, won’t pay for the madness of the Bertie regime. Cowen was like the popes at Avignon.

There is no point in condemning the Irish people to absolute misery to bailout the bad loan management of the German, French, belgian and UK banks whose management was incompetent and whose regulation was overly lax or also incompetent. It is a statement of fact, not a denial of fact that the Central Banks of each of these countries is partly culpable for the irish banking collapse. Who authorized the loans to the tossers in AIB, Anglo, BoI etc? It wasn’t me and you anyway.

So Fine Gael will soon have to think the ECB unthinkable and hold the Euro banking elite to account for their actions. Then Brian Lenihan will find out what straight thinking and accurate analysis will lead to.

Colm McCarthy has written cogently in the Sunday Indo about the self delusion and hubris of the German Merkel government and of the Commission elite.McCarthy sums it up thus:- “Resolution policy as enunciated by the ECB and EU commission consists of blaming national regulators in debtor (but not creditor) countries for the Europeaqn banking crisis an d allocating the costs of resolution to the taxpayers of debtor countires only”. The pretense is maintained that regulatory failures in creditor countries did not contribute, provided their access to the sovereign debt market remains intact…………….Europe has muddled its way to a bizarre transfer union, with tax payers in distressed eurozone countries transferring billions to compensate bondholders in more fortunate jurisdictions.

Axel Weber from the Bundesbank said “In Ireland the question is whether the banking system has to be saved as a whole. Would it not be a better route to isolate deposits, to minimise losses to irish taxpayers and to find a complete solution…. with private sector participation instead of buying them out” Joschka Fischer said that berlin was being disingenuous in factoring out the culpability of german banks in the Irish financial crisis. In teh backrooms in Dublin it was german landesbanks earning all the money to the delight of state governments of all political persuasions. No one tells the German people about this.

The german state banks are part of the irish problem and must be part of the solution.

I am in no doubt that Fine Gael will force this in time. Only the date is in question because I think that this is inevitable