“That, especially, the operation of free competition shall not be allowed so to develop as to result in the concentration of the ownership or control of essential commodities in a few individuals to the common detriment.”
It can be demonstrated that the planning act restricts the use of land (a scarce and essential commodity) and allows a limited number of individuals to build up land banks to the common detriment. It can also be argued that maintaining the scarce commodity at an artificial high price (i.e. LTEV) is also to the detriment of the public.
“That in what pertains to the control of credit the constant and predominant aim shall be the welfare of the people as a whole.”
There could be an argument here that the state by means of the central bank/ financial regulator was negligent in it’s control of credit by allowing a fraudulent system (fractional reserve lending/ securitisation) to operate unchecked and that the proposed NAMA bailout continues that travesty by undermining the welfare of the people as a whole by loading them with debt.
Very good thread. Now that the Lisbon sideshow is over, we need to refocus on NAMA, before it’s too late.
Surely Article 45 is a basis on which to ask the President to refer the damn thing to the Supreme Court? I’m going to copy article 45 in a letter and send it to her requesting her to be poised to refer the proposed legislation on.
Yeah you’re right. As far as I can see, there is nothing in the Irish constitution to stop NAMA. I guess the assumption was made that members of the oireachtas have a moral and ethical backbone and would act in the interests of the population. They don’t and there is no way to discharge the oireachtas legally until a general election is called.
The only other option is to take the case to Europe, but, as we have seen with the home choice loan, this just gets buried in the bureaucracy and in the case of NAMA, the fear in Europe is that an Irish banking collapse would trigger a chain event that would bring down other banks, so any transgressions are overlooked by the body politic.
What type of state cares for the welfare of it’s people by loading them with debt and denying them access to resources? A kleptocracy. I guess nothing short of violent revolution will stop NAMA.
I don’t think this is quite true. I think the reason HCL was not promoted more by the government was the impending EU case. As HCL was quietly abandoned, there was no need for the EU to rule on it. Or perhaps I’m a hopeless euroshill…