Stakes are high in NAMA gamble
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I fear for the future of our country if the NAMA proposals become law and are acted on.
The very dubious hope for success of the venture is based on the theory that the value of properties taken over will increase as an upturn lifts the economy when banks resume lending. This is not going to happen.
The only thing that would lift our economy is a substantial growth in employment; unfortunately the advance of technology has rendered this prospect a non-starter.
The absence of job growth will prevent recovery of asset prices and the dubious value of most will diminish -- to zero in some cases.
The enormous additional debt acquired to facilitate NAMA will render further borrowing for day-to-day functioning difficult, if not impossible.
The country could go bankrupt in a very short time and our people could return to levels of poverty not seen for generations.
The establishment, including the opposition, seem resigned to the position that NAMA is the only game in town.
This cannot be accepted as the only option.
Success is based on the totally false premise that banks will resume lending and this will generate jobs.
The question must be asked, what jobs?
Technology has rendered the necessity for jobs redundant and ensured the remaining ones will be located in the lowest cost locations.
Ordinary people need to discuss these proposals in detail and demand answers to the relevant questions the media refuse to ask.
Where can sufficient jobs be generated to give the NAMA gamble any possible chance of success in direct contradiction to world employment trends?
The fate of our country and future generations depend on decisions made in the next few months. We must see they are the correct decisions -- not as so often happens, the expedient ones.
We cannot allow the experts who predicated the soft landing to sell our birthright for a mess of pottage.
Padraic Neary
Tubbercurry, Co Sligo
