By David Mc Williams
A few months ago, Ruairi Quinn – a former Minister for Finance and a man who clearly understands the economy – declared that the country was in ‘‘economic receivership’’.
It is an interesting phrase, and worthy of some consideration.
If a country is in economic receivership, what does that mean for existing state contracts signed at a time when the state was solvent? Can they be honoured? Is there a receivership
mechanism for a country in receivership? And if there is, who are the preferred creditors? Clearly, the state can’t deliver on old contracts because it simply doesn’t have the money. So who suffers?
This is an extremely important question, because, over the coming months the state will have to change the terms of many contracts entered into when times were better. Take the issue of golden handshakes for top dog mandarins, as just one example. Last week, we saw
what seems to any reasonable person like an exceedingly generous golden
handshake to a senior civil servant.
How does a state, and one which is bankrupt, deal with these types of contracts signed when we had loads of money but delivered when we are bust?
.Read full article at source: http://www.davidmcwilliams.ie/2011/09/12/it%e2%80%99s-time-to-protect-the-citizens?utm_source=WebsiteSubscribers&utm_campaign=65718bbc6c-Weekly_Roundup_10_August_2011&utm_medium=email
Comment:
This is an excellent article from David Mc Williams and well worth the read .I expect most of the citizens in this country would agree with the thrust of this article however Mr. Williams, this country is not run for the benefit of the majority of this country’s
citizens it is been treated as the private property of the political elite and
their cronies .Thus the lottery golden handshakes to X politicians and top
civil servants is the norm. These very people never miss a chance to appear on
the state controlled media to tell us mere peasants we are living beyond our means and we must take on another good dose of severe austerity measures for the good of the country. When will the Irish public wake up and rid ourselves of these leaches lurking in all of the political parties?
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David Williams talks a lot of good sense. Personally, I’m ashamed to say I’m a member of the Labour Party that is now in government presiding over sickening salaries, bonuses, pensions, golden handshakes, payouts, fees, bank bailouts etc to the elite while the ordinary people suffer. The super rich got richer during the boom; they also got richer over the last two years (most ‘though not all, admittedly). Yet the Labour Party (as well as the Blue Shirts) cannot countenance any taxation of the millions (in fact billions) in ill-gotten gains still held by the insider-elite.
They seem to slavishly lavish wealth upon the already filthy rich and screw the ordinary people into the ground. I expect that from FG, maybe even FF …but from Labour – I’m sick to my stomach of the lot of them!