What is truth?

Archive for July, 2012

High Court sanctions new Quinn family payments

The High Court has approved the payment of monthly living expenses totalling almost €30,000 to the five adult children of bankrupt businessman Sean Quinn and three spouses.

The court extended an injunction, on an application by the former Anglo Irish Bank, over Karen Woods, the wife of Mr Quinn’s son Sean Quinn jnr, preventing her from disposing of any assets in Ireland or abroad below the value of €50 million.

Mr Justice Peter Kelly also directed her to disclose all assets and bank accounts in her name on or before August 13th. She must also disclose any actions taken by her to put assets beyond the reach of the bank, which is now known as Irish Bank Resolution Corporation

full article at source: http://www.irishtimes.com/newspaper/breaking/2012/0731/breaking17.html

see also http://www.irishtimes.com/newspaper/finance/2012/0726/1224320827603.html?via=rel

Comment:

Instead of going to Jail these crooks are getting paid ,What a country!What can I say ,you just could not make this up ,Living in this banana republic is a health hassart .Wake up Ireland and get these leaches off our backs !

Keiser Report: Virtual Virtual Economy (E321)

“deeply depressing”.

THE sight of  thousands of people marching to support for disgraced businessman Sean Quinn has been described as “deeply depressing”.

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Bankrupt Quinn was defiant last night as he rolled out a line of GAA celebrities, including Mickey Harte, Colm O’Rourke and Sean Boylan, to address up to 4,000 people in Cavan.

But a former Dublin GAA chief has sharply criticised the top sports figures for giving public support to the embattled Quinn business dynasty.

Fine Gael Councillor John Bailey, who was chairman of Dublin GAA’s County Board for 11 years, said today he was “shocked” by the support of GAA figures for Sean Quinn.

 

Sympathy

And Dublin TD Olivia Mitchell said: “I have absolutely no sympathy for the Quinn family

full article at source: http://www.herald.ie/news/gaa-celebs-slammed-for-backing-quinn-as-4000-turn-out-for-rally-3183936.html

Comment:

Unbelievable 4000 thousand people come out and support a family whose members were convicted of trying to defraud the Irish citizens of millions. If anyone of these Gom***** just read this information they should ask themselves what in God’s name were they thinking of? It is because of people Like Quinn and the corrupt corporate system in Ireland we are now saddled with the Troika and loss of our National financial independence. We are stuck with a generation if not more of penal taxes and he and his family will not be visiting a dole office anytime soon .I wonder how many of these fools are languishing on the dole? Don’t they know they are paying for this man’s greed and gambling debts???  Until we, the Irish people stop supporting, Corruption, Gombeenisem, stroke politicians ,parish-pump conmen and gangsters we will only stay in the depressed state we are now in .God I was hoping we were as a people were now waking up and copping on to ourselves, but I was obviously wrong! These 4000 people either cannot read or are just plain stupid! This is an affront to every  Irish taxpayer !

Something totally different

Comment :

I will be heading off to the Donegal coast and the Kerry coast in the next two weeks I hope to have some video footage of my diving exploits. Of course I don’t expect to have anything like this video but one can dream,!!!

 

Bray weekend

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TROIKA READS RIOT ACT TO GREEK COALITION

I’ve been getting some irate emails from Greek Sloggers of late – especially those who earn a living suplying goods to the Athens Government. Their bitch is simple: while the new Coalition is very happy to suck up to the Troika, monies it owes to its own citizens can go hang. As one correspondent remarked last Thursday, “It’s easy to balance the books if you don’t pay any bills”.

The day before, the Troikanauts came to town with a very clear message: no more backsliding, or no more money. But it all depends on how you define ‘backsliding’. If a Vesuvius of debt just erupted and you’re on the side of the mountain, chances are you’ll backslide. In fact, the reality is, full article at source:

http://hat4uk.wordpress.com/2012/07/30/troikas-athens-demand-more-axe-and-more-tax-2/

Reading the tealeaves

By David Mc Williams

In terms of reading the economic tea leaves, last week’s cup of data has left behind a perplexing residue, with some good bits, some bad bits and lots of confusing bits, which could go either way. However, it is a crucial week because the evidence suggests that something very odd is happening in Ireland. The Irish bond market is decoupling from the Irish economy. That sounds weird, but let’s dig a bit to explain.

The news from the financial markets – Ireland being able to borrow again – is unambiguously good. There are a few gripes, like the interest rates, but it would be churlish not to see this as a positive – and indicative of a likely bank deal which will see a dramatic easing in the overall debt position of the state.

Obviously, there is a long road still to go, but the markets clearly believe that the bank debt mutualisation deal hinted at in Brussels last month will be delivered.

So far so good, but at the same time, the data from the real economy was awful, and the news from the banking system, as well as local credit conditions, is equally desperate.

In another development which will form the background music to the next few months, ECB president Mario Draghi has signalled that he is going to take the Germans on and has fired the opening salvos in what will prove to be a titanic battle for the hearts, minds and balance sheet of the ECB. He will buy government bonds directly.

full article at source: http://www.davidmcwilliams.ie/2012/07/30/reading-the-tealeaves?utm_source=Website+Subscribers&utm_campaign=bf7581ddae-30072012&utm_medium=email

So it has been quite a week.

Let’s deal with the decoupling idea

Turning Into PIIGS: Why France’s Debt Crisis Could Doom the EU

European Union

European Union (Photo credit: erjkprunczyk)

By Bill Bonner

From one ragged country to another. We are on a tour of Europe’s unraveling  economies. Ireland…Spain…and now France.

Spain was in the news again yesterday. Its borrowing rate rose to 7.5%…a  level that everyone says in “unsustainable.” We haven’t done the math ourselves,  but we will take their word for it.

Policy makers in Madrid were rattled. Naturally, they took no responsibility  for the mess. Instead, they blamed…short sellers! Yes, and banned short selling  for 3 months.

That ought to do it, right? Everybody knows markets go down because people  sell. So make selling illegal. Problem solved!

Now our travels have brought us back to France. At the heart of Europe…and at  the heart of the alliance with Germany and the whole European Union project, if  France can’t keep itself together…the whole EU is doomed.

And yet, France seems to be hanging by a thread too…while Francois Hollande  reaches for a pair of scissors!

The Telegraph:

The debt levels which the country has are as  unsustainable as Britain’s, yet its policies are more irresponsible and its  remedies more restricted. Although it is considered a core country in the  eurozone, France’s economic profile now bears more resemblance to Greece’s  [than] Germany’s.

Read more: Turning Into PIIGS: Why France’s Debt Crisis Could Doom the EU http://dailyreckoning.com/turning-into-piigs-why-frances-debt-crisis-could-doom-the-eu/#ixzz220e0lsvJ

Do S&P know WTF they’re doing, Episode 93

Standard & Poors just confirmed the UK’s triple-A status. Speaking as a Brit myself, right now I wouldn’t lend my government a corkscrew to open one bottle of Bulgarian Merlot: but S&P rationalises this mad judgement on the following risible basis:

‘We project that, despite recent weakness, the U.K. economy should begin to recover in the second half of 2012 and steadily strengthen, and we expect economic policy to continue focusing on closing the fiscal gap’

Absent from this ‘analysis’ are the following factors:

i. The British banking system is heavily exposed to Russian and Spanish debt

ii. The UK economy’s decline in Q2 was, at 0.7%, three times the expected fall

iii. 75% of UK exports are still invisible/service/financial management products. Our manufacturing base is a joke at 13%, and agriculture provides just 2% of gdp

iv. 47% of our exports are to the EU, a trading bloc at All Stop.

full article at source:http://hat4uk.wordpress.com/2012/07/28/do-sp-know-wtf-theyre-doing-episode-93-27/

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