Name the ways in which Fianna Fail facilitated the BETRAYAL of our capital reserves

roc_

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Back in the 19th century, JS Mill set out a central truth of financial crises when he wrote:

“Panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.”

It is obvious at this juncture that the capital we had stored up in the banks and other financial institutions has well disappeared - only it has now been replaced by ECB money, which taxpayers have made commitments to pay back to them by working hard and making difficult sacrifices over the next twenty years or so.

So, it would even be true to say, that "the extent to which our capital has been destroyed by its betrayal into hopelessly unproductive works" continues to be obscured, rather than fully revealed.

But, it has been revealed to an extent to anyone who cares to look at the books.

Anyway, I thought it would be worthwhile to make a list of where this capital went - into what kind of projects; into what kind of pockets; why there is no chance of return from these projects and pockets, etc.
 


ICallely

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The spire?

Metro North?

Terminal 2?

The incinerator?

Bertie Bowl?

Co-Location?

Lots of signs announcing you have entered County South Dublin?

Spatial Strategy?

Smart Economy?

Gateways?

Tribunals?

FAS?
 

firefly123

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37 separate fire authorities. Each with their own well paid well connected chief. LEITRIM has a feckin chief (no offence to leitrim just the small county)
 

Speedfreak

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They facilitated the LAND speculation which turned out to be the greatest of our undoing.

And how many of those bloody windturbines has Eamon Ryan facilitated?

What would be the ROI benefits if we had gone with more traditional and tested power sources like nuclear (and hadn't had to do all that work to our grid so that it could handle the vagaries of wind power)
 

oddsox

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Asparagus

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HarshBuzz

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mazzington

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What we are seeing is the logic of our economic system playing itself out. A single political party cannot be blamed for the inherent and unrelenting logic of capitalism. To ignore systemic logic and play the blame game leads to a single inevitable future: the same thing happening again, maybe under different political leadership.
 
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benchmarking
bailouts
bertie's makeup
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All deez peepul cribbin an moanin about havin a few bob in de póca shud go off and... Bemoanin de teeeshock a few quid to to luk gud in de telly shame on you. I promise though becoz of de downturn I'll slash de make up budget by 25% when I'm in de Arse....
 

roc_

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What we are seeing is the logic of our economic system playing itself out. A single political party cannot be blamed for the inherent and unrelenting logic of capitalism. To ignore systemic logic and play the blame game leads to a single inevitable future: the same thing happening again, maybe under different political leadership.
No doubt. But still, we should look hard at what constituted the 'unproductive works' that our precious capital was thrown into, and that were unable to give any kind of meaningful return - both in revenue terms and in social and cultural terms, or in other words, in meaningfully raising the quality of existence for all.

BETRAY is a word that is important - because we find out that the 'unproductive works' that swallowed up our capital for ever, enriched certain people, in certain business and public and social positions, while impoverishing others in an artful manner.

For the economic system to come back into a sustainable equilibrium will mean that 'unproductive works' must be finished with. We must ensure that the precious little capital that is left to us is instead put into the most productive works in future - so that we can again build up our capital reserves.

I would have said that to ensure the same thing DOESN'T happen again, we need to examine carefully how we destroyed our capital reserves in the cycle just gone.

Because honestly, we continue to do it.
 


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