Irish Political Economy, Class 3: the IFSC
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Irish Political Economy, Class 3: the IFSC

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Irish political economy for trade unionists and activists, Ireland and the IFSC

Irish political economy for trade unionists and activists, Ireland and the IFSC

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  • 1. Political Economy for Trade Unionists and Activists 19 February 2014 Ireland and the IFSC Dr. Conor McCabe UCD School of Social Justice
  • 2. 11 May 2010 Dear Chief Secretary, I'm afraid to tell you there's no money left. Sincerely, Liam Byrne. chief secretary to the Treasury.
  • 3. “The British Government has run out of money because all the money was spent in the good years.” George Osborne, 25 February 2012
  • 4. “So we cannot just carry on as we are. Unless we reform our economy - rebalance demand, restructure banking, and restore the sustainability of our public finances - we shall not only jeopardise recovery, but also fail the next generation.” Mervyn King, TUC Conference, 15 September 2010.
  • 5. 5 March 2009. QE : £75 billion 10 October 2011. QE : £75 billion 2009 – 2011. corporate bond purchase via asset purchase facility : £375 billion 2012: Monetary Policy Committee approve a further £50 billion. “So we cannot just carry on as we are. Unless we reform our economy - rebalance demand, restructure banking, and restore the sustainability of our public finances - we shall not only jeopardise recovery, but also fail the next generation.” Mervyn King, TUC Conference, 15 September 2010.
  • 6. Long Term Refinancing Operations (LTRO) 21 December 2011: €489.2 billion to 523 banks – 3yrs @ 1 per cent 29 February 2012: €529.5 billion to 800 banks – 3yrs @ 1 per cent
  • 7. Long Term Refinancing Operations (LTRO) 21 December 2011: €489.2 billion to 523 banks – 3yrs @ 1 per cent 29 February 2012: €529.5 billion to 800 banks – 3yrs @ 1 per cent “Some banks, particularly in Spain and Italy, used portions of those funds to buy higher-yielding bonds issued by their governments at a time when most investors remained skittish, and it helped reduce government borrowing costs. But many banks primarily used the funds to pay down maturing debts or simply deposited the money at other banks or with the ECB itself, even though they yield less. The infusion fell short of some politicians' hope that it would stimulate bank lending to customers in struggling European economies.” Wall Street Journal, 1 March 2012
  • 8. Over the last quarter of a century something fundamental seems to have changed in the way in which capitalism works. The tendency since 1970 has been towards greater geographical mobility of capital.
  • 9. Rather than being a modest helper to the capital accumulation process, [finance] gradually turned into a driving force. Speculative finance became a kind of secondary engine for growth given the weakness in the primary engine, productive investment.
  • 10. “Part of the reason people get less giddy about the Dow than they did five years ago is that they have learnt a bit about inequality. what looks like a recovery, a rally or an increase in consumer confidence may just be the effect of elites passing money among themselves.“ Christopher Caldwell, FT 9 March 2013
  • 11. One company – 200 employees One employee– 200 companies