Muhamed El-Erian is the CEO of Pimco, one of the world's biggest bond investors. Connected to Oxford, Cambridge and Harvard, he served 15 years with the IMF and wrote a prizewinning book on economics. More relevant, he oversees investment strategies involving trillions of dollars. In short, he's no Joe Higgins.
Last week, El-Erian told Bloomberg: "The only people doing their fair share right now -- in fact I would say they're doing more than their fair share -- are the taxpayers of Ireland who are having to go through a tremendous austerity, and the IMF and the EU that are putting in money. Most of the creditors so far have not gone through any burden sharing. It is remarkable. It is inadvisable. It is a political decision that has been taken. It surprises me. I do not think you can sustain that political decision."
In the same interview, El-Erian warned of how inequality engenders social unrest. He's no radical, he believes the current policies of protecting the rich while ******** the citizens will lead to destabilised societies. And that's bad for his business.
Another Pimco executive, Andrew Bosomworth, was quoted in the Irish Independent on Thursday. "Ireland is closing kindergartens to pay senior bondholders -- ethically that is a very questionable policy." The ethics of our government and Our External Partners are being questioned by some of the most aggressive capitalists on the planet.
Our leaders are constitutionally obliged to hold a referendum to seek permission for any substantial change in the treaties governing our relationship with Our External Partners. That relationship has now, without consulting the people, become one of master and servant. A vote for change meant nothing. The Oireachtas has been blatantly sidelined. Ethics don't count for much these days, but if democracy means anything there's an irrefutable case for a referendum on the package imposed without mandate on the citizens.[/
The only person who attempted to refer this to the Courts was someone from the Pensioners Party, who had no legal representation.
I tweeted far and wide for a Constitutional lawyer who would advise, to no effect.
Time to try again maybe.