Ben Gilroy and People for Economic Justice addresses the crowd if Irish citizens regarding the current banking crisis. Just across the street is the Freemasons Hall on Molesworth Street and up the street is Buswell’s hotel where many a deal is done. After the speech and delivery of the letter to Savills, Ben and the crowd made our way up to Buswell’s for a coffee and to get out of the rain and ran into Pat Rabbitte.
Ben’s Speech Outside Savills:
As many of you may be aware, Savills are one of the most aggressive receivers in Ireland. In his speech, Ben starts out by explaining to the crowd the crime called “usury”. In the modern sense, this is a result of fractional reserve lending. Under fractional reserve lending, banks do not lend out money. Lending out money would mean when a customer goes into a bank and asks for (purely as an example) €100, the bank manager would go into the banks vault or one of their own accounts, take €100, and give it to you. In actuality, all the bank does is increase the balance of your account by that amount, while at no point does another account decrease by that same number. The bank is only required to actually possess a fraction of that mount in reserve, hence the name Fractional Reserve Lending.
Following on from this point in his speech, Ben goes on to mention that this practice is aided and abetted by companies like Savills. He asks them are they are that the banks committed fraud, and serious liquidity laws. He asks do they work as receivers for Anglo Irish Bank, one of the most toxic in all of Ireland. They are put on notice that their actions will no longer be blindly tolerated and they can expect this actions to be fault at every turn from this point forward.