I’m voting no to the Fiscal Compact referendum today. My reasons are as follows:
We Lose Our Independence. In signing the ESM we irrevocably cede our financial independence to the European bureaucracy. This is the same bureaucracy that coerced our government to repay the unsecured debts of the French and German banks as a condition of our ‘bailout’ at an interest rate that promised the troika a sizable profit. By imposing the burden of banking debt on the Irish taxpayer they clearly prioritized the solvency of the French and German banking systems over that of the Irish state. We would be fools to expect better treatment in future.
The EU Superstate Will Suffocate Europe. We must resist the growth of the European superstate. There is no effective democratic check to the bureaucracy and unchecked it will suffocate enterprise and economic growth in Europe just as the Soviet Union created an economic wasteland of Eastern Europe and Russia. Ironically the EU superstate will appear to many Europeans as a colonial foreign power and its emergence has already begun to stimulate the growth of extreme nationalist parties across Europe.
We Need To Cut Deficits Not Finance Them. To borrow further funds to finance the high government deficit is to delay the fundamental changes that are necessary to restore our economic future. As the most indebted nation in the world we can no longer afford to pay the most generous terms to our public servants and social welfare recipients. Our governments have proven singularly gutless in cutting public expenditure to date. They have targeted the vulnerable and avoided the powerful.
I’m under no illusion that we have a difficult road ahead but I do want to ensure that the destination is one that I look forward to rather than fear.