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Ireland Mentions "R" Word, EUR Plunges
Just as we scripted, the temptation to migrate from the status quo in Europe was just too high for the other peripherals and Ireland just gained first/next mover advantage after Greece by daring top mention the "R" word. As Bloomberg notes:
- IRELAND TO HOLD VOTE ON EU FISCAL COMPACT, KENNY SAYS
We would imagine that Barroso and his pals are scrambling now that another 'Referendum' is on the cards (and we are checking what 'referendum' is in Portuguese) and while fascism in perpetuity has been priced into Euro, the possibility that democracy rears its ugly head has just sent the EURUSD tumbling.
As a reminder, "Irish voters have twice rejected European referendums before eventually passing them once concessions were offered, most recently in 2010 when in return for passing the Lisbon Treaty Dublin got assurances on its military neutrality and its ability to decide its own tax rates." A little birdie tells us the "concession" this time will be that Irish debt gets the same treatment as Greek. Or else the people will actually really say what is on their minds.
Here is the full speech from Enda Kenny:
I am pleased to have this opportunity to inform the House that the
Irish people will be asked for their authorisation, in a referendum, to
ratify the European Stability Treaty.
I strongly believe that
is very much in Ireland’s national interest that this treaty be
approved, as doing so will build on the steady progress the country has
made in the past year.
That progress has seen international and
investor confidence in Ireland rising, leading to many new investments
in our country – investments that are creating new jobs for our people.
I want that flow of investment to continue and expand.
Ratification
of this Treaty will be another important step in the rebuilding of both
Ireland’s economy, and our international reputation.
It gives the
Irish people the opportunity to reaffirm Ireland’s commitment to
membership of the Euro, which remains a fundamental pillar of
our economic and jobs strategy.
More binding and enforceable
fiscal rules as a result of ratification will be good for both Ireland
and the wider eurozone, and will cement growing international confidence
in Ireland’s recovery.
Long before any discussions of a new set
of fiscal rules for the eurozone, the new Government had committed
itself to legislate for equally challenging domestic deficit and debt
rules.
In this referendum, the Irish people can confirm our
commitment to responsible budgeting and, in doing so, ensure that the
reckless economic mismanagement that drove our country to the brink of
bankruptcy will not be repeated by any future Government.
Putting
in place this credible commitment to responsible budgeting will be key
to keeping interest rates low and unlocking credit availability
for investment and job creation. Lower interest rates also mean more
resources for the provision essential public services.
The
creation of stronger fiscal rules is an essential element of the
steps that are needed to ensure stability, confidence and growth here in
Ireland, and in the Eurozone.
Throughout the process leading to
this new Treaty, the Government has consistently said that the final
text would be referred to the Attorney General for her advice as to
whether a referendum was required to ratify it in Ireland.
At this
morning’s Cabinet meeting, the AG conveyed her advice that, as
this treaty is a unique instrument, outside the European Union
treaty architecture, on balance, a referendum is required to ratify it.
On
foot of this advice, the Government has decided to hold a referendum
on this issue in which the people of Ireland will be asked to give
their authorisation for the ratification of this treaty.
On Friday, along with other heads of government, I intend to sign this treaty in Brussels.
In
the coming weeks, the Government will finalise the arrangements
and process leading to this referendum, including the establishment of
a referendum commission to ensure adequate public information is
provided, a referendum bill which will be debated in the Oireachtas, and
draft legislation to provide for the implementation of the treaty’s
provisions will be published.
I am very confident that, when the
importance and merits of this treaty are communicated to the Irish
people, they will endorse it emphatically by voting Yes to continued
economic stability and recovery.
I look forward to that debate –
one which I believe will produce a result that will be seen in the
future as an historic milestone in Ireland’s economic comeback.
As for how representative Irishmen feel, here is a sample:
and some more:
»
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Just says it all... that a hint of democracy causes that to happen!!!
There'e gotta be at least one ex-Goldmanite kicking around .......... just in case , you know .
Voluntary haircuts for everyone!!!!
The City of London seems to have veto power in Ireland, for now.
What Would Wolfe Tone Do?
OT (hate to go OT, but it may be interesting):
Grand Jury Is Convened in MF Global Case
New York Times - 24 minutes agoThe CME Group, the exchange operator and for-profit regulator of MF Global, disclosed in its annual report on Tuesday that it had received two subpoenas...
#WhereIsJonCorzineObamaBundler
#Drive Off Into The Sunset With Jon Corzine's Jaguar
...just wait until Ireland mentions the ArmaLite word along with referendum.
http://en.wikipedia.org/wiki/Armalite_and_ballot_box_strategy.
Who's Jon Corzine...?
and the City of London loves Nigel Farage and granted him their freedom
http://ukip.org/content/latest-news/2602-nigel-granted-freedom-of-city-o...
this gives him the right to drive sheeps and cattle over the London Bridge, to carry a naked sword in public, to be hanged with a silken rope, or that if the City of London Police (a corporate police force in the medieval sense) finds him drunk and incapable, they will bundle him into a taxi and send him home rather than throw him into a cell
To be fair, carrying naked swords in public isn't all that dangerous, maybe a little indecent, but...
LOL, I did not realize... naked, with sheep, on a bridge, with a sword
well, if you want to join the oldest pirate's nest of Europe you have to be daring, don't you?
Peter Sutherland. Man for the job. Just in case..
Greek Golmanites for the Greeks
Italian Goldmanites for the Italians
There has to be an Irish ex-Goldmanite for the Irish; some guy named Shaftus O'Toole that can weave stories about the fires of Hell and how they'll swallow the world whole if the Irish become 'willful'.
See this is why Goldman needs to start a diversity recruitment program, you need to have all the nationalities of unelected technocrats covered.
Ireland - I love you. You have let me down twice. Don't screw with me and this "R" word, if you mean it bloody DO IT.
--------
with the above I mean the two chances of not bailing out AngloIrish.
"Irish voters have twice rejected European referendums before eventually passing them..."
this is what I don't understand about this specific Tyler: Ireland, do you want this? NO. And if we do it so and so? NO. And if this is done this way? YES.
now, which one of the three questions and answers is the "valid" one? they did answer yes to the third proposal.
The Irish are fiercely independent & with what's been going on in Greece, I think it's dawning on them just what a rescue/bail-out
will actually mean. A 'fiscal compact' for them , in their situation, will mean Headmistress Merkel & her house prefects, monitoring & approving (or otherwise)
Irish tax & spend policies. Up to now, the re-traced referendum decisions were seen as good sense in the greater scheme of things - i.e. Ireland being part of an EU project - but
now the prospects of that concept look misbegotten in the extreme. Ireland subsumed its rage over the last EU austerity imposition, but not this time I think.
though I still wonder: imagine that for some reasons we get peacefully to the Austrian School dream of some gold-related standard
this would mean an the end of the day the same: you cannot spend forever more than you earn
where is exactly the difference between the German sponsored fiscal compact and the above?
Loss of sovereignty - pure & simple. Ask the Greeks & Italians. If this goes very much further, maybe even German loss of sovereignty.
you mean the same loss of sovereignty you have when your treasurer tells you: Mr. President, our gold hoard is empty, we cannot pay the wars and the excess imports?
or just the loss of sovereignty you get by joining a club (that has rules) but that you can also leave?
between sovereigns, it's all promises, armies, navies and gold. all the rest is bogus.
Well, we have a Queen as head of state where I live & haven't lost our sovereignty for nearly one thousand years (William 1st, Duke of Normandy) so I can't speak for how others define 'sovereignty' - but obviously it varies from what you say, according to your history.
Put simply - all the EZ countries (including Germany, Netherlands, Finland) have made a huge, huge mistake in the belief that sovereign nations can subsume their cultural legacies, economic context & histories beneath a Big Brother Brussels Bureaucracy (call it a club if you like..) that has & is strangling the life out of the individual member states, buy turning some into paupers & others into their masters. The sad irony, is that even the masters will garotte themselves eventually on the debts of the failed sub-prime members.
I agree about the gold though - you can never have too much!
The EU passed "Amendment 32" with an overwhelming majority :
http://wn.com/A_PLEA_TO_IRISH_VOTERS_Say_NO_to_Lisbon_Treaty
Must watch … "MEPs voted against respecting the outcome of the Irish Vote."
If the above link is dead, try this one :
http://www.youtube.com/watch?v=pw7XwexR2ec
Blast! I had not factored in "democracy" to my "priced in" model. Huh...now what?
CDS it
..looks good, like you've covered your arse on your books (in theory) ..just don't ever ask Goldman or Morgan to pay out
o the luck of the Irish!
"Piss off, sir. I'm going for a pint."
Per'aps the Limerick King may proffer a sampling of a "Wall Street Limerick" for our bearded financial Fenian.
I wish I could join you Don! Have one for me!
Of course -- and more than just one; but, as for the quotation -- did you happen to view the video clips of our "Representative Irishman ?"
Yes. The Irishmans statements would have wiped the fuking floor with anything that Trotsky tosser, the US President, has ever auto-cued to the masses in his miserable life
this Irishman is a heavyweight compared those lightweight puppets that are the political class
when do we get a media channel with real people like this giving real opinions? 142 channels of fabricated Crone World like CNBC is wearing really bloody thin
I wonder how sensitive are the EURUSD robots to the words "Europe + referendum" in the same headline.
throw in "Iceland" and the bots will piss their knickers
Barroso and Juncker sending over the EZ rent-a-cops with 2 tons of tear gas to Dublin right now, stopping Ireland's credit lines immediately until further notice.
All tear gas is old out or on the way to Greece!
I was thinking that the R-word was "renegotiate", as in "we would like to renegotiate our debt payments" - boy I had that wrong.
Let me know when the R-word becomes "Repudiate!"
Why doesn't the EU/ECB just put a puppet regime in charge like they did in Greece? How dare the people have a voice! Who the f#$% do they think they are?!?
again one of those days: there are 300 greek citizens in charge of the country: the elected member of the greek parliament
they decide - if they want on a daily basis - who runs the government. It's called a parliamentary system.
now it seems that for some reasons they like to give this charge to "experts" - you and me might disagree, but it's their call - and the electorate's at the next elections.
it won't matter how they vote. It only takes 12 of 17 to approve the EU fiscal compact.
Now they'll put the big push behind that technicality and ramp the EUR/USD and markets as if nothing happened.
What the hell? Are they just going to sit there and let the general population subvert the divine authority of the Crony Kleptocracy?
No way.
Quick! Somebody start a war in the Middle East or something!
Kenny is a pansy and not for his people. Just look at what he said prior to getting elected and rwhat he actually did. He is merely blowing hot air in an attempt to look like he stands for his people.
troika, meet blarneystone!
And cue the "D" word next.... ya know it's coming. C'mon you lazy institutions, sell all this shit now. Stop waiting till the writing is on the wall and do the math.. the yield ain't worth the risk. Oh, and you think that CDS is really gonna work? haha
Actually, the population already quasi-voted on it, in an unofficial referendum. In response to the first bailout, about 1% of the population marched on the gov, to tell them what they think about that bailout.
It was ignored, because it wasn't an "official" (read: ponzi-sactioned) referendum.
"Come the day and come the hour
Come the power and the glory
We have come to answer
Our Country's call
From the four proud provinces of Ireland.
Ireland, Ireland,
Together standing tall
Shoulder to shoulder
We'll answer Ireland's call."
R=Revolution Bitches!
Barrosso says "puta que pariu" now!
STRANGE FED WILL BAILOUT .... IRISH SHOULD SCREWAM BENNNNNNNNNNNNNNNNNN PRINT
Gah.. why would anyone vote in favor of a lost decade (or two), under the rule of the Troika!
Nothern Europe is de facto colonializing Southern Europe. viva nEU-colonialism?
You have nothing to lose but your chains!
R = RUN! Run away!!
Nice Avatar! Very Clever!
ugly avatar! bad idea!
stop it or I will unleash the ECB secret goons on you! ;-)
Get ready for referendo (Portuguese for referendum)
As long as it doesn't interfere with American Idol, it means nothing to us here in the States.
Damn it. Those Tax payers can be a real pain in the ass sometimes....
160 German Voting Commisars better start packing their bags.
Watching this thing come apart at the seems requires an exercise in patience that's for sure.
The key competitive advantage Ireland has is to offer Microsoft and Google low corporate taxes and they want Germany to give them easy terms finance so they can continue to give these bargain deals to Banks and Corporates.
Someone ought to call Ireland's bluff and teach them that tails do not wag dogs
I hope they mean it and are not just talking "Referendum" for leverage. Key bribes and replacement of elected leaders worked 2x before, this could be a GS threepeat.
Great. So the Irish will get the blame for finally killing the Greeks.
Revolution. Revenge. Retribution. Some other R words.
Payback is word u r looking for.
P is structurally so close to R (remove 2nd leg from R then R=P)
Payback bitchez. The bird is the word.
Repudiation
Paddy, Remember who kept all the fucking potatoes last time and you'll do the right thing this time around....just remember
old chinese proverb by wise man Confucious methinks it was said: when TSHTF the first one to make like a cuban in an innertube and migrate wins
Apple at 532....unbelievable.
Don't worry, Apple is up so who cares about people they will be ignored anyway
What is a small referendum in the face of LTRO liquidity.
Greed is good baby, Greed is good.
I'm with the Irishman Abroad guy. Fuck 'em.
Thanks for the videos Tyler. Had me laughing to the point of pissing "in me shorts lad". Now it's off to the pub for a pint!
Go Ireland!
In the end Kenny always gets killed...just saying.
I love how whenever democracy is used in any type of talks about a nation's debt.....stocks/currencies immediately plunge.
I mean, it's bloody blackmail.
+infinity
This is really interesting for several reasons. Firstly, Ireland is right next door to Iceland, a tiny island nation that got massively defrauded by the central bankers.
But instead of signing on to a remedy to further benefit the scammers who intentionally created the mess in the first place, they stripped them of their power, put criminal proceedings in place, and took congtrol of their own money and policies.
The Icelandic economy is now in recovery, thank you very much, and proves that central bankers are nothing but con artists and scavengers who have managed to portray themselves as smart and accountable. Nothing could be further from the truth.
Next, they are both small island nations which gives them a distinct advantage in terms of boundary control and population maintenance.
Compare this to the UK, also an island with magnificent resources but completely sickened top to bottom with a very severe case of central banker-itis, the main infection entry point being The City. Until they can clean out that swamp they are effectively immobilized.
Third, during the DSKahn fiasco it surfaced that Ireland spotted Iceland's resolve and was planning to go Iceland's way but DSK offered Ireland more favorable terms without first consulting with the mob, then the hotel/maid thing surfaced. Coincidence? I don't think so.
Ireland is a small island nation which can feed and care for itself. Its population is well enough informed and educated to manage their own issues. They should go their own way and hopefully other small nations will follow. It will prove that the central bankers are about as necessary as an inflammed appendix.
Firstly, Ireland is right next door to Iceland,
You are completely mad ! Ireland is right next door to GREAT BRITAIN !
Steady on there Sandmann, Ireland is damn close to Iceland, and on a global scale, we're next door neighbours. We're closer to Britain alright, but still right next door to Iceland.
Yeah, this could be interesting. Those motherfucking fascists don't want anything of the kind. No referendums anywhere in the EU - that's their motto.
Some excerpts (and confusion too) from an Irish blog:
I for one look forward to voting No, only to be told later that I actually meant to vote Yes and would I be so kind to vote right this time.
It'll be a NO, followed by a re- jigging of debt, write down of debt, followed by a YES.
Yep. A 'no' vote will be portrayed as a vote to have your aborted child conscripted into standing in a septic tank while being harrassed by a debt collector in the dark.
Whether I'll be voting YES to Stay in Europe or YES to the Fiscal Compact, well, that remains to be seen
This will be the real "FEAR" referendum.
Stupid move by Kenny.
We cannot be kicked out of the euro. end of. Greece has effectively defaulted and will still be using euros in a years time.
It's all nonsense
Happy days!! How many times will they ask us to vote again if we keep saying No, non, nein?!?
Not nearly as many times as that f*cking question will be asked on this thread
http://www.politics.ie/forum/news-comments/182907-article-taoiseach-conf...
EURUSD seems to be bouncing back nicely now. Xanax kicked in.
he should be goin' to confession to clean his mouth out. Sounds like he'd do the same thing if in their shoes.
Patrick was a slave in Ireland and became free (from his owner and from his own sin) by gaining citizenship in another country.
That didn't last long!!!! Hurry queue another headline for the bots!
TPTB will pull an underhanded trick like declaring 'All Day Free Guinness' on "R" day. Divereting the entire population to the pubs.
Watch this space folks,
The EU, and our own Govt believes that Irish people are docile little fools who will hand over our freedom without a fight,
And, like all of the other assumptions that these clowns have made, they are wrong,
The EU is about to find out what happens when the Irish people decide that enough is enough!
Sons of the Gael! Men of the Pale!
The long-watched day is breaking
The serried ranks of Inisfail
Shall set the tyrant quaking
That guy in the youtube videos used to work 3 floors above me. He was a wanker. There would be a hit chick walking out of the elevator and he would scold us if we had a look.
"REFERENDUM"
Hahahahahahahahaha ..my popcorn is all over the carpet now, too funny