All capitalists stick together
Tuesday November 17 2009
Thomas Byrne TD says that NAMA has the support of the IMF, the OECD, the ECB and the European Commission.
This isn't surprising considering that the people being bailed out by NAMA are free-market capitalists whose ideology is shared by all those organisations, one of which, the IMF has, according to the economist Joseph Stiglitz, unofficially changed its original mandate of serving the world's economic interests to serving the interests of global finance.
Unlike in earlier times, it has become common practice for governments like our own, which support free-market capitalism, to protect capitalists from the consequences of their greed by bailing them out at the public's expense.
I think this is called "privatising profits and socialising losses".
Brian Abbott
Bishopstown Road, Cork.
Irish Independent
