EVISCERATED IN TRANSLATION

The McGill Summer School is perennially presented as the rare moment of intellectual ferment and frankness among the political class. And yet everything that emanates from it seems to be a recapitulation of precisely the same ideas that rule the country the other 50 weeks of the year, including the idea, emanating from the trade unions participating in these neo-liberal symposia, that the country should be more like Scandinavian countries, despite the fact that Scandinavian countries have comparably far more progressive states and societies on account of struggle led by organised labour, not because its right-wing elites had a brainwave.

What follows is a brief translation into brute reality of some of the terms used in this article from the McGill Summer School in today’s Irish Times.

  • ‘the vitality of the banking system ultimately rests on the fiscal health of the Government’ – get rid of hospital beds to keep banks alive
  • ‘The new European bailout framework provides important benefits to Ireland’ – shrink the welfare state to the benefit of the Irish owning class
  • ‘An interest rate of about 3.5 per cent on funds from the European Financial Stability Facility is much more conducive to fiscal sustainability than the previous deal’ – European authorities now know that crucifying the population completely will be bad for the banks
  • ‘policy conditionality is bound to be even stricter on programme countries’ – Econo-sadism for the periphery, more power to the banks
  • ‘the assurance of ongoing official support means the negative feedback loop between the market perception of the sovereign position and the funding position of the banking system is somewhat attenuated’ – financial markets relieved nation states have got their act together to make sure speculator meal tickets won’t be destroyed
  • ‘the optimal response for Ireland is to move more quickly on fiscal adjustment’ – the optimal response for Irish owning class is to launch an assault on the living standards of the population, driving down wages and driving up unemployment
  • ‘a large enough difference to demonstrate to Ireland’s European partners and the markets that Ireland recognises the change in its financial environment’ – Ireland’s owning class will show its European counterparts just how vicious it can be with the Irish workforce
  • ‘in-train spending review to be published in September can provide a basis for a “smart” approach to cuts’ – in-train spending review to be published in September can provide a basis for presenting cuts as “smart”
  • ‘Swift’ – vicious
  • ’employment-friendly’ – employer-friendly
  • ‘The desirability of collecting revenues from a property tax, water charges and other user fees and the elimination of many types of tax expenditures has been well ventilated in the Irish debate’. – The desirability of collecting revenues from a property tax, water charges and other user fees and the elimination of many types of tax expenditures has been well ventilated on Irisheconomy.ie
  • ‘the capacity to collect more income tax through reducing bands and allowances is also well understood’ – allowances have been made due to the reluctance of the owning class to pay more tax

 

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s