Why we need a new banking system:
The current Commercial Banking System failed comprehensively and destroyed our country through rampant speculative lending – The Real Banking Inquiry notes;
- It has left us with enormous debts, prolonged austerity, Property Tax, Household charge, Water charges and a social crisis that will take decades to repair. Mass emigration of our youth.
- The countries Debt to GDP: 2008 was 25%, it is now 123%. We pay nearly €20bn in interest every year to private lending institutions.
- It is self-serving; it prioritises the interests and profits of its private owners, CEO’s and shareholders.
- Nothing has changed; few safeguards have been introduced to prevent a recurrence of 2008.
- The commercial banks enjoy the guarantee of a bail-in the next time they fail.
- Just three banks have over 90% of the market, such concentration means less competition and greater vulnerability.
- It continually takes between 30% & 40% of the profits of the entire domestic economy.
- They poorly serve small & medium size businesses (SME’s) that provide 70% of all jobs.
- It is a system of control. Private Banks have near-total control of Ireland’s credit money supply. They decide the sectoral allocation of credit and precisely who gets it.
- Your savings are not safe in the commercial banks because depositors are classed as unsecured lenders to the bank. Recently in the Cyprus Bail-in the banks took 47.5% of depositor’s money over €100k.
- The ECB is culpable; it played a major part in the creation of the bubble and the inevitable bust that followed by encouraging the commercial banks to offer virtually limitless credit. This was done to give the EU fiscal and budgeting power over Ireland.
- The Credit Unions are now under serious threat for their survival.
- €70bn bail-out, paid by us. – State pension fund pillaged by €21bn
- National debt now €190bn –
- Essential Services in chaos.
- Ireland is now controlled by the EU & creditors.
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If we don’t fix the banking system all else is futile and we will continue with the fire brigade tactics to save our country while we watch it being pillaged before our eyes with the blessing of successive governments. We must put in place a banking system that serves us and our interests and not the interests of the commercial banks and corporations, to ensure we are never deceived, robbed and held to ransom in such a way again.