Letters: New battlefront in war on greed
Sir, A new battlefront has now opened in the war on greed. A small country of less than a million people has revolted. Its people have declared that they will not be crucified by the mighty investor.
This same group crept in to our shores with unlimited funds so that we might have more than we ever had before. These friends brought to us the opportunity to borrow more and more and greed won over the vast majority who saw a chance to own not only the house that they were living in, but another and perhaps another as an investment for the future.
With the interest rate continually falling more joined in the race to buy more and more property. You could even buy a house from the plans and get on the bandwagon faster. Yet as the buildings progressed the price kept going up and up. The demand for these houses was so great that unless you were willing to pay the increases you would lose the house that you thought of as yours.
Greed knew no boundaries, land was being sold for prices undreamed of as banks poured out money to those who wanted it. New house, second house, new car or even two. No problem, at all after all it was only money and it was getting cheaper every day.
Eventually of course greed reached its limit. The market for houses died and so did the jobs of those building them. The unemployment rate rose dramatically and so did the problem of those who had paid such colossal money for the homes that they now lived in.
The banks now found that the payments on the borrowed funds was less and less every month. This was indeed bad news for the foreign investor so they threatened the banks and in turn the government that unless their investments were paid back in full their would be no further money coming from them. Those in government were caught between a rock and a hard place and, with seemingly no where to go, they sold us into financial ruin for goodness knows how long.
What could we do they cried, we had to do as they asked.
Cyprus has been squeezed similarly. The financial warlords have demanded their pound of flesh as they did with us. But they have said 'no we will not subject our people to this outrage. Come up with another plan.
Could we not have done the same? I await eagerly the outcome and watch as things develop. This small island has shown strength and courage in the face of possible financial disaster. Like the Icelanders they have shown that they will not be enslaved. I wish them well in their struggle.