Tag Archives: banks

The European ‘Problem’

I’m not going to say that I know an awful lot about the world of finance. Nor would I even say I know an awful lot about the world of politics (although I know enough to hold my own in a conversation). But what I think I do know about, and what most of us intrinsically know, is what fairness is. Continue reading

Monkey see, monkey do.

Imagine I walk into a betting shop. I place €5,ooo on a horse to win. The horse loses. However, I approach the counter and ask for my money back. The owner of the betting shop, who is standing behind the teller who took my bet says ‘sure, you can have your money back. However I won’t be giving it to you. I’ll give you the cash now, but I’ll then take that amount, plus interest, back of the teller whether they can afford to or not.’

This is a fair analogy of the Irish Government, unsecured bond holders, banks and the common man who had nothing to do with anything that went wrong with the financial meltdown.

We the Irish people, (the teller) are caught in the middle of this maelstrom of risky behaviour that was undertaken by our banks (the bookie). Foreign investors (the gambler) took risks by betting, buying, selling, whatever they do with their own money. Then when it all went tits up, the government (also the bookie in this analogy) took over the banks and gave back all the money that were losing bets to people who weren’t even under any sort of a protection scheme that they, the government, had set up.

The people paying back these bad bets? Yes, the Irish citizen (the teller).

I used this analogy to show the absolute absurdity of the it all. If the world in general were to conduct their business in such a fashion, there would be anarchy overnight. Workers rising up across the world against their employers for using their wages, as payment for bad bets made by its customers.

So, how can this happen in the upper realms of government and world leadership? Simple. Because these guys (they are mainly men of course) make up the rules as they go along. The preach to us, the common person, to be frugal, to save, to trust them, to do as they do and help make society a better place. Well if it is monkey see monkey do, then we as a society would be forgiven for making up the rules ourselves and completely dismissing the rights and priviliges of others, for all governments strive to create a society worth cherishing by their own actions, decisions and bills. All they have done in the last few years, is show us how incapable of running this world of ours they are.