By Luke Ming Flanagan
1) Does it strike anyone else as contradictory that on the day the ECB begins printing hundreds of billions of euro in its Quantitative Easing programme, they are simultaneously insisting that Ireland must DESTROY billions, the Promissory Note bonds legacy?
2) Does it strike anyone else as contradictory that this news of the printing of hundreds of millions of euro across Europe makes front-page headlines in Ireland, while just a few months ago, two days before Christmas, the news that our own Central Bank sold a Promissory Note bond for €500m and then DESTROYED that money, isn’t even deemed worthy of mention?
3) Does it strike anyone as contradictory that the news that this printing of hundreds of billions by Mr Draghi and the ECB is set to continue for the next couple of years is trumpeted all over our national media, while the news that our own Central Bank is set to sell further Promissory Note bonds to the value of €27.5bn over the coming years and then DESTROY every cent of those billions, is completely ignored?
4) Does it strike anyone as contradictory that all this printing of additional hundreds of billions is nominally to aid the ailing economies across Europe, while the ECB simultaneously – through the Promissory Note bond billions destruction – IMPOSES additional bank-debt burden on a suffering people and a suffering economy that is ALREADY struggling under a massive debt burden?
5) Does it strike anyone as contradictory that all those hundreds of billions of new euro are going to the very sector that almost sank the EU economy in the first place, the banks?
If you answered No, No, No, No & No to the above five questions there’s a very lucrative job waiting for you in the government spin department or better yet, in RTE or another of our major national media, the spinners of government spin (with just a few honourable exceptions).
Meanwhile the rest of us continue our fight out here in Brussels to put an end to all this insanity.