It is time economic commentators talked about real solutions
It is nice to see the economic talking heads making statements about the current political and economic reality, this time Damien Kiberd in the Journal. However seeing another collation of the symptoms of the economic mismnanagement of Ireland is not going to help. We already know this. We live with it daily.
Perhaps Damien only wishes to highlight to those who still believe in the established political system that those parties have failed, and to please stop voting for failure? Maybe, I don’t know. That would be laudable but otherwise all it does is reinforce the depression and feelings of hopelessness that people suffer. What we fail to see in all the writings and musings about our economic plight, in papers or on radio and tv, is solutions.
Solutions are out there and DDI are actively reviewing them. However, they do require a stretch in the imagination for our ‘trained’ economists who, perhaps through no fault of their own, are stuck in their comfort zone of institutionalised thinking. We hope some of these media economists will start looking not at the symptoms, but into the real cause of the world’s economic problems.
Most can’t solve the problems, and few ever offer a solution. Any that do always try to solve the problems from within the bounds of current economic theory and the monetary system we currently use. Now therein lies the root of the problem.
In fairness Damien Kiberd has alluded to to the fact that he may actually secretly understand that it is the system that is wrong. At the end of his article he describes reality in Keynes’ own analogies. So if you know then why not just speak up? Why just hint at it? Why not just call a spade a spade?
The real problem is the inherent bankruptcy in our system that is designed to benefit the few over the many. Those private banks, who for pretty much the last two centuries have controlled the issuance of our money as debt with interest attached, cause the perpetual cycles of inflation, austerity and upwards wealth transfer through manipulation of our money supply. Make no mistake, there is no benefit in this system for you or I.
We see the repeating cycles of boom-bust. We know it is caused by banks expanding and shrinking money supply. We see how it enables the banks to exchange debt created by simply typing numbers on a screen for real tangible assets like land, resources or industry. It also enables them to ensnare our honest labour into ‘debt slavery’. We know the commentators see it too, but why do they not shout stop, we need to change this system? Why do they protect, if not cheer-lead this inequity?
The results are in front of our eyes with banks now writing our laws to make asset grabbing easier. We saw An Post forced to reduce interest paid on their savings products to protect the high street banks. We saw intensified regulations applied to Credit Unions, and now this week indeed we see one of our bankrupt banking system kingpins TSB being given the go ahead to take over Credit Unions. Everything points to a bank run government but are any of our commentators stating the obvious? A child can see that the emperor has no clothes. The narrative avoids this just like it avoids the legality of the bank guarantee and subsequent bail out which should be challenged as odious debt. Instead we only hear commentators resigned to working to prop up that odious debt.
There are solutions. One only has to look at the work done all around the world in areas such as public banking, local currencies, guaranteed incomes, debt free money, virtual currency, usury free bank loans, amongst many others. People seem to forget that only a century ago we didn’t even pay income tax, but now more than three quarters of the value of our spending power disappears down the tax hole. Government try to fool the public calling these additional taxes a “broadening the tax base”. Anyone with a clear mind sees it as opportunism and slippery words.
We need to be looking at why things are so bad? Why the direct and indirect tax take must increase every decade? What is the failure in the system? We must not be afraid to seriously consider abandoning systems, currencies or treaties if it becomes clear they just do not work for the good of the general population.
If others like Damien perhaps secretly know this then we call on these press economists to finally stand up and talk about the elephant in the room. Lets start talking about this in simple economic facts in plain language. Stay open minded and start approaching this with new solutions for an old problem. Start talking to the numerous experts in these fields from around the world and, if it turns out to be necessary, don’t be afraid to throw out the political and monetary status quo.
No problem is too big to solve. You just need the courage to do it. It is never too late to turn around and start again.