Friday, January 30, 2009

Debt Mountain 'Ireland Inc'

For those of you who missed my yesterday's article in the Indo on this topic, see here. The article was filed before we had latest figures on the stupendous amount of negative net worth on Irish corporate balance sheets (here).

JohnM was right in his comment that the State has been 'dumping' risk on taxpayers. The irony is - the state has been 'dumping' risk also onto the shoulders of debt-loaded companies, households and even the stock markets. About the only segment of the population that escaped this 'benevolence' of our Leaders is the public sector. Although one must recognise that some workers in the public sector are being paid too little, given that a few of them are actually productive in their jobs, just as one must recognise the fact that not everyone in Fianna Fail is happy to support what the Government has been doing to us.

The above caveats aside, it is, thus, the difference between ZanuPF and ZanuFF that the former cronies are wearing military uniforms, while the latter favours grey suits of the civil service and bearded folks from the unions.

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