European indecision is taking us all to the brink

European indecision is taking us all to the brink - Colm McCarthy → independent.ie/opinion/analy … 27020.html

There are two choices for Ireland - either monetise the debt or outright default.

How can we monetise our debts when we don’t print our own currency?

Or, three - pay it back?

No doubt there are problems with that.

However, what I’d personally like to see is every individual or business who borrowed money and now can’t pay it back, having their whole affairs put in front of the Irish public and the ultimate creditors who stand to lose out (ie. the savers in Germany and China etc.).

The questions asked:

What did you borrow the money for? What did you intend to create? What was your lifestyle at the time? What is it now? What assets do you have, and what did you have up to the time of the crash, and where are they now? What is your attitude now towards the Irish public and Germans and Chinese who must now bear the cost of your inability to pay?

Also, for each individual and business unable to pay, the money should ‘be followed’ to the middlemen in all of this, and the questions asked: What commission did you receive? What were your assessments of the risks of this loan? What duty of care do you feel you owe to the people of whose money you were custodians? What kind of lifestyle did your role in all this facilitate? And so on.

In other words - complete transparency.

Some mechanism could surely be found to bring everything out into the open so that the public can weigh up all the individuals, businessses and factors involved.

There is much washing of dirty linen to be done.

This makes me feel very uncomfortable. I agree that people should pay back their debts and we have the courts in place to make judgements.

But having this total transparency, is a bit creepy and totalitarianistic (if there is such a word).

I don’t see any other way of laying bare the *institutional *pathology that is at the heart of all this. The situation calls for it.

I think it’s a long way from totalitarianism because the government is the aorta of this heart so to speak.

There are human stories, indeed. But is it not better to have these stories heard by that part most likely to relate and hear and understand?

Better than hiding them in shame, where it is easy to project something else in their place.

And the other stories would be quickly seen for what they are.

The shenanigans of the last couple of months serve to prove one thing only - the system is completely broken. More than that I’d say it’s irreparably broken and we need to strip it back to basics and start again. It isn’t just Europe that’s up the proverbial creek sans paddle. At a minimum we have to let those organizations that should have died when the meltdown started die now in as orderly a fashion as possible. Continuing to fund banks whose sole purpose seems to be to suck funds from the public is a ridiculous situation to be in. If countries have reached the point were they can no longer service their debts then that has be accepted too and those who lent to them have to take the loss. I realise the potential for a chain reaction with this but it seems that the lesson of care that has to be learned here will only make it through to those who need it the hard way. And yes, I know that we could suffer badly out of this but I’m just so tired of listening to stories that tell me politicians are unable to reach agreement on this or that or that politicians in other countries are calling the shots to benefit their own nations primarily or that the markets are jittery because so-and-so has speculated that some one else isn’t good for the money they are owed. It’s insanity that the world is run on speculation, opinion, hear-say and general horse trading principals to the benefit of a few and the detriment of the majority.