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True Finns Timo Soini Issues Statement: "Why I Won't Support More Bailouts"

Tyler Durden's picture





 

From The WSJ:

Why I Won't Support More Bailouts

Insolvency must be purged from Europe's system and it must be done openly and honestly.

When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them. Europe is suffering from the economic gangrene of insolvency—both public and private. And unless we amputate that which cannot be saved, we risk poisoning the whole body.

The official wisdom is that Greece, Ireland and Portugal have been hit by a liquidity crisis, so they needed a momentary infusion of capital, after which everything would return to normal. But this official version is a lie, one that takes the ordinary people of Europe for idiots. They deserve better from politics and their leaders.

To understand the real nature and purpose of the bailouts, we first have to understand who really benefits from them. Let's follow the money.

At the risk of being accused of populism, we'll begin with the obvious: It is not the little guy that benefits. He is being milked and lied to in order to keep the insolvent system running. He is paid less and taxed more to provide the money needed to keep this Ponzi scheme going. Meanwhile, a kind of deadly symbiosis has developed between politicians and banks: Our political leaders borrow ever more money to pay off the banks, which return the favor by lending ever-more money back to our governments, keeping the scheme afloat.

In a true market economy, bad choices get penalized. Not here. When the inevitable failure of overindebted euro-zone countries came to light, a secret pact was made.

Instead of accepting losses on unsound investments—which would have led to the probable collapse and national bailout of some banks—it was decided to transfer the losses to taxpayers via loans, guarantees and opaque constructs such as the European Financial Stability Fund, Ireland's NAMA and a lineup of special-purpose vehicles that make Enron look simple. Some politicians understood this; others just panicked and did as they were told.

The money did not go to help indebted economies. It flowed through the European Central Bank and recipient states to the coffers of big banks and investment funds.

Further contrary to the official wisdom, the recipient states did not want such "help," not this way. The natural option for them was to admit insolvency and let failed private lenders, wherever they were based, eat their losses.

That was not to be. As former Finance Minister Brian Lenihan recently revealed, Ireland was forced to take the money. The same happened to Portuguese Prime Minister José Sócrates, although he may be less forthcoming than Mr. Lenihan about admitting it.

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Why did the Brussels-Frankfurt extortion racket force these countries to accept the money along with "recovery" plans that would inevitably fail? Because they needed to please the tax-guzzling banks, which might otherwise refuse to turn up at the next Spanish, Belgian, Italian, or even French bond-auction.

Unfortunately for this financial and political cartel, their plan isn't working. Already under this scheme, Greece, Ireland and Portugal are ruined. They will never be able to save and grow fast enough to pay back the debts with which Brussels has saddled them in the name of saving them.

And so, unpurged, the gangrene spreads. The Spanish property sector is much bigger and more uncharted than that of Ireland. It is not just the cajas that are in trouble. There are major Spanish banks where what lies beneath the surface of the balance sheet may be a zombie, just as happened in Ireland for a while. The clock is ticking, and the problem is not going away.

Setting up the European Stability Mechanism is no solution. It would institutionalize the system of wealth transfers from private citizens to compromised politicians and otherwise failed bankers, creating a huge moral hazard and destroying what remains of Europe's competitive banking landscape.

Some defend the ESM, saying its use would always require unanimity. But the current mess with Portugal shows that the elite in Brussels will seek to enforce unanimity through pressure when it cannot be obtained by persuasion. Abolishing unanimity is only a matter of time. After that we have a full-fledged fiscal transfer union that is obviously in hock to Brussels' anti-growth corporatism.

Fortunately, it is not too late to stop the rot. For the banks, we need honest, serious stress tests. Stop the current politically inspired farce. Instead, have parallel assessments done by regulators and independent groups including stakeholders and academics. Trust, but verify.

Insolvent banks and financial institutions must be shut down, purging insolvency from the system. We must restore the market principle of freedom to fail.

If some banks are recapitalized with taxpayer money, taxpayers should get ownership stakes in return, and the entire board should be kicked out. But before any such taxpayer participation can be contemplated, it is essential to first apply big haircuts to bondholders.

For sovereign debt, the freedom to fail is again key. Significant restructuring is needed for genuine recovery. Yes, markets will punish defaulting states, but they are also quick to forgive. Current plans are destroying the real economies of Europe through elevated taxes and transfers of wealth from ordinary families to the coffers of insolvent states and banks. A restructuring that left a country's debt burden at a manageable level and encouraged a return to growth-oriented policies could lead to a swift return to international debt markets.

This is not just about economics. People feel betrayed. In Ireland, the incoming parties to the new government promised to hold senior bondholders responsible, but under pressure, they succumbed, leaving their voters with a sense of democratic disenfranchisement. The elites in Brussels have said that Finland must honor its commitments to its European partners, but Brussels is silent on whether national politicians should honor their commitments to their own voters. In a democracy, where we govern under the consent of the people, power is on loan. We do what we promise, even if it costs a dinner in Brussels, a "negative" media profile, or a seat in the cabinet.

When in Europe's long night of 1939-45, war came to Finland with the winter blizzards, my mother was one of eight siblings being raised on a small farm in central Finland where my grandparents eked out a frugal living. My two young uncles rushed to the front and were both wounded in action during Finland's chapter of Europe's most terrible bloodshed. I was raised to know that genocidal war must never again be visited on our continent and I came to understand the values and principles that originally motivated the establishment of what became the European Union.

This Europe, this vision, was one that offered the people of Finland and all of Europe the gift of peace founded on democracy, freedom, justice and subsidiarity. This is a Europe worth having, so it is with great distress that I see this project being put in jeopardy by a political elite who would sacrifice the interests of Europe's ordinary people in order to protect certain corporate interests.

Europe may still recover from this potentially terminal disease and decline. Insolvency must be purged from the system and it must be done openly and honestly. That path is not easy, but it is always the right path—for Finland, and for Europe.

Mr. Soini is the chairman of the True Finns Party in Finland.

 


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Mon, 05/09/2011 - 08:05 | Link to Comment silvertrain
silvertrain's picture

The Tea Party goes global..

Mon, 05/09/2011 - 08:12 | Link to Comment topcallingtroll
topcallingtroll's picture

It was inevitable.

The tea party movement will be the great revolutionary event of the 21st century.

They really insist on cutting government spending. They so far have not been co-opted yet.

International tea partiers of the world unite!

We will call ourselves tobblies. ( might be a bit arcane)

Mon, 05/09/2011 - 08:16 | Link to Comment cossack55
cossack55's picture

The Finns may have to go with "Vodka Party", sounds like more fun anyway. 

I hope this cat stays out of hot tubs, risky since they are so popular there.

Mon, 05/09/2011 - 08:45 | Link to Comment Michael Victory
Mon, 05/09/2011 - 11:27 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Funland is the next NATO no-fly zone. When Sarkozy and Merkel send the troops to take over that rouge nation, they will comply.

Timo will change his name to Timmy.

Mon, 05/09/2011 - 12:44 | Link to Comment ivars
ivars's picture

In that rogue nation, every family has guns-32 per 100 residents. Similar style army to Swiss. So be careful.

Mon, 05/09/2011 - 08:50 | Link to Comment Sudden Debt
Sudden Debt's picture

The proposition makes to much sense. Vodka or not, even the most drunk Euro Parlement Councel Dictator won't agree with it.

There aren't enough bribed into this "idea"!

LOGIC IS FOR LOSERS!!! DEBT IS THE KEY ECONOMIC DRIVER OF THE WORLD!! LET'S MAKE SOME MORE!!

 

 

Mon, 05/09/2011 - 08:55 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Coss, VodPar sounds good, but the bigger question should be, are we seeing EU stress along Viking/Non-viking lines too? Or is it Nordic vs. the rest? They do have the best oil, ladies and sense of themselves in all of the EU.

I see that rift (iceland, Finland to begin) as an interesting side-light. Because the way the world is going, they are going to be the new tropical paradisos' in Europe.

Finland. Sounds aquatic to me.

ORI

http://aadivaahan.wordpress.com/2011/05/06/movement-water-radioactivity-etc/

Mon, 05/09/2011 - 14:39 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

We've got one that can see.

http://www.youtube.com/watch?v=kBY6pF42I-c

 

Mon, 05/09/2011 - 18:32 | Link to Comment morkov
morkov's picture

I LOVE FINLAND !!!

Mon, 05/09/2011 - 10:14 | Link to Comment Dr. Impossible
Dr. Impossible's picture

"We will call ourselves tobblies. ( might be a bit arcane)"

..can't we call ourselves something more modern like ...."The Cockney Rebels" or something?

 

Mon, 05/09/2011 - 08:19 | Link to Comment Calvin Jones an...
Calvin Jones and the 13th Apostle's picture

What Tea Partiers are advocating the TBTF's like Goldman Sux be allowed to fail?  I haven't heard it.  And I don't mean the Ron Paul people.  I mean the corporate astroturf types.

Mon, 05/09/2011 - 08:25 | Link to Comment Jim in MN
Jim in MN's picture

Indeed, tell me a set of publically stated positions from any Tea Party source that would be inconvenient for Koch Industries, Halliburton or their other paymasters.

You won't be able to because it doesn't exist.

If a 'True Americanskis' party is to start, it will have to go after corporate corruption and the uberelite up front.  TP is EPIC FAIL to date.  Pure divide and conquer for the serfs.

Mon, 05/09/2011 - 08:47 | Link to Comment cossack55
cossack55's picture

As usual, Jim, you are too right.  The Tea Party was so quickly and pervasively corrupted, they should use the methodology as an example in Ivy League schools for years to come.

Mon, 05/09/2011 - 08:43 | Link to Comment jplotinus
jplotinus's picture

I agree. The Tea Party has, to my knowledge, said little or nothing about TBTF bank bailouts. Generally, the TP claim is that "your health is your problem," seeing social spending as something that they, as rugged individualists, would prefer not to have as a parft of their desired social fabric. But, as to banks, the main thrust of the TP opposition seems to be towards assistance being given to community banks to the tune of $30billion.

Resucing community banks (i.e., those that actually provide banking services to local communities and that do not have a free pass to Fed printed money) has the TP in an uproar.

Rescuing TBTF banks and cutting the gargantuan spending on militarism do not appear to be TP priorities. 

Mon, 05/09/2011 - 09:23 | Link to Comment Robert Neville
Robert Neville's picture

I have attended Tea Party rallies since 2009 and the bailouts and crony capitalism are always a hot topic. The has Tea Party has no national leaders and no true organisation. Anyone who claims to speak for us is a pretender. You are correct that most of us are individualists but we detest having our money stolen by government for any reason, not just health care. I have always been opposed to the actions taken in the middle east and I would like to see us pull our military out all foreign countries unless they are willing to pay for the cost of us being there. The media has done it's best to portray us as a bunch of redneck racists that are opposed to government health care, but nothing could be further from the truth.

Mon, 05/09/2011 - 08:41 | Link to Comment BobPaulson
BobPaulson's picture

You're kidding right? The Tea Party is a way of the TBTF banks to coopt the rage and make them think they're doing something when they are not.

Tempest in a Teapot.

Monumental fail.

Mon, 05/09/2011 - 08:52 | Link to Comment cossack55
cossack55's picture

More like Tampon in a Teapot.

Mon, 05/09/2011 - 08:43 | Link to Comment Azannoth
Azannoth's picture

Don't equate a far-right religious movement in the USA with clear thinking people of Europe

Mon, 05/09/2011 - 08:53 | Link to Comment cossack55
cossack55's picture

Or with clear thinking people anywhere.

Mon, 05/09/2011 - 09:30 | Link to Comment Robert Neville
Robert Neville's picture

You are not thinking clearly if you think the Tea Party is a religious organization. Try Attending a rally instead of forming your opinion from articles in leftist rags.

Mon, 05/09/2011 - 08:48 | Link to Comment aint no fortuna...
aint no fortunate son's picture

that doesn't sound like the tea party - it sounds like good old plain common sense to me... pure, unarguable logic. Oh, but wait... bankers and paid off politicians don't like logic or common sense.

This guy ought to be chairman of the FRB.

Mon, 05/09/2011 - 09:52 | Link to Comment caconhma
caconhma's picture

"The Tea Party " is a zionist ass-kissing and Rothschild criminal family POS.

Palin, a great political blabbermouth as a party leaders? You must be an imbecile.

The Tea Party leaders will sell people for few free tea cups and donuts.

America deserves better than few slimy assholes masquerading as people representatives. Paying less taxes and fighting more and more no-win wars? This fucking calculus does not add up!

Mon, 05/09/2011 - 12:47 | Link to Comment ivars
ivars's picture

You already have the best of the best. THE obama.

Mon, 05/09/2011 - 23:37 | Link to Comment Papasmurf
Papasmurf's picture

The snake has to heads.  One eats you faster.  The other head eats you slower.  It's the same snake.  Now we have the snake the promised less blood and murder, so we got more.

Wed, 05/11/2011 - 09:39 | Link to Comment Thunder_Downunder
Thunder_Downunder's picture

"Tea Party Goes Global"

 

Oh.. right. So they're a socialist democratic party now are they? 

 

Forgive my ignorance, but I thought they were a confused milling of disenfranchised replublicans...

 

I'm not entirely sure it would be possible for a blue blooded American politician to understand moderate social democratic politics...

Mon, 05/09/2011 - 08:11 | Link to Comment hugovanderbubble
hugovanderbubble's picture

Just in Europe?

 

and in US? Japanese BankS?

 

US muni bonds are whole in default WHOLE.....

UK internals are crappy figures cooked just for Olympic Games,

Whole World needs mega deflation to restart the system.

 

Come on, what a biased article.

Mon, 05/09/2011 - 08:13 | Link to Comment youngman
youngman's picture

Hear Hear.....this guy is spot on.....I wonder if he has a USA long form birth certificate to run for President here...on the other hand..he does not need one now....I want to buy something Finish...what do they sell that I can buy to help them out..????

Mon, 05/09/2011 - 08:14 | Link to Comment cossack55
cossack55's picture

I'll be buying a 3' x 5' Finnish flag to fly under the 4' x 6' Iceland flag that has replaced the Bennington flag I used to fly.  I can no longer identify even 13 states worthy of the title.

Mon, 05/09/2011 - 08:14 | Link to Comment topcallingtroll
topcallingtroll's picture

Vodka. I cant remember the brand.

Mon, 05/09/2011 - 08:18 | Link to Comment FubarNation
FubarNation's picture

That would be Finlandia.

Mon, 05/09/2011 - 08:27 | Link to Comment Jim in MN
Jim in MN's picture

The cognac they drink is called Monopole because the state alcohol monopoly just takes whatever they can buy from abroad and lets it mix in the shipping tanks.

Charming and quite good.

Mon, 05/09/2011 - 08:18 | Link to Comment Frein
Frein's picture

Some choices:

1) You can buy a Nokia phone while the HQ still remains in Finland.

2) Buy a Finnish video game like Angry Birds to whatever tech gadget you have, Alan Wake for the 360 or Trine for PC/Mac/PS3.

Mon, 05/09/2011 - 08:23 | Link to Comment augie
augie's picture

^^^^^^

what he said.

Mon, 05/09/2011 - 08:49 | Link to Comment Quintus
Quintus's picture

Nokia cellphones?

Mon, 05/09/2011 - 08:13 | Link to Comment breezer1
breezer1's picture

some sanity at last .

Mon, 05/09/2011 - 08:22 | Link to Comment Ivanovich
Ivanovich's picture

+1 * 4^25

Mon, 05/09/2011 - 08:18 | Link to Comment anony
anony's picture

Only one impossibly, insurmountable problem:  The assumption that the 'growth-oriented' policies will materialize.

The one Essential fact that is either purposely ignored, ignorantly overlooked, or sinister in that a few are aware of it and will not speak out is this---

OVERPOPULATION in the context of too few----- by a couple billion or more---JOBS to do and that ----in the context of what needs to get done and isn't for lack of properly trained human beans----need to get done.

Without that absolutely being divined, created, or mandated the only choice any government has to is to spread the pain over as many people as possible until such time as industries manifest themselves that will use up the available surplus humans that must eat, drink, be amused lest they resort to crime, and reproduce yet more humans.

Likely the elite know this.  They live in an entirely different universe, since their necessities have been met for many generations to come.  The government Hacks they hire know it but any one of them that says it, is likely out of a job if not recalled.

Malthus in a  perverted way was right.

Mon, 05/09/2011 - 08:18 | Link to Comment cossack55
cossack55's picture

I would assert that Malthus and Darwin were both right in a perverted way, that is, if you define perverted as reality.

Mon, 05/09/2011 - 08:19 | Link to Comment anony
anony's picture

I do.

 

Mon, 05/09/2011 - 09:05 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I agree, the elite have long recognized that "humanity" as a whole will never live within its means with regard to the laws of physics and Nature.  Feed the masses propaganda and religious bullshit because they can not handle the truth.  The elite live in a different world where they protect each other and their offspring (in so much as they can) for generations to come via a co-opted government.  So if the "average" citizen is being set up for failure, the solution seems perfectly clear, do not be average.

Mon, 05/09/2011 - 09:01 | Link to Comment newworldorder
newworldorder's picture

I am convinced this is the great "fear" among the worlds ruling elite - overpopulation and what to do (if anything) about it. Not so much from a caring perspective, but from the concept of retaining their wealth and power over the great unwashed.

Mon, 05/09/2011 - 10:12 | Link to Comment BigJim
BigJim's picture

You're suffering from the 'lump of labour' fallacy. Look around you - there's no end of things to be done, the problem is that the additional government-inflicted deadweight costs make it uneconomic to hire people to do it.

Mon, 05/09/2011 - 08:16 | Link to Comment ivars
ivars's picture

Great stuff. Wonder when some other real economies get such guys at power? Now too long to wait. The USA?

My bet was 2012, but perhaps only 2016, and in more dramatic form.

 

Mon, 05/09/2011 - 08:20 | Link to Comment bigdawg
bigdawg's picture

"This Europe, this vision, was one that offered the people of Finland and all of Europe the gift of peace founded on democracy, freedom, justice and subsidiarity. This is a Europe worth having, so it is with great distress that I see this project being put in jeopardy by a political elite who would sacrifice the interests of Europe's ordinary people in order to protect certain corporate interests."

Wasn't this the plan of the elites all along?

Mon, 05/09/2011 - 08:28 | Link to Comment digalert
digalert's picture

Sounds fine and dandy, but then again, talk is cheap. Until I see some "major" aka TBTF failures and some bankster perp walks, I call Mr. Soini's statement BS.

Mon, 05/09/2011 - 08:51 | Link to Comment Quintus
Quintus's picture

Jeez.  Give the guy a chance - he's not even in power yet.  Coalition negotiations are still ongoing AFAIK.

Mon, 05/09/2011 - 09:04 | Link to Comment newworldorder
newworldorder's picture

Any bets on when we will hear or read something similar and worded this bluntly from an American politician?

 

Mon, 05/09/2011 - 11:08 | Link to Comment Alex Kintner
Alex Kintner's picture

Bernie Sanders has been railing against the Banksters for years. He and a literal handful of others. But there aren't enough 'un-bought' congress critters to do any good.

Mon, 05/09/2011 - 12:48 | Link to Comment pasttense
pasttense's picture

Finnland has a population of 5 and a half million--out of a European Union population of 500 million. So how influential can he be?

Mon, 05/09/2011 - 08:25 | Link to Comment firstdivision
firstdivision's picture

Smoke and mirrors is all this is. Seriously, how many were elected on a pedestal of no more bailout? Yet the music keeps on playing in Europe.

Mon, 05/09/2011 - 08:33 | Link to Comment Rockfish
Rockfish's picture

This has hit the nail on the head. 

Mon, 05/09/2011 - 08:51 | Link to Comment ahamer
ahamer's picture

+ 1, wow, this tells it like it is, i hope he can stay the course.

Mon, 05/09/2011 - 08:34 | Link to Comment Forgiven
Forgiven's picture

He's crossing swords with banksters.  That usually means he'll probably have a mysterious accidental death in a sauna or hot tub shortly.

Mon, 05/09/2011 - 08:40 | Link to Comment youngman
youngman's picture

One thing....this is in the Wall Street Journal....good exposure for these ideas...Go Finland Go...

Mon, 05/09/2011 - 08:40 | Link to Comment Rockfish
Rockfish's picture

What of Iceland and their saying no. I say God bless them.  

Mon, 05/09/2011 - 08:40 | Link to Comment BobPaulson
BobPaulson's picture

Does he have any siblings we can hire in other countries?

Mon, 05/09/2011 - 08:39 | Link to Comment Gully Foyle
Gully Foyle's picture

I have a question. We now know there was minimal combat at the Osama compound.

So who the fuck took out the stealth helicopter? Did the Seal team blow it up to make it seem like there was a massive firefight? Obviously that tale fell apart.

 

Mon, 05/09/2011 - 08:48 | Link to Comment Rockfish
Rockfish's picture

I understand that after it suffered mechanical trouble US seals blew it up.  Here is a better question.  When POtus decided lets send boots dihe not think about J Cater and that mess in I ran?  You bet your ass he did so did Obama call the generals and say "hey send me your worst running equippment because i want to fail like Carter. NO.  So why did this piece of equipment fail it not like US military has limited experience in desert warfare.

Mon, 05/09/2011 - 08:55 | Link to Comment cossack55
cossack55's picture

Manufactured by GM and serviced by GE.

Mon, 05/09/2011 - 09:03 | Link to Comment Gully Foyle
Gully Foyle's picture

That's what I mean a bullshit story.

I think they landed and blew up the chopper expecting a much larger contingent and a real battle. It makes a better photo op with a downed chopper, Blackhawk down and all that bullshit.

But it looks like they blew it too soon. Waste of millions.

I also like the story about the Seal having to lie down next to Osama to estimate his height. This was on the carrier. Like there are no tape measure on a carrier.

 

Mon, 05/09/2011 - 09:27 | Link to Comment fajensen
fajensen's picture

GE is a Bank which happens to be making helicopters. What do you expect would happen?

Probably one of the wizz-kids made out like crassus on the insurance policy on the thing (They lost a bit on the life insurance on the soldiers .. but better luck next time, eh)

Mon, 05/09/2011 - 08:39 | Link to Comment ivars
ivars's picture

Silver on its way to 30 after a short blip when greed temporarily equated selling  panic. 

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...

Mon, 05/09/2011 - 09:44 | Link to Comment Rynak
Rynak's picture

Update your copy-paste posts once in a while, okay? What are you paid for anyways, if you can't even inform yourself once a MONTH about spotprices, slacker? Take methman as an example.... that guy at least comes up with NEW shit all the time, instead of recycling 1-2 months old posts.

Mon, 05/09/2011 - 08:42 | Link to Comment Azannoth
Azannoth's picture

This guy not only understands the problems, he's eloquent enough to make it understandable for the average person and does not suffer from an (anti-establishment/nut job) stigma like Ron Paul

I hope he gets a total majority in the next election

Mon, 05/09/2011 - 09:11 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I agree, paging the Pauls, we found a speech writer for you guys.  Now stick to the script.

Mon, 05/09/2011 - 09:30 | Link to Comment Bob
Bob's picture

Exactly.  It's not as if this stuff is secret--millions of people are absolutely aware of it.  What's different here is a guy in an important position publicly saying what everybody knows in words that cannot be misinterpreted.  

I'm not a European, but I'm wondering if his reference to the Nazis was more than just a standard slice-o-life chestnut of the type that American politicians roll out for mood music.  My continuing hypothesis about the European populace is that they've done war before--repeatedly--and have a very different awareness of how it evolves.   And have no doubt whatsoever that it can be waged upon them where they live.

Was he comparing the Nazis with the bankster menace?  Surely Europeans are not blind to the evolving Corporate Reich?

Mon, 05/09/2011 - 09:46 | Link to Comment John McCloy
John McCloy's picture

Yeah the guy certainly gets it unlike the other who either do not or more likely pretend not to. Informed like this man in politics sure is not what the cabal desires.
1 hot tub or Cessna coming right up.

Mon, 05/09/2011 - 08:45 | Link to Comment Jack Sheet
Jack Sheet's picture

Great stuff is right. But will this party put their money where their mouth is, or will the Viagra wear off by the time the hoods from Frankfart and Brussels turn up and threaten to rearrange their kneecaps ?

Mon, 05/09/2011 - 08:56 | Link to Comment ivars
ivars's picture

Its the spirit of times that they will be forced to put their money where their mouths is, to stay both afloat politically themselves, and keep Finland afloat in coming sovereign default mayhem.

 

Luckily we in Latvia do not have any national owned ( owned by Latvian citizens) banks. That might prove and asset when the haircutting of private bonholders start.

 

Mon, 05/09/2011 - 08:51 | Link to Comment bingaling
bingaling's picture

Just remember he is a politician and what that means . He could be saying one thing and doing quite another . Obama is a great speech writer but....

The way the EURO is trading today indicates a different story possibly . When is the vote to bailout portugal?

Mon, 05/09/2011 - 09:00 | Link to Comment Bubbles the cat (not verified)
Mon, 05/09/2011 - 08:53 | Link to Comment Jim in MN
Jim in MN's picture

When the fabric of reality is stretching like taffy, might as well be doing some pulling of your own.

Go Finland Go Iceland

Mon, 05/09/2011 - 09:02 | Link to Comment UnRealized Reality
UnRealized Reality's picture

To understand the real nature and purpose of the bailouts, we first have to understand who really benefits from them. Let's follow the money.

How about, follow the Yellow brick road.

Mon, 05/09/2011 - 09:16 | Link to Comment bullchit
bullchit's picture

He comes across as an honest, sensible, man. What the fuck is he doing in politics?

Regards.

Mon, 05/09/2011 - 09:29 | Link to Comment Bubbles the cat (not verified)
Mon, 05/09/2011 - 09:42 | Link to Comment redpill
redpill's picture

+

Mon, 05/09/2011 - 09:15 | Link to Comment FunkyOldGeezer
FunkyOldGeezer's picture

THe guy's a fool so far as I'm concerned. It's the verbose attitude someone from a relatively small party, in a very small country can take, 'cos their actions are never going to be implemented or tested.

IF the private investors take (took) the haircuts as he suggests, who exactly doses he think those private investors are? Most likely, pension funds for one. So the old timers can take it for the rest of us, 'cos they're going to die sooner than us anyway???? Sovereign defaults left, right and centre would totally destroy international trade for decades to come. He's obviously seen personal bankruptcies work so well for people and thought it makes for an international argument to do the same. It also smacks of 'I'm alright Jack' and smugness.

Quite frankly haircuts today, yesterday or tomorrow are still haircuts and someone ends up loosing their hair, that someone being average Joes and Janes. The Fed and central bankers had nothing but Hobson's choice and still do. The only way to have half a chance of getting out of this mess, is to do what they've done and gradually inflate the debt. Whether or not they can achieve it, OR IT WOULD BE DESIRABLE UNDER NORMAL CONDITIONS remains to be seen, but commodities are most definitely the best forms of insurance.

Mon, 05/09/2011 - 09:26 | Link to Comment Commander Cody
Commander Cody's picture

Got pension?

Mon, 05/09/2011 - 09:16 | Link to Comment Bob
Bob's picture

I like this guy.  So far . . .

Mon, 05/09/2011 - 10:07 | Link to Comment Central Wanker
Central Wanker's picture

I like this guy.  So far . . .

 

I voted for this guy. For  a reason you may now understand :-)


Mon, 05/09/2011 - 10:33 | Link to Comment Bob
Bob's picture

Congrats!  Of course, I voted for Barry Obama.  Good luck . . .

Any thoughts on my musings about Europeans above?  Our "War on Terror" notwithstanding, Americans as a whole are fundamentally unable to conceive of being in real existential jeopardy from any external power.  We're blinded by an illusory omnipotence, imo. 

Mon, 05/09/2011 - 09:24 | Link to Comment Commander Cody
Commander Cody's picture

What he said: Clearly defined the situation and fix.

What he does: ?

Mon, 05/09/2011 - 09:36 | Link to Comment Rynak
Rynak's picture

HOLY SHIT. Politicians making sense and being honest? ...... i think hell has just frozen over.

Mon, 05/09/2011 - 09:40 | Link to Comment SteveBob
SteveBob's picture

An intelligent European politician?!

The Tea Party should run Timo Soini for US President in 2012.  This guy needs a bigger stage...  And would rather have a Capitalist foreigner for President than a Marxist foreigner.

However, Timo would have to change his name to "Tivo" to get instant name recognition with the American public!

 

Mon, 05/09/2011 - 09:40 | Link to Comment Jim B
Jim B's picture

Good podcast on bailouts and bailout politics. The treasury picking winners and losers...

 

http://files.libertyfund.org/econtalk/y2010/Ritholtzbailouts.mp3

Mon, 05/09/2011 - 09:41 | Link to Comment Imminent Collapse
Imminent Collapse's picture

This old earthquake's gonna leave me in the poor house, it seems like this whole town's insane

Mon, 05/09/2011 - 09:46 | Link to Comment redpill
redpill's picture

And Finland awakens.

Mon, 05/09/2011 - 10:16 | Link to Comment The Count
The Count's picture

The Tea Party has been infiltrated and taken over by the Republican Party. Let's face it, the powers that we will not give up the phony 2 party system without a fight. If need be people are assassinated. We have a long history of solving problems that way. What strikes me about the True Finn's is that they actually understand how the system really works. I dare say that 90 percent of American are TOTALLY clueless as to what is going on. And as long as there are food stamps, the NFL and dope an uprising is highly unlikely. The world is a much, much more sinister place than most can ever imagine.

Mon, 05/09/2011 - 10:32 | Link to Comment Alex Kintner
Alex Kintner's picture

Finally a sane voice in the wilderness. Oh but, the Casey Anthony trial is starting now, so there will be a news blackout of anything non-Casey for a couple years. Plenty of time for the Great Bank Satans to complete their Shock Doctrine World Takeover.

Mon, 05/09/2011 - 10:34 | Link to Comment blueRidgeBoy
blueRidgeBoy's picture

Timo for president.  Why not a Finn?  If Obama can be president, anyone can be...

Mon, 05/09/2011 - 10:53 | Link to Comment aerial view
aerial view's picture

Full transparency and disclosure would be necessary but that's like asking men who conduct their evil deeds in the shadows to all of a sudden come out into the light.

Mon, 05/09/2011 - 11:36 | Link to Comment FunkyOldGeezer
FunkyOldGeezer's picture

Wait a mo'. The guy goes on about the EU bringing (the hope of) peace to Europe and yet he wants mass sovereign defaults??????

Am I missing something?

Mon, 05/09/2011 - 11:47 | Link to Comment TheBillMan
TheBillMan's picture

Mr. Soini, you don't get it.  The wealth transfer from the people to the banks IS the plan.  This is nothing more than IMF redux. 

1.  Purposely make bad loans to a sovereign nation using money created out of thin air.

2.  Wait for the inevitable default and economic implosion.

3.  "Restructure" the loans in such a way that will rip the county's taxpayers off for even more money.

4.  Force the country to sell off natural resources and domestically owned businesses on the cheap to foreign "investors."

The Europeans have already asked for "collateral" from Greece as part of any further bailouts.  This, of course, means bye-bye to public lands, infrastructure, and the like.  They plan to ultimately do this to everyone because, well, the plan is to own it all as part of one large Fascist Corptocracy ponzi scheme.  The current European Union where everything is "rule by bureaucrat" is where they are leading us.

 

Enjoy the ride.

Mon, 05/09/2011 - 11:55 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

send this guy some zH gear.  please.

Mon, 05/09/2011 - 12:02 | Link to Comment blindman
blindman's picture


i hear....

Mon, 05/09/2011 - 12:03 | Link to Comment blindman
blindman's picture


the voice of leadership.

Mon, 05/09/2011 - 12:10 | Link to Comment riley martini
riley martini's picture

 You are right man the TP are nothing but Republicans with same corrupt policies Finn is writting about . Those TP-Rep. trolls would only discredit Finns article by association . In fact the TP attacks the same people that are being defrauded by  banksters and political corruption. The TP  is permanently tarnished by the Republican party. 

Mon, 05/09/2011 - 12:21 | Link to Comment Fred Hayek
Fred Hayek's picture

Would this guy Soini like to run for president of the United States?  I think I'd support him.  I'm sure we could work up something of a birth certificate from Hawaii.  It's been done before.

Mon, 05/09/2011 - 12:49 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Truth is treason.

Wed, 05/11/2011 - 09:32 | Link to Comment Thunder_Downunder
Thunder_Downunder's picture

Possibly the most sensible thing I have heard from the mouth of a politician in... I dunno.. 10 years? 20?

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