"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Friday, 19 November 2010

Post Of The Week

It's more about Ireland, the debt, who racked it up, how & why, and who's paying for it.  Here's an excerpt:
Now across Europe the great blame game will rumble back into play.  Our banks, your banks, their banks, or is it your feckless householders or ours, certainly can't be theirs, they're still doing well in Germany.  Expect lots more national stereotypes to be wheeled out for ritual defamation.
So let's ask who it was took a dump in Ireland?

First, the suspects.

Ireland has three big insolvent banks and several other smaller, equally insolvent financial institutions we won't bother to mention by name.

Ireland also has a large number of subsidiaries of European, British and American Banks.These subsidiaries are often registered as Irish and therefore on Ireland's tab not the nation of the parent bank.  This often gets forgotten in the excitement. But it is KEY.
So, to the crime.

Some of this will, for legal reasons have to be done in generalized terms with names left out to protect the Innocent - me. But to start with let's be reasonably specific. Germany was and is very very angry with Ireland for ruining its banks.  That is what a German banker told me this week.
We, the people who were told nothing, were not asked nor consulted, whose laws were either ignored, set aside or re-written, we should not be expected to pay for those losses now.

They are bankers' losses.  It is NOT a question of Irish or German. It is question of wealthy bankers from all countries not just Germany (almost every nation, Germany, America, Russia, France Britain, we did dirty work in Ireland) and their corrupt Irish helpers versus the people....
It isn't something you'll find in the msm and you can read the rest of the unravelling, in full, at Golem XIV


  1. Hullawraer GV

    I hope I am not getting too much up your nose recently, nothing personal I assure you.

    Any way, a big thank you for this link to the Golem Economics blog, utterly frightening.

    I spotted the CDO and CDS thing about three years ago. I didn't really understand the fine points but the enormity of the sums and the fact that no one knew who owed what and to whom was the key. The Banks couldn't trade their way out of this and countries either, not without a nuclear war, and I am not joking.

    A lot of it was channelled through Ireland!

    Bugger me.

    Hope you are well.



  2. Hello again, Bugger. It is a good blog isn't it? Like you, I knew the theory but couldn't find any order to it - this guy puts the jigsaw together.

    You're not bothering me - I just figured you were bored and I know how you like to wind me up. I feel neglected if you don't take me to task at least once a week :-)

  3. I would love to "wind you up" in more than one exotic way, if given the chance.

    I am not bored, well no more than normal but am hanging oot at Newsnet Scotland


    I write a wine colum(ish) there under the INTERESTS tab.

    Keep well

  4. You, self-promoter, you :-) It's times like this I'm glad you're in China. I'll have a look at your column because you do seem to know your wines.

  5. The failure of the banks is obvious but what is appalling is the fact that these banks can rely on the support package provided for them by the ECB and the wealthy bankers will continue with their irresponsible ways of dealing with money.

  6. Hi Heather, yes I think many ordinary people are coming round to the idea that no bank should be too big to fail. 'There may be trouble ahead...'

  7. China, not just a now, and a lot closer than you think.


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