Radical reform is badly needed
Published 08/01/2012 | 05:00
The new year may have just begun but it is already damningly clear the objective conditions for economic recovery do not exist in this country.
Instead, far from returning to the markets in mid-2013, the failure of a Government, which is no longer very new, to seriously tackle our economic crisis means it is far more likely Ireland faces a mini-Budget and a second humiliating bailout. In fairness, it should be noted that Ireland's recovery is undoubtedly being stymied by the boneheaded adherence of the ECB/German Pact of Steel to a set of economic policies that are as much in error as the protectionism of the 1930s.
As a continent drowns under the economics of dumb austerity, which has neither a purpose nor a destination beyond protecting the balance sheets of the EU banks, balance sheets are not our only problem, for it has gone past time to warn our elites that they are also creating the objective conditions for the revival of some modern variant of the fascist movements of the 1930s. We should not be surprised if an increasingly desperate citizenry responds to the social degradation of mass unemployment by rejecting a democratic system that is tainted by ineptitude and corruption.