Have you ever experienced that growing feeling that you are a part of history repeating itself? I just finished watching an episode of this new documentary series on BBC2 and am hoping this is not the case. It examines how the idea of the 'new economy' came about, the events that led to the Asian economic crash in 1998 and the Isamic attacks on the World trade centre.
The thesis is that power and love corrupts. I'm getting that sinking feeling.
It seems apparent that we are experiencing a re-run of the events that occurred in Asia in 1998. Corrupt and lazy politicians handing over power to financiers and a blind faith in computers to manage markets, is now responsible for two of the greatest economic crashes in history. Do we ever learn?
The IMF blackmailed Thailand and Indonesia into adopting their model of a free market economy in return for a bailout. Markmyword (wondered when I'd ever get to us this turn of phrase!), behind Ireland's bailout is a hidden agenda also. We will be helped by the EU and IMF only as long as we pose a threat to the economic stability of the rest of the EU and foreign businesses. A failure to bring immediate justice to those responsible for the banking crisis demonstrates this.
If we look back through history at the agenda behind the Asian bailout, it is quite apparent that this bailout is solely to protect the interests of investors and provide leverage to renegotiate our Corporation tax. We live under the illusion that events such as the lootings in Thailand and Korea could never happen here. Look at the Greeks already. We are bordering on anarchy but Irish people still lack the will to demonstrate. Are we are not yet hurting enough or we have still to realize the insidious taking over of our country?
Ireland's bargaining power will be determined by the degree of business we do with the rest of the world and more importantly by how much international markets are willing to invest here. We are well positioned to do this both geographically and strategically. Building a strong local economy, investing in farming, craft etc. so we can also become more self sufficient should the loan sharks leave us floundering.
We could also become a thorn in the side.
I'm no expert but could turning Ireland into a Tax Haven be the answer? Or perhaps we could break from the EU, become a hub for Asian businesses, offer tax incentives to the Chinese in return for employing Irish workers and go into competition with the West? Ok I'm throwing a wild card here but it would certainly be an interesting twist of fate. I bet it would make our EU and IMF friends sit up and take notice.
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