Saturday 10 December 2016

Gene Kerrigan: Let's show them what 'together' means

It is only by being ruthless with the elite that we can save our State from total ruin, writes Gene Kerrigan

Published 09/01/2011 | 05:00

In these freaky times, we could do worse than heed the words of Brian Cowen. The Taoiseach recently told the Dail: "We really are all in this together." I know he's an awful eejit, I know his record is dreadful -- but maybe there's something to be gained from accepting that we "really are all in this together".

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Look around. We now accept as normal things that once we would have denounced as outrageous. Last Wednesday, for example, our EU "partners" borrowed €5bn on our behalf. At an interest rate of 2.59 per cent. And next Tuesday, they will pass the money to our Mr Lenihan. And they'll charge us interest at 5.515 per cent.

Our "partners" will make a profit of almost 3 per cent on the €5bn (and all the other billions they'll borrow to lend to us). In fact, they'll make more from the deal than the moneylenders from whom the €5bn is coming. This is called a "bailout". Gee, thanks, "partners". Every hard-working citizen paying income tax, every unemployed citizen paying VAT on a pair of socks or a sliced pan, will pay for this "bailout" right into the next generation and beyond.

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