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Ireland Sells Out Its People To UK, Germany Bankers, Will Apply For Rescue Tonight
And so the can has been kicked down the road one more time as Ireland's Brian Lenihan has just sold out his country to the IMF, the ECB and the Fed for a few extra years of puppet control. RTE reports
that EU Finance Ministers are due to hold a conference call later this
evening during which Ireland is expected to make a formal request for a
financial rescue package. What is not discussed is how the Irish people,
now likely furious at being manipulated over a lost cause will express
their anger over being the latest sheep used to bail out Europe's ever
more insolvent banking system. They can at least sleep soundly, that
they won't be the last. After today's rescue of Ireland, the vigilantes
will focus their undivided attention on Portugal and Spain - perhaps
these two countries will be a little less timid when it comes to
rescuing Germany's banking oligarchy.
From RTE:
EU Finance Ministers are due to hold a conference call later this evening during which Ireland is expected to make a formal request for a financial rescue package.
An EU source said the request would be approved during the call.
It follows confirmation by Minister for Finance Brian Lenihan that he would be recommending to the Cabinet this afternoon that an application be made to the European Union and the International Monetary Fund.
Speaking on RTÉ's This Week, Mr Lenihan said he will propose the application to this afternoon's meeting of the Cabinet.
The Minister confirmed that discussions with the agencies had concluded yesterday evening.
Ireland will now be formally applying for a rescue programme and formal negotiations will begin.
He confirmed that the amount of money involved amounted to 'tens of billions' of euros but denied suggestions it would be as much as €70 or €80bn.
Also, remember Paulson's bazooka dud? It's baaack.
He suggested most of the money would be used to cover the Government
deficit for the next few years, while most of the money assigned to the
banks would be from what he called a 'demonstration of firepower' that
would only be drawn down if required.
Lenihan seems to realize that allegations of his treacherous nature are about to kick into high gear, accompanied by violent demonstrations, riots and strikes.
The Minister said he had not misled the country over the past week nor did any of his Cabinet colleagues intend to mislead people.
He said it would the height of irresponsibility to have a General Election now, and that the priorities for the country were having the four-year plan and Budget in place.
Mr Lenihan said no concrete figure had been arrived at and that figure would be the subject of negotiations.
Of course it would be "highly irresponsible" to hold an election just after the Minister of Finance has been exposed to be the latest puppet in the global banker arsenal. After all, the people may actually let him know how they feel about betrayal.
One thing that apparently was not discusses was the imminent austerity that would grip the country far over and above what the country would do on its own theatrical ways. After all, Ireland has just ceded complete sovereign control over to the tyrranical trio of Jean Claude Trichet, Dominique Strauss-Khan and Ben Bernanke. Welcome to the club.
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@escape
Yeah it's quiet over there ... too quiet. (cue ominous music)
You asked for it:
http://www.youtube.com/watch?v=_ib8LmLAy1w
Well, Scandinavia is just keeping to itself (as usual..)
For the Central EU countries, Poland is a poster-child for growth in this '10 decade. Latvia is attempting to post a + GDP growth year though i have doubts... Who else should be mentioned here? Estonia? Negligible. And Russia.. Russia is enjoying it's weak ruble for export purposes.
they will get all the money they need from sweden, norway, denmark and finland. 100% garanteed.
all these countries are rich and have budgets under control.
the amounts needed to support the baltic states are peanuts and stockholm is not ceding control of the baltics back to moscow for peanuts. believe me when i say the chances of that happening are exactly zero.
it is not a politically sensitive issue in the least, we are painfully aware swedish banks deserve a lot of the blame.
Given that the swedish government showed the uncommon good sense to take apart problem banks in the early 90's, why would swedish banks allow themselves to get in deep trouble? It's one thing for scum like Blankfein and Dimon who know, in the back of their minds, that the tail wags the dog here and to take insane risks. Their government recently showed that they'll be taken apart if they fuck up on a large scale. Why do it?!
LOL - that shut him up :-) I hate it when people confidently talk out of their ass.
Some figures on exposure to Irish banks, which are the centre of the debt crisis in Ireland:
(Via NAMA Wine Lake.)
Point taken.
But French plus US debt exceeds German. So again, why single out Germany?
If Ireland defaults, won't they all take haircuts?
UK wins ;)
One, you asked for it. Two, how do you junk Tyler for proving his point?
One, you asked for it. Two, how do you junk Tyler for proving his point?
I didn't junk Tyler. Maybe it was you.
Say it loud, say it proud.
FUCK THE FRENCH.
Paul McCartney - Give Ireland back to the Irish
http://www.youtube.com/watch?v=kaO4XeHhwo8
You thought that they would be the ones to shoulder the blame for the break down of the EU?
Dummies... Find another patsy for your blame game.
or, another "paddy", as it were.
Ein Guiness, bitte.
Good one.
This is so sick, just keep up the house of cards as long as possible...
A Friday redux. If ever there was a track worth sharing, #3 on this playlist GoldDust is it. Some enterprising scientists have actually tried playing this track in small villages in Russia and Japan. The results were astounding. In the villages where GoldDust was played, there was an extreme spike in births 9 months later. Moral of the story, this playlist will get you laid :D
isthmus crypticus (a playlist):
http://www.youtube.com/view_play_list?p=598FDBCC54AD4860
steaky, a guarantee of being laid†
well, i will have to send it off to my daughter, cause her mom won't
"get you laid"
it is ok that you hate me, but you made the god damndest best playlist on this planet. just rocking sex tracks galore. boogey bouncin beats.
what you say is true, but i certainly don't wish you ill. i'm glad you enjoyed the bump and boogie of the beats, thanks for the compliment.
still "runnin' with the devil" Van Velo?
Thanks again steak.
gracias amigo, if i haven't said so before, your avatar is the shit like the aftermath of a double bean chipotle burrito :D
Nice. Monkeys with guns!
those of you who think the market and euro will rally may be wrong. at some point the market realizes this 'kick-save' is needed because it is end game for the european union or rather the euro. if it does rally then the next bail out will be the point of recognition and market decline will occur. the daily chart of the US markets paint an extremely bearish picture near term, it seems every time during this rally when the market looks to be about to do a nose dive, some sort of government action occurs to get it pumped up once again. since qe2 the market melt has been apparent, so shall it be with eurozone bail outs, but we may need to wait for the next one before that diachotomy takes place.
I'm not so sure. It seems as if the Americans and Eurozone engage in a masochistic boxing match - every time one of the fighters lands a really good punch on himself, the other outdoes the first.
Would you gamble on Cali muni bonds or Portuguese bonds being the next entry to teeter on the edge?
Great metaphor. +1!
I hope I am wrong. every time a bailout is brought out everything is magically better. Euro will climb, dollar will fall markets soar. Remember all of the worlds markets are a tad off year, two year highs.
You'd think at some point printing money and job losses would matter.
I think Mahmoud is correct. There are going to be some nervous floor traders in Shanghai and Sydney in about five hours. The chart of the Euro has been poised for a very large drop at the end of last week. (Somehow the market knew...)
This may get ugly at the open of London. I'm gonna get a nap and watch this all night. It should be a fascinating thing to watch.
Addo:
And, Mahmoud, I have contended since the beginning of QE2, that the money is going to go toward normalising Eruopean currencies, epsecially rhe Pound Sterling, and act as a floor underneath which the Fed can let the air slowly out of the balloon in the hopes that the market can restore itself to sanity. This is the biggest gamble of all.
Until the GBP reaches back to the 1.48 range, you're gonna see more interventions than you can shake a stick at. Wait for the relief rally in GBPUSD on this news, then sell it hard. How high it will go from here remains to be seen but I suspect not a whole lot. Stick a robot on it.
:D
US will rally on this. Short week with light volume and a bailout equals rocket time for SPX. We always react positively to bailouts here. Not saying it's right, just the way it works.
It'll work till it doesn't. God forbid you are caught with a full deck when there is an epic fail.
What if, in spite of what we all "know" here, it keeps on rallying simply because enough people want it to, and/or are lying/manipulating to perpetuate the image of "okayness?" Sort of a mass delusion/agreement in the "Power of Positive Thinking?" I think this can go on for a while, then...,
Waterfaaaalllll
Decline and Fall. Guggi and Gavin know:
http://www.youtube.com/watch?v=yMMHf2mJV1g
indeed they do!
from the country that gave birth to the word-action boycott. . . If I die, I die. . .
Spread the debt around -- hey whatever works. Thanks to the IMF, every American just had about $100 added to their debt burden. Just one more piece of straw...
Or perhaps Bono was remarkably prescient with "Achtung Baby!"...
Why has the Irish government decided to keep this situation secret from the Irish people?
"In my opinion, there are only two possible reasons why the Irish government has decided not to tell the Irish people about the fraud that is fractional reserve banking:-
Sadly, I cannot believe that the government is unaware of the intricacies of fractional reserve banking, after all, it was the Irish government that made fractional reserve banking legal in the Republic of Ireland."
http://monetary-intelligence.com/goodbye-ireland-%E2%80%93-it-was-nice-knowing-you/
Good points, but IMHO, it's simpler: Most elected officials lack courage.
The "proper" thing is for the officials to marshal a sovereign transformation (e.g., default on debt, and re-structure the nation). However, that's work, and scary, because it offends many people. Rather, they would rather take "the easy route" and pretend the Emperor Has Clothes.
Sadly, IMHO, most of these officials are only in their positions because they want free food, power, and attention. Most of them are absolutely worthless in the sense of "creating" or "doing" something positive for society. So, taking the "correct" path for sovereign re-structure merely puts at-risk their protected position as "pseudo-royalty" (they merely want to hang onto their power, which only exists as it relates to the "old/current" system).
True, but I still believe that they are gangsters.
You are, of course, generally correct with this. However, Ron Paul keeps getting re-elected. What is that in the face of most of them lacking courage? I have wondered about this.
Never miss an opportunity - Ron Paul 2012!!!
Well, almost nothing is 100%
They lack integrity and no longer represent the people just like almost every so called democratic country. The EU is just an organization that along with the IMF keep the people in servitude. The EU erodes the soveriegnty of those countries. They have the power to pass laws which the members have to abide by thus overriding the countries legislative process. The various EU officials are not elected and can't be removed by voting. The politicians are for the most part selfserving corporate and bank puppets.
The IMF is basically a blackmailer using the loans to control what that country spends and what it spends it on, as well as political leverage too.
Yep, ECB/IMF = financial hitmen.
there is an interesting story going around concerning a "whistleblower" telling some "truths" about German banks doing "business" in Ireland. . . sounds very plausible if one is a regular reader here. . .
links to the blogsite quoted above: http://golemxiv-credo.blogspot.com/
and to one of the "whistleblower" posts:
http://www.politicalworld.org/showthread.php?t=5528
really, we can all dispense with the blame on the Irish people for "taking out mortgages they couldn't afford to pay back and bankrupting the system" nonsense. . . this is systemic, intentional, and continuing to unfold worldwide.
Well... as expected.
One problem, the bond market is sinking. Even with a so called bailout Greece rates are 11.50%. Sort of credit card rates.
Cowen is a stooge. Just look at him. That's the face of failure.
These bailouts are a SHAM..there isn't a bailout. It's All talk.
@virgil
Well, this Irish bailout amounts to a vig of $150B to roll over $600B in old debt. Those are way past credit card rates. It's obvious why they did the deal in secret over the weekend.
exactly: "Euro strengthens causing even more massive strains on the credit viability of the so called periphery." Don't short the euro--short Spanish bonds. So long as "King Euro" is the plan the european experiment is, well--what is the word...."two tiered"?
First its not an Irish problem.
Its a banking problem and its not even an Irish banking problem.
Its a U.K., German and French banking problem. More specifically, its a problem for their investment funds. The funds took advantage of the low corp. taxes, liberal regulatory regimes to invest in Ireland.
NOW, the IMF, etc. want the Irish gov. to take a 5% loan and raise the corp. taxes on those companies that set up shop in Ireland.
The USA says, all the time, that if you raise taxes on the rich and on companies then you will kill the recovery.
Why does that argument and logic not work for Ireland?
The Irish gov. will be forced to take the loan and raise the tax rate on the companies.
The problem ... realizing the increased income from that raised tax rate.
I can think of lots of way that would NOT result in increased revenues for the gov.
No, I’m not greek or irish.(eg. Donations to Charity)
Well I wonder what will it take for the Irish people to rise up and revolt.
Maybe when the Irish Gov sells their emerald?
Did anyone think for one second the Irish Government wouldnt sell out?
This is not news just confirmation of what always was going to happen, This isnt an Irish bailout its a UK German US one since the suckers wont ever get our money back which will be over $10bn each just for starters,
The Euro should do well since non Euro states are giving money away and a lot more when spain wants a few hundred billion.
Got Gold Yet?
What a wonderful market it is to be a world banker. To bailout governments on your own terms while fixing those failed governments on the highest interests rates known to man kind.
I think Tyler is spot on with his observation re Portugal. That P has not been addressed along with an Irish plan may prove to be a critical mistake. There will be a major attack on P as a result.
I also agree that Spanish bonds are now going to become (more) suspect. We may be in for a hell of a week....
Fully agree.. Massive mistake to not mention Portugal in this at all.. I'm guessing Portugal this week and Spain will start getting hit heavy in 2weeks..
The article only mentioned Ireland because it was the Irish that announced an agreement.
From what I was hearing lat last week, I was expecting a sort of wrap-around fund that would backstop not only Ireland but Spain and Portugal as well (with a back-door loan to Austria...). Just because Spain and Portugal have yet to announce anything doesn't mean that they won't.
This news could get a lot worse before it gets any better.
Well if they do announce something its getting very late... Markets opening and it'll be a bloodbath out there. Some hedge funds I heard from said they're loving this right now, easy trading CDS making 30,40,50,100bps a day...
...Assuming theyre on the right side! After Greece started tightening from mid summer till recently, whoever was on the wrong side of the trade was hurting bad.
I suppose a safe bet would be to pair trade with some gov bonds...either way the blowouts (like Ireland CDS) are surely yet to come for the other peripherals..
You really think they would announce a backstop for Spain now? Spain is a kinda really huge problem, and it's possibly not even the biggest. I kinda assumed they would do this piecemeal so as to try to not wake up the voters. I just can't see Merkel saying
"We are going to carry all of Europe. We are going to bailout all EU nations. But don't worry it's going to prop up our banks...and no, German taxpayers will not benefit from the banker mounted pillage."
On the other hand the piecemeal method lets her keep using the same emergency now and rules later dance routine.
The problem is that dance gets real old real quick. It is better if they just got it done and over with...for the public relations, I mean.
But how is selling debt slavery to Germany to save EU nations (really banks but they won't sell it that way) going to work? I'm not German but I'm trying to imagine Rick Perry telling Texans
"California made a lot of bad decisions. But we are going to come to their rescue! We are going to back up their bond issuances! Not only that we are going to set up a mechanism that if any stated gets in trouble, they come to Texas for some bailout money!"
Pretty sure that would go over like a lead balloon, and the US is more connected culturally and nationalistically then Europe, and Americans are even more domesticated then Euros. I just don't think it's politically viable to sell austerity and handing money out to other nations and institutionalizing the bailouts. Pretty sure it's political suicide, but maybe Merkel is willing to sack herself and her party on this issue. She is already getting way unpopular from Germans I talk to on a regular basis, and they are irate when talk comes to them bailout out other EU member states, which is in violation of the Treaty so also illegal.
Oh, it's a giant shit samwich. But instead of Perry saying it was a Cali shit samwich, he came out on his "ranch" governor's mansion (the one with forty thousand dollars worth of lawn maintenance per annum...) said, in his best aw shucks style:
"You know those boys out West. Went and overbuilt everything and now they can't pay their bills. Be we Texans can! In the spirit of neighbor helping neighbor...and yada-yada-yada..."
That would go over like a lead zepellin- but it would go over once. That's it. I think they're gonna kitchen-sink this thing before the day is done.
Addo:
If I wasn't clear, I apologise. The boyz out West meaning Nevada, California and prolly Arizona, too.
"Step right up, everyone's a winner -- bargains galore!" ...
http://www.youtube.com/watch?v=K2DJ-N9uaWw
"You too can be the proud owner -- the Quality goes in before the name goes on..."
but is it time for "US," too?
I agree that Portugal will be next target but not so fast. It will take few months and QE3. There must be order in printing so all ratios are maintained and all observers are assured that nobody gets out of step.
hmm.. well 5yr spread over bunds on Friday afternoon was around 400bps for Portugal and 550 for Ireland... (1050 for Greece and 220 for Spain). And the difference on that Portugal Ireland spread is getting less and less... I don't think it'll take too long for the next herd of traders jumping on the P-Wagon!
Well, maybe you're right and the snow ball is getting bigger and faster, then expect QE3 much earlier then expected.
Bruce, this article:
http://www.marketwatch.com/story/ireland-164b-rescue-in-works-uk-sunday-times-2010-11-21
indicates that there actually is a backstop for Spanish and Portuguese debt, but, according to some of the commentary I'm seeing elsewhere, ONLY bank debt, not sovereign debt.
Part of that 160+ billion bailout is for this:
That's what I mean. They can't give the bond vigilantes free roam over other weak nations. There is going to be some kind of deal that prevents a run on national bonds.
COMING TO AMERICA: Debt-based monetary system leads to inevitable collapse. International Monetary Fund 'saves you' with new debt. Power is further centralized with wealth siphoned upwards to ruling elite. Simple.
It's hard to repay a loan on the back of broken people like Greeks and Irish, the sociopaths are running amok. You need a job to repay a loan even if they wanted to pay.
What a simple, elegant, and obvious observation. Liar loans for entire countries. Maybe an interest only loan till they can get back on their feet? Instead of Countrywide, IMF should be called simply "Worldwide." The whole world is subprime.
Interest only? I think thats called a Bond
Deferred interest that adds to the balloon payment at the end?
You are right I blew it.
COMING TO AMERICA: Debt-based monetary system leads to inevitable collapse. International Monetary Fund 'saves you' with new debt. Power is further centralized with wealth siphoned upwards to ruling elite. Simple. http://www.marketwatch.com/story/ireland-164b-rescue-in-works-uk-sunday-times-2010-11-21
I thought the phrasing was "fraud in the inducement" for when you get someone to sign on to a debt that you *know* they can't repay.
The EU committed an act of fraud against the irish people.
If Europe keeps blowing up like this, maybe we can get ourselves some nice Euro immigrants once again, would be good for us.
Yeah, because lots of educated, "English" speaking, immigrants will allow corporations to try to squeeze even more blood out of already-white-dwarf-density turnips. That'll be fantastic for our unemployment rate.
Educated, non-obese people is what this country needs now.
Potato famine part deux?
Debt famine? Nope!
Credit famine? Nope!
Bankster famine? Puhleeze!
Bond famine? Nope!
Currency famine? Got all-we-can-eat!
Value famine? Perhaps...
In the final analysis, of all these things, the question of "what's the alternative" arises.
It is more or less impossible to default when your deficit is enormous. The austerity imposed is 10X more severe and it is instantaneous. No one will lend to you again and there is therefore no mechanism for lightening that austerity. If a country had the balls to endure that first year or so, then they can default. That's pretty hard to do in a Depression.
Argentina tried to default and it didn't help.
The way to do this will never be done; you have to borrow in advance of the event, have cash on hand, then default and lighten the austerity with the stocked up cash.
Ireland didn't do that. They will now be enslaved.
Disagree. They should default, nationalize the bankrupt banks, and then issue a new sovereign currency - one not borrowed or with interest (like the Greenback as an example). They could partly back their currency with their gold holdings, use the gold in the transition period to purchase needed supplies (though I bet they could be relatively self-sufficient as a country), or even distribute it to its citizens (yes, a crazy notion).
Bondholders and stockholders took the risk(s). They are being bailed out at the expense of the ordinary taxpayer. I'd be willing to bet the country would come together if they were no longer responsible for these bailouts, but were set free from the debt shackles. It's a debt they did not agree to, and very much works against their interests...
I agree. An articulate leader could absolutely sell that program to the irish people. It would have that bracing, electric feeling of the real truth. It would tell the irish people that they are what counts to the irish government and not a few "too big to fail banks".
Opps, I mean plus 1.
The Argentine government kept a firm stance, and finally got a deal in 2005 by which 76% of the defaulted bonds were exchanged by others, of a much lower nominal value (25–35% of the original) and at longer terms. In 2008, President Cristina Fernandez de Kirchner announced she was studying a reopening of the 2005 swap to gain adhesion from the remaining 24% of the so-called "holdouts", and thereby fully exit the default with private investors.
Argentia did default...and it did help (half of their debt was taken as a haircut by bondholders).
Are they better off now than if they'd kicked the can down the road?
The govt issues a new script backed by real assets at zero interest rate and you go from there.
"The markets this week have sent the clearest signal that the European project is over. Brussels will become a ghost town once again, and euro notes will become collectible items. There is nothing wrong with that - in the unforgiving world of capitalism, there is no room for fantasy bankers."
- Chan Akya, Asian Times
@aristarchan
LOL, "fantasy bankers", you mean like the ones at PBoC?
It's a Bankster plot. Cause doubt and instill panic to get the rates up...then land the loan guarantee.
Fish in a barrel.
Get the riot dog ready..
http://www.youtube.com/watch?v=_HPb46aK7hM
This will only escalate the upcoming currency crisis. Meanwhile China just sits back patiently watching the rest of the world bury itself deeper and deeper into the abyss. The endgame will be when they attempt to hit the reset button and try to introduce the Global Currency. This was always the plan so remember defecits don't matter. The only big problem with their plan is China isn't a player, so that only means one thing when they hit the reset button... Who knows, maybe they will be pushing more then one button?
pushing the red button.
I expect to find an outbreak of companies trying to launch in Ireland, such as this, which is already advertised on daytime TV in the UK.
https://www.wonga.com/
The scandal here is that those most desperate for cash are targeted; while the so called authorities have made it legal to charge an APR of, wait for it ... up to 2,689%. This is legalised extortion and its a disgrace.
Once again a government proves what ought to be painfully obvious to every living human being: Government doesn't work for you, it works for its own interests and nothing else. Government is a farce.
The world bankers have done a wonderful job managing the various monetary systems I think. Take another bonus on us boyz.
HEAR HEAR!
debt-based money and fractional reserve counterfeiting; ...designed by bankers to serve bankers.
There are a lot of rich people and big fund managers who have filled up ALL of their mattresses.
NOW, they have a problem ...
What are they going to do with All of the rest of their portfolios. Its already tied up in some kind of assets through the stock market and fixed income vehicles.
Their clients want an income stream. Their clients want their money back so that they can make soft mattresses.
If they move their investment to get greater returns to meet the cash flow requirements then they must cash out present investment and invest overseas.
If they cash out their investments to meet the demands of mattress stuffing they will have to take and recognize a loss.
BOTH option will reduce the velocity of money in the USA.
Both options are happening as we speak.
QE2 allows this to happen without J6P and the grey swan from being disturb from their favorite pass time of getting obese as they cheer for their favorite dancing with the star participants.
Those rich investors, (funds), will now get their cash out of Ireland and send their money overseas.
The rich are being saved once again.
Let's all pretend that we are in heaven.
jal
When I saw the Garda smashing the Students in the head I knew their lot had already been cast. Your Country is lost to you now.
"It follows confirmation by Minister for Finance Brian Lenihan that he would be recommending to the Cabinet this afternoon that an application be made to the European Union and the International Monetary Fund."
Well, the Cabinet can reject his recommendation. I suppose that's all that's left before Ireland is subsumed by the Banking Borg.
Happy 1 year ZH anniversary Orly!
Why thanks! I had no idea. I can remember that...one day before the anniversary of the day that changed everthing in America.
Thanks a bunch, VX, for thinking of me.
:D
Of course this was going to happen. I knew it since they started playing The I dare you to step over this line game. Now excuse me while i dine on my bottle of Bass and plate of CornedBeef and Cabbage as i wait for the evil Leprechaun from hell to drag me down into the Evil clover field.
Foreclose on Ireland NOW!!! Deadbeats. Get your documents in order, throw them out of the country. Spain too. Portugal too. Throw them out of the country and let the bond holders take possession.
Same for the USA. Fuck those deadbeats. Get the sheriff. Throw them out. Damn people borrowing more than they can pay back. Sheeesh.
DEFAULT BITCHEZ!
Based on your comment, you may be interested in Martin Armstong's latest, "The Rising Frustration with the Debt Crisis."
http://www.martinarmstrong.org/files/The%20Rising%20Frustration%20with%2...
Good read, Thanks!
GREAT POST.
Okay, but only if they mark them to market afterwards.
Either someone did not see sarcasm, or someone does not think they should default? Oh well, I guess I can't read their minds if they don't share their minds.
"it's doom alone that counts." now "offer up your innocence" because "here comes your lethal dose." gold and silver soaring come Monday only means one thing: the USA itself is on the edge. having said "i'm watching muni's" as a result of the election "and seen them plunge immediately and without recovery" my "eyeball" is now fixed on cable companies. talk about "rollover risk." Obviously "Ireland made their choice by joining the euro zone to begin with." They knew the risks...end of story. Spain on the other hand....
Well, I think they sucked in enough bears on the XLF the last two weeks....
After getting blown out of most other ETF's, all the bears pretty much transferred their shorts into the only sector that was "working" on the short side....
LOL...
And believe it or not, if Europe rallies hard on this news, we have probably seen the bottom in poor Leo's beleagured solar sector.
Oh baby, Come here and let me spit up my mouthful of Guinness Stout and Cabbage all over those nice Juggs..
I never let my infant son have beer and cabbage.
how else does a child get his iron if not from guiness stout?
Her (Renata Daninsky) lower half is every bit as well put-together!
I'm in love....again.
I'LL BUY THAT FOR A DOLLAR!!!
Pretty wedge in XLF. Took out that 15 support just enough to screw everyone's stops.
http://www.youtube.com/watch?v=poDV_cy5C74
VERY FUNNY MUST WATCH!!!
“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.” Sir Josiah Stamp
Forsoundmoney.com was right!
http://www.forsoundmoney.com/2008/09/27/this-is-what-the-paulson-bailout...
I have a question about this money printing/inflation issue.
This money printed, loaned to Ireland to save its banks, how will it trickle down to people to create additonal demand that will fuel inflation?, I dont understand. -except through banker bonuses, they are also people afterall:), but that money stays in London, NY mostly propping real estate values in Chealsea, Manhattan, boosting business in Ferrari's, Tiffanys there. This is already known.
What is also known by Irish, Greek, Spanish, Portugese, is that austerity is coming, to stay, until these debts are paid-however low interest rates will be-, 5% isnt low actually for non-growing economies with aging populations. Government jobs will diminish, pay will be less, taxes will go up, etc, etc...
I am from Turkey, and we had a banking crises in 2001, when 20+ banks were taken over by government, and their liabilities ofcourse, I dont remember amount but comparativlly as % of GDP much lass than these amounts. And we taxpayers paid of these liabilities in the ensuing years, the IMF loans , Turkey got I believe 20 Billion IMF money at rates upto 8%, became biggest receiver of IMF at the time. Inflation, and demand in Turkey -after a shock increase with devalation-came down significantly. Anectodally if you look at used luxury cars in Turkey online, BMWs, Mercedess you can find many from year 2001, very, very few from 2002/3, nobody bought luxury items:) And we are still paying: gas here is 12$ a gallon, 30% of a mobile bill is taxes, +60% of a car price, 70-80% of a bottle of whisky...VAT, plus special luxury consumtion tax, even on a refrigerator:)
These things I think are the shape of the things to come, in thses debt laden countries-IF THEY DO NOT pull an Argentina, default on their debt, but they can't do it for the sake of 'European unity'. I think in the end they will be worse than Argentina, which sells ton of commodities to China, has growth potential, or Turkey, which has a growing population ,industry, services it can sell to Middle East/Russia.., and also because they have grown accustomed to being rich. Turkey I know closely accepted all demands from IMF of abolishing state employment, privitising enterprises, raising taxes without serious opposition, gas became 12$ a gallon, 70% of the price is taxes, gradually.
All these countries who consider themselves Europeans as Germans, French and rightly so, -----when inevitably the paymasters order changes in their budgets, fiscal policy,sales to get their taxpayer money back, how will they be able to accept these? Greeks are already rioting, Irish has been austering for more than 2 years now-
Apart from politic implications my points in dont expect demand growth/inflation to affect world markets from these countries, those printed money only helps the bankers receive bonuses, and only bankers in NY, London, not even Frankfurt. How can you expect inflation, -other than ultra luxury items and real estate- from that? I would be curious on your thoughts..
The exact same thing has happened here in the US. The banks got the money to shore up their accounts and haven't lent to hardly anyone at all. With that money, they paid themselves well and are now buying luxry items.
Look at the retail sector of the SPX and you will find a barbell shape. The low-end stores, such as Dollar general and Walmart are doing very well, as is Sak's, Norstrom's, Tiffany's at the high end. Macy's, TJ Maxx and other middle-class retailers are getting creamed.
The banks got the money to shore up their accounts and haven't lent to hardly anyone at all.
hmmm, where in history has this happened before? Where are we?
"The banks got the money to shore up their accounts and haven't lent to hardly anyone at all."
Banks are not lending, yes correct, but also dont forget that noone wants to lend at the moment! Who do you know that wants to start their own business right now or borrow money to buy a new car/house/etc...?
Omer you ask a question and then you go on and give pretty good answer. This is the dilemma the central banks are in. They print oodles of money, give it to the banks and the banks keep it. Money is not going into circulation and hence no inflation which was the purpose of printing the money in the first place. It is making bankers rich but strangely, to me anyway, isn't have much effect on the economy. Until, that unpredictable tipping point is reached and we have uncontrollable inflation. That is why Keynsian economists have argued that the new money should go into fiscal stimuli, so that it will actually contribute to aggregate demand. Short answer, no one really knows.
the events in Turkey are by design.
bailing out by the IMF to gain more control is the last step.
before all of this, however, it is essential to create a fiat debt-based monetary system and perpetuate a major bond market in order to support a ponzi scheme welfare state and subsequent culture of dependency. When the inevitable collapse ensues, more power can be consolidated and indigenous Turkish people can be relieved of their wealth and property.
The IMF, indirectly 'owned' by the ruling elite, enslaves Turkey under the guise of 'saving' Turkey.
Member countries direct activities of the IMF via their Central Banks. The private Federal Reserve Bank, for example, is owned by 12 regional member banks, which are owned by large multi-national banks, whose shares are largely-owned by a handful of families on the globe.
http://www.save-a-patriot.org/files/view/whofed.html
Simple.
ANYONE NOTICING A PATTERN YET?
to me inflation/deflation doesn't matter anymore...All I see is that shit is costing more. whether this is some extra tax they come along with or input prices rise it don't mean nothing more than I'm shelling out more for the same good, and in some cases for less of the good via slick repackaging to knock off a few ounces of product. compartmentalize however you wish...you're paying more or you deem it not worthy to spend money on...unfortunately, I needs to eat!
The people of four countries have been asked to pay for private banking losses through extreme austerity programs. Three -- Latvia, Greece and Ireland -- are doing it. One -- Iceland -- has refused.
We have a real life experiment that will answer this question: Which economies will recover first? Just asking this question raises one ugly possibility. That is, can the European banks allow Iceland to win this competition?
That's a damn good question, and the situation is not unlike the Cold War. The US went to great lengths to prevent any other country from having a successful government (that competed with the US system, or was any way like communism) that might encourage other countries to try similar programs. South America and SE Asia have had numerous US assassinations and US-manipulated elections to eliminate any competition. I wouldn't be surprised if we learn that "Economic Hitmen" are doing their best to ensure Iceland doesn't succeed.
+1 Iceland will be prevented from succeeding for exactly the reason you have outlined.
EURGBP
http://99ercharts.blogspot.com/2010/11/eurgbp.html
EURUSD
http://99ercharts.blogspot.com/2010/11/eurusd_21.html
http://www.zerohedge.com/forum/99er-charts
Well, can't say I'm surprised. What's galling is that this may be the moment that the TBTF fever actually breaks. When Handelsblatt and FT Deutschland and the FT and the NYT and Mohammed el-Arian are all among the people who have called for an immediate haircut on Irish bank debt then it's likely that the mainstream has reached No More Lehmans revulsion.
(Actually, what's also galling is that the penny hasn't dropped in Ireland yet. As papers in Ireland's two biggest interbank-creditor countries are calling for haircuts, the Irish population and most Irish media still seem to think that the "IMF" (mistake #1) intervention is mostly about sorting out the public primary deficit in classic IMF fashion, and so the majority of Irish people support the intervention! I expect they'll figure it out soon enough.)
It will fail!
http://www.youtube.com/watch?v=DTmFXnWAy4w
http://www.youtube.com/watch?v=7tiaIuH3oj0&feature=related
scratchy, you beautiful bastaard..how was the weekend? you bought any PM's yet?
The weekend was terrible cheif, got my balls kicked in by a bunch of goldbugs lol.
bugs will be bugs..still don't think its not a bad idea. step father is into these german long rifles
not sure about relative worth of dollar to euro, but what this should mean is another rally in precious metals, commodities and similar. unless off course somebody decides differently.
Well I'm headed to Ireland this week....should be rather interesting.
The IMF says things are magically delicious
http://www.youtube.com/watch?v=la8p7xNzzg8&playnext=1&list=PL2C0DCEA1AD4...
Nice rack on her.....
+1000+++
exactly.
So, the banksters win yet another round. Sad.
Predictable, but sad.
By which model do the Irish calculate unemployment? U3 or U2?
that was painful