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Ireland Finance Minister Says Sovereign Debt Sustainable...If Economy Grows
And the award for the most prosaic and "Field Marshall Obvious" statement of the day goes to Irish finance minister Michael Noonan, who just told the Dail that Irish sovereign debt is sustainable if the economy grows. We have just one question: how does the brand new minister, who therefore gets the benefit of the doubt for a few more hours, justify that statement, with the attached chart?
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Do you take drugs Noonan?
The Treasury should just issue debt-free money.
That is the ONLY solution that will work for the PEOPLE.
you know,if you take that chart and flip it, and then mirror it, it actually looks quite good...
Ever heard of Euroflation ? That is how one of those lines will grow....
'every day'. so what's the problem?
some people can just 'make' money anywhere...
Do you take drugs Noonan?
"BE the debt, Danny!"
Because he's Irish -- and had the chart upside down as well?
What's the half life of an Irish bondholder?
I don't know...but if that ain't a bullish chart, I don't know what is. Put me down long Irish supbrime paper...x2 on my margin account.
Sweet!
At this point? Shorter than Iodine-131.
Truly... :)
Much like cancer is sustainable if you just grow your whole body, including the organs, faster than the cancer.
What, now the gov is so heavy it can't even support itself?
This won't end well.
I could be a world famous porn star. If I had an enormous dick.
Sorry to hear about your small willy. At least it seems you've come to terms with it. Good man yerself!
:-)
It's not small. It's THIN damn it! That's different!
It ain't real long but it sure is skinny, he..
He's delusional.
It will soon grow in nominal terms.
trichet got his magnifying glass out and found a bit of inflation in europe...
this new govt are straight out of clown college...
At least they can save money by traveling in one car. That alone should improve their credit ratings, no?
Michael Noonan = feckin eejit.
With his balls in a glass jar stored in the IMF's "gold" vault next to Barrack Obama's balls, next to Sarkozy's balls, next to Hillary Clinton's balls, and next to Karl Rove's vagina.
All of which have been video-taped in compromising positions!
Can the Irish make iPads for $.30 an hour?
Rough translation:"if my auntie had a pair of bollocks she'd be me uncle"
Just give the bondholders a haircut already. Start over, try and come up with an economy not entirely based on loaning money to people who can't afford to pay back the loans. I suggest potato farming and brewing.
But, but, if you do that, you'll break the ponzi!
Can you imagine this guy negotiating with Herr chancellor Merkel and ober-stumffen half fuhrer Sarkozy? It'll be like taking the last stick of candy from the slum kid. Where's Charlie Chaplin, the Tramp?
Noonan is no more deluded than the rest of the central banksters: by not allowing prices to come back into alignment with average incomes, through the magic of mass scale monetary expansion, they've created biflation: the real economy is in a deflationary depression, the paper economy is bloating more and more by the day.
What does that mean for Ireland: as excess liquidity sloshes through the global economy prices for natural resources and premium items will soar, hampering economic growth even further. Buying power will get crushed as will the tax base and balance of trade. More and more citizens will tap into government programs. And sovereign debt will again be in crisis mode.
Lotsa Luck!
This is the worst of both worlds for the small guy...
If everyone stops paying their mortgages...the economy will grow. It's the American way. Damn these Irish are slow.
And also on recourse mortages, and under some of the least forgiving bankruptcy legislation in the Western world.
I recommend they get the leprechauns to weave cloths of the gold that they find at the end of the rainbow...
The sadly funny thing is that the last stress test was less than 9 months ago:
"http://centralbank.ie/frame_main.asp?pg=nws_article.asp%3FID%3D533&nv=nws_nav.asp"
where do you find leprechauns other than in Ireland...this could be a raging disease.
Noonan is no fool,but for political reasons and the fact the ECB refuses to let senior bond holders take a haircurt and at the same time prevent further house price falls he has to go along with the madness.
Like the UK,the future of the Irish economy is inextricably linked to that of its housing market.
Plenty of Japs looking for new real estate soon...
ohhh Noonan, I love when you tell that story...tell us again, this time use a Greek accent, it is much funnier with the Greek accent - Bartender - another round of Guiness for all! Poor Arthur - rolling in his grave, rest in peace
If economy grows the massive debt is sustainable. At a boy, we got a handle on this baby now.
I'm not overweight, damnit. I just have to grow a couple of inches.
Funny how the liberal economists all have graphs that count intagibles as if they were cash.
Yesterday the unions in my state said and I quote if there were more state employees the pension fund wouldn't be in such bad shape.
Never once do they say 'Hey maybe we all can't retire at 50 and collect a pension with a 3% cola for 35 years.'
Hell, I'm hearing the "we need more contributing employees" from a non-union pension fund. It seems the only metric they understand is perpetual growth until death.
Isn't this the definition of cancer?
The "New" Irish Government is following the path set out by the "Old" Irish Government which is the one set out by the ECB/EU.
The "New" Irish Government has renegade on the promise "We will not put one more cent into failed banks".
Sovereign default seems inevitable. It may take a year or two.
Todays "announcement" should not calm markets in any way.
What would we all be doing ,saying or thinking now if the Governments had not supported the banks over the past 3 yrs?
Plutonium wouln't be so bad if it was less radioactive
As the Great Santelli said this morning, there sure is a lot of support for "double or nothing" spending--double the debt, hopefully GDP growth will return to normal before the increased debt load kills us.
But look at that recovery in consumer expenditures! Why, the Irish are just a wee bit poorer this year, instead of lots poorer like the year before. /sarc
It's going to take another generation to rebuild Irish finances. In the meantime, all the good guys are fucking off to OZ or the US.