Economy

World economy: Riding the double-dipper

Capitalist leaders are in disarray as they strive and fail to get to grips with the eurozone crisis and its threat to the global economy. Neither the G20 summit in Mexico, nor crisis talks in Rome offered any solutions, as politicians and economists desperately try to hang on to the eurozone roller-coaster.

Read More »

Corporate cash hoarders stunt growth

Big corporations are accumulating massive cash hoards. Despite record profits, there is a dearth of investment in production. Corporate surpluses, moreover, are linked to public-sector deficits. Cash hoarders should be subject to an immediate levy on idle capital to finance public works and reduce mass unemployment.

Read More »

Promissory note deal – it’s a con!

Do not be conned by the promissory note deal. It represents no benefit to the ordinary people of this State; not in the short, medium or long-term. The deferral of this payment until next year is simply kicking the problem can further down the road.

Read More »

The euro patient: ‘Stabilised’ but still critical

The Greek bailout 2.0 has averted a default, for the moment. The new fiscal pact is a straitjacket that will aggravate Europe’s austerity-induced recession. Ireland’s referendum threatens to shake the EU and the eurozone. There is growing discord among EU leaders. Far from over, workers’ struggles against capitalist austerity will erupt on an even bigger scale.

Read More »

Promissory Notes madness must end!

Much debate has arisen recently on the promissory notes debacle and its impact on the economy.  The issue seems to be clouded in mystery and many people may have shied away from it believing it to be yet another complex financial problem. The reality is that such discussions are generally made to seem difficult to grasp by the establishment and its media, to cover-up the story’s scandalous nature. This is exactly what is happening with the promissory notes.

Read More »

Eurozone: Into the abyss?

The Eurozone is at a tipping point. EU leaders are in disarray and have no clear strategy for resolving the crisis. Fragmentation of the Eurozone could trigger another deep financial crisis and global economic downturn. socialistparty.net analyses the crisis.

Read More »

The truth about Ireland’s super-rich

Albert Einstein once defined insanity as doing the same thing over and over again and expecting different results each time. In the last three years successive budgets have resulted in €20 billion being taken out of the Irish economy through austerity and have drastically worsened the present economic crisis.

Read More »

Anglo debt repayment to cost €65 billion!

Back in February, Enda Kenny said that if elected to government Fine Gael wouldn’t put “another cent” of taxpayers’ money into Anglo Irish Bank. Kenny also said “The junior, and senior, and non-guaranteed bondholders are going to have to pay the price”.   These populist statements and promises were cynically made during an election campaign simply to get votes. Now that he is Taoiseach, Enda Kenny has done another u-turn and is handing over not just a few cent to pay off Anglo’s debts – his government is handing over billions!

Read More »