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What is the ideological/legal objection to turning bonds into shares?

The objection is that the bankers are seen to be at the very pinnacle of the advanced capitalist system and to be acting in the interests of the wealthiest members of the society. The whole purpose of the society is to enrich the top. Then the rest can bask in the reflected glory of the wealth they have accumulated. To allow the top banks to default would be akin to the Bolsheviks killing the entire family of Tzar Nicholas. The form of government may have changed but basic attitudes obviously have not. At least not for the governing class. When the average Irish voter feels the full impact of what is being done things may be different.

Is there any mechanism to bring down this government and force new elections?  

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue May 25th, 2010 at 01:39:51 PM EST
[ Parent ]
ARGeezer:
Is there any mechanism to bring down this government and force new elections?  

The Greens are the junior partners in the coalition Government and they conducted a mid-term review following a party conference last autumn. I genuinely thought they would reject Nama and precipitate a general election but they chose, instead, to go back into Government following some paltry concessions on fox hunting etc.

Now both parties know they will be devastated if they call an election any time soon and so are cli9nging on for dear life.  Indeed the Minister, Eamonn Ryan, quoted in the Diary is a Green party Minister and leading apologist for the Government.

So the short answer is no, this Government will probably run its full term, after which Fianna Fail will no longer be the largest party, and the Greens will be obliterated.

Frank's Home Page and Diary Index

by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Tue May 25th, 2010 at 02:17:31 PM EST
[ Parent ]
after which Fianna Fail will no longer be the largest party,

I wouldn't be too sure of that, and it's not clear that the most likely party to take their place, Fine Gael, would be any better. They might be worse.

by Colman (colman at eurotrib.com) on Wed May 26th, 2010 at 04:38:46 AM EST
[ Parent ]
I have no hopes for Fine Gael...

Frank's Home Page and Diary Index
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Wed May 26th, 2010 at 04:45:36 AM EST
[ Parent ]
Is there any possibility of a backbench revolt of Greens, possibly with some FFs, bringing this government down? Are there any prominent Green supporters outside the government who could speak out with effect? It is one thing to mortgage the future to save your cronies if you can bring it off, quite another to mortgage your future when the attempt is doomed. I think it is an excellent thing that so much of this debt has to roll over this year. That might shorten the suffering of the Irish people.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 26th, 2010 at 10:35:02 PM EST
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