Little hope of recovery if ECB uses us as a poster child for deleveraging
Karl Marx wasn't a friend to bankers. In volume 3, chapter 33 of the monumental book 'Capital', Marx wrote that "the credit system, which has its focal point in the allegedly national banks and the big money-lenders and usurers that surround them, is one enormous centralisation and gives this class of parasites a fabulous power not only to decimate the industrial capitalists periodically but also to interfere in actual production in the most dangerous manner – and this crew know nothing of production and have nothing at all to do with it".
UCD's Professor Morgan Kelly echoed Marx in a recent lecture. Prof Kelly's vision is of banks foreclosing on small and medium enterprises on the orders of the European Central Bank (ECB), with declining standards in third-level education damaging the long-run growth prospects of little Ireland.
Prof Kelly is someone we should listen to, someone whose arguments are never haphazard, nor partial.