The “deal” on the Anglo debt

Posted: February 7, 2013 in politics
Tags: , , , , , , , , ,

Jesus, RTE this evening, you could write it all down as a case study in propaganda.

What’s the substance of this deal?

Anglo racked up a lot of debt through rich people gambling, and our government is paying it back for them using money it takes from our schools, hospitals and other services.

We still have to pay this money – just in 30-40 years. We’ve sent a bomb forward in time to explode over our much greyer heads, in christ knows what circumstances.

It’s cynical. The government is pushing this issue away to a time when their term will be long over and every one of their TDs will be retired or dead. Hopefully dead.

It’s also innocent. Noonan says as if it’s a given that inflation will whittle the cost down a lot. Five years into this crisis, and he still thinks this is an unpleasant episode that will soon resolve itself. You’d nearly feel sorry for them. But you don’t because then Noonan comes out with this crap, I didn’t ask for a write-down, a write-down was never a possibility. A write-down is essentially what we were being promised to keep us in false hope. But those of us who were clued in knew that wasn’t going to fly. Either we pay the rich people’s gambling debts or the parasites take a battering and then take revenge.

So instead we get this piss-poor deal as a substitute, and the media go mad with excitement.

I tell you most solemnly:

My car had a busted engine so I left it in to the mechanic. The car was blue. When I came back the next day the engine was still busted but the car was bright red. The mechanic smiled proudly at me and said “Ta-daa!”

Any benefit that anyone can possibly see in this deal is rooted in the perception that in the future we will be able to pay the debt no bother. But every billion they cut from the economy is like another kick to the head of someone bleeding on the pavement. If we follow the logic of austerity and bank bailouts we are NOT going through temporary pain for future gain. In the long term we’re permanently fucking up the economy and in the short term we’re starving people, immiserating people, driving thousands out of the country.

I’d rather not think about what this country might look like in 2034 when this pack of grey nonentity puppets of parasites have had 21 more years to lay waste to it and then this deferred debt-bomb comes dropping.

Don’t believe the propaganda. Yesterday you were being fucked over and today you’re being fucked over. Tomorrow, same deal. The only way to make it stop is to organise collectively to smash the power of finance and business.

  1. sapteuq says:

    Comment from the author:

    I make no secret of the fact that I’m not the smartest when it comes to maths and finance. I overlooked this important aspect of the deal:

    The price of the long-term bond is that we’re paying a billion in interest every year between now and 2034 when we have to start paying up. Correct me if I’m wrong, but doesn’t this tack on an extra €21 billion to the principal?

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