Friday 20 October 2017

David McWilliams: Keep an eye on your savings - you can be sure the State is

David McWilliams

David McWilliams

IN Latin America, just before a bankrupt state entirely runs out of money, it is traditional to try one last smashand- grab for the savings of the private citizen. We have seen this trend not just in South America's recent financial history but down through the ages, where kings, tyrants and emperors expropriate the wealth of the nation to prop up their dysfunctional regimes.

Could it happen here? Could the savings of the private citizen be expropriated by the State to pay the last of the Croke Park promises? Or worse, could the remaining wealth of the private citizens be used to pay the odious debt of the banks? The answer is yes, and you have to be aware of this because this is often the way things end when a state goes bust.

Hopefully, the new Government will be wise to what was being hatched in the last desperate days of the previous regime. Just before Christmas, the State eyed up savings in our pension funds in one final effort to get its hands on your wealth.

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