Madam, – I have watched with increasing dismay the developments of the last two years in the land of my birth.
I do not understand why the Government has persisted with the plan to create and support yet another “bad” bank – Nama – and to prolong the festering existence the other “bad” banks with capital infusions, when what the country needs seems to be at least one “good” bank (arguably, it currently has none). It seems to me to be, on the one hand, contrary to the principles of the free market and, on the other, the principles of social justice.
For those who support the free market should surely argue that it is the creditors (ie bondholders) and shareholders of the banks who should pay for the the irrational behaviour of the banks’ management. In my view, those who support social justice will rightly point out that it is unfair for the majority of the population to be paying for the mistakes of the currently wealthy former management of certain banks.
In short, future generations of the country are likely to spend the rest of their working lives in tax servitude paying for the sins of someone else’s parents and grandparents.
I am angry and saddened that the actions of the current Government seem likely to have the following implications: 1. If you are young and mobile, you should leave the country if you wish to keep at least half of what you earn; 2. If you are rooted in the country, a significant proportion of your income will be used to pay off wealthy bondholders to whom you as an individual owe nothing; 3. If you are outside the country, it will be very expensive to return.
One can understand the fear and urgency created following the collapse of Lehman Brothers, and the government reacted swiftly and decisively. However, there is no shame in admitting that circumstances have changed, nor in consequently changing course to act in the best interests of the nation. – Yours, etc,