Solving the World's problems with common sense and a flamethrower.

Wednesday, October 01, 2008

Divided We Stand, United We Fall

I was most amused this evening to see this story on Sky News, with British bankers 'slamming' the Irish Government's decision to guarantee depsits at all the main Irish banks.

The EU position has also been covered, somewhat more gently, on Pravda.

This is just great - double schadenfreude!

On the one side, we have the poor, unloved British bankers, already suffering the slings and arrows of an outrageous credit crunch, watching first their profits, then their bonuses , then their very banks disappear.

They've taken not just their rightful share of the blame for their decisions to follow profitability ahead of long-term liquidity - they've had to shoulder the blame from those teflon-shouldered 'leaders' who played a massive part in causing the problem - a starring role that they now deny they ever played.

Now, the poor unfortunate financiers, down to their last Maserati and their sole remaining bottle of Bollinger, have to deal with their depositors buggering off for the Emerald Isle!

And as if that wasn't sweet enough, we hear that those worthies at the EU are up in arms, decrying the unilateral action of the Irish government in protecting their investors.

We have Neelie Kroes bleating: "I make a plea to national governments today not to act unilaterally but to continue the practice of involving the Commission".

We have European Commission President Jose Manuel Barroso saying that Europe needs stronger central supervision of government-led deposit guarantee schemes such as that in Ireland.

Oh dear, the financial cataclysm currently upon us is wreaking merry havoc with the EUtopian dreams of those who wish for a federal EUSSR, isn't it?

Let's be honest - when the ordure of financial failure hits the ventilation device of reality, the first instinct of every human is to protect themselves and their own. The same is true of DECENT politicians (Snotty McBroon take note). The Irish have done what any sensible nation would do - as evidenced by the actions of other nations including France.

This is one of those situations where divided, nations may just survive - yet united, we're royally and collectively about to fall and fall hard. No nation can be criticised for acting decisively in defending the interests of their own citizens.

Well done to the Irish government.

And a hearty, well-rounded cullachs to the bankers and the EUSSR!

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