‘The Great Irish Sell off’; the story of Politicians who ruined Ireland is out. Vulture funds are plundering the country’s property
Dublin: Following the new revelations of High Court Judge Edmund Honohan, the documentary ‘The Great Irish Sell off’, which reveals the conditions that destroyed the housing sector in Ireland, is being discussed again.
The national television channel RTE brought out the stories of the politicians who ruined Ireland.
The documentary ‘The Great Irish Sell off’ is a shocking story of political bandits. It paints a grim picture of vulture funds plundering the country.
Vulture funds acquired about 90,000 mortgages, €200 billion worth of property and business loans.
The documentary reveals that this is larger than Ireland’s national debt.
Lord Adair Turner, the UK’s financial regulator during the recession, says the size of the Irish banking and real estate boom will be as high as GDP. Ashoka Mody, the mission head of the IMF Troika era, also observes that Irish banks can never recover these losses.
The documentary describes vulture companies as mysterious and unaccountable.
They work as ‘3 R’s’, such as Receiverships, Rental Hikes and Repositions. Vulture funds buy large quantities at low prices and make quick profits.
Through the controversial documentary, the names of Lone, Cerberus (Project Eagle controversy), Goldman Sachs (known as ‘The Vampire Skid’) and Blaston became familiar to the people of Ireland.
The government, which rescued the banks, was saddening to the general public by summoning and acquiring massive vulture funds. They have been given a variety of commitments like granting charity status to each organization and paying only €250 a year in taxes.
The Fine Gale government has done a great disservice to the public by raising the capital gains tax from 20% to 33% and discouraging the sale of plots. In addition, with the imposition of various other restrictions on the sale of land in the city, the vulture funds have been able to attract tenants to their plots and lands.
Vulture funds buy disruptive assets from banks at a discount of up to 75% of the original value. Borrowers have been left in the lurch as a group of international financial giants began to charge what they thought was the right thing to do to keep borrowers afloat.
With this, the rent of other rental buildings in the market also went up. Since it was an issue that did not directly affect the ordinary Irish without raising any objection to anything, the Government-Vulture Fund was able to accept united conspiracies, including by immigrants, without any opposition.
The documentary ‘The Great Irish Sell off’ concludes with the words of Noam Chomsky, the great philosopher.
Private monopolies will continue to seek ways to increase their power. That power will be enormous. “You might say the government couldn’t do anything, but the real meaning is that the public doesn’t do anything,” said Chomsky.
The main victims of culture companies are the population, including immigrants. Most of the indigenous Irish people have heritage property and do not face significant challenges in the housing sector. But young people moving from the countryside to the city are dissatisfied with the increase in rent, but they do not protest because they want to come from a relatively better economic climate and enjoy life in the city.
The situation is different for immigrants, including Keralites living in cities. Up to 70% of their salary is spent on rent, which they cannot afford.
Immigrants from Ireland have never even heard of Noam Chomsky. Immigrants have even seen a growth in voting that could change the political structure of Ireland. There is not a single ward in Ireland that does not have at least ten percent of the vote for immigrants. But Irish politicians are completely ignoring immigrants who are unwilling to respond or represent politics.
Vulture funds are now raising rents to target job seekers in Ireland. Paradoxically, the government, led by Ashok Varadkar, the son of an Indian immigrant, was legally authorized to increase rents by four per cent per annum.
The video describing the actions that led to the sale of Ireland can be found at the link below.
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