Ireland: From ‘miracle economy’ to bust by US banksters

By The Real News Network

Paul Jay interviews Leo Panitch, the Canada Research Chair in Comparative Political Economy and a Distinguished Research Professor of Political Science at York University in Toronto. Panitch says that the Irish government’s decision to force the public to bear the private debt of the banks has caused its economic meltdown. He suggests that Ireland lead the way out of this class war by defaulting on the debt, and then nationalizing the banks and making them a public utility.

Leo Panitch is also the author of “In and Out of Crisis: The Global Financial Meltdown and Left Alternatives,” as well as “Global Capitalism and American Empire” and his most recent release “American Empire and the Political Economy of International Finance.”

4 responses to “Ireland: From ‘miracle economy’ to bust by US banksters

  1. Paul Krugman says, “the Irish government stepped in to guarantee the banks’ debt, turning private losses into public obligations.”

    He adds, “Punishing the populace for the bankers’ sins is worse than a crime; it’s a mistake.”

    http://www.nytimes.com/2010/11/26/opinion/26krugman.html

  2. All of this is making my head reel. and shouldn’t that have been “…is worse than a mistake, it’s a crime”???

  3. Pingback: Leo Panitch «

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