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Olli Rehn: No Haircuts For Senior Bondholders
So here is the Irish bailout in a nutshell: senior bondholders impairment: zero; Irish pensioners impairment: about 100%. Olli Rehn just confirmed during the press conference that senior bondholders will not be impaired. Irish taxpayers and pensioners to be overjoyed. Additionally, the maturity of the Irish IMF loan will be 7.5 years. This also means that the maturity of the Greek loans will likely be extended. Club Med will now exist indefinitely on life support, or until the euro is dissolved, whichever comes first. Lastly the pathologically lying sociopath just said that Europe will rerun its stress tests again next year... And as many times as needed until faith in Europe is restored, and 300 million austere Europeans finally believe their corrupt, thieving, fat ass politicians.
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Ireland, please grow some balls and make my heritage proud. Default on the god dam debt. Bank bondholders and sovereign bondholders are NOT special - repeat after me - they are NOT special. Default for the sake of the people. Follow the actions of Iceland on the road to national sovereignty.
Iceland is No Ireland
Inquiring Irish minds just might be interested to see how Iceland fared after they told EU bankers to go to hell. For the answer, please consider Iceland Is No Ireland as State Kept Free of Bank Debt
Pigpen
Yes, ran across that article and hope Grimmson's comments go viral. Everywhere.
http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html
This is f*cking rediculous. Outrageous... Irish should storm their govt and throw out all these fools. Put in Sein Fien... they will take out the Sr. Bondholders.
If Sein Fein had any capability or brains they would have gone after the Sr. Bondholders (The Rothchilds) long time ago. Did they ever? If not, they have and are fighting the windmills.
This is mass thievery from Ireland's working class. Pure and simple.
There should be riots and politicians hanging from lamp posts right now.
There is nothing wrong with Ireland except for its banks. Ireland's huge deficit is 100% the fault of bailing out the banks. F*ck the banks.
The ball back in the Dollars court.
It'll all be fine. There's new stress tests on the way.
It must be nice to be able to invest 100% risk-free. How can I get in on some of that action?
i agree. how can i get some of the irish serfs' risk free money?
Wow. What a super blueprint for the US leadersheep to follow. 401k? What 401k. What IRA. (BOOM) Oh, that IRA. HaHaHa. Meet ya in hell or DC (redundant?).
"This is Uncle Ben to Ground Control
I'm stepping through the door
And I'm floating in a sea of pomo
And the markets look very green today.....
"ground control to Major Ben your circuit's dead i thinks it Sin Fein...can you hear Major Ben? Can you hear me Major Ben? Can you....heeeeere am I floating in my....
Banker bailout bonanza is still alive and doing well. More tax payers are asked to put their palms onto the hood of the bailout wagon and bend over. Just wondering how long the rage of the tax payers will stay contained...
This is completely and utterly DISGUSTING
The poor and pensioners have been robbed of their shirts to bail out the banksters AGAIN
That was so predictable.
Haircuts = immediate endgame, expulsion of Ireland from the markets for 20 years
No hairchuts = the docile taxpayer will pay.
Exactly. I don't see how people assumed anyone BUT the taxpayer would be getting owned in this scenario.
Its logical - high finance still needs (well, wants) Ireland in the markets, and needs those bonds to remain as they were.
So where to go? Pensions, people, peasants. Where else.
The sad thing is this news doesn't surprise me at all.
We'll see if the market calls bullshit on the Asian open.
Absolutely maddening. The brazenness with which supposedly democratic governments are taking clearly anti-democratic action is stunning. These politicians and bankers need to be addressed. I always prefer non-violent resolution but that would take a level of public consciousness that simply does not exist here in the US so I guess nothing happens for a while until the problems can't be ignored and lied away anymore.
And the saddest thing in all that? A fair probability that the markets will rally monday.
Yes and make the top 1% and the very few who actually participate in it even richer than before
I don’t expect a market rally on this nonsense; I think it is pretty irrelevant. Stagflation baby. Go ahead and try and spin that reality...
goooooold finger...he's the man, the man with the MIDAS TOUCH!
I hope the Irish call for the government to be broken up immediately and that there are more strikes and demonstrations.
This is truly ridiculous to expect the ordinary person to bend over again while the banksters keep their fat bonuses and highly paid jobs
The IRA should be hanging all bankers and treasonous politicians in a town square; a message needs to be sent before this contagion hits everywhere; and yes, that includes the US.
don't need to be all of them. Just a couple will do. see what kind of confidence booster would that be!
This is the same thing when GS, MS and MER were in big trouble and Hank Paulson was in charge. What do think it will happen? Unless some serious shit happens like some guy got shot between the eyes, this kind of bailouts will not end.
Yup partimer1 - like "The Ben Bernank."
Every day, more and more people understand what is really going on here. I wouldn't want to be one of those bondholders when the tipping point is reached.
yeah, I can feel their fear too SofaPapa.(??) What was that scene in the Life of Brian..."hey, you need a hand with that cross?" One to be crucified: "Aw, thanks!" as he runs away. I mean "you speak German?" (no) "French?"(no) "Italian?" (no) "Spanish?" (I'm workin' on that....
From http://www.ft.com/cms/s/0/942f02c2-fae1-11df-b576-00144feab49a.html
The EMU/Ireland situation is a long way from settled, regardless of how it gets spun tonight/tomorrow.
Does anyone have good links to what the details of the Irish pension contributions are? I'm still looking, but have not hit paydirt yet.
Given the recent Hungary pension seizure, Argentina's not so recent pension nationalization (again), and those in the US who believe that citizens need the gov't to tell them how to protect their nest eggs (http://edlabor.house.gov/testimony/2008-10-07-TeresaGhilarducci.pdf), I want to see what new ideas destructive to my future well-being may be wafting Washington's way.
My Irish brothers, stop paying that debt; there is only one solution:
http://www.youtube.com/watch?v=lo5BBHtn4tM
USA is following very similar script with bondholders protected. The population (and most politicians) do not even understand what is happening to them. Sadly, Obama was elected to project the citizens from the banker/elite theft, but he has chosen not to do so (or is unable).
we are? i thought we were playing the "we're broke so let's go for it" card. you know "before the credit line is....we'll send that CVN to....and then we'll health care your...while not tax increasing...
I think the number of people who understand is getting pretty high. It's a simple story, "we pay, they don't". What is hindering action is the lack of pain. As long as the pain is bought off with extended UE insurance, food stamps, etc., the banksters can get away with this for a while more. But not forever... not forever.
what 20 yrs ? look at russia, argentina (it doesnt agree for more tham a measly amount)? How their economy has performed post default?
The bankers, and their states just want to frighten the Irish people to believe it? or force their crooked politicians to accept.
I think these are temporary solutions, will mean much more volatility in the near future..
That is my angle on the situation too.
If Ireland tells the EU to go eff itself and defaults, what happens? Well, first, the elites and the bankers go batshit. Markets tumble everywhere, amid cries that Ireland will forever be outside the world economic community and the people will suffer terribly. There is a lot of sound and fury, but when the din dies down, what's the real effect?
There are two major losers. The banks and the pro-EU crowd, in particular, the EU bureaucrats who have invested their careers and reputations in the prominence of the EU.
Ireland itself suffers seriously in the short-term, but probably not significantly worse than it will under an IMF-imposed austerity programme. In the long-term, though, all the hysterical fears are just that. Look at Russia. After it defaulted, there were screams that it would never be able to borrow again, but five years later Wall Street was falling all over itself to underwrite their bonds.
The short and sweet of it is that
a) Irish politicians are mostly captured either by Euro-centric philosophy or bank interests, or should they truly be independent, are generally not smart or courageous enough to realize the banks/EU is bluffing hard with the fear game.
b) The Irish peasants will bitch and moan but will prove to be as powerless and pwned as their American cousins.
Well put. And as memory served they had the cash on hand to run the gov a few months. And if the EU ejected them from the Euro Zone (not likely) then other nations might decide to join them by running up the credit card then leaving.
But lets face it politicians are looking out for themselves. All of the politicians who go against the people's best interest and sign them up for debt slavery will be richly rewarded with positions and power. Hell might see a few of them show up in the IMF or the bailed out banks.
"can't take it with you, everybody knows. can't take it with you when you goooooh. can't hide your love away...save it up for a rainy day! can't take it with you when gooooh. hot wire a fast car...just to take a ride! you can run but sure cannot hide! or sell me a lie, or live one till you die! can't take it with when...." it's kinda sad that the soundtrack rolls off the lips so easily....
http://users.erols.com/mwhite28/wars18c.htm#FrRev1
Anyone see a correlation to the French Revolution?
Reign of Terror
Population of France 1790 = 900,000
No way population of France in 1790 was only 900,000.
Agreed. They didn't add 60M people in the last 200 yrs...
Why not? That's only just over a 2% growth per year.
Albert A Bartlett - "The greatest shortcoming of the human race is our inability to understand the exponential function."
DavidC
Seizure of pensions is a part of Mellonesque liquidation, although we never got to that point in the U.S.
Control of 401k plans and money market funds (putting them "in jail") is also part of liquidation. However, that would spook the clerks, who would stop buying.
Look at it as more a process of picking off those who can least oppose the oligarchy: that's certainly pensioners, and those who are working and have pension stakes, well, they compromised their interest long ago (they paid no taxes on pension accruals).
The point is that Mellonesque liquidation turns around and attacks everyone who made inconsistent deals with power. That's how you undermine your opposition: you show that your opposition doesn't have clean hands.
Who's been taking the home mortgage interest deduction for decades? Suburbia--our overpaid clerks. And now they're going to complain that the oligarchy is looting the system? They're in no ideological position to oppose it, and position or not, they won't oppose it.
Again, you'll see change when BLS unemployment for Bachelor's or higher class is 20%. It's now 4.7%.
In the press conference afterwards Cowen confessed that the lack of haircuts for seniors was the result of EU pressure. He declined to given a straight answer as to whether the pressure came from the ECB specifically.
Answer is simple: German and French banks lent over $Trillion to the periphery.
http://www.nytimes.com/2010/06/14/business/global/14eurobank.html?_r=1&hp
Well, of course. But it's the first time Cowen's come out and admitted it.
Banksters can't even fake sharing in the pain. This is outrageous
Well, this doesn't solve the underlying problem of debt, but I partially understand. To not do the bailouts will probably begin the unravelling the EU which will not be a pleasant process. Remember, Europe has been fighting wars for thousands of years.
And? We could be looking at an orderly dissolution after nations have had to bail each other out. Which is worse, the politicians looking out for national interests now, or waiting till total meltdown and the new crop of demagogues standing up and blaming all the local woes on the bailing out of country X?
So you think the German and French governments are solvent? Or their banks?
It's not like any of them are solvent with the pension promises that have been made. What might be happening now is the big boys are being protected and a narrative to explain the next bloody conflict is being written.
Accepting this is as close to full RETARD one can get. God, what fucking cowards!
Cowards?
We'll come back and do a gut check with you Double Down when Congress or Obummer redirect all 401k's into US Treasuries right before the implosion...
We know Jamie & Lloyd won't take a hair cut... Well, Lloyd CAN'T take a hair cut...
Of Cowards And Cowed Sheeple
From what I have seen so far...
The Amerikan public & politicians are the Full RETARDS...
Have a nice TSA-Gestapo butt probe day...
Of course, prior to the Euro, the Irish measure of currency was the Punt.
It was said to be rhyming slang for "Bank Manager".
Plutocrats, and the rest of the privileged class, will pay -- now or later.
And I ain't talking karma.
Futures soar, the banksters jump for joy as they have F%*cked the old, the poor and unborn children again
and the EU banks must be up sh1t creek if they are so precarious that Ireland has been strongarmed into this disgusting agreement
"Olli Rehn: No Haircuts For Senior Bondholders"
Hey Irish: Pitch Forks and Torches On Sale Now at Walmart
Did I mention Walmart has hunting rifles and ammo in Sporting Goods?
Go down to Car Care, take a right, counter against the wall, behind Aisle 5...
Looks like the stopped just short of giving the banks the right of jus primae noctus.
Que music
Irish Blood, English Heart
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.” Henry Ford
If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless. I sincerely believe the banking institutions (having the issuing power of money) are more dangerous to liberty than standing armies. My zeal against these institutions was so warm and open at the establishment of the Bank of the United States (Hamilton's foreign system), that I was derided as a maniac by the tribe of bank mongers who were seeking to filch from the public. —Thomas Jefferson
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." Lord Acton