First Peaceful European Revolt, As Irish Tsunami Ends 60 Years Of Fianna Fail Rule Following Banker Bailout Fury

Tyler Durden's picture

Angela Merkel is carefully observing what can only be classified as a peaceful revolution in Ireland, where a stunning amount, over 70% by some estimates, of voters turned out to punish the ruling Fianna Fail party for its betrayal of the Irish people and for the latest (and what some say last) broad banker bailout. The Telegraph reports that "Exit polls and early tallies from Ireland's general election heralded political annihilation for Fianna Fail (FF), the party which has ruled Ireland for more than 60 years of the Irish Republic's eight decades of independence." Bloomberg adds:  "Counting will continue today to fill the 166-seat parliament, with an exit poll giving Fine Gael and the Labour Party a combined 57 percent of the vote. Support for Fianna Fail, which has ruled for the last 14 years, dropped to 15 percent from 42 percent in the 2007 election, the poll showed." In other words, the Irish people have voted for a direct confrontation with the EU, and indirectly, for austerity: "Fine Gael leader Enda Kenny, likely to become prime minister, wants to re-negotiate the interest rate on the emergency loans and speed up planned spending cuts to narrow the budget gap. Labour is pushing for more tax increases." And the reason Merkel is not going to sleep much tonight is that Germany is next. The country, where the CDU saw a comparable annihilation in a recent Hamburg vote, faces several regional elections as early as a few weeks from now, and the political scene is expected to change drastically, as a warning to anyone who feels like putting the banking kleptocracy (again) over the interests of the taxpaying majority. But what is most troublesome for all those who think that the EURUSD at 1.38 is remotely credible, is that the European Nash Equilibrium is now completely destroyed, and the game theory defections are about to start in earnest: "Declan Ganley, the Irish businessman who led the 2008 No vote to the Lisbon Treaty, said Ireland must "have the balls" to threaten debt default and withdrawal from the single currency. "We have a hostage, it is called the euro," he said. "The euro is insolvent. The only question is whether Ireland should be sacrificed to keep the Ponzi scheme going. We have to have a Plan B to the misnamed bailout, which is to go back to the Irish Punt." Funny  nobody even pretends that modern economics is even a remotely viable concept. Also, the Fed's plan of keeping the USD artificially low against most currencies is about to crash and burn mercilessly.

From the Telegraph:

According to exit polling carried out by the Irish RTE broadcaster, Fine Gael (FG), Ireland's main centre-right opposition, had won 36.1 per cent of the vote. Labour, traditional FG's traditional coalition partner, took 20.5 per cent, its best result ever. Fianna Fail took just 15.1 per cent share of the vote, representing a loss of 58 seats.

Sinn Fein, usually outsiders in southern Irish politics, recorded its own best result with 10.1 per cent, up almost five per cent on the last 2007 election. The vote share for Greens, FF's junior coalition partner, plummeted to 2.7 per cent, possibly robbing the party of MPs.

"The political landscape of Ireland is completely and utterly redrawn," said Roger Jupp, the chairman of the Millward Brown Lansdowne pollsters which conducted the exit polls for RTE.

Enda Kenny, Fine Gael's leader, will later on Sunday, start to form a new government, almost certainly with Labour, after full election results under Ireland's complicated PR system come through.

Both Mr Kenny and Eamonn Gilmore, Labour's leader, have promised Irish voters that they will renegotiate the EU-IMF austerity programme to reduce the burden for taxpayers and to force financial investors to shoulder some of the bank debts currently paid out of the public purse.

Quid pro quo, Clarice:

At a summit of centre-right EU leaders in Helsinki next Friday, Mr Kenny will use his position as Ireland's new Prime Minister to beg the German Chancellor, Angela Merkel, and French President, Nicolas Sarkozy, for concessions ahead of an emergency March 11 Brussels summit to restructure the euro zone.

But neither the two European leaders nor the European Central Bank or EU will permit any substantial changes, despite the huge popular Irish revolt against the bailout.

Chancellor Merkel will tell Mr Kenny that if he wants to reduce the high, punitive 5.8 per cent interest rate charged on EU loans then Ireland will have to give up its low corporate tax rates - a measure regarded as vital to Ireland's recovery and one of the few economic policies it has not yet handed over to Brussels or Frankfurt.

And, of course, Mutually Assured Destruction:

The new Irish premier will also be warned that there is no question of forcing privately-owned financial institutions to assume Ireland's £85 billion bank debts because the resulting market panic would spread to Germany and France, tearing the euro single currency apart.

As Irish voters headed for the polling booths on Friday, the European Commission bluntly declared that the terms of the EU-IMF bailout "must be applied" whatever the will of Ireland's people or regardless of any change of government.

"It's an agreement between the EU and the Republic of Ireland, it's not an agreement between an institution and a particular government," said a Brussels spokesman.

A European diplomat, from a large eurozone country, told The Sunday Telegraph that "the more the Irish make a big deal about renegotiation in public, the more attitudes will harden".

"It is not even take it or leave it. It's done. Ireland's only role in this now is to implement the programme agreed with the EU, IMF and European Central Bank. Irish voters are not a party in this process, whatever they have been told," said the diplomat.

So is everything about to disintegrate, or will the status quo continue after all is said and done?

Dessie Shiels, an independent candidate in Donegal, said: "People have not been given the basic right of deciding whether or not they should have their taxes increased in order to repay bondholders who have lent to the banks."

David McWilliams, an economist and former official at the Ireland's Central Bank, has led calls for a popular vote under Article 27 of the Irish constitution, which requires on a matter of "such national importance that the will of the people ought to be ascertained".

"We have to re-negotiate everything," he said. "Obviously, the first way to do this is to make them aware that if they force us to pay everything, we will default and they will get nothing. So they had better get a little bit of something, than all of nothing. To make this financial pill easier to swallow, we must take the initiative politically. We can do this via a referendum.

However, just like in MENA, the Irish people, who have already sacrificed a part of their pension to keep the kleptocratic oligarchy fully funded and with another year of record bonuses, is increasingly ready and willing to throw the dice:

"If the Irish people hold a referendum on the bank debts now, we can go to the EU with a mandate from the people which says No. This will allow our politicians to play hard-ball, because to do otherwise would be an anti-democratic endgame."

Declan Ganley, the Irish businessman who led the 2008 No vote to the Lisbon Treaty, said Ireland must "have the balls" to threaten debt default and withdrawal from the single currency.

"We have a hostage, it is called the euro," he said. "The euro is insolvent. The only question is whether Ireland should be sacrificed to keep the Ponzi scheme going. We have to have a Plan B to the misnamed bailout, which is to go back to the Irish Punt."

And should that happen, the beinning of the end of the global Ponzi will be a fact. After so much posturing, will Ireland finally have the guts to what is right, or will nothing more than empty Dublin rhetoric rule the day even as the African revolutions spread to all middle east countries, and then to France...

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Scottj88's picture

Hope people have secured some form of physical silver if you are reading these comment sections...

Silver miners are about to take off as this ponzi scheme falls...

http://thehardrightedge.com/miningequities/

gwar5's picture

Yep, got some. It's really set to take off.

Read again China is hoarding silver big time.

Here's an excellent read & consolidates everything up to today and where we may be going: 

Kitco - Commentaries - Jim Willie CB

Here at ZH, we know. But it's a good e-mail for your moderately awake friends before it's too late. Time is running out for everything, methinks.

 

Zero Govt's picture

Totally agree with Litoralkey post on this. Nothing has changed. The new coalition wants to "renegotiate the interest rate" how much of a whimper is that?!! In effect treason in a lighter shade of black!

Here's the real problem, from the whores/horses mouth, ..the European Commission bluntly declared that the terms of the EU-IMF bailout "must be applied" whatever the will of Ireland's people or regardless of any change of government. "It's an agreement between the EU and the Republic of Ireland, it's not an agreement between an institution and a particular government," said a Brussels spokesman...

In short, democracy and the voice of the people doesn't mean Jack. A country according to the EU is steered not by its people or their voice, but by the marxist-fascist political and banking elites of Brussels and each country. The EU's motto is "Strength through Diversity". But the EU's entire project is to harmoginise all EU countries from Kremlin-Brussels central command control according to how they want/dictate it to be, like it or not.

When the Irish voted "fuk-off" to the EU with a 'No' vote the EU just didn't accept it and came back for a 2nd vote, pumped the country with EU propaganda and just managed (probably rigged) a vote in favour (what a mistake that turned out to be).

We truly have reached the last days of the crumbling Roman Empire (or any end of Empire). The EU is a corrupt stinking scum on European society. It's long overdue Ceaser was knifed to death in public or had its delusional head guillotined in full public view. The Parasite Club is approaching 'end of days' at ramming speed with maximum delusion of their impending and essential oblivion


Bagbalm's picture

So who sends in troops to do the collecting at the street level? The British? I doubt they want a replay of fighting the Irish. The Germans since it is to their benefit? Lots of luck boys. Bring lots of body bags.

fajensen's picture

They just buy the next government. Just wait and see. Within the EU you can vote and vote and vote until the result dictated from brussels comes out. 

akak's picture

Within the EU you can vote and vote and vote until the result dictated from brussels comes out.

Yes, funny how this vote-till-you-get-it-right-for-us ratcheting effect operates to ALWAYS increase the power of the State, and not just within the EU --- it can be observed everywhere in the USA from the federal level (e.g., Wall Street bailout of 2008) to the local level when it comes to increasing property taxes, school bonds, etc.  The flagrant voter manipulation and hypocrisy of it all is mind-blowing.

bigkahuna's picture

Yep--equally mind blowing are the people who have no clue and/or do not care what is going on.

Ray1968's picture

I bet the people of Ireland wish they had a 2nd amendment right about now.

Nobody would be interested in having door-to-door battles.

 

Amagnonx's picture

This pure dictatorship - if people cannot see this for what it is, the demands of a tyranical organization - then we have no hope anywhere.

 

The Irish must reject the debt - they must default, they must shove this up the collective ass's of the EU dictators.

 

Lets hope the Irish can get it done - it will be a global call to arms.

SilverRhino's picture

I wonder what the over/under is for the first military intervention (civil war) in the EU is?

TemporalFlashback's picture

Apologies... Unintentionally pressed the junk button.

akak's picture

Pressing it again will un-junk the junking, FYI.

Joseph Jones's picture

I'm a noob.  Help me.  How do PMs help someone survive if you need food to eat and energy to run your home?  Someone (MSM IIRC) said values of PMs are just as arbitrary as anything else. 

 

 

dalkrin's picture

They are a store of value and a means of exchange, just like paper currencies today, except they cannot be debased by an irresponsible government.  When trust is lost in the paper, and people refuse to accept it as having value, then you may bring out the PM's to work out a deal.  They shine regardless of the circumstances.  Yes, the value is flexible, but due to their scarcity and properties it will never go to zero.  In fact, the trend of appreciation is still just taxiing on the runway.

aheady's picture

"They shine regardless of the circumstances."

I like it. I like it a lot.

CrashisOptimistic's picture

What happens when people lose faith in shine and prefer a bag of wheat flour.

Ray1968's picture

Then you take your silver eagle or canadian maple leaf coin and trade it for a bag of flour. What is so hard about that concept??

DarkAgeAhead's picture

Depends on how deep the collapse.  Within the light of civilization, sure, PM hold some arbitrary value.  But if collapse is total, you want to hold physical water and physical soil fertility.  Not a metal.

ElvisDog's picture

5000 years of human history suggest that gold and silver is a medium of exchange and a store of value. It's the fiat money/debt-based system of exchange that is breaking down, not the physical gold and silver one.

DarkAgeAhead's picture

Depends on if you think collapse goes deeper than 5,000 years.  There's a sufficiently meaningful risk that it might, that I wouldn't ignore that.

We've shifted the ecology of the past 10,000 years.  Only a matter of time as the pace of change accelerates.

Landrew's picture

I traded 1oz. silver for dinner for two with glass of wine and tip. I did it to do it not to capture value. I did it to answer questions like yours.

DarkAgeAhead's picture

That assumes your current reality will still exist in the future.

mogul rider's picture

Trust me keep the ounce, you can always kill any farmer for the bag of wheat if it really gets that bad where the zombies are roaming the streets.

 

Ounces get you out of concentration camps too. That could be important if Cheney gets back into the backrooms

 

just saying.

 

My whole point here is if your family has no collectives memory of bad times then you know shit.

 

My family has seen big shit in the last 300 years. Prepare accordingly

Eternal Student's picture

You should be looking at the basics first, and PM's second. Get your essentials squared away if you can. Then you'll have less to worry about. Look at PM's after that.

Vampyroteuthis infernalis's picture

Joseph, don't ask logical questions about PMs here, you will not get any good answers.

EscapeKey's picture

Right, because dalkrin's isn't a good explanation:

"They are a store of value and a means of exchange, just like paper currencies today, except they cannot be debased by an irresponsible government."

All our ancestors had it completely wrong - believing in an infinitely printed, magic piece of paper with a number on it makes SO MUCH more sense, than a rare physical commodity.

monkeys.pick.bottoms's picture

PMs are to protect your wealth, stockpile of food is to protect your PMs, a deal with the farmer for regular food delivery protects all of it. When a bear is chasing you and others the trick is not to run faster than the bear but to run faster than the others... good luck!

litoralkey's picture

Revolutions require a change in leadership...

Fine Gael is Field Marshal Mohamed Hussein Tantawi to Fianna Fail's Muhammad Hosni Sayyid Mubarak.

There is no change, there are few if any Dubliners who believe this is a change, there are few if any Irish who believe they have any more control over the direction of their country today than in December, few if any who believe the bankers have lost even a modicum of near complete control over the daily existence of the Irish serfdom.

 

Cheers for the optimistic headline.

 

THe upside here is the reinvigoration fo Celtic Punk... may they preach open violence and revolution this time instead of blowing off steam of the youth allowing the bankers to consolidate power and disenfrachise the underclass.

Michael's picture

I'm half Irish and can drink and fight like one. Half Mexican too and can go Aztec on them as well. You don't want to go there.

I know the Irish can go ballistic on the world central banksters in a way that would make what the Icelanders did, with their reserve demeanor, look like a walk in the park.

Hernando's picture

One billion Catholics stand with Ireland.   This fight is going to get alot bigger alot sooner.

fajensen's picture

Trouble is: You NEED to go there! The rioting Greeks got better terms than the meek, law-abiding, Irish!!

ElvisDog's picture

By "going Aztec" do you mean turn over all your gold and silver to 400 Spaniards and let them take over your entire country and kill off 90% of your population?

New_Meat's picture

Mikey should "go Aztec."  I'll get the popcorn. - Ned

bigkahuna's picture

Yes, I think that is the concept.

Oh regional Indian's picture

Spot on litoral. Nothing has changed. Not a thing. In fact, I'm surprised at ZH giving this such a positive spin.

Who do the Bankster's not control? Definitely all sides of the "political" debate. Gael, Fael, Green, Pink...all of it. They also control the thugs and the fake "angry" opposition (look how meekly the IRA gave up it's cajones for a little politics). THey control the ports and the air-ports and the military.

When the fuse is really lit in the western world (can't count greece, portugal etc., I mean the heart of it), how it un-folds will shock many of you. 

Fail fael, falafal.

ORI

http://aadivaahan.wordpress.com/2011/02/25/wisdom-for-warriors-7/

 

slewie the pi-rat's picture

 

great new look, 0.  now, i can clearly see that you are japanese, and will name you toke_y0_rI.  i got money on erin, y0_ri.  i got 7/2 on $20; green stamps, against QEII.  your political savvy is right up there with most disinfo artists, altho i do appreciate your minimalism.  whereas most disinfo sprayerz make mountains out of molehills, i always admire your ability to make a mountain into a little clump of dirt around the hole in which you dwell, politically.  awesome!

here's what slewie's been stretching and retching to, this fine, brisk, morn: 

YouTube - Diamonds on the Soles of Her Shoes BBC

 

Oh regional Indian's picture

Slewie, reading your normal, brain paralyzing comment, I visualized a golf green for some reason, and a dimpled white ball, curling along a spiral, into a black hole.

You've been informed, but definitely not dissed.

;-)

ORI

tetrahedron's picture

Stop pimping your piece of crap blog everywhere on this webzone. You've been warned in the past and its way past obnoxious at this point.

bullchit's picture

"You have been warned"?  Hahahahaha

Ori, you've been upsetting a few Kunts. Keep up the good work son.

Love the blog, by the way. :-)

Regards.

Yen Cross's picture

Xag is in the pop mode. You are a greedy person with no understanding of xag.

akak's picture

What is this "xag" you are always referrring to?

If you mean "silver", then just fucking say so!

Jack Burns's picture

http://en.wikipedia.org/wiki/ISO_4217

 

" ISO 4217 includes codes not only for currencies, but also for precious metals (gold, silver, palladium and platinum; by definition expressed per one troy ounce, as compared to "1 USD") and certain other entities used in international finance, e.g. Special Drawing Rights...  These codes all begin with the letter "X". The precious metals use "X" plus the metal's chemical symbol; silver, for example, is XAG. "

akak's picture

Yes, thanks, I did know that, as I indicated above.

I was just trying to point out the snobbish pretention of this poster Yen Cross.

GoinFawr's picture

Let's reel YC

Hey, you're a self-purported FX savant, will you humour me for a moment please: If every currency that can be is being printed like there's no tomorrow (!), and FASB eternally allows all toxic 'assets' held by favoured banks to be marked to skypie, at least until they can be offloaded onto various nations' taxpayers, how is it that (x)ag currency (xau for that matter), which cannot be 'printed' in the strictest sense, can be in 'pop' territory when immediate supply is apparently so constrained? Is that call resting on purely technical merits? Or do you see SLV and its ilk as standing by with sufficient physical metal ready to dump into the market?

Bob's picture

It's done. Ireland's only role in this now is to implement the programme agreed with the EU, IMF and European Central Bank. Irish voters are not a party in this process, whatever they have been told," said the diplomat.

Hilarious.  I'm rooting for the comeuppance these bastards so richly deserve.

Moe Howard's picture

The Irish need to refuse to pay. I want to see the banksters force the Irish to work. If they are anything like my Irish relatives on my mother's side, good luck. They would only work long enough to pay for that night's booze. And not a minute longer.

Dr. Porkchop's picture

You can't get much more blatant than that. 'Sorry Ireland, you gave up your sovereignty when you accepted the EU.. didn't you get the memo?' Of course, I'm sure the Irish have known that all too well.

 

The Irish must feel proud that their sacrifice will save the German and other European bankers.

 

 

MolotovCockhead's picture

"It is not even take it or leave it. It's done. Ireland's only role in this now is to implement the programme agreed with the EU, IMF and European Central Bank. Irish voters are not a party in this process, whatever they have been told," said the diplomat.

 

Don't forget those Banksters are behind the FED, IMF, World Bank.... and they operate with the same kind of disregard for the American public too.

unununium's picture

Irish voters are not a party in this process,

Who said this?  What is his name?