Mandate Senior Reps Training, 25 March 2014

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Class on finance and Ireland as part of Mandate trade union senior reps training, Limerick, 25 March 2014

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Mandate Senior Reps Training, 25 March 2014

  1. 1. Mandate Training Dublin 25 March 2014 Finance and Ireland Dr. Conor McCabe UCD School of Social Justice
  2. 2. [Lehman collapse, 15 September 2008 - headlines 16 Sep 2008]
  3. 3. DREAM…
  4. 4. INNOVATION
  5. 5. The purpose of capitalism is self-expansion – capital begets capital – and it does so by monetizing social value and human labour. This is a circuit of transformation. Immanuel Wallerstein, Historical Capitalism (London: Verso, 2011), 15.
  6. 6. 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.
  7. 7. 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.
  8. 8. “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
  9. 9. One company – 200 employees One employee– 200 companies
  10. 10. Irish Executives in the six lenders must have been rubbing their hands with glee as the State-sponsored €400 billion insurance policy covers commercial, institutional and interbank deposits, and investors who have bought some of their debt. The State guarantee allows the six lenders to borrow more freely and more cheaply for short-term funding that had become scarce due to the global credit crunch.
  11. 11. Mr. Lenihan said on Tuesday that the increase on the cap on deposit guarantees up to €100,000 from €20,000 last month covered 97 per cent of customer deposits so the guarantee has clearly been included for the benefit of the banks rather than the savers…
  12. 12. “Denis Casey, chief executive of Irish Life and Permanent, said the guarantee would allow Permanent TSB and the other Irish banks covered to borrow more cheaply. “The oxygen supply for Irish banks was being cut off and healthy banks were starting to gasp for breath. This guarantee turns on the oxygen supply.”

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