This page has been archived and commenting is disabled.

Guest Post: Ireland, Please Do the World a Favor and Default

Tyler Durden's picture





 

Submitted by Charles Hugh Smith from Of Two Minds

Ireland, Please Do the World a Favor and Default

Ireland would save the world from much misery by defaulting now and driving the vampire banks into liquidation.

The alternative title for today entry is: Ireland, please drive a stake through the heart of the vampire banks which have the world by the throat. The entire controlled demolition of the Eurozone's finances can be summed up in one phrase: privatize leverage and profits, socialize losses and risk.

The basic deal is this: protect the bank's managers, shareholders and bondholders from any losses, while heaping the socialized losses and risks on the taxpayers and citizens.

While there are murmurings of "forcing bondholders to share the pain," any future haircut will undoubtedly be just for show, while the Irish pension funds are gutted to bail out the banks.

EU Outlines Bond Restructuring Plan (WSJ.com)

Europe Goes "Completely Mad" At Suggestion Of Irish Default Demanded By 57% Of Irish Population (Zero Hedge)

Here is a chart which illustrates the dynamic at play in Greece, Ireland and indeed, the rest of the world as well: leveraged speculation and mal-investment lead to asset deflation and collapse.

#404040;">



Here is a chart which illustrates how asset deflation leads to taxpayer-funded bank bailouts and then sovereign default. It's fairly self-explanatory:
#404040;">


It's rather straightforward: as asset bubbles rise, they enable vast leveraging of credit and debt. Once mal-invested assets collapse in value, then the debt remains, unsupported by equity or capital.

As the Financial/Political Elites transfer these catastrophic losses onto the citizenry, they set off a positive (runaway) feedback loop: the Central State austerity required to pay the borrowing costs of the bailout sends the economy into recession, which reduces borrowers' incomes, triggering more defaults which further sink housing prices. As prices continue falling, bank capital declines, requiring ever-larger bailouts to provide the banks with a simulacrum of solvency.

Austerity measures must be tightened to channel more of the citizens' incomes to the banks, which further suppresses the economy, lowering tax revenues and incomes, which leads to more austerity to fund more bailouts, and so on, until the haggard remnants of a once-wealthy citizenry finally rebel against their Financial/Political Overlords and topple the government which arranged the bailout.

A new populist government announces a sovereign default, to widespread huzzahs from the unyoked citizenry.

The EU's bailout of Greece and Ireland will only hasten this dynamic. The Power Elites are rapidly losing their credibility; just compare the market's euphoric reaction to the Greek bailout in May and the openly negative response to the Irish bailout.

The money is lost, and Capitalism requires those who took on the risk to earn outsized returns must take the loss, come what may. When a nation such as Ireland is running a State deficit equal to 32% of GDP, austerity cannot generate the stupendous surpluses needed to make good the vast sums which are already lost.

And even if they could, why should the citizens save the banks and bondholders from the losses Capitalism requires? Mal-investments should be sold, for pennies on the dollar if need be, insolvent banks liquidated and bondholders handed 95% losses. Managers would be sacked, bonuses cancelled and shareholders wiped out.

It's a little late to decide Capitalism is only fun when reaping gargantuan profits from highly leveraged mal-investment and fraud. Ireland, and indeed the world, will survive if all the vampire banks are liquidated. That is the end-state, and "buying time" just increases the misery of the citizens who have been yoked to save their "betters."

Ireland, please drive a stake through the heart of the vampire banks which have the world by the throat. By defaulting, you would be doing the world (and your own nation) an immense favor.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 11/28/2010 - 22:00 | Link to Comment MsCreant
MsCreant's picture

Put the IRE back in Ireland.

Sun, 11/28/2010 - 22:32 | Link to Comment masterinchancery
masterinchancery's picture

Amen sister!

Sun, 11/28/2010 - 22:54 | Link to Comment Cleanclog
Cleanclog's picture


People of Ireland - get really noisy and visible about your displeasure that your futures are to save the banks, yet again.  Do what it takes to make the budget vote on December 7 become a NO to the EU and IMF package.  Default, repudiate, whatever to not have this structure truly destabilize your futures.  

The banks took the risk.  Let them suffer the consequences.  You should not have to slave to bail them out again.

Hurry.  Loud and obvious.  Make your protests count.  Everyone.  Doctors, teachers, cabbies, sewer treatment workers - leave your desks, offices, classrooms, and protest!

Sun, 11/28/2010 - 23:30 | Link to Comment chopper read
chopper read's picture

AND IF YOUR LEADERS DO NOT LISTEN, THEN REVOLT AND EXECUTE THEM.

http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse

 

finally, know this scoundrel by his name. understand who he is.

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

 

Mon, 11/29/2010 - 00:07 | Link to Comment kujo
kujo's picture

I believe there is a system to help out the 'lads' back in Ireland in some cities in this country. I bet a few silver eagles could go a long way bring about some change on the Emerald Isle again.

Sun, 11/28/2010 - 22:02 | Link to Comment Cleanclog
Cleanclog's picture

European Bailout 2 (EB2) is going about as well as QE2 so far.

Sun, 11/28/2010 - 22:03 | Link to Comment Jason T
Jason T's picture

Debt based money system bitchez!  Mathematically guaranteed to blow up in your face.

 

Sun, 11/28/2010 - 23:31 | Link to Comment chopper read
chopper read's picture

exactly. 


know this scoundrel by his name. understand who he is.

 

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

Sun, 11/28/2010 - 22:08 | Link to Comment Spitzer
Spitzer's picture

An Ireland default would shoot the Euro to 1.80.

All that debt distruction would certainly push the Euro to all time highs.

Europeans better dump their gold before its too late

Sun, 11/28/2010 - 22:05 | Link to Comment Belrev
Belrev's picture

This is ultimately a mathematical event and not in the hands of the evil ones. Though they will do all they can to delay the inevitable and avoid being sprung up on the trees.

Sun, 11/28/2010 - 23:36 | Link to Comment chopper read
chopper read's picture

 

i agree with your identified outcome, but not that we are absent 'evil ones'. 

 

 

“For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century.”

 

- Carroll Quigley

 

“The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and communism under the same tent, all under their control … Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.”

 

- Congressman Larry P. McDonald, 1976, killed in the Korean Airlines 747 (Flight KAL007) th at was shot down by the Soviets in 1983

 

 

 

PLEASE, know this scoundrel by his name. understand who he is.

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

 

http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse

 

Sun, 11/28/2010 - 23:57 | Link to Comment fleur de lis
fleur de lis's picture

Yep, these are the same central vermin bankers who carefully manipulated monetary systems so as to fund both world wars, and all the vile revolutions of the 20th century, sending millions of people to violent deaths. Would someone please explain to me how they are any better than serial killers and why their punishment should be any less severe?

For all their money they're still trash.

Mon, 11/29/2010 - 18:08 | Link to Comment chopper read
chopper read's picture

they are routine stewards of holocausts.  ...if ever there were a time for common men to rise up.

 To be, or not to be– that is the question:
Whether 'tis nobler in the mind to suffer
The slings and arrows of outrageous fortune,
Or to take arms against a sea of troubles
And, by opposing, end them.

Sun, 11/28/2010 - 22:08 | Link to Comment Selah
Selah's picture

Collapse, Bitches!

We need a total collapse, and the longer we kick the can, the more total the collapse. I do not expect this to be "fun", but it is what society needs. Look around at how society is progressing.

The governments are doing a great job to ensure that we have a total collapse.

Sun, 11/28/2010 - 22:08 | Link to Comment liberal sodomy
liberal sodomy's picture

I'm in for 10k of aid if they do.

Sun, 11/28/2010 - 22:09 | Link to Comment NotAlwaysSo
NotAlwaysSo's picture

Not going to happen. The oligarchs are forever safe, the world has been tamed. The human race is officially domesticated.

Sun, 11/28/2010 - 22:22 | Link to Comment MarketTruth
MarketTruth's picture

"Give me control of a nation's money and I care not who makes the laws." -- Rothschild... Same family that owns the Federal Reserve, ECB, IMF and others.

Sun, 11/28/2010 - 22:33 | Link to Comment NotAlwaysSo
NotAlwaysSo's picture

Brilliant family. Evil, but brilliant. We should emulate them.

Sun, 11/28/2010 - 22:43 | Link to Comment Croesus
Croesus's picture

I can think of better things to do with them, besides emulating them. Isn't the world shitty enough already, because of "people" like them? Do we really need more of them?

 

 

 

 

Sun, 11/28/2010 - 22:55 | Link to Comment delacroix
delacroix's picture

we should castrate them, for trying to molest, our children, and grandchildren

Sun, 11/28/2010 - 22:57 | Link to Comment NotAlwaysSo
NotAlwaysSo's picture

We can't touch them, that's the whole point.

Sun, 11/28/2010 - 23:41 | Link to Comment chopper read
chopper read's picture


“For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century.”

- Carroll Quigley

 “The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and communism under the same tent, all under their control … Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.”

 - Congressman Larry P. McDonald, 1976, killed in the Korean Airlines 747 (Flight KAL007) th at was shot down by the Soviets in 1983

PLEASE, know this scoundrel by his name. understand who he is.

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

 

http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse

Sun, 11/28/2010 - 22:55 | Link to Comment hardcleareye
hardcleareye's picture

“I have two great enemies, the Southern army in front of me and the bankers in the rear. And of the two, the bankers are my greatest foe.” Lincoln.

Sun, 11/28/2010 - 22:09 | Link to Comment RafterManFMJ
RafterManFMJ's picture

Bankers sayz, "What we really need is a global war" 

Sun, 11/28/2010 - 22:10 | Link to Comment Shameful
Shameful's picture

What is really amazing is the ROI on bribes...errr...campaign contributions. I mean think about it. With a big sack of unmarked bills you can make all your risks disappear. Got to think it's way cheaper then buying a CDS and the counter party risk is tossed on the people. What a deal!

Sun, 11/28/2010 - 22:13 | Link to Comment lynnybee
lynnybee's picture

Our children & grandchildren must live free........please default for all our sakes.

Sun, 11/28/2010 - 22:13 | Link to Comment Mitchman
Mitchman's picture

Unfortunately, from what I read, all of the political parties, except for Sinn Fein, are committed to some aspect of the bailout and unless someone comes forward NOW, even with the election, the bailout package will survive in its current form.

Read this op/ed:

http://counterpunch.com/browne11262010.html

Sun, 11/28/2010 - 22:18 | Link to Comment liberal sodomy
liberal sodomy's picture

sinn fein is the nancy piglosi wing of what is left of the shambles of "Irish" government.

Sun, 11/28/2010 - 22:23 | Link to Comment AbandonShip
AbandonShip's picture

great site! I used to read daily and was a print subscriber.  Might go back again.

Mon, 11/29/2010 - 06:41 | Link to Comment tip e. canoe
tip e. canoe's picture

"The global colonial edifice proved to be a house of cards, and when Ireland whipped one away the whole structure wobbled and began to collapse."

Sun, 11/28/2010 - 22:14 | Link to Comment AUD
AUD's picture

While outright, as against currecy inflation, default might seem the best way forward, does anybody stop & think what happens to the many millions of ordinary depositors who have their 'life savings' 'entrusted' with the banks who are on the hook for all this bad debt?

I think the article posted by Sandeep Jaitley on ZH a couple of months ago had the best description - they would be destitute - banks would fail, all interbank payments would stop, the economy would ground to a halt, people thrown out of work.

While the burden of bad debt can be increased by currency inflation it will be, until it can't be.

Sun, 11/28/2010 - 22:16 | Link to Comment Shameful
Shameful's picture

Risk sucks. We have taken for granted that all banks are safe, clearly this is not the case. There is still risk, but it's just moved in this case to the people. Besides if there is infinite bailouts that leads to infinite moral hazard. Does anyone think the banks will clean up their act so long as they can expect infinite bailouts?

Mon, 11/29/2010 - 19:01 | Link to Comment jonytk
jonytk's picture

Hey, all banks are safe now in Europe,

U MAD ??? XD

 

Sun, 11/28/2010 - 22:31 | Link to Comment Hubbs
Hubbs's picture

Thanks for providing the opposite view, which begs the question, who makes up these bond holders? Wealthy folks who are whinning because they may lose some of their jet set travel vacations, or the working smucks who have saved over their lifetimes so they would have at least a little cushion for retirement?

Sun, 11/28/2010 - 23:20 | Link to Comment AUD
AUD's picture

who makes up these bond holders? 

Most likely the pension or superannuation fund where your 'retirement' is. Wealthy folks & working schmucks alike stand to lose everything in the event of a major default sending bond prices to zero.

I think that's why governments have reacted the way they have over the last couple of years. They (as in at least some people in the Treasury dept.) know the money ain't there, and never was there & never will be there.

Governments are never going to admit that they have been screwing the people since at least the First World War & anyway, as I said above, it's too late to turn back without disastrous consequences. The game of musical chairs must continue

Sun, 11/28/2010 - 23:50 | Link to Comment Sean7k
Sean7k's picture

The governments are run by the bankers. They are proxies. This bailout is designed to make the bankers whole at the expense of Ireland's infrastructure and pension plan. Default Ireland and build a new economy on sound money. Just ignore the aussie banker.

Mon, 11/29/2010 - 00:29 | Link to Comment AUD
AUD's picture

The governments are run by the bankers. They are proxies

As usual you have it backwards. The banks are proxies for the government. In return for monetising the governments debt the banks get their own 'free lunch'.

Without the protection of government the bankers would have to work for their lunch.

And me a banker? You're a funny guy.

 

Mon, 11/29/2010 - 06:44 | Link to Comment tip e. canoe
tip e. canoe's picture

who makes up these bond holders?

see for yourself

http://golemxiv-credo.blogspot.com/2010/10/who-are-bond-holders-we-are-b...

Sun, 11/28/2010 - 22:34 | Link to Comment Eally Ucked
Eally Ucked's picture

Don't worry about depositors, bottom 80% does not have any deposits! Like in America, whatever they have is their house at imaginary price and few bucks at the bank. As you see they want to use their pensions too for bail-out, lost money, so they don't have to worry.

Sun, 11/28/2010 - 22:55 | Link to Comment Spitzer
Spitzer's picture

exactly

Sun, 11/28/2010 - 23:58 | Link to Comment chopper read
chopper read's picture

exactly, exactly.  agreed.

 

i cannot wait to see those who are halfway up the bureaucratic power structure (food chain) begin to defect in favor of the people when they realize their one-world-government plan is collapsing around them.   

 
“For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century.”

- Carroll Quigley

“The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and communism under the same tent, all under their control … Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.”

- Congressman Larry P. McDonald, 1976, killed in the Korean Airlines 747 (Flight KAL007) th at was shot down by the Soviets in 1983

http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse

Sun, 11/28/2010 - 22:36 | Link to Comment Double.Eagle.Gold
Double.Eagle.Gold's picture

Depositors, the little guy, are made whole. It's the power elite that get screwed by a bank default, stock holders first, bond holders second.

This is the way it works and I'd much prefer this than passing this mess on to future generations.

Sun, 11/28/2010 - 23:27 | Link to Comment AUD
AUD's picture

Made whole by whom?

A bank default does not mean there is any money for the depositors. A government guarantee just means the risk is spread around through currency inflation, which means we're back to square one.

Mon, 11/29/2010 - 00:32 | Link to Comment traderjoe
traderjoe's picture

Refund the depositors in a new sovereign currency - issued without debt and without interest. Make the conversion 1:1 - can be done over a weekend. Stores would be open on Monday.

Sun, 11/28/2010 - 23:00 | Link to Comment Psquared
Psquared's picture

So they borrow to pay loans in the hope of what? That a fairey godmother will leave them some money?

I have borrowed from Peter to pay Paul before. It doesn't work. Sooner or later you have to default or pay down the principal. Here they are increasing the principal so making it that much harder for the poor fairey godmother.

Sun, 11/28/2010 - 23:03 | Link to Comment Sean7k
Sean7k's picture

What a laugh. The "millions of ordinary depositors". How about the German, French, British and American bankers? They are the ones at risk. The ordinary people will be ravaged by the selling of their country's infrastructure and pension plan. 

Take your sad defense of bankers and shove it up your arse.

Sun, 11/28/2010 - 23:22 | Link to Comment AUD
AUD's picture

Take your sad defence of Government & shove it up your arse.

Sun, 11/28/2010 - 23:51 | Link to Comment Sean7k
Sean7k's picture

Best you can do banker troll? How droll.

Mon, 11/29/2010 - 00:00 | Link to Comment chopper read
chopper read's picture

amen.

 
“For the first time in its history, Western Civilization is in danger of being destroyed internally by a corrupt, criminal ruling cabal which is centered around the Rockefeller interests, which include elements from the Morgan, Brown, Rothschild, Du Pont, Harriman, Kuhn-Loeb, and other groupings as well. This junta took control of the political, financial, and cultural life of America in the first two decades of the twentieth century.”

- Carroll Quigley

“The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and communism under the same tent, all under their control … Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.”

- Congressman Larry P. McDonald, 1976, killed in the Korean Airlines 747 (Flight KAL007) th at was shot down by the Soviets in 1983

http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse


know this scoundrel by his name. understand who he is.

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

feller

Sun, 11/28/2010 - 22:14 | Link to Comment Big Corked Boots
Big Corked Boots's picture

I am a big Charles Hugh Smith fan. He gets it.

Unfortunately the rest of the world does not. The bankers have us by the balls, and the squeeze is just starting.

Sun, 11/28/2010 - 22:15 | Link to Comment NotAlwaysSo
NotAlwaysSo's picture

Indeed. And this was known from the very beginning. What short memories some people have.

Sun, 11/28/2010 - 22:19 | Link to Comment liberal sodomy
liberal sodomy's picture

Thanks for the lead.  Off I go.

Sun, 11/28/2010 - 22:27 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

Don't be so despairing about the bankers.  They can't create oil, either.

Sun, 11/28/2010 - 22:35 | Link to Comment Croesus
Croesus's picture

Tyler:

Can we start a "Should Ireland Default?" Poll? 

Sun, 11/28/2010 - 22:49 | Link to Comment chender
chender's picture

RE "The money is lost, and Capitalism requires those who took on the risk to earn outsized returns must take the loss, come what may."

The money is lost.  End of story.  Banking 101 says that you do not refinance past due payments unless a serious change in the contract such as collateral occurs, yet Governments are continually falling into that trap.

Mon, 11/29/2010 - 09:17 | Link to Comment SWRichmond
SWRichmond's picture

That's because the bankers are more than happy for the government to mortgage my children's futures against my will.

Sun, 11/28/2010 - 22:51 | Link to Comment Blaise Pascal
Blaise Pascal's picture

This will be only slightly more effective for Ireland than the Treaty of Versailles was for Germany after WW I.

Blaise

Sun, 11/28/2010 - 22:53 | Link to Comment Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Whooo hoooo....I am on my way to Dublin for a State Visit and State Parade and I've rented an open Landau just for the occasion.

People of Ireland love the Austrian Royal Family....unlike the people of Sarajevo.

hrh ADF

Sun, 11/28/2010 - 23:31 | Link to Comment AUD
AUD's picture

Will you still be visiting Sarajevo?

I've just got in touch with this Serbian chap I know who's in need of work. He's desperate & will do anything.

Sun, 11/28/2010 - 23:12 | Link to Comment Billy Shears
Billy Shears's picture

IRELAND, REMEMBER THIS:

Fuck damnation, man! Fuck redemption! We are God's unwanted children? So be it!
Narrator: OK. Give me some water!
Tyler Durden: Listen, you can run water over your hand and make it worse or...
[shouts]
Tyler Durden: look at me... or you can use vinegar and neutralize the burn.
Narrator: Please let me have it... *Please*!
Tyler Durden: First you have to give up, first you have to *know*... not fear... *know*... that someday you're gonna die.

Sun, 11/28/2010 - 23:26 | Link to Comment Eally Ucked
Eally Ucked's picture

That was really good, but I'm too dense to understand it.

Sun, 11/28/2010 - 23:36 | Link to Comment Billy Shears
Billy Shears's picture

Thanks, it's a kind of metaphor, I think. It just sounded right so I posted it.

Mon, 11/29/2010 - 01:16 | Link to Comment RockyRacoon
RockyRacoon's picture

It's a scene from Fight Club.  Very relevant.  Thanks for posting it.

Mon, 11/29/2010 - 10:14 | Link to Comment goldsaver
goldsaver's picture

And is it not fascinating that he would pick this particular passage even without fully understanding it?

It is about surrendering to that which we fear and in doing so, living our lives without fear. Once you know you are going to die, not just fear but know, then death is no longer scary. Life is no longer scary. You can live without the artificial barrier of fear since you have embraced death.

 

Mon, 11/29/2010 - 20:03 | Link to Comment MsCreant
MsCreant's picture

My breakdown includes your observations and more:

Fuck damnation, man! Fuck redemption! Ireland owes them nothing.

We are God's unwanted children? So be it! I don't think I need to cover this one. Ireland, God's unwanted children, damn...The poetry of it makes me want them to be the ones to default just because...

Politicians: OK. Give me some water! Give us bailouts so we can kick the can down the road and avoid the pain for now.

Irish people: Listen, you can run water over your hand and make it worse or... We know the bailouts will cause more pain and make the scars and recovery worse later.
[shouts
Irish people: look at me... or you can use vinegar and neutralize the burn. Let the banks fail that would really let deflation set in. Or at least let some folks take some haircuts and compromise.

Politicians: Please let me have it... *Please*! Here my perfect one to one correlation with the script falls apart, they still want the water/bailouts. They have considered vinegar/haircuts and they just can't let it happen.

Irish people: First you have to give up, first you have to *know*... not fear... *know*... that someday you're gonna die. Deflation is a normal and natural part of business cycles that exist in a fiat money, fractional reserve, interest based system. It is not to be resisted, it just happens. Fiats die about every 40 years, and deflations help wipe out the bad debts from a system that cannot sustain infinite growth to keep up with interest payments. And in the biggest picture, death is needed for life so it ultimately is useless to be afraid (it is not really fear, it is neurotic anxiety anyway).

I do have a tendency to over explain stuff and can be a buzz kill, sorry.

Sun, 11/28/2010 - 23:14 | Link to Comment jomama
jomama's picture

unfortunately, like Americans, the Irish have the very real threat of the consequences of defaulting which most likely include increased unemployment across the board, uncertainty regarding the longevity of all the creature comforts a modern society provides.

 

and like Americans, they are torn in giving up a dream they know cannot last at that rate forever.  Who would really want to accept a self-imposed, willing compromise of their standard of living?  Fear of the inevitable and the unpredictability of the outcome are also deterrents to the enslaved population to resist via a default.

Sun, 11/28/2010 - 23:15 | Link to Comment Rusty Shorts
Rusty Shorts's picture

argh, whatever it takes matey.

Sun, 11/28/2010 - 23:20 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The party's over in short so if the Irish need one more Guinness, well fine, but if they will give up their future for one more pint, well, I am sorry, but that is a bad move.

Sun, 11/28/2010 - 23:30 | Link to Comment Eally Ucked
Eally Ucked's picture

I'm really lost, so what is the conclusion? They won't default, that's what you're trying to say?

Sun, 11/28/2010 - 23:49 | Link to Comment Rusty Shorts
Rusty Shorts's picture

well, it's all about parasitic infestations, "fungus among us" ... type of thing.

 

 

Save The Guinea Worm Foundation

!!! You can host a Guinea Worm !!!

 

The Challenge: How Can I Help Save the Guinea Worm?

You're not alone in your concerns about the Guinea Worm. If you act now, you'll lend your voice to a growing global outcry aginst the destruction of this endangered species.

http://www.deadlysins.com/guineaworm/index.htm

 

http://www.youtube.com/watch?v=mUz9gqLmyQ0

Mon, 11/29/2010 - 11:42 | Link to Comment Larry Darrell
Larry Darrell's picture

Who would really want to accept a self-imposed, willing compromise of their standard of living?

The answer is, I would.  And I'm sure there are many others.  And don't fall into the trap which I highlighted in your passage.

Standard of living != Quality of Life

Ask anyone you know who has already begun to remove themselves from the system if they are now happier since they don't chase the lie that is the increased standard of living AKA "The American (Consumer) Dream"

Sun, 11/28/2010 - 23:24 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

The Irish have no say in what is occurring, just as we had no say when $700B of TARP went out the door here, not to mention trillions of other support for our own bankers who succeeded in socializing their losses while keeping their profits.

Some example we are. 

Mon, 11/29/2010 - 01:19 | Link to Comment RockyRacoon
RockyRacoon's picture

Not sure what others did, but I emailed my Congress folks and told them NO on TARP, in very certain terms.  Fat lotta good that did.  There just were not enough of us.

Mon, 11/29/2010 - 02:10 | Link to Comment honestann
honestann's picture

Actually, that's not true.  When TARP was proposed, congress people said "messages from constituents are running 99% against TARP".  Even the most extreme statists like Pelosi reported this.

But they passed the stinking bills anyway, then let the predators themselves run the programs (HankyPankyPaulson from GoldmanShafts for example).

Sun, 11/28/2010 - 23:25 | Link to Comment boeing747
boeing747's picture

Add to the post by MarketTruth:

Bank of International Settlements,

World Bank.

 

Sun, 11/28/2010 - 23:27 | Link to Comment mark mchugh
mark mchugh's picture

CHS,

This post is so well written, the only comment I can come up with is "Great Job!"

Sun, 11/28/2010 - 23:36 | Link to Comment sgorem
sgorem's picture

Tell 'em where to shove it Ireland! Hell, pack up your bags, charge a first class ticket to the good ole USA with your family, we'll get you ALL in one of a GAZZILION empty houses with no credit check, give you 99 YEARS of unemployment & SSI., a Green Card, Social Security, and Uncle Sambo will probably let you vote if you go Lib & Damnocrat.PS> send all your gold, silver and guns by UPS or FedEx, cause you might need em later, good luck mi amigos..............

Sun, 11/28/2010 - 23:38 | Link to Comment RobotTrader
RobotTrader's picture

Seems like stock bulls reconsidered, and futures are now green again.

And of course, gold futures follow the ES futures tick for tick, so they are up as well.

Risk back on tomorrow?

 

Mon, 11/29/2010 - 00:29 | Link to Comment traderjoe
traderjoe's picture

Are you reporting nominal values for ES, or after fair value adjustments? My CNBC link is reporting dow futures down about 90 points on a fair value basis with the futures 'up' 50 points. Nice try fucktard.

Mon, 11/29/2010 - 02:09 | Link to Comment dnarby
dnarby's picture

I never check the 'fair value'.  I think I will start doing that, as I can't remember ever seeing that big a spread before.  Holy crap.

Sun, 11/28/2010 - 23:42 | Link to Comment moneymutt
moneymutt's picture

Who woulda thunk that the most revolutionary act of the 21st century would not be guerilla warfare, civil disobediance, massive street protest, terrorism...but would rather be simply this: Default. Don't bail out banks. How the f did we get here?

Sun, 11/28/2010 - 23:56 | Link to Comment Sean7k
Sean7k's picture

The bankers were greedy, they delved too deeply into the bowels of debt  and awakened monster of the nether world- a citizen with nothing to lose.

Sun, 11/28/2010 - 23:58 | Link to Comment CYBERTOOTH
CYBERTOOTH's picture

Hey, I don't get it!  Why don't WE default?  Why don't us'm have an orgy of default.

Default the fug outta them digital masters.

Mon, 11/29/2010 - 01:25 | Link to Comment Black Friday
Black Friday's picture

The Irish should default.

They should issue their own debt free currency.

Hopefully named "The Blarney".

With the inscription: "Kiss this".

Or they could make a currency from green painted stone called the "Scamrock" and pay back the bankers that way, preferably delivered the old fashioned way. People could revel in being called a tosser for the first time.

 

 

Mon, 11/29/2010 - 01:28 | Link to Comment Dardan
Dardan's picture

We will default. Be ready for it.

Mon, 11/29/2010 - 02:06 | Link to Comment honestann
honestann's picture

UK:  default.
Italy:  default.
USSA:  default.
Spain:  default.
Ireland:  default.
Portugal:  default.
Everyone:  default.

All that "money" loaned to you was fraudulant.  It was created out of thin air by predators who produce nothing of value, and nothing but misery.  You received no real value, so you own nothing in return.  Default today.  Drive the stake through the heart of the evil hyper-beast --- central banks and fractional reserve practices.

default... default... default... default.

Then, adopt a real, physical gold standard that prevents the predator class from ruling the planet.

Mon, 11/29/2010 - 05:31 | Link to Comment Peace is the x-axis
Peace is the x-axis's picture

"Default? Woo hoo! The two sweetest words in the English language: de-fault! De-fault! De-fault!"

Mon, 11/29/2010 - 05:45 | Link to Comment HankPaulson
HankPaulson's picture

Banksters and career politicians did this to the citizenry and should be jailed for fraud/treason respectively, but if the citizenry are so stupid as to acquiesce to all this, don't the citizenry deserve what they're getting? I'm torn :(

Mon, 11/29/2010 - 06:31 | Link to Comment oh_bama
oh_bama's picture

The Ireland politicians may be in trouble and lose their jobs. So it is difficult to understand why they agreed with this package. Do they have an interest managing their own careers? In 8 years they will be paying about 35 billion euros of interests, and that is a solid 20% of their GDP. (assuming their GDP will drop 15% over 5 years and then stablize) What they are smoking? Why defaulting is not an option? For Ireland people for god's sake

Mon, 11/29/2010 - 08:48 | Link to Comment GFORCE
GFORCE's picture

Bit rich from the americans on here telling the Irish to stand up to bankster tyranny. Like you did??

Mon, 11/29/2010 - 10:21 | Link to Comment goldsaver
goldsaver's picture

We did. We said no to TARP and Bush did it anyway. We fired his party and elected MaObama who proceeded to give the bankers more money. We fired that bunch of wanker politicians last November. The difference is that in the US they have 2 years to do all the damage they damn well please and then we get to throw them out. In Ireland they can call for elections at any point and throw the bums out like now. Much more responsive than in the US.

Mon, 11/29/2010 - 10:07 | Link to Comment buzzard beak
buzzard beak's picture

Ireland reminds me of the lost hikers who could have made it home alive if they hadn't been too greedy to throw away all their heavy expensive gear.

Well, all the Europeans and Americans remind me of that. But lucky for me you won't all drop dead at the same time.

Do NOT follow this link or you will be banned from the site!