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national / politics / elections Thursday February 24, 2011 08:50 by T
Can efficiency improvements fill the gap?
Given it is just days away from the election and a new government, most likely to be led by Fine Gael, many are probably wondering what exactly is the current state of Ireland and what are the prospects for recovery. In short, things are bad and a recovery is very unlikely. There are also wider and bigger global issues and we are unprepared and should be doing something about it now. Related Links: Committee of Public Accounts on Bank Bailout | Additional document list | IEA acknowledges Peak Oil The only hope is that we have is that there is a public awakening to try and understand what has happened, where we are and the future we are hurtling towards. Only then, is there any possibility of some kind of social revolution to enable us to have any chance of coping with the challenges and by our actions, hopefully we may even trigger an European wide social transformation. But frankly the prospects of this positive development happening are zilch.When the global credit boom came to a halt and hit Ireland on that fateful day in Sept 2008, Brian Lenihan, at the behest of the bankers made a fatal mistake with the bank guarantee that ensured no (large) debtor would be left behind. It might have seemed like a good idea at the time, but it would only have worked if the global economy bounced back and it was clear it was not going to unless like many mainstream economists who propagate the dominant capitalist ideology of our time, they assumed it was just going to be another small recession in the usual business cycle. But anyone who had been following events without their ideological blinkers on, would have realized this was going to be of seismic proportions.
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Tue 11 Feb, 19:01
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