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President’s comments were badly needed

President Higgins has probably overstepped the mark in commenting on the establishment handling of this dreadful economic crisis. His comments are desperately needed, however, to challenge the fiasco of understanding and remedial action to what is quickly becoming a major threat to the stability and cohesion of the whole European ideal.

President Higgins has probably overstepped the mark in commenting on the establishment handling of this dreadful economic crisis. His comments are desperately needed, however, to challenge the fiasco of understanding and remedial action to what is quickly becoming a major threat to the stability and cohesion of the whole European ideal.

The latest reduction of interest rates to a historical low indicates the desperation of the establishment to stem the failure of all policies to extricate us from this unprecedented mess.

There is an utterly absurd consensus that this crisis is entirely financial. It is no such thing. It is the fallout from a misguided and counterproductive attempt to manage an utterly changed economic situation precipitated by the astonishing advance of technological capability. Two great pillars of economic activity have been transformed.

The ability to produce everything the world requires in abundance renders growth almost impossible. The ability to increase production to such levels while reducing the requirement for human labour makes mass unemployment inevitable.

Unless there is realisation of the new economic reality, there will be no redress.

Mr Higgins will have performed a most valuable service, not only to Ireland but to the world in general if his remarks broaden the debate to include the technological implications on economics in the 21st Century.

Padraic Neary

Tubbercurry, Co Sligo

Irish Independent