The big lie
Mark Twain said: "A lie can travel half-way around the world while the truth is putting on its shoes."
The people of Ireland need to take very careful note of the revised EU narrative, now that the cruel circus of austerity/reparation imposition is reaching endgame stage in Greece.
Initially, we were all told that the euro would collapse and a devastating domino effect would ensue, unless total member solidarity was maintained, and the 'bond-holders' were accommodated.
Now, we are being asked to consider that the euro could survive if Greece 'moved out' of the euro area. In reality, the coming Greek default will have to be accommodated; the bondholders are finally going for the proverbial 'bath'.
The simple, economic truth has finally got its shoes on.
The EU, it seems clear now, is all at sea in this crisis. The 'this is going to hurt you more than it hurts us' argument has not succeeded in Greece.
It now seems rather clear that the French and German banks are in line for a doing, post-Greek default, especially the French.
Before long, it will emerge that our 'bailout' funding will dry up as a consequence of delayed acknowledgement that the French were every bit as indolent as we were, with regard to the failure of banking regulation. We then will be finally brought to the reality that we cannot borrow to repay, to borrow to repay, anymore. The big lie at the heart of this crisis is that failed and lost capital can be recovered. It can't.
Unfortunately for the victims, we have to watch the big lie a little more, as it orbits the world over and over.
Declan Doyle
Lisdowney, Kilkenny
Irish Independent
