Praying Mantis Vs Venus Fly Trap

April 16, 2016

sittingonfenceFianna Fáil have escaped the embrace of the Fine Gael Preying Mantis. Bearing the prospect of shared gifts for everyone including Independents everything descended into an embarrassing shambles with Fine Gael aimlessly refusing to believe its offer of shared power had been shunned.

Likewise the Independents had their opportunity to play ball with Fianna Fáil vindicating their independence and opposition to Fine Gael policies prior to the election, they decided instead to sit on the fence hoping perhaps FG and FF would join hands and walk to the altar.

The prospect of FG and FF joined at the hip renouncing their election promises in favour of unconscionable compromise would have brought mirth and celebration into the ranks of the hurlers on the ditch, Sinn Féin.  It could have led to the destruction of both FG and FF and was a foolishly naive gambit by Enda Kenny: another failed strategy and failure of FG’s judgment grasping at straws.

Perhaps drunk on power FG refuse to let go.

They will speak to anyone and anybody in their quest to return to power. They will break any election promise they ever made in order to remain in power.

Independent (?) Katherine Zappone has sought to seize this opportunity by supporting Enda Kenny and turning her back on fellow independents. Perhaps hoping to be offered a ministerial portfolio?

Fianna Fáil now find themselves in the position of king-maker. They must be feeling good going into the latest round of negotiations. It may be wise of them to set a high price for their support or facilitation of Kenny. Perhaps insist Irish Water be buried as the nonsense it is. Then a list of Dail reforms including more gardai and more in the budget to save the A&E’s. This list could go on and on.

FF would be stronger going into the new election the prospect of which must entice many in FF who feel they are surfing a good wave with little to lose and much to gain in a new election.

Many independents may rue the day they didn’t put up a greater opposition to the prospect of a return to power of Fine Gael.

Both FG and Independents perhaps unwittingly have fallen into Fianna Fáil’s Venusian Fly Trap.

Meanwhile (1) an AIB whistleblower has complained to the ECB re AIB that its bad bank has been pumping bank loans to its good bank pretending they are good allowing the set aside of AIB provision for bad loans and at the same time claiming the saving of this money as profit.

Problems at AIB pale into insignificance to those at Germany’s  Deutsche Bank. Deutsche Bank’s 75 trillion-dollar exposure to derivatives makes it the world’s riskiest bank as the derivative roller coaster inflated by QE finally begins its downward ride. This will be accelerated by its exposure to Greece and especially to China compounded by recent billion dollar losses and chaotic management changes.

With alarm bells going off at the FED re the strength of the dollar; the failure of QE to stoke the US global economy with no result other than make QE addictive; the further division of the rich and the poor: the prognosis on Central Bank control of the runaway global economy is not good.

Next on the cards may be the devaluation of the dollar.

Did I mention the refugee crisis and Brexit looming shortly?

Global financial storm clouds are gathering and Ireland will need a strong stable government if it hopes to weather the storms ahead.

 

Postscript

Negotiations on the formation of an Irish government continue and today once again I heard on the RTE morning news an economist, a lecturer from Cork no less, speaking the above mentioned nonsense on Irish water.irishwater

He was talking of the merits of the commercialisation of Irish Water if left in private hands.

Sometimes one has not only to question the naivety and gullibility of spokespeople put forward to defend Irish Water, but their total lack of understanding of democracy itself or why we have elected politicians or government.

Perhaps there is a lack there in not having civics as part of the 2nd level curriculum. Or perhaps I’m being naive myself in not acknowledging that there are special interests involved who see rich commercial pickings in the entity known as Irish Water.

Our civics lesson is quite simple really. The reason we have elected politicians and government is the objective reasoning that collectively we as a people living in the Republic of Ireland recognise that certain utilities required by the people eg education, health, transport and Irish Water need development and protection from exploitation to serve the needs of the people as a whole.

They need to be protected from the limited and narrow requirements defined by commercial interest and instead developed and maximised in the most efficient and professional manner to serve the needs not of commercial interest, but that to which we refer as ‘the common good’.

Some economists may have the naive view that handing over Irish Water to private commercial interests will allow IW to borrow billions, to invest hugely in Irish water infrastructure with swimming pools on each street corner, reservoirs on every hill and jacuzzi in every house.

The reality is there is huge risk that vulture capital will purchase Irish Water, introduce asset stripping with huge job losses, scale back development, refuse to invest in new infrastructure and quickly sell off the looted and pillaged company for maximum profit at the earliest opportunity.

IW will also for commercial gain try to back door the Irish taxpayer to put money in with little or no accountability in place.

The above is why IW failed its market test set by Eurostat in April shutting the door on efforts by IW to have billions poured into it by the eu. It was plain nonsense to support the arguments for IW for this funding.

FG leading the charge in its Battle of Waterloo needs to get its act in order to drop the nonsense of IW, replace its leader who led them to such a disastrous outcome largely because of the Kenny IW hubris and nonsense: the plain people of Ireland need an election to sort out the mess current politicians appear unable to sort.

The sad tale of failed efforts by government to have Irish water both on and off-balance sheet see here (1)

It’s a tribute to our democracy we have not ended up with IW siphoning billions from the eu we would be on tap for through our water charges; IW siphoning more money to pay for more propaganda advertising and high salaries through our taxes; IW borrowing on the commercial markets we would also have to pay for; IW making efforts to seize control and sell on to another entity even less accountable; all the above without one penny spent of providing a drop of water.

Some economists would do well to study democracy alongside commercial law. It teaches there are some things that should not be trusted to the exploitative vagaries of the profit and sometimes morally corrupt motives that are often exploited by commercial law.

till again

1. http://www.independent.ie/irish-news/water/irish-water-crisis/revealed-the-chaos-behind-irish-waters-eurostat-failure-31598095.html

  1. https://whistleblowersireland.com/2010/10/19/aib-bank-whistleblower-complaint-being-investigated-by-financial-regulator/
  2. http://www.zerohedge.com/news/2016-02-03/it-time-panic-about-deutsche-bank
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