Monday 20 November 2017

Graham Shepherd: Treaty is a cynical deception to provide a cushion for capitalists

NO says Graham Shepherd, who views Fiscal Stability as Featherbed instead

Graham Shepherd

While gorging on the fat of the land a few years back there were two words not to be mentioned. "Socialism" was one and "capitalism" the other. Now suddenly, these political twin pillars are the talk of the time and the Fiscal Stability referendum has put them firmly back in the political frame.

In a dictionary, a capitalist is described as an investor and speculator, and as such, much money was poured into Ireland by such people. One of the certain credos of investing and speculating is that it is also gambling, and in the case of Ireland, they were betting on the continuing manic growth of a distorted economy.

So we now have this political spectre called the Fiscal Stability Treaty -- I mentally call it the Featherbed Treaty -- which is basically the investors wanting all their money back, thereby changing the basic criteria of capitalism when it no longer suits them. Capitalism has to anticipate loss, and where necessary accept that fact. It should therefore be called the Featherbed Treaty, to soften their landing.

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