This has got to be the best actor in Ireland to-day!
Archive for November, 2011
Hardly a week goes by, without a major summit between German Chancellor Angela Merkel and French President Nicolas Sarkozy, trying to devise another clever scheme to save the Euro. Yet after 1-½ years of trying to contain the wildfire, – the Euro-zone’s debt crisis is more dangerous than ever. The collapse of Greece’s €360-billion bond market, now trading at 26% of face value, has triggered contagion sales from periphery of the Euro-zone – Greece, Ireland and Portugal, and into the next upper tier of the Euro-zone, namely, the bond markets of Spain and Italy, which together owe €3-trillion of debt
Even after Spain’s right-wing Popular Party routed the social democrats in a national election and assumed power, pledging even more severe austerity measures, – Spain’s borrowing costs continued to ratchet higher. The yield on Spain’s ten-year bonds approached 7% last week, a level considered prohibitively high enough to topple the Euro-zone’s fourth largest economy into a depression in 2012. Despite assurances from Italy’s new Prime Minister Mario Monti of new austerity measures, Italy’s 10-year yield hit 7.50% last week, a 15-year high.
The newly installed governments of Greece, Italy and Spain are promising to imposed deeper spending cuts, further layoffs of public workers, and raising taxes, – all measures that can push their economies into a deep recession. However, as the Wall Street Journal noted on Nov 21st, “Whether the ECB decides to boost its bond-buying or not, investors seem to be coming to the conclusion that any true solution to the European debt crisis will be a years-long process in which governments will be asking electorates to accept enormous sacrifices, in the form of entitlement cuts and tax
full article at source:http://www.marketoracle.co.uk/Article31825.html
Our political system does not represent us but instead administers on behalf of unaccountable elites
This is a call for all groups, political groups, movements, union members and individuals. Bring your banners, Bring your flags but most of all bring yourself and… your friends. We are ordinary people. We are like you. We are of different ages, nationalities, social backgrounds and political beliefs. We get up every morning to study, to look after our homes, to go to work, or to look for work. We all work hard every day at building a better future for ourselves and for the people around us. But all of us are worried and angry about what is unfolding, politically and economically, in our society. We want real democracy now. Not the pretence of democracy that presently exists in Ireland. The present system silences the voices of those who want a meaningful role in shaping our society and concentrates power in the hands of a minority. Our political system does not represent us but instead administers on behalf of unaccountable elites. It is time for us all to start a movement for a better society. We want a society based on equality, solidarity, respect, ecological sustainability, and the development and well-being of all people. We want a society that guarantees the following: housing, work, culture, health care, education, political participation and a fulfilled life. Our political and economic system places these things under attack. We therefore reject a political system that exists simply to allow others to rob us of our living standards, our public services, and our political voice. The politicians do not represent us. Their promises are nothing more than a way of gaining power to administer on behalf of their powerful masters. The trade unions are not representing us, because the agreements made by their leadership consent to the robbery of the people. Unions should be a force for real democracy, not accomplices in anti-democratic economic policies State-owned and corporate media do not represent us: we can represent ourselves. We do not need experts to define our needs or shape our thoughts in advance. No entity, national or international, has the right to burden the people with illegitimate debt. We will not spend our future working to pay off illegitimate bankers’ debt through lower wages, longer hours, and a tax regime that benefits wealth and power and impoverishes everyone else. We must put an end to this. We want total transparency in the management of the country, zero tolerance to corruption, and prosecution of those responsible for major economic crimes. We will no longer be cogs in a machine designed to enrich a small minority through the toil of the vast majority and the destruction of the environment. We are not commodities. We are more than consumers. Real democracy means every one’s voice, participation and welfare is given equal importance in deciding how our society should be run. We can do this ourselves. The problems we face are local, but they are also global. We want this movement to grow, and we offer total solidarity to any group or collective elsewhere that shares our desire for direct and real democracy. This situation harms us every day. As a consequence of all the above, WE ARE OUTRAGED! We can change this. We can all play our part. Together we can create a new reality. This is just the beginning
By David Mc Williams
This crisis is likely to culminate with capital controls re-imposed in Ireland, following a Europe-wide run on the banks. This bank run will be an accelerated and panicked version of what is already happening right now. Money is likely to leave all the major banks of the eurozone with the exception of German banks.
This is because savers fear the breakup of the euro will leave them with “cheapened” savings in their own countries. Obviously, the corollary of this should be a wall of money flooding into Germany because — whatever happens — the currency that Germany will eventually trade in will rise against all others.
And so we are likely to see a massive credit crunch all over Europe because without funding, lending will dry up.
As lending dries up, growth will plummet and the already fragile bond markets of the non-German members of the eurozone will close down. This means that the enormous redemptions which are necessary next year to roll over the huge national debts of Italy and Spain, together with France will not be financed. These countries will have to renegotiate their debts
full article at source: http://www.davidmcwilliams.ie/2011/11/30/small-savers-will-pay-price-if-euro-goes-into-meltdown?utm_source=Website+Subscribers&utm_campaign=9ddc8bd5fe-Weekly_Roundup_30nov_2011&utm_medium=email
We the ordinary people of Ireland have had enough of Elected Representatives who put I-M-F and Europe before their own people , who put party lines before their country and our children s future. We must take a stand . ” Walk” to unity on dec 10th at 1pm in Limerick city . We the ordinary people of Ireland will walk together and our msg will be simple . ” we have had enough” Further details will be posted shortly
this is the latest posting from our friends over at the blog (I Doubt it) please do read the full article as source.
So the euro is in ‘real danger of collapsing’, is it? We’re expected to worry about that, but I wonder what it actually means. Would it really matter if our currency was suddenly worth nothing at all?
I don’t know about you, but I’d be fine frankly. It’s true there probably isn’t a lot of work for a cartoonist in a collapsed economy, but I have other strings to my bow – which these days is getting to more resemble some sort of harp. Something I am not at all bad at is making broken things go again. I started as a small boy on alarm clocks, I do it now with computers and such. I reckon I’ll be getting plenty work after the currency collapses and no one has the means to buy new things. I will accept payment in food and body warmth.
full article at source:http://i.doubt.it/2011/11/29/what-comes-after-the-euro/
- Montenegro will not quit euro as its national currency, says PM (focus-fen.net)
- John Taylor: “The Euro Is In A Death Struggle” (zerohedge.com)
- It the Euro Zone About to Collapse? (johnhively.wordpress.com)
- JOHN TAYLOR: The Euro Situation Is Worse Than I Could Have Dreamed (businessinsider.com)
- What Comes After The Euro? (i.doubt.it)
Thomas, For your attention.
I am a typical Irish citizen, I’m 41, I work full-time as a bar
manager, I pay my mortgage each month with my partner for my little
terraced home in the border town of Dundalk, I pay my taxes (even
though our roads are falling apart, my local hospital is all but
closed, our health services are in crisis, our schools continue to
under-perform and our overstretched law enforcers can barely cope or
care about our frighteningly lawless streets) my PRSI contributions
(for what it’s worth….. nothing) and my universal social charge ( a
thinly disguised second tax aimed at the vulnerable). I pay a pension
though don’t dare check if it’s worth anything, I’ve never been
arrested or even cautioned by the Garda, I don’t take drugs, I don’t
smoke, I take an occasional drink, I’m not religious, I use a bicycle
instead of a car because insurance costs border on criminal, I have a
dog (for which I have to pay a license for), I watch too much TV (for
which I pay a TV license AND a sky subscription for the same
channels), I’m just a Irishman trying to get on in life.
That’s who I am…..
You are the Government of Ireland, the elected representatives of the
Irish people, there to protect us, to look out for us, to shelter the
weak and vulnerable and punish the wicked….
I am ashamed to be Irish, and it’s your fault.
I don’t feel like I’m part of an Irish Democracy, and it’s your fault.
I am supposed to be a citizen, a CITIZEN of Ireland, but instead I
feel like a Serf, working and occupying a plot of land owned by a lord
of the manor in return for protection and justice, except I don’t feel
protected at all, either physically, financially or politically. I
work to pay your bills, I toil to cover your mistakes, I go without so
you can continue living the lifestyle you’ve grown very accustomed to.
You used OUR money to pay for the Banks’ mistakes without asking our
permission, money which the banks now won’t lend back to us to start
up small businesses, to send our children to college, to treat
ourselves to a much needed break from the rat-race. OUR money. You
give away our natural resources and then use OUR money to pay Garda to
become private security officers for Shell Oil, beating on us when we
exercise our right to protest. OUR money. You squeeze our wallets,
take more money out of our pay checks, our dole, our disability
allowances, ignore ever-increasing mortgage rates, and yet you’re
considering putting up our VAT rate (an almost unbelievable disregard
for the already-struggling small businesses in every border town,
especially coming up to Christmas), introducing property tax when over
100,000 home-owners cannot pay their mortgages, introducing water
rates (In September, 2010, the UN Human Rights Council adopted a
resolution recognizing that the human right to water and sanitation
are a part of the right to an adequate standard of living. If I can’t
afford to pay my water bill, do you, my Government, cut my water
supply, thus ignoring my human RIGHT to have access to safe drinking
water and sanitation)…..
It seems never-ending, this constant financial worry that YOU have
burdened US with. YOU have an average pay check of €112,000 and
pensions of over €8.8 million, whereas I cannot buy home-heating oil
without begging on bended knee to the credit union. I am angry, very
angry, ashamed, confused, lost.
I have no-one to represent me, the law-makers don’t care, the Judges
don’t care, the doctors don’t care, the nurses, teachers and Garda are
too over-worked and under-paid to care, the TDs don’t care (my local
TDs seem to only to appear when there’s a ribbon to be cut or an art
exibition is laying on some free wine & cheese….. I wonder how many
of them will be smiling for the local cameras when our over-budgeted
revamp of Dundalk’s town square is officially opened, while our
Hospital is virtually closed to a population of almost 30,000).
I, like almost every Serf of Ireland, am sick of your antics, your
scheming ways and your financial ineptitude. You may wish to blame
your last incarnation of Government for all your shortcomings and all
our woes, just as they blamed the Government before them, but mark my
words, we can only be bullied and lied to and robbed and pushed so
This is why I am roaming the streets in this small German town to-night. I am paying 400 euros for a small one bedroom flat in a great part of town .I recon I can live on 700- 750 a month but I have to leave my home and kids in Wicklow to do so, and I have a better chance of finding work here too !I have the satisfaction in knowing that I am not helping to pay the gombeen politicians at home nor am I helping to prop up the corrupt cronie system we have in Ireland .I will gladly return when the first shot is fired in a new revolution where the ordinary people like this man at last, stand up and fight against the totally corrupt system where incompetence is rewarded and ordinary citizens are dumped on the scrap-heap and forgotten about or forced to emigrate like me to defend their dignity.
This cannot be allowed to continue ,when will the people of Ireland say enough is enough ?
by Tyler Durden
While everyone was focused on the impending European collapse, the latest soon to be refuted rumors of a quick fix from the Welt am Sonntag notwithstanding, the Bank of International Settlements reported a number that quietly slipped through the cracks of the broader media. Which is paradoxical because it is the biggest ever reported in the financial world: the number in question is $707,568,901,000,000 and represents the latest total amount of all notional Over The Counter (read unregulated) outstanding derivatives reported by the world’s financial institutions to the BIS for its semi-annual OTC derivatives report titled “OTC derivatives market activity in the first half of 2011.” Indicatively, global GDP is about $63 trillion if one can trust any numbers released by modern governments. Said otherwise, for the six month period ended June 30, 2011, the total number of outstanding derivatives surged past the previous all time high of $673 trillion from June 2008, and is now firmly in 7-handle territory: the synthetic credit bubble has now been blown to a new all time high. Another way of looking at the data is that one of the key contributors to global growth and prosperity in the past 10 years was an increase in total derivatives from just under $100 trillion to $708 trillion in exactly one decade. And soon we have to pay the mean reversion price.
- Us$ 700 Trillion in Derivatives !!! (2012patriot.wordpress.com)
- BIS – OTC derivatives market activity in the first half of 2011 (bespacific.com)
- The Total Amount of Credit Derivatives Outstanding is $14.9 trillion. (thepressnet.com)
- The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets (bespacific.com)
The former chief executive of Anglo Irish Bank David Drumm has ruled out any return to Ireland and repeated his claim that the Central Bank, the Financial Regulator and the Department of Finance all knew the details of the controversial Maple 10 share deal wich saw the bank lend €450m to 10 customers so they could buy Anglo shares.
In an interview with the Sunday Business Post which is published this morning he said that when he had told the authorities he was going to lend the money to the 10 so they could buy shares and reduce the stake held by Sean Quinn “they were thrilled, chirpy”.
He said the Central Bank and the Financial Regulator said “’let’s get this done’ because the fear factor was just huge”.
Mr Drumm also insisted that Anglo had not misled the Government about the extent of its loan book on the night of the bank guarantee in 2008 and said that Sean Fitzpatrick’s practice of warehousing loans was also known to the regulator in 2007.
full article at source:http://www.irishtimes.com/newspaper/breaking/2011/1127/breaking11.html
What can one say except that this ganster and all the rest should be in Jail
- David Drumm interview in the SBP/Irishcentral.com (politics.ie)
- David Drumm finally breaks his silence on Anglo, NAMA and the Irish financial crisis – “if my case is indicative of how they are being measured, taxpayers’ money is being absolutely destroyed there, day by day by day” (namawinelake.wordpress.com)
- David Drumm: Bank of Ireland and AIB persuaded gov to introduce bank guarantee (politics.ie)
- Anglo claim Drumm lied under oath and committed fraud in the US (politics.ie)
- Anglo say Drum has committed Fruad in the US (politics.ie)