Belfast Telegraph

Home Opinion Letters

The UK is not simply 'giving' Ireland a loan

Some writers in the media speak of "giving" Ireland a £7bn loan and talk of "giving" more loans to other euro countries.

We are not "giving": we are setting up an income stream back into Britain for decades. A "loan" to a "debtor" is an asset to the bank that sets it up.

So our economies are sustained by world financial markets and no less mass-exploited by the self-same markets.

When we say the problem is the "national debt" that misses the point: it's not the debt, it is the system, international banking abstracting vast wealth from international capital markets.

Indebted, we sell all our tomorrows for today. We sell the work of whole generations to come to feed out-of-control financial markets. We are mutually robbing one another.

Ireland's indebtedness is for generations, as is ours and through the world.

Welcome to looming third world impoverishment.

JEFF WILLIAMS

By e-mail

Popular

From Belfast Telegraph