Memo to Ireland

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Sat, 11/27/2010 - 11:46 | 757316 Vendetta
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Same thing is working fast and furiously to do the same US.  Oops they are already 'hard at work'.  My sympathies for the Irish hoping they rid themselves of their craven politicians, my hatred is reserved for the supranational entities such as the IMF/WTO et al whom are the vampire squids in chief.

Sat, 11/27/2010 - 11:36 | 757305 buzzard beak
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Hey Ireland you know where you can send your whining lefties. Yum yum.

Yeah you Irish are getting royally scammed in this bank bail out. Your government has bailed out so much with money borrowed in your name, your name's no good any more. So now the EU and IMF will lend your government money in your name, so long as it all goes toward keeping whole all the foreign creditors to Irish banks. That means you've got to eat some fairly serious spending cuts.

But did you really want the alternative? Sure, it would have been much better and more fair to wipe out the bank creditors (not to mention shareholders). But that would have meant much deeper spending cuts, at least in terms of what you would have had to take up front. The Irish lefties were having none of that. And now they're crying that they're getting it anyway, only in steps and stages. And there's more to come. Boo hoo.

Sun, 11/28/2010 - 11:25 | 758659 moneymutt
moneymutt's picture

Your government has bailed out so much with money borrowed in your name, your name's no good any more

 

hardly a leftist government that raid pension funds, reduces minimum wage, cuts gvot spending massively to bail out rich banks. Govt spending is govt spending. 

By your advice no business shojuld ever declare bankruptcy, that would be the end of them, no? But in reality, I have seen many businesses in my industry declare bankruptcy and survive and end up much better for it. Does it make it difficult to get credit, and make credit expensive? Yes. Is it a better deal the trying to pay off impossible debt or just closing doors of business? Yes.

Ireland already instituted deep cuts and austerity earlier this year and within a few months its not doing them any good on bond markets. The bailout will leave them raped.

What's the alternative? Default. Is that better or worse? All you have to do is consider real world expirements like Argentina. With 2 years of default they were off and running, under IMF loans, more like 20-30 years typically. Just like a business, the harm from declaring bankruptcy is often much less worse than harm from keeping debt overhanging.

Its just a matter of whose perspective you have. If you are the bank, IMF bailout is better deal, if you are Ireland, default is better deal. The choice is some rich folks, the stabiltiy of derivatives market vs.  regular people and businesses in Ireland. I'm with the regular folks and businesses, let the derivatives hosue of card collapse and lets get back to making, designing and growing things for the eachother without financial parasites, who do nothing by siphon riches froim our hard work based on fraud and insider connections and govt corruption.

Sat, 11/27/2010 - 11:48 | 757317 Vendetta
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written just like a buzzard would

Sat, 11/27/2010 - 11:31 | 757300 Big Dog
Big Dog's picture

Capitalism has been replaced by Bankersterism, as witnessed by the Poodle

receiving $2M per year for doing PR tricks at JP Morgan.

Sat, 11/27/2010 - 11:06 | 757282 amanfromMars
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Is that All the EU and IMF have to Offer ...... Debt?

Sat, 11/27/2010 - 06:23 | 757162 BigDuke6
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On the bright side they'll some cheap acres on the west-coast which is stunning, has amazing golf courses and pints of guinness.  

Good place to retire.

With what i don't know..... after it all gets stolen...

Sat, 11/27/2010 - 10:12 | 757256 THE DORK OF CORK
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@BigDuke6

One little dream of mine is to fly a crop duster full of agent orange over every Golf course in Ireland. (Not only would the greens be destroyed but any golfers wasting a walk that day would have mutated children)

They are a pox on the land - the takeover of the Old Head of Kinsale was a criminal act.

That area had communal access to all - I remember when I could fish off the rocks with my father from that beautiful unspoilt peninsula  - now I am denied access so that criminals with law on their side can have a undisturbed game of Golf.


Old Head of Kinsale - Wikipedia, the free encyclopedia

AAAAAAAAAAAAAAAAAAAAAAAA

Sat, 11/27/2010 - 03:12 | 757109 Paul Thomason
Paul Thomason's picture

The world has gone mad.

Sat, 11/27/2010 - 02:04 | 757063 blindman
Sat, 11/27/2010 - 00:48 | 756984 NERVEAGENTVX
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Let's not forget what happens when Mr.Unregulated derivatives market starts chasing Mr.Capital down the drain.

Sun, 11/28/2010 - 11:13 | 758650 moneymutt
moneymutt's picture

agreed, ultimately its all about the derivatives a market too huge to fail, but will

Sat, 11/27/2010 - 00:43 | 756976 NERVEAGENTVX
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"They knew they could lose money if irish banks went south, that's the risk they took"

I doubt it's the bond holders TPTB are trying to keep from experiencing a haircut, it's trying to avoid the triggering of the credit default swaps.

Sat, 11/27/2010 - 00:32 | 756970 obelisks
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I am sorry but I simply cannot imagine for

one minute that the I.R.A. or the Real I.R.A. are going to be willing to sit back and allow this to happen to their country.

http: http://dailybail.com/home/real-ira-threatens-to-blow-up-bankers-explosiv...

Sat, 11/27/2010 - 06:33 | 757164 BigDuke6
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What? you expect the ira to ride to the peasants rescue?

On a worthy steed, his AK47 above his head.

Dont be daft, the ira were organised crime with protection rackets and drug running.

and they only quit because the USA stopped their cash flow after 9/11 when new yorkers saw what it was like to be bombed and the giving dried up.  NORAID etc.

The timeline of their fade out is there to see.

Fri, 11/26/2010 - 21:26 | 756686 gwar5
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The road to serfdom is paved with debt.

The new monarchy are the clever bankers.

Heads will roll. But which ones? 

Fri, 11/26/2010 - 21:10 | 756664 Silversinner
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Protest won't work,most of the times it's begging

for some benifits.What we need is a revolution

and not peacefull one per se.Since the France

revolution the uberclass had discovered they are

not God just before their heads got separated from their body's.

Since then they are using pupets(called polititans)to

do their dirty work.We have to let them know,we know

who they are and we will use force if needed.If we

don't act we will be put against each other(like so

many times before)I'm ready to take up arms to fight

for the freedom of our (grand)childeren.My hate against

them grows exponetily every day,like the number of people

with the same feelings.Want to look my grandchildren strait into their eyes

and tell them the old bastard tried everey thing possible

to prevent them from being slaves.My tipping point is reached.

 

Fri, 11/26/2010 - 19:39 | 756513 bullet357
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The BANK RUN Dec. 7,2010 will happen were i live it is the talk of the town.  Everyone i work with are planning on taking out all extra money and leaving only enough to keep the acc. open on Friday the 4th of Dec.  Everyone who i work with does not want to be the one who left there money in the bank when the Bank run starts.  To be the only on left holding the bag. Two words to live by.... Food & Ammo ...bitches

Fri, 11/26/2010 - 18:39 | 756445 WTF2
WTF2's picture

Back to being the Puerto Rico of Europe.

Fri, 11/26/2010 - 17:55 | 756379 frenchie
frenchie's picture

but this is the way NWO should be implemented, right ?

Fri, 11/26/2010 - 22:38 | 756782 Bob
Bob's picture

True enough.  The question remains of whether national populations can be made to swallow what they've agreed, through their politicians, to take. 

I don't think so.  Call us spoiled, but we ain't gonna take it.  Not in any western country.  The IMF doesn't translate well. 

Fri, 11/26/2010 - 21:48 | 756717 knukles
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Exactamundo!
Resign your sovereignty, for not enough has been done yet!
Utopia Awaits!

Big Brother.
George Orwell was right.

Fri, 11/26/2010 - 17:53 | 756373 destiny
destiny's picture

some of you must have read the excellent book of G edward Griffin :

http://www.spielbauer.com/JekyllDownload.htm

self extracting zip vlc player.  Very educative.

Fri, 11/26/2010 - 17:50 | 756367 moneymutt
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The interesting thing about these austerity programs is how ineffective they are in producing surplus.  If you fire a govt worker, you supposedly save his salary costs, say $50k, but first, he will take some social safety net funds as an unemployed person. Second, his lost disposal income will not be spent into economy. I'm sure academics can tell us but for every $1 ( or Euro) withdrawn from govt spending, you might only end up with some small fraction in govt savings, like may $0.10.

Ireland did austerity just like they were supposed to earlier and still their deficit ended up being bad because their economy shrunk so much.

So immense misery is foisted on population to squeeze out small amount of money to make sure rich guys lose no money on any investment ever. Just like rich corrupt govt contractors would be happy to have taxpayers spend $1,000,000 on something worthless to population so that the could make a $10,000, rich would be happy for Ireland to lose 50 billion in social safety net if it meant they could get a billion more than if a default.

Sat, 11/27/2010 - 03:57 | 757128 AnAnonymous
AnAnonymous's picture

The interesting thing about these austerity programs is how ineffective they are in producing surplus. 

 

 That is because there is austerity and austerity. Usually, austerity programs were based on zero from loan until solvent, meaning there was no in, only out with an economy redesigned to support exportation only (extraction of wealth)

The IMF and the others, when they smell what was going to our shores, decided that the austerity programs they used to implement were not functional (when they were to extract wealth) Just look like people who do not want to taste their own cooking.

The real austerity programs, the only that were designed to generate a surplus by extracting wealth from one place, are simply not executed currently in the Western world.

All that is done is diet programs. The Irish are served less food, therefore less leftovers. As the old saying got it, serving at a rich's table always brings better meals.

Fri, 11/26/2010 - 18:50 | 756459 dizzyfingers
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Another part of banksterism is that those who are on the fringes of the ruling class -- that is, those who work for the banksters in different capacities (congress and by default, federal employees, bureaucrats, etc.) are protected by being given by their higher-ups and themselves benefits that the serfs don't get...even serfs who earn well in the mythical system of "freedom".

All part of the plan. http://projects.washingtonpost.com/top-secret-america/ and http://projects.washingtonpost.com/top-secret-america/network/#/overall/most-activity/

 

 

 

 

Sat, 11/27/2010 - 00:48 | 756985 RockyRacoon
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What a graphic!  I drilled down into some really spooky stuff.

Thanks for posting that.

Fri, 11/26/2010 - 22:32 | 756776 Bob
Bob's picture

Good comments.  Man, that is one beautiful interactive chart!

Fri, 11/26/2010 - 17:38 | 756340 greenewave
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There is a very serious possibility we have a BANK RUN December 7th. Please watch and share this video with the people you care about (http://youtu.be/U0KGv3Xw0KY).

Anonymous-

This is really scary guys, people are already talking about it and it has spread from France to the UK and now coming to the United States.

Fri, 11/26/2010 - 17:35 | 756330 Sudden Debt
Sudden Debt's picture

+10, good insight.

Fri, 11/26/2010 - 17:29 | 756321 Gloomy
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Ireland to use National Pension Reserve Fund assets
Global Pensions | 25 Nov 2010 | 15:37

Jaishree Kalia, Raquel Pichardo-Allison

Categories: IrelandIRELAND - The Irish government plans to use assets from the €24bn ($32bn) National Pensions Reserve Fund (NPRF) to support the government bond market and infrastructure investment, the National Recovery Report has confirmed.

Fri, 11/26/2010 - 19:15 | 756489 THE DORK OF CORK
THE DORK OF CORK's picture

Criminal - this should be used as a deposit for a state industrial bank that creates credit to build utilities.

Instead it will be wasted to pay unrepayable debt.......

Sat, 11/27/2010 - 00:39 | 756975 RockyRacoon
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What's the deal?  Is this "confiscation" of retirement funds for the banksters not common knowledge yet?  Why are there not government buildings ablaze?  I am amazed.

Sat, 11/27/2010 - 06:12 | 757159 THE DORK OF CORK
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Southern Ireland is a very different place from the North.

Like the North there are people of conflicting loyalties although in the south it is much less apparent.

We are all essentially British with a botched republicism on top - remember in 1916 there was very little support for the rebellion.

It was only in 1919 after the great war and all its turmoil that Sinn Fein swept to power in elections.

Also the ravages of globalisation have diluted the stock.

Besides I am here now when I should have got the train to Dublin this morning - The Irish are all talk.

Sat, 11/27/2010 - 03:22 | 757112 Hook Line and S...
Hook Line and Sphincter's picture

A strange and perplexing passivity, eh? 

These are not the Irish!

Have the Southern Celts drank too much water with runoff estrogen from unassimilated birth control hormones that have entered the water supply?

Fri, 11/26/2010 - 17:42 | 756353 moneymutt
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criminal, pension funds raided so rich people don't lose money on their investments...criminal

Fri, 11/26/2010 - 18:39 | 756444 dizzyfingers
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It's true. That is banksterism, NOT capitalism.

Fri, 11/26/2010 - 16:48 | 756259 pussfeller
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Imagine that Yasser Arafat had succeeded in ending Israeli occupation and establishing a Palestinian state in the West Bank and Gaza. 

 

You lost me right off the bat with this nightmare scenario.

Fri, 11/26/2010 - 19:52 | 756530 midtowng
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So ending an aparthied military occupation is a nightmare to you?

Sat, 11/27/2010 - 11:31 | 757298 LFMayor
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Let's go O/T a little longer. Those poor, "aparthiedly" oppressed masses, yearning to be free danced when we were struck, handed out "candies" that were more than likely provided by us. Danced after how many of our milquetoast leaders tried to negotiate on their behalf. And this was hurriedly removed from our TV's, by our controlling betters.  The ones that have you spoon fed, imagining all peoples and beliefs are one and shit like that.
I like Israel, if just for the simple fact that they burn vermin with regularity.  As for you, well go and help them yourself.  Those delightful people you're helping will use you for sex until you can't wait to stand in front of the dozers, just to make it stop.

 

Fri, 11/26/2010 - 16:32 | 756230 THE DORK OF CORK
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I think you are wrong about Cowen - he is simply a very weak man who displays a veneer of toughness.

He is unable to stand up to the neo-liberal element of the FF party that found it easy to take over the agenda beginning in the late 60s.

They and the people backing them under the finance minister Lenihan control what is left of their power base as the majority of the party have always been populist rogues looking for any surplus they can cream off the table.

(They are now finding it harder to control their foot soldiers as they have less bounty to give).

It is therefore very easy to control from a ideological perspective as most of the FF supporters are brown nosers and arse lickers looking for more cake.

Although it is obviously not a republican party now it had elements of this up to about 1980 and then all that was good with the party died - republican parties weaknesses has always been populism - such is life in a country without any concept of duty.

 

If a Irish PM gets faint praise from the BBC home service and other such outfits you know he is bent.

It is the litmus test for a politican in Ireland - indeed during the rein of Bertie Ahern he was getting continuous praise from the foregin media establishment - he is now recognized as the most corrupt and disastrous polticans of all.

It is a good sign that Cowen gets the piss taken out of him - he is a weak man unfit for leadership but he not a evil one.

This weakness is exploited by the media with their own agenda.

Fri, 11/26/2010 - 20:03 | 756547 doolittlegeorge
doolittlegeorge's picture

and many "American Bankers" are in need of these same "Irish bailout bucks" too.  Hence "enter the Sandman" in the form of the IMF.  Needless to say the IMF is "nothing more than an instrument of State policy" so "blaming the IMF is nothing more than blaming the messenger."  I didn't think the USA "had the $750 billion" to fund TARP in 2008.  Obviously "I was only off by a multitude of trillions."  Does it mean "Europe doesn't have the trillion to bail out Spain"?  My first impulse is to say "no f'ing way."  As you can see however "I've been quite wrong before." 

Fri, 11/26/2010 - 21:33 | 756697 THE DORK OF CORK
THE DORK OF CORK's picture

Doolittlegeorge

You are either a troll or a quite deranged character - I am not quite sure.

Sat, 11/27/2010 - 00:36 | 756973 RockyRacoon
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I think disabling his quote key would be a good start on some rehabilitation.

Fri, 11/26/2010 - 16:27 | 756228 Commander Cody
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The simple point is: Banksters created the risk environment which failed.  They should be held accountable.  The complete burden of a failed financial system is being passed to governments and their populace while the fatcat bastards stay whole and continue to loot.   This is capitalism?  These are free markets?  The world is now under the complete control of banksters gone wild!  Wake up world, your serfdom has arrived and is on your doorstep.

Fri, 11/26/2010 - 18:37 | 756431 dizzyfingers
dizzyfingers's picture

Take a bow sir. New name for what's happening around the world: banksterism.

If it is made fun of enough, and made a big enough object of ridicule enough times and in enough places, with enough fanfare, the name will take on a life of its own, and it'll become impossible for anyone to defend it  and still be seen in public. When those who made it happen disappear from tv interviews you'll know it's working.Tactics and the development of such are important.

Sat, 11/27/2010 - 12:08 | 757358 KTV Escort
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Banksterism it is

Fri, 11/26/2010 - 17:41 | 756349 moneymutt
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at least in US it took 8 years from when banks were deregulated and un-policed for the US taxpayers be made to bailout and of course, we were warned too...Senator Dorgan even said there was no compelling reason to deregulate the banks when Gramm bill was pass, he said banks were making good money, there was plenty of financing, credit, why take away safeguards...he said that there would be big bailouts in 10 years, he was 2 years to optmistic.

But in Ireland it happened in 2 freaking years from the point they agreed to be on the hook for the banks' freewheeling. Don't tell me some Richy Riches didn't know what they were doing to Ireland....2 freaking years before wheels fall off, they stick the country with debt way beyond their GDP...the people that engineered this kind of misery on regular folks to make and preserve their wealth are the type of people that would enslave people if they could.

Fri, 11/26/2010 - 17:49 | 756363 Commander Cody
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They have.

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