Archive for October, 2012
By Michael Rowbotham
“The financial system used by all national economies worldwide is actually founded upon debt. To be direct and precise, modern money is created in parallel with debt…
The creation and supply of money is now left almost entirely to banks and other lending institutions. Most people imagine that if they borrow from a bank, they are borrowing other people’s money. In fact, when banks and building societies make any loan, they create new money. Money loaned by a bank is not a loan of pre-existent money; money loaned by a bank is additional money created. The stream of money generated by people, businesses and governments constantly borrowing from banks and other lending institutions is relied upon to supply the economy as a whole. Thus the supply of money depends upon people going into debt, and the level of debt within an economy is no more than a measure of the amount of money that has been created.”
- Money Printing Is The Only Thing Keeping The System Afloat (safehaven.com)
- Five reasons why you might be a mortgage prisoner – and how to escape (guardian.co.uk)
- Types Of Debt (carlislemitchell.wordpress.com)
- Who’s to Blame for Household Debt Levels? (greenconduct.com)
By Shane Ross:
MINISTER for Health James Reilly has one. NTMA boss John Corrigan has one
Union boss David Begg has one. Pensions supremo Brendan Kennedy has one.
A chateau on the Loire?
Siptu chief Jack O’Connor has one.
You’ve guessed it.
Bushy beards were once the preserve of the bourgeois brethren of the revolution. Today they are sprouting in the ranks of the chief executives of the semi-states. The super quangos are beginning to demand that no one worthy of the top job reveals the colour of his chin……………….
God forbid, chinless wonders could soon become de rigueur in the private sector.
Last week were you startled to see yet another man with a beard on the platform, presenting the results of a report into fees and charges in the pensions industry?
- Big salaries and pensions of union bosses uncovered (independent.ie)
A former deputy director of the IMF has warned that it’s unlikely Ireland will be in a fit state to exit it’s bailout programme next year.His comments completely contradict suggestions made by the Social Protection Minister Joan Burton who said yesterday that Ireland is well-placed to exit the programme sooner than expexted.Donal Donovan, now a member of the Fiscal Advisory Council, has said it’s highly unlikely that we’ll see the back of the Troika in such a short period of time.He says it’s much more likely that Ireland will enter a less invasive programme in 2014 to make the bailout exit smoother.
This is of course a lode of bull. This country is the 2nd most indebted country in the world! We haven’t a hope in hell of ever paying back. The government is just winging it in the meantime in the hope of getting some crumbs that might fall from the table when the Greeks eventually Default!
We are all taped out Kenny ,not one red cent more will you get from me!
Our total national income is nowhere near enough to even pay the interest on the debts our government have taken on! With 35%of out tax take just going on interest payments this is just not sustainable. I have published this graph on a number of times on this blog and I would ask you all to copy it and send it to your local TD,s and ask them to justify why we are still trying to please our real masters in Berlin. We must stop believing the absolute crap Kenny and Noonan are spreading we will not get any relief from the Berlin mafia as we are paying our dues and that is all they want us to do .
We are been bullied and like all bullies we have fallen on our knees and we are begging for mercy and a few crumbs from our bullies table .We must get up off our knees and rid ourselves of our financial tormentors in the ECB and in Berlin. Enough is enough it s now payback time .we must fight back and first plan of action is to default. This will happen in the end in any case! These debts are not ours and we were not bailed out we bailed out the ECB and Deutsche Bank! We need patriots who will fight for the Irish Nations self interest and not puppets and collaborators like Kenny, Noonan, and Gilmore who have sold us out to the financial slave drivers in Europe!
Ireland stand up and fight back now!
- Ireland will not make quick exit from bailout programme (newstalk.ie)
- State will not need a second bailout – Taoiseach (independent.ie)
- Ireland Urges ECB To Commit To Bond-Buying (infiniteunknown.net)
- We’re ready to leave bailout, says Noonan (independent.ie)
- We’re ready to leave bailout, says upbeat Noonan (independent.ie)
- To The People of Ireland : You are been lied to ,Bambeluzeled,and Hundwinked (thepressnet.com)
- Ireland has displaced Japan as the world’s most indebted economy. Government, household and nonfinancial company debt add up to 524% of Irish GDP. (thepressnet.com)
Greece should now just up sticks and head for the exits and tell the rest of the bondholders get stuffed
Major eurozone crisis as Athens denied access to Nov 16th tranche
Surprise, surprise – the meeting that the EU flatly denied would happen today just wound up. The output is the biggest bombshell to hit the eurozone in a long time: Greece is to be denied access to the next bailout tranche….unless more cuts and reforms beyond those ‘agreed’ last Sunday are forthcoming.
In what looks to me like a pretty serious case of stabbing Antonis Samaras in the front, news is breaking in Athens as I write that an anonymous EU official has confirmed the International Monetary Fund (IMF) report to the
Eurogroup Working Group (EWG) is damning about the cuts ‘agreed’ by Athens last Sunday. This is a direct quote from the document: (my emphasis)
“It is clear that Greece is off track and there is no chance they will cut the debt to 120…
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The melancholy days have come, Which Mr. Bryant sings,Of wailing winds and naked woods, And other cheerful things.
The robin from the glen has flown, And there Matilda J.Now roams in quest of autumn leaves To press and put away.
Leaves in the sere, to school-girls dear, Are found where’er one looks,On hill, in vale, in wood, in field, But mostly in my books.
If I take up my Unabridged Some curious word to scan,Rare leaves are sped of green and red, Or maybe black and tan.
The book of books–my Bible–now I scarcely dare to touch,Lest it bring grief to some rare leaf– Ash, maple, oak, or such.
And if upon the lounge I lie To read while I repose,Lo! arid leaves in dusty sheaves Sift down upon my clothes.
“No more,” I swear in empty air, But straight invoke a broom,And soon St. Bridget comes and sweeps The rubbish from the room.
O autumn leaves, rare autumn leaves, So lovely out-of-doors,Strew the wild wood (you could or should), But muss not Christian floors!
Too late I know a solemn truth I did suspect before:These leaves that autumn branches bear Are an autumnal bore.
Charles H. Webb