Again listening this Sunday morning to the Marian Finucane radio show !,
I got to here some of our so called well informed personalities proceeded to tell the nation what their understanding and their solutions to our current financial and economic meltdown .Needless to say, there was nothing new and it just confirmed to me that the people that the Government are paying for advice, have no idea what there are on about .So I sent again an e-mail trying to get some response to the questions I was asking outside the Dail last week .There seems to be a concerted effort by the vested intensest to avoid any discussion on what is the core problem in all the financial institutions here and abroad .By ignoring this problem we will never get to know to what extent the various Bank Directors and their political monkeys were involved in destroying the economic viability of our state ,and thus escape the just vengeance of the defrauded people of Ireland
“Penniless, pension less, and the prospect of staying in a rundown state run nursing home”
Please tell your panel of experts,
that many thousands of ordinary people are already in this situation
This panel should get real, events might not have quite caught up with them yet, but wait for a few more months and they will be brought down to the same earth as the rest of us !
Our Political leaders here have no idea what Derivatives are and so it seems your panel .
Because of this ignorance We are doomed to just wait and see how things pan out We may already have lost our Financial and economic independence and may just hold on to a nominal form of Irish identity instead.
Current estimates of the derivatives exposure is approximately $700 trillion Worldwide and it’s time we found out how much of it really weighs on the Irish economy.
Considering that the entire U.S. economy gross domestic product stands at $14.2 trillion. That’s a lot of money!!Derivative contracts total about three-quarters of a quadrillion dollars, according to the Bank for International Settlements.. Including the Irish financial markets . Claiming that we are not involved or somehow different is just living in cloud cookie land as some of your panel seems to be doing!
The Derivative contracts exposures and the bond market exposure s are being ignored by your panel and the figures that they are talking about are just wishful thinking . But valuing them correctly is exactly what we should be doing because these are the cause of the current financial markets Meltdown and of the economies of the world .Compare any of these to the derivatives market and you can easily see that we are just closing the windows as a tsunami crashes to shore. The total value of all the stock markets in the world amounts to less than $50 trillion, according to the World Federation of Exchanges.
The suggestion that we are short just a mere 25- 35 Billion is laughable given that is less than the two main Banks AIB and Bank Of Ireland Lost in their value in just the last year alone
As long as these so called self appointed experts and for their own self interests, have a open access to programs like yours (Marian) we will never get to the route of all of our financial woes .
Thomas Clarke www.machholz.wordpress.com