By Dr Finbar Markey
Economics is the study of buckets of water… where the holes are and the result of those holes…
At the moment the Irish economic bucket has two holes, both flowing into basins underneath collectively called foreign finance houses, banks of one sort or another….. One hole is taxation to pay the bail-out, the other is mortgage payments (which are also rents collected by Landlords)… now I know the jobs figures are fluffed to the point of floating away, but even if jobs were being created, what’s the point if nearly every cent earned goes out to foreign banks through tax and mortgages?
The domestic economy will not benefit and we will remain a colonial nation….. the only solution is a 60-70% write down for everyone on all homes…. then watch the domestic economy roar…..
Mass write down will mean people have money to spend in their local economy, the banks will have agreed any write down (they are selling mortgages now for 10-15% of book value anyway to vulture funds, why not to home owners through the National Land League?) so no international backlash….let’s go for it…simples…..