Consecutive mortgage increases this year alone have raised BoI's variable rate to 3.49%, this at a time when the European Central Bank (ECB) has held its rates to 1% for the 15th month in a row. The increases will further pressurize already hard-pressed borrowers and will drive many of them into default to join the 30,000 homeowners who are now hopelessly in arrears. Widespread suffering and sacrifice is now the lot of the Irish people, all generated by the greed of the banksters.
Terence Flanagan, a spokesman for the main opposition party, Fine Gael, said:
"While the ECB rates remain unchanged, the banks have chosen to rip off variable mortgage holders to pay for their own reckless behaviour. Homeowners are at the pin of their collar trying to make mortgage repayments...These variable rate increases will exacerbate the problem."
This is all so reminiscent of an old fable concerning a boy and a semi-frozen adder. (Isn't it peculiar that an 'adder' is a snake and it is also a colloquialism for a banker, an 'adder' of figures.)
The boy found a snake almost frozen to death on a mountain path. The snake begged the boy to warm him up inside his jacket before he died from the cold.
"I promise I won't bite you," the adder said. "What good would that do? You would die here on the mountain and so would I. Please warm me up inside your jacket."
"All right," the boy said. "I trust you then."
The boy picked up the snake and continued on his journey, warming the adder inside his jacket. When the boy got to the base of the mountain he found that the snake had thawed out. As he removed the creature from his jacket the adder suddenly lashed out and bit the boy in the neck.
"Why did you do that?" the boy cried out, knowing he had been dealt a mortal wound. "And after I saving your life."
"Boy," the snake said, "you knew what I was when you picked me up. You should have known better. Don't you know I can't control my own nature?"
And it has long been the nature of banksters to feed off the lifeblood of society. They have cunningly devised a monetary system that allows them to create money from debt; it is a magical system so cleverly designed that it entraps borrowers for all time. The banksters create the money of the world out of thin air but will only do so when a borrower pledges his indebtedness to them.
But, ingeniously, they don't create the interest. Interest has to be paid back along with a principal sum that was created out of nothing. How can borrowers pay back interest that hasn't been created and which doesn't exist? They have to keep borrowing more and more to continually bring new money into circulation. That is the only way they can come up with the interest on their loans. The whole scheme is a relentless treadmill of increasing debt that enriches the banksters and impoverishes the people. It is debt slavery, pure and simple. The peoples of the world are transformed into slaves of the banksters.