This sinking ship urgently needs a new rescue plan
Ploughing resources into the broken banks in Europe is not the way to recovery, writes James Fitzsimons
Published 03/07/2011 | 05:00
OUR economic success in the past is stopping us getting the financial help we need. When we had it, we blew it! At least, that is what the EU thinks. A strong and capable government could change our fortunes again. But instead it looks as though we just got busy fools. They clock up the hours but can't notch up the achievements that were promised.
Things are not as bad as they seem. Nearly half a million people are out of work here. But as we learned from the census, there are 100,000 people that we didn't even know were here. And looked at another way, the increase in the number unemployed is no more than the rise in the population in the past five years.
We are feeling the pressure. It may seem unbearable for those who have inflexible loans and financial commitments. Things should not be so bad. But we are part of a system that is too big to fail and our own leaders are firmly committed to upholding the systems that led to our downfall.