Tomás Ó Flatharta

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Archive for the ‘Zombie Banks’ Category

An Evil King Rules an Afflicted Land: Coronavirus and the Depression in America – New Politicsm

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American Author and Activist Dan La Botz writes a grim assessment of the CoronaVirus Epidemic in America, and the related economic depression.

We in America live in what resembles some medieval fairy tale. An evil and maniacal king rules the plague stricken land. The wicked lords in the corrupt parliament rob the public coffers to enrich their cronies. The tribunes of the people, mostly venal and foolish, are alternately deceived or suborned by the King and the lords. Meanwhile many people are sick and many dying. The bodies pile up. The soothsayers blame it on the foreigners and plan pogroms. The mills have stopped; the inns and taverns have closed. Peasants rebel here and there but the plague prevents a general rebellion. Word has it the situation is the same in neighboring kingdoms all around.

That’s a fairy tale of course. What’s the reality? The United States now has nearly one million coronavirus cases and 50,000 deaths, more of both than any country in the world. We have an unemployment rate of 20 percent, the highest since the Great Depression of the 1930s. The two together represent what is perhaps the greatest crisis in American history, an absolutely unprecedented event: a catastrophe. And it may only have just begun.

As the coronavirus has swept across the country bringing illness to hundreds of thousands and killing tens of thousands, Americans have been shocked by the failure of government, business, and the health system. As the number of sick mounted, there were not enough hospitals, not enough hospital beds, not enough ICUs, not enough ventilators. Hospital personnel have lacked gowns, masks, and respirators. As hospital workers fall sick or die there are not enough health workers to replace them. Some seven thousand elderly died in private nursing homes. The disease is now rampant in prisons. It is rife in meat packing plants, with 725 cases at the Smithfield plant in South Dakota. Twenty-six U.S. Navy ships have crews with coronavirus, including 850 sick on the huge 5,000-crewmember U.S.S. Roosevelt. Everywhere essential workers—bus drivers, garbage collectors, grocery cashiers, delivery workers—became sick and many have died, and neither business nor the governments that regulate these companies acted quickly to save them.
— Read on newpol.org/an-evil-king-rules-an-afflicted-land-coronavirus-and-the-depression-in-america/

The most depressing part of this analysis comes at the end, where the activities and analysis of the largest organisation on the American Activist Left, the Democratic Socialists of America (DSA), is described. Read the rest of this entry »

Can Words Force Covid-19 Nursing Home Action? Right To Die With Dignity – Right To Work With Dignity

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The direct testimony below broadcasts the horrible reality of nursing homes. The political establishment sugar-coats the phenomenon. This helps the owners to financially, socially, and politically benefit from a sick system.
I saw my mother waste away for three years in a nursing home, and chose to see the reality. It is an an approach that focuses us on the need to fight for better alternatives for us all in the very near future.

We need a system where we all have the right to die with dignity. Workers in these institutions have a right to live with dignity. These two principles go hand in hand.

The source is the Facebook Page of Honor Heffernan – a nursing home worker courageously offers direct testimony – we must support and encourage others to do likewise – it is the only effective way to confront and solve this crisis. In Ireland “Right to Die With Dignity” Legislation is very long overdue – it is now an overdue emergency. – John Meehan

I got a call from the owner of a nursing home this week desperate and crying. All of her permanent staff were sick or in isolation and the agencies had no nurses available.

I arrived on Friday morning- supposed to be the 2nd nurse with 5 HCAs to support 24 residents. Instead what transpired was I was the only nurse with 3 HCAs as the other agency staff failed to show.

I had never been in this home before, so I didnt know the residents or how to navigate around the home.

The author continues :

Read the rest of this entry »

Faced with the Covid-19 pandemic, our lives are more worth than their profits – Fourth International European Declaration

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The workers’ movement, and all progressive forces, have a duty to resist the Covid-19 Assault, and put forward practical proposals which will work at local, national, and international levels. The full text of a Fourth International Declaration is here : http://www.internationalviewpoint.org/spip.php?article6517 Key extracts are below.

International Viewpoint

Emergency measures

The organizations and activists of the Fourth International in Europe, together with their respective organizations, are in favour of a programme of emergency measures:

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the injection of sufficient means for the mass availability of screening kits, the multiplication of resuscitation beds and respirators. Generalization to the entire population of suitable protective masks and biologic tests is the condition for confinement lifting. Immediate support for democratically controlled production of these means and for non-commercial research for medicines and vaccines against Covid-19.

Read the rest of this entry »

“Never Waste A Good Crisis” – Big Economic Recession Coming Our Way – Irish Ruling Class Cuts “Meals on Wheels” – EU Leaders Pour Petrol ⛽️ on Flames 🔥

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An Irish Warning : Sam Nolan reports his HSE “meals on wheels” service has been suspended. Friends and Comrades are rallying, Sam will be supported. Des Derwin reacts, very perceptively :

“I’m speechless. Just as an expanded service is needed. Have y’all noticed how the (Fine Gael!) state is building up its repressive apparatus for the crisis. Templemore early graduation trainees given crash course in public order (read riot control). New standing public order unit. (WTF?!) Scores of hired in Garda cars to ‘help the vulnerable’. Maybe the HSE is transferring the meals on wheels service to An Garda Siochana.”

Former SYRIZA Finance Minister Yanis Varoufakis Analyses the European Union Response :

Those of us who know how the Eurogroup works were not holding much hope yesterday. Nevertheless, Europe’s finance ministers managed to do even less than what we feared: They failed to use the fiscal compact’s proviso for loosening up fiscal policy across the euro area. They continued with the tragic error of treating a crisis of insolvency as a crisis of liquidity. And they failed to recognise that some countries, in particular those savaged by the never-ending euro crisis, need a great deal more support than others.
In short, the Eurogroup’s bazooka is no more than a pathetic waterpistol. It is time that Europeans pushed for something better than this. It is time that we organise at a transnational, paneuropean level to replace this instrument of austerity-driven recession, the Eurogroup, with an institution that can work for a majority of Europeans everywhere.

APPENDIX: The Eurogroup’s telling reference to “automatic stabilisers”
The Eurogroup communique referred to the “full use of automatic stabilisers”. What did they mean?
Here is an example of an ‘automatic stabiliser’: When people lose their job, they go on unemployment benefit. This means a transfer of money from the better off to the worse off. As the worse off, who are now unemployed, save nothing and, therefore, more of the money of the better off enters the markets. That’s what economists refer to as an ‘automatic stabiliser’ (‘automatic’ because no government decision was needed to activate it – the loss of jobs does it automatically | and ‘stabiliser’ because the higher portion of spending relative to savings boosts GDP ).
Can you see dear reader what the Eurogroup are really saying when confessing to relying to the ‘automatic stabilisers’ in the absence of concerted fiscal expansion? They are saying: Don’t worry folks. While it is true we, the finance ministers, are doing almost nothing to avert the disaster, when the disaster comes your job losses and poverty will trigger some automatic mechanism that will break the economy’s fall. A little like consoling the victims of the plague with their thought that their death will, through shrinking the labour supply, boost future wages…

Some Proposals for Resistance :

DiEM25’s answer to: What should they have done?
At the very least, the Eurogroup should have recommended to the European Council that the European Investment Bank is given the green light to issue EIB bonds worth €600 billion with the stipulation that, as part of its ongoing and recently enhanced quantitative easing program, the European Central Bank will support the value of these bonds in the bond markets. That €600 billion should be spent directly to support national health services and also be invested in sectors of the economy badly hit by the lockdown – while also nudging our economy toward greener forms of transport, energy generation etc. Additionally, the fiscal compact should be immediately side-lined and governments should effect a tax haircut for small and medium sized firms, households etc.
The above would probably be enough not to avert but to contain the recession to something like between -1% and -2% of GDP. To avert it completely, the Eurogroup should have decided to mimic Hong Kong and have the European Central Bank mint an emergency fund from which every European household is given between €1000 and €2000.

Coronavirus has sparked a perfect storm of nationalism and financial speculation – Yanis Varoufakis, Former SYRIZA Finance Minister in Greece – THE GUARDIAN

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Here is a fresh warning about the toxic combination of two different phenomenons – the CoVid-19 Health Crisis and a Financial Money Markets Storm, similar to the 2008 Crash.

The author is Yanis Varoufakis, the Greek Finance Minister sacked from a SYRIZA Government before it surrendered to the Austerians.

See also https://tomasoflatharta.wordpress.com/2020/03/06/coronavirus-is-not-responsible-for-the-fall-of-stock-prices-international-viewpoint-online-socialist-magazine/.

When the air is replete with inflammable materials, any given spark can cause a financial explosion, at any time.

Éric Toussaint of CADTM examines a worldwide stock market collapse.

Eric Toussaint is a historian and political scientist who completed his Ph.D. at the universities of Paris VIII and Liège, is the international spokesperson of the CADTM (Committee for the Abolition of Illegitimate Debt) , and sits on the Scientific Council of ATTAC France. 
He is the author of Debt System (2019), Bankocracy (2015); Glance in the Rear View Mirror. Neoliberal Ideology From its Origins to the Present, Haymarket books, Chicago; “Debt, the IMF, and the World Bank, Sixty Questions, Sixty Answers”, Monthly Review Press, New York, 2010. He has published extensively in this field. He is a member of the Fourth International leadership.

Yanis Varoufakis, Former SYRIZA Finance Minister in Greece

Nationalism and speculation have seldom had a better opportunity to combine forces as the one riding today on the coattails of Covid-19, known as the coronavirus. When Covid-19 leapfrogged from China to Italy, even ardent Europeanists normally appreciative of open borders joined the deafening calls to end freedom of movement across Europe’s national borders – a longstanding demand of nationalists. Meanwhile, the money men speculating on government debt are performing a classic flight from Italian to German government bonds, seeking the financial safety that only the continent’s hegemon can offer during any crisis. As if in a bid to remind us of the great contradiction of our times, Covid-19 is illuminating gloriously the freedom of money to transcend a borderless financial universe while humans remain as fenced in as ever.

Coronavirus has sparked a perfect storm of nationalism and financial speculation – THE GUARDIAN

https://www.yanisvaroufakis.eu/2020/03/09/coronavirus-has-sparked-a-perfect-storm-of-nationalism-and-financial-speculation-the-guardian/
— Read on www.yanisvaroufakis.eu/2020/03/09/coronavirus-has-sparked-a-perfect-storm-of-nationalism-and-financial-speculation-the-guardian/

“The Promissory Note Deal – A Three Card Trick” OR “another step forward towards the day when we can finally face forward as a people”

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A friend of this blog has unearthed a gem from the Irish Labour Party Presently participating in a coalition government with Fine Gael, under the leadership of Enda Kenny and Eamon Gilmore :

This is what the Labour Party are sending to their councillors today. I’d like to say its delusional but they are not that this stupid, although they obviously think some of their elected officials are. Fair play to Cian O’Ceallachain for publishing this stuff, going against the grain is never easy no matter how stupid it is…

“Farewell to Anglo!
Last night’s legislation brings an end to Anglo Irish Bank and the Irish Nationwide Building Society. These two institutions, names that will live on in ignominy, are forever associated with the recklessness and greed of a tiny clique that brought this country to the edge of financial ruin. These banks, the people who ran them and the golden circle around them were at the very roots of the crisis that has caused so much distress to the Irish people.

In liquidating this institution, we are doing what should have been done on the night of the blanket bank guarantee.

This is another step forward towards the day when we can finally face forward as a people, when the past can finally recede into the distance and when Ireland and the Irish people can see the future that they truly deserve”

Commenting on this one writer suggested

Whoever wrote that is wasted in the Labour Party. Should be out there writing sci-fi

Our Literary Prize Panel agreed unanimously.

Words may fail you, so we present an alternative view from the blog of United Left Alliance TD Joan Collins :

Now you see it, now you don’t. Nobody should be fooled by the government spin on the deal negotiated with the ECB on the debts run up by Anglo Irish and Irish Nationwide. Not a cent of the almost €35 billion poured into these two insolvent banks has been written down. This deal seals the fact that these debts have been fully socialised, that is transferred as a burden onto the Irish people.

Web Link :

Promissory Note Deal Is A Three Card Trick

The Irish government fast-tracked a new law through the Dáil, perhaps scared of a legal case taken by David Hall :

Once upon a time a failed private bank, under criminal investigation, got an IOU/promissory note from the State to pay off its bondholders. In 2011, we voted in a government that promised to tackle this blatant injustice. Last week they defended a legal challenge against the promissory notes. Then, hours before the Supreme Court could hear the appeal, in the dead of night, they rammed emergency legislation through the Dail that transfers those debts from the IBRC/Anglo (an institution we own, and with whom we could have negotiated a write-down or even a write-off of the debt) to the European Central Bank (which is legally prohibited from writing down, or writing off any of this debt – even if they wanted to. Which they don’t.)

So the ‘soft’, legally-suspect, promissory note debts, were turned into legally-sound, ‘hard’, non-negotiable, sovereign debt – without a single cent of it being written off.

In other words, the people paid to represent us have shafted us, and our children and grandchildren. But they still call it a ‘deal’ – kind of like an upgrade, to sit closer to the captain on a Slave Ship. Section 17 of the legislation now gives the Minister for Finance unprecedented powers to restructure these promissory notes with the Central Bank – without oversight and without a vote in the Dail. The terms of this ‘deal’ are being discussed now at: http://www.thejournal.ie/promissory-notes-michael-noonan-786949-Feb2013/

From this we will learn about ‘savings’ on the interest we’ll pay on this illegitimate debt, and how much icing sugar they intend to sprinkle over the shit sandwich they’ll be force-feeding us over the next few decades.

A delusional Jellyfish Spineless Labour Party has confused surrender and victory.

Gilmore’s outfit is going down in the opinion polls :

Labour Pains in 2013 Opinion Polls

Labour’s Way is now the Gormley-Green Way –

https://tomasoflatharta.com/2011/03/10/the-february-25-general-election-changed-something-in-ireland/

Any bets on how low the Labour Party and Fine Gael will dip in the next opinion polls and real elections?

We need an anti-coalition and anti-capitalist left which has the backbone for a fight, a physical feature absent from the jellyfish Labour Party.

Martin Luther King – Barack Obama : Compare and Contrast

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Strike of Locksmiths in Catalonia – Fighting Banks which are Stealing Homes and Evicting Residents – An Example for Ireland?

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Written by tomasoflatharta

Jan 6, 2013 at 8:33 pm