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Archive for October, 2010

Public Meeting Today

                                                     

The Resident’s Movement for Political Change would like to remind you our inaugural meeting

Is on Today in the Grand hotel at 14.30 Hrs, a full itinerary is available on our blog site www.thepressnet.com .

You have been hearing all the bad news and do more than likely want to shut yourself off from the politics of the situation, but unless you have information you cannot make the right choices, and this meeting is all about choice, giving our nation a choice!

If you do not take this first step then you do not have the right to complain about the gangsters running amuck in the Dail.

The Irish Nation is akin to an animal stunned by the bright lights of an oncoming truck in the road.

We at resident’s movement for political change are desperately calling to the nation to get off that road of total destruction.

Help us please to save our nation

Give Ireland a chance, isn’t she worth an hour of your time?

Then get yourself up and come to this meeting, you owe it to your children and yourself.

On behalf of the residents movement for political change

Thomas Clarke

 

Senator Shane Ross calls in !

 to

Senator Shane Ross

show details Sep 11

11.09.2010

Dear  Senator Ross,

We are a small new community based group in Wicklow town seeking to

develop a national movement.

We are looking to change the way our country is governed.

Following your various articles on your blog, we have decided to get

active ourselves. We are not affiliated with any political party. We

are looking for a new way to get done what we deem the country needs

in terms of leadership. In this regard what we have experienced to

date has been most disappointing to say the least.

Due to the total collapse of the financial system and the inability of

the political elite to come up with viable solutions we have been

forced to take action. We have come to the conclusion that we

ourselves within our own community have to take the first steps to try

and rectify the situation even if it is only at local level for the

moment. However we believe that this attempt can be a constructive

motivation for other groups around the country, hence the posting of

our open manifesto document.

 Attached please find a short description of ourselves and our

intentions. It is posted on my personal blog   “Machholz Blog”.

(www.machholz.wordpress.com) the open manifesto there is for other

groupings around the country to use if they so wish.  We hope it will

encourage them to work towards bringing real alternatives to the

existing “twiddle dumb and twiddle Dee” of contemporary Irish

politics.

 For our first public meeting we thought it would be a good idea to

invite a well known independent economist such as your good self. The

objective would be to offer you the opportunity to present your

thoughts and opinions on the subject of NAMA, the current government’s

general banking strategy, and its consequences for the country. We are

totally bewildered at the constant stream of billions that are

apparently appearing from “nowhere” to bailout failed institutions

such as Anglo Irish Bank. It seems to us that many citizens find

themselves unable to answer many questions emanating as a result of

this financial crisis. Our community would gladly welcome the

opportunity to obtain insight and understanding from a knowledge

expert such as your good self. Accordingly we respectfully hope you

will consider agreeing to address our meeting, to be scheduled at the

end of this month.

My contacts details are below.

Yours sincerely,

Thomas Clarke

Wicklow Branch

Residents Movement for Political Change

 

 

Dear Thomas,

 

Apologies for not replying earlier. Many thanks for taking the time to contact me. I am afraid that I will be unable to attend as I am very busy at the moment, and will be spending the next few months tied up in publicity for a book. I wish you every success though.

 

Best wishes,

Shane

Shane Ross

Independent TCD Senator

Seanad Éireann

Dublin 2

 

 

Dear Senator Ross,

Thank you for your reply,

As I stated in my earlier e-mail to you, I have been following your exploits in the Irish political arena for some time and have bought some of your books.

I sometimes think I wish I was not as well-informed about the outright corruption that is taking place and the destruction of our Nation at the hands if Insiders and obvious economic terrorists.

It is with a heavy heart that I watch our beautiful country slip into the financial abyss because of the sheer incompetence of our so-called leaders.

Our Nation is facing these dangers and no one seems to be prepared to stand up in its defiance

This is one patriot who is prepared to do just that.

Resident’s movement for political change is a movement attempting to rouse the local community into action and hopefully, will come together with other like-minded communities around the country in defense of our community services, Our Homes, and our Country.

The Irish Nation deserves on less .

Sincerely

Thomas Clarke

Chairperson

Brian Lenihan about to take €1.8bn from pensioners

Why is Brian Lenihan about to take €1.8bn from pensioners to bail out AIB shareholders and junior bondholders?

namawinelake | October 31, 2010 at 11:01 am | Categories: Irish economy, NAMA | URL: http://wp.me/pNlCf-K7

The short answer is “I don’t know” but this is precisely what this modern day inverse of Robin Hood is about to do – take €5.4bn from our National Pension Reserve Fund (NPRF) to buy shares in Allied Irish Banks (AIB and for our international friends again has nothing whatsoever to do with Anglo Irish Bank which is known here domestically simply as “Anglo”), and he is making the NPRF buy the shares at €0.50 each when two days ago, on Friday last they closed at  €0.337 per share meaning that the NPRF will incur a loss of €1,760m from the start.

The NPRF was set up to fund future pensions of ordinary citizens from 2025. AIB meanwhile had a market value of €364.2m of which we, the State, own €66.7m (that shareholding is from the conversion of our 8% dividend due on the €3.5bn preference shareholding in May 2010 to ordinary shares). According to the latest AIB accounts (the Interim Report for the first six months of 2010) the bank appeared to have over €4bn of junior (or subordinated) bondholders (note 32 on page 87).

As we know, we can legally require these junior bondholders to accept a haircut on their debt. So, why is Brian Lenihan forcing our pensioners to pay €1.8bn to bail out the remaining €297m of private AIB shareholders and €4bn+ of subordinated debt holders? This entry examines the issue.

Full article at source http://namawinelake.wordpress.com/author/namawinelake/

Comment :

Nothing surprises me anymore only that the Irish Nation is as far as I am concerned in the grips of madmen and they are every bit as bad as the Nazis were in Germany

We don’t have to go to war to destroy our people; Cowen and Lenihan are doing a good job by making financial slaves out of us all, stealing from our future pensions and giving it to forging gamblers and silly investors.

I personally believe that this latest initiative is designed to bail out TD’s who would otherwise be declared bankrupt and would otherwise have to vaccinate their Dail seats.

How many are even now bankrupt.

This government have destroyed our country and have blatantly stole the nation’s wealth and handed it over to unscrupulous opportunists and cronies and are thus guilty of treason and do not deserve the thrust of the Irish nation any longer !  

Same old story in ireland

we are not to far away here in Ireland are not that far  from this kind of fraud in the housing market . The banks have just as much to answer and nobody gets to go to jail and ordinary people get to lose their homes.

Gerald Celente of the Trends Research Institute at TrendsResearch.com joins The Corbett Report to discuss the ongoing foreclosure crisis in the American real estate industry. He discusses the criminal mentality that makes these frauds possible and how people can protect themselves by unplugging themselves from the system. For more information and to order the Trends Jounal, please visit:
http://www.youtube.com/user/corbettre…

Understanding Credit default swaps

In the first video clip toward the end you heard we the taxpayers were taking over approximately 14,000,000,000:00 Billion worth of Derivatives or (CDS) from Anglo Irish Bank  alone!

(I personally believe that that figure to be near the 100,000,000:00 mark)

But most people do not know or understand what exactly these Derivatives are let alone understand them .So in the 2nd video clip you can get a crash course on the basics of CDS.

But the bottom line is Brian Cowen and Brian Lenihan could not possible know what they needed to know before taking on such obligations and there lies’ the crocks of the Irish financial meltdown.

Politicans, experts at waffling are making decision on complex financial instruments, that I have being studying for the last 12 years and still do not fully understand, but I know that they are like financial nuclear bombs and are best Instruments that should be avoided at all costs. They are unregulated and you are buying a pig and a poke.

Here is what Warren Buffet had to say about these unregulated financial tools .

In fielding a question about derivatives, which he once referred to as “financial weapons of mass destruction,” Mr. Buffett told shareholders that he expects derivatives and borrowing, or leverage, would inevitably end in huge losses for many financial participants.

“The introduction of derivatives has totally made any regulation of margin requirements a joke,” said Mr. Buffett, referring to the U.S. government’s rules limiting the amount of borrowed money an investor can apply to each trade. “I believe we may not know where exactly the danger begins and at what point it becomes a super danger. We don’t know when it will end precisely, but…at some point some very unpleasant things will happen in markets.”

Mr. Buffett has expressed similar bearish sentiments about derivatives in previous meetings and in his widely read annual letters to shareholders. He had first-hand experience with the difficulties of derivatives after Berkshire acquired General Re, the reinsurance company, in the late 1990s, and spent several years unwinding its derivatives portfolio at a loss to reduce the subsidiary’s exposure to risk. He noted, however, that Berkshire currently has several dozen derivatives positions — such as futures and options contracts on stock indexes and foreign currencies — and added that “derivatives aren’t evil.”

Charlie Munger, Berkshire’s 83-year-old vice-chairman and Mr. Buffett’s droll sidekick during the six-hour annual meeting, said that the accounting of derivatives contributed to the risks they pose to the financial markets.

“The accounting being deficient enormously contributes to the risk,” said Munger, lamenting that executives and shareholders were getting paid on “profits that don’t exist.”

Mr. Buffett noted that existing accounting conventions allow parties involved in derivative transactions to value the same contract differently, leading to an inadequate or incomplete picture of the contract’s risk. “I will guarantee you, if you add up the marks on both side, they don’t add up to zero,” Mr. Buffett said, referring to the accounting of a single derivative contract.

Exacerbating the problem of derivatives and leverage is the short-term trading mentality and high turnover in the stock and bond markets, Mr. Buffett and Mr. Munger added. “There is an electronic herd of people around the world managing an amazing amount of money” who make decisions based on minute-by-minute stimuli, said Mr. Buffett, adding, “I think it’s a fool’s game.”

Source http://seekingalpha.com/article/34606-buffett-on-derivatives-a-fool-s-game

So what has Cowen and Lenihan gotten us into ?

Public Meeting

We are holding our first public meeting  in the Grand Hotel Wicklow Town today 31.st Oct at 14.30 hrs.

We the ordinary Citizens of Ireland are bombarded with the latest government proposals to nationalize Allied Irish Bank barely 4 weeks after the European Central Bank gave it a clean bill of health.  Executive incompetence is blatant for all to see. With the establishment of the biggest fraud in Irish history (NAMA), the government’s unilateral decision to guarantee Anglo Irish Bank and other corrupt financial institutions has turned out to be a financial disaster for the citizens of Ireland.  No criminal charges have been brought against those responsible for the total collapse of the nation’s financial independence. 

 All we hear from the Government is “that we should trust them.”  We still do not know the full extent of the outstanding liabilities at Anglo. Over the weekend, we here NAMA has effectively no intention of conducting due diligence on the remaining loans they are taking from the bankrupt banks. We were told by Brian Lenihan at first, the total cost of saving Anglo would be 3,500,000,000 (3.5 Billion) Euro.

We were told 4 weeks ago that 22,500,000,000 Euro (22.5 Billion) has gone forever down this black hole. We now hear that another 10 billion is needed to plug this toxic toilet. Over this weekend we are again told that the final figure might be 50,000,000,000 Euro (50 Billion). Clearly we cannot believe a word from this Minister of Finance or the rest of the government. We, find ourselves at the mercy of international bond holders who are dictating how the country is run.

The current Government is complicit with the banks and the developers in causing the property bubble .We  the ordinary citizen, now face long-term unemployment; savage health service cuts, emigration, loss of our homes, increasing tax hikes, and constant displays of incompetence and non-accountability from our pampered TDs.

 The current Dail members enjoy living in a parallel universe where they are just clocking up time and entitlements whilst sharing in the longest lottery in Irish history.  Help us make change happen. Help us to bring real alternative to every home and business in Ireland. We invite all like minded groups around the country to look at our OPEN MANIFESTO at the blog site www.machholz.wordpress.com  under “Resident’s movement for political change let us come together in the spirit of true patriotism and help take back our country from the vested interests that have turned the State into a  financial wasteland.  

Please do come along

Resident’s movement for political change   e –mail    1machholz@gmail.com

 

                      Itinerary 

Welcome and greeting   Thomas Clarke 14.30 Hrs  

First speaker Prof Colum Kenny (15- 20 Minutes)

Professor Colum Kenny teaches courses relating to audiovisual policy, media practice, law and general communications and serves also as chairperson of the DCU Masters in Journalism programme. He is a board member of the Broadcasting Authority of Ireland and of Media Desk Ireland. A barrister and former reporter/presenter with RTE, he served on the IRTC/Broadcasting Commission of Ireland from 1998 to 2003, and was a member of the Media Mergers Advisory Group that reported to the Minister for Enterprise, Trade and Employment in 2009. The author of many academic articles on cultural and media matters (listed separately at ‘Publications’ above), he is also a frequent columnist in the Sunday Independent. His nine books have included Kilmainham: The History of a Settlement Older Than Dublin (Four Courts Press) and Moments That Changed Us: Ireland After 1973 (Gill & Macmillan).

2nd Speaker   Mr. Christopher Quigley (30-minutes)

Mr. Christopher Quigley has a bachelor degree in Management, majoring in Accountancy, from D.I.T. (College of Commerce) and is a graduate of the Marketing Institute of Ireland. His specialty is financial analysis. He has a thriving business in financial and investment training. Over the past decade his investment courses have been presented in Ireland (Dublin mostly) and the USA( Tampa, Florida). In addition Mr. Quigley has written over 40 investment and financial articles. These essays have been published on the web in San Diego, San Francisco, New York, Dublin and London. Through reading these articles I have come to respect Mr. Quigley’s insight and analysis.

Questions and answers session (approx 20-30 minutes)

Conclusion approx 16.00 Hrs. Mr. Thomas Clarke (Chairperson)

Halloween special! in Wicklow Jail

Max Keiser weekly review

Unbelievable, mindboggling depressing !

Ireland needs a second state-owned ‘bad bank’, the chairman of Anglo Irish Bank said today.

Ireland needs a second state-owned bad bank, the chairman of Anglo Irish Bank said today.

Alan Dukes was speaking to the Chartered Accountants Leinster Society this afternoon.

Mr Dukes said even after NAMA had finished its work, the banks would still be left with distressed assets. He conceded it was possible that Anglo Irish Bank could be used to deal with some of these loans.

Last month the Government increased the threshold for loans going to NAMA from €5m to above €20m. This meant that loans of €7 billion originally destined for NAMA will now remain within the two big banks.

Files being prepared for DPP – Lenihan

Meanwhile, Finance Minister Brian Lenihan has told the Dáil that files are being prepared by the gardaí for submission to the Director of Public Prosecutions, arising from their investigation into reckless lending by the banks. He said reckless lending was the core problem in the banks.

The Minister said he had previously stated that there had been serious issues of corporate governance in the banks and that both the gardaí and the Office of the Director of Corporate Enforcement had been investigating these.

Second day of the Dáil economy debate

Earlier Fine Gael‘s Communications and Energy Spokesman, Leo Varadkar, told the Dáil that the top bankers in the country must be arrested and prosecuted, as they had done more damage to the economy than the IRA.

He said the bond markets would respond positively if they saw that Ireland did not protect white collar criminals.

source http://www.rte.ie/news/2010/1028/banks-business.html

Comment:

Dukes, should be the first to go to Jail along with the gangsters in the Dail and then the bank directors

This is getting to be more and more like a Monty Python Episode every day

Unbelievable, mindboggling depressing !

French have decided to take to the streets

By taking to the streets to defend their pension rights from regressive cuts, the French are fighting for all our benefits

guardian.co.uk, Wednesday 20 October 2010 20.59 BST

A striker holds a CGT union flag as strikers block fuel storage depots in Frontignan France.
A striker holds a CGT union flag as strikers block fuel storage depots to protest against pension reform in Frontignan, southern France. Photograph: Pascal Guyot/AFP/Getty Images

The demonstrations that have rocked France this past week highlight some of its differences from the United States. The photo here, for example shows the difference between rioting in baseball-playing versus soccer-playing countries. In the US, we would pick up the tear gas canister and throw it, rather than kick it, back at the police.

More importantly, the French have decided to take to the streets in the millions – including large-scale strikes and work stoppages – to defend hard-won retirement gains. (It must be emphasised, since the media sometimes forgets to make the distinction, that only a tiny percentage of France’s demonstrators have engaged in any kind of property damage and even fewer in violence, with all but these few protesting peacefully.) French populist rage is being directed in a positive direction – unlike in the United States where it is most prominently being mobilised to elect political candidates who will do their best to increase the suffering of working- and middle-class citizens.

I have to admit, though, that it was perplexing to watch the French elect Nicolas Sarkozy president in 2007, a man who campaigned on the idea that France had to make its economy more “efficient”, like America’s. In reality, he couldn’t have picked a worse time to peddle this mumbo-jumbo. The housing bubble was already bursting in the United States and would soon cause not only our own Great Recession, but also drag most of the world economy into the swamp with it. So much for that particular model of economic dynamism.

But Sarkozy had a lot of help from the major media, which was quite enchanted with the American model at the time and helped promote a number of myths that formed part of his campaign. Among these were the idea that French social protections and employment benefits were “unaffordable in a global economy”, and that employers would hire more people if it were easier to fire them, and if taxes were cut for the rich.

Sarkozy has recently abandoned one of his most politically unpopular tax cuts for the rich, but there may be others. But he had also promised not to raise the retirement age for the public pension system. This has contributed to the mass outrage at his current proposal to raise it from 60 to 62, for those taking the reduced benefits, and from 65 to 67, for full benefits. (Under the US social security system, most people opt for the reduced benefit that is available beginning at age 62; full benefits are available, for those born after 1959, at 67.)

Once again, most of the media thinks the French are being unrealistic, and should just get with the programme like everyone else. The argument is that life expectancy is increasing, so we all have to work longer. But this is a bit like reporting half of a baseball score (or soccer, if you prefer). On the other side is the fact that productivity and GDP also increase over time, and so it is indeed possible for the French to choose to spend more years in retirement and pay for it.

France’s retirement age was last set in 1983. Since then, GDP per person has increased by 45%. The increase in life expectancy is very small by comparison. The number of workers per retiree declined from 4.4 in 1983 to 3.5 in 2010, but the growth of national income was vastly more than enough to compensate for the demographic changes, including the change in life expectancy.

The situation is similar going forward: the growth in national income over the next 30 or 40 years will be much more than sufficient to pay for the increases in pension costs due to demographic changes, while still allowing future generations to enjoy considerably higher living standards than people today. It is simply a social choice as to how many years people want to live in retirement and how they want to pay for it.

If the French want to keep the retirement age as is, there are plenty of ways to finance future pension costs without necessarily raising the retirement age. One of them, which has support among the French left (and which Sarkozy claims to support at the international level), would be a tax on financial transactions. Such a “speculation tax” could raise billions of dollars of revenue – as it currently does in the UK – while simultaneously discouraging speculative trading in financial assets and derivatives. The French unions and protesters are demanding that the government considers some of these more progressive alternatives.

It is, therefore, perfectly reasonable to expect that as life expectancy increases, workers should be able to spend more of the lives in retirement. And that is what most French citizens expect. They may not have seen all the arithmetic, but they grasp intuitively that as a country grows richer year after year, they should not have to spend more of their lives working.

An increase in the retirement age is a highly regressive cut that will hit working people hardest. Poorer workers have shorter life expectancies and would lose a higher proportion of their retirement years. Workers who have to retire early because of unemployment or other hardships will take a benefit cut as a result of this change. And, of course, this cut would not matter to the richest people in society, who do not rely on the public pension system for most of their retirement income.

France has a lower level of inequality than most OECD countries and is one of only five – out of 30 OECD countries – that saw inequality decrease (pdf) from the mid 1980s to the mid 2000s. It also had the largest decrease in inequality in the group, although all of it was from the mid 80s to the mid 90s.

France has, until now, resisted at least some of the changes that have rolled the clock back for working people and, especially, low-income citizens in the high-income countries. The European authorities (including the European Commission, European Central Bank and International Monetary Fund) are currently accelerating these regressive changes in the weaker Eurozone economies (such as Greece, Spain and Ireland). All of these institutions and many politicians are trying to use the current economic problems of Europe as a pretext to enact rightwing reforms.

Polls show more than 70% support for France’s strikers, despite the inconvenience of fuel shortages and other disruptions. The French are already sick of their rightist government, and that is also part of what is generating the protests. Despite the recent electoral weakness of the Socialist party, France has a stronger left than many other countries do, and one that has the ability and willingness to organise mass protest, work stoppages and educational campaigns.

The French are, in effect, fighting for the future of Europe – and it is a good example for others. We can only hope that, here in the United States, we will be able to beat back any proposed cuts to our much less generous social security system, with attacks on benefits looming on the horizon.

source http://www.guardian.co.uk/commentisfree/cifamerica/2010/oct/20/france-protest

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