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Archive for the ‘Action on unemployment now!’ Category

Why should it be any different here in Ireland?

Economic uncertainties around the world are expected to provide continued support for gold these concerns have led investors to gobble up gold in the second quarter
The World Gold Council said demand for gold-backed exchange-traded funds rose 414% compared to the second quarter of 2009
Why?? People just cannot ignore what they see on the ground
With next to no credit available, Unemployment still is rising(currently at 13.5% ) and emigration heading to record highs here in Ireland.
Announcements from incompetent government ministers who have lost all creditability with every figure coming from the department of finance been wrong be miles what do you think savvy investor are doing?
Investors are making the switch from buying gold only in times of crisis to having gold as part of a diversified portfolio
So if the savvy investors don’t believe the Department of Finance why should the ordinary Joe soap?
The fact is that governments around the western world are lying to their peoples and we in Ireland should expect nothing better from the crooks that are running our country
In my opinion we are heading Down Down Down as long as these GobS**** stay in power
We need a Government that can layout the true facts, come up with a realistic solutions however though it may eventually be and a time plan so we the people can see a what progress is been made
however difficult .
Once the markets know exactly what the facts are it will react and recover and we can expect to see confidence come back into the economy
we need a general election as I believe we are been kept in the dark by the ruling élite that are hiding the true scale of the financial disaster we are now in, caused by the very people that they are hell bent on bailing out !
Come clean now!

Should the transfer of Anglo’s remaining NAMA tranches be put on hold ?

from source http://namawinelake.wordpress.com/author/namawinelake/

Should the transfer of Anglo’s remaining NAMA tranches be put on hold pending clarification of Anglo’s total costs?
namawinelake | August 27, 2010 at 10:15 am
Anglo has transferred a cumulative total of €16bn of its NAMA-bound loans in tranches 1 and 2, leaving an estimated €20bn in its remaining tranches if the estimates in NAMA’s revised Business Plan and accompanying tranche 2 detail are correct (what introduces some doubt is the claim two weeks ago by the Anglo CEO Mike Aynsley that €2-4bn of NAMA-bound loans in the UK and US may be “reclassified” in agreement with NAMA).
If tranches 1 and 2 are anything to go by, NAMA will in future pay Anglo a Long Term Economic Value (LEV) premium of 10-12% of the current market value of the loans. So if €20bn is still valid as the face value of the remaining Anglo loans and they have a current market value of 45% of their face value, then NAMA will be paying €0.9-1.1bn above the current market value of the loans. That is a substantial sum of money to be gifting a bank whose future is being debated as we speak at the EU with a European preliminary view on the future of Anglo due in weeks.
The perpetual murmurs of disquiet about Anglo have grown substantially in volume this week. Standard and Poor’s downgrade of Ireland’s credit rating was predicated in part on their assessment of the increased cost of bailing out Anglo at €35bn. Last week in Beijing the Governor of the Central Bank broke the news that “Anglo may impose a NET [my emphasis] cost to the Government of about €22-€25 billion”. A net cost of course could be a gross cost of €35bn with €10bn recouped over time (eg through sale of a government stake in Anglo’s Newbank, redemption of NAMA bonds at face value rather than the accounting value which might assume a large discount). Trinity College economics professor Constantin Gurdgiev repeated his view that Anglo could incur losses of “€33bn in mid-range case, rising to €38.6bn in the worst case scenario”. It is not clear if these losses equate to a net cost to the State as there may already be provisions for these losses and Anglo has a (small) capital base. Today in the Irish Times, former Ulster Bank chief economist Pat McArdle suggests that, in an attempt to improve Ireland’s credit rating “we could try to give greater certainty regarding the Anglo bailout cost, possibly by postponing all other transfers to Nama until Anglo is taken care of.” Other calls this week came from the domestic politics (FG’s Finance spokesman, Michael Noonan calling for a debate at balance sheet level to assess the different options for Anglo) and the Financial Times editorial which today says “it is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure”. This blog has expressed concerns about the non-NAMA losses at Anglo and whether these are being realistically assessed at present.
Last weekend NAMA paid Anglo a LEV premium of €270m on its latest tranche of loans, a considerable gifted sum in normal times but small in comparison with the expected €1bn of LEV premiums on the remainder of Anglo’s NAMA loan book. Has the tipping point now come whereby Anglo’s future is consensually decided (consensus impedes speed of action but the sums involved have grown to state of war proportions for the Irish state)? And until Anglo’s costs are clarified, should NAMA put the transfer of future loans on hold as these future transfers will involve the State paying substantial sums in excess of the true value of the loans.

Comment:

We did not have to wait for the past 18 months to expire to suddenly find out that NAMA was going to end up paying way over the odds for the various toxic assets from the Banks, never mind the Crap it was getting from ANGLO IRISH BANK
The simple fact is that from the start we the ordinary Joe soaps could smell that a sweetheart deal has been done by the Fianna Fail Government with the establishment of what is now openly been acknowledged as the largest bail out in Irish corporate history and all for the benefit for the golden circle, the chosen few, the cronies and leaches and hangers-on of the Fianna Fail party

This is now seen as a fraudulent transfer of wealth from the citizens of Ireland to a group of irresponsible gamblers, with the help of economic traitors within the government and a totally incompetent regulatory authority that at this stage one must ask if it was designed to be so, in order to facilitate this fraud in the first place !

It is the duty of every citizen to make sure that the next tranche 3 of toxic loans from Anglo-Irish Bank should not take place and indeed an independent international enquire should be set up to investigate exactly who were the beneficiaries of the billions that have already gone into this toxic Toilet, who was responsible for the approval ludicrous high valuations put on these worthless toxic assets and whether there was a conflict of interest at any level
The Fraudulent actions of Government ministers to be exposed and all individuals brought before the courts and jailed on convictions, no golden handshakes or beefed up pensions to be paid out to any individuals found to have felicitated in the cover-up of fraudulent actions or helped to hide relevant information that would have expose this monstrous fraud on the Irish taxpayers
This continued drip ,drip feed of lies must be stopped and the truth must be put before the people
In the form of a general election or a referendum on the issue
I call on all the opposition parties to declare that they will not honour any of the fraudulent guarantees given to the international bondholders by way of an extended government guarantee given in the first place without the consent of the Irish people
I dispute the authority of any government to place me and the hundreds of thousands of its citizens into a kind of financial enslavement to corrupt financial institutions that then are enabled to legally rob me of my family home, my savings, and my prosperity as a consequence of their corrupt practices.
As a result of the establishment of NAMA the countries financial institutions have effectively sucked dry the financial resources of the country for the next generation.
Thus robbing me and the majority of the countries citizens the necessary means to independently provide for their family’s and so forcing families to become dependent on the state for handouts
These actions are a clear breach of the rights guaranteed to every citizen of Ireland by the Irish constitution (see PDF Here Constitution of Ireland) and so renders the establishment of NAMA illegal without first haven put it to a referendum to the citizens of Ireland
Please stand up for our constitutional rights , get active and  put an end to this  madness

Our King Louis XVI = The Banks and their Gombeen politicians

€10bn Anglo Government injection approved


The European Commission
has approved Government plans to inject up to another €10bn into Anglo Irish Bank.
The Commission said the Government had notified it at the end of June that it wanted to put just under €8.6bn into Anglo.
This brings the total up to the €22bn figure already indicated by Minister for Finance Brian Lenihan.

But today’s decision allows another €1.4bn to be given to Anglo, depending on how much NAMA pays for loans it is taking on from the bank.
The Commission said the approval was temporary, pending a final EU decision on Anglo’s restructuring plan, which the bank has indicated it expects in September.
Competition Commissioner Joaquin Almunia said the measure was necessary to preserve financial stability in Ireland, but warned that Anglo Irish Bank would have to ‘restructure profoundly’.
This is the third emergency injection of funds approved by the EU, following €4bn in 2009 and €10.44bn in March this year.
source http://www.rte.ie/news/2010/0810/anglo.html

Comment
The European commission along with the European central Bank is in fact run by the Deutsche Bank and since the German Banks have lent this money to the now Toxic Bankrupt Banks in the first place they are in fact saving themselves and are only getting the Irish taxpayers to pay for their mistakes in lending to gangsters running a private bank (in the case of Anglo) in the first place
This is a clear case of a conflict of interest and the German, French and English members should not be allowed to vote on such important matters
In light of these facts I call on all citizens to write to their MEP and demand that this decision on Anglo’s restructuring plan be reviewed
if they are allowed to continue to look after their own self interest then I believe they will agree to any amount of Irish taxpayers Euros to be pumped into these corrupt Banks until they can retrieve all their losses or until the Irish Taxpayers revolt and refuse to continue to pay for what is in fact a Bailout of the German Banks by the bewildered Irish Taxpayers

For god sake, no strike that, for our own sake stand up and stop this madness
We cannot afford this extravagance as far as I can see we are just like the French peasants under King Louis XVI of France only our Louis XVI is in fact the Banks and their gombeen politicians they have running this country
We need to take matters into our own hands if the opposition don’t get their collative act together
What other alternatives have we got??
stop this financial madness now

John Drennan of the sunday independant on Calley

No amount of houses, yachts or portraits would ever fill Callely’s desire to be noticed,
writes John Drennan

He may now be more famous than Brian Cowen, but the strangest thing about the summer phenomenon of 2010 is that we know so little about the secret soul of Senator Ivor Callely.
We know Callely is a one-man poster boy for the venal cupidity of a political system, but what was it within Ivor that led to his current desolate state where he is poised to experience the rare ignominy of being expelled from the eternally forgiving Fianna Fail family?
It was a little bubble world in which Callely once could dream of full cabinet ranking and, if the fortune-teller in his childhood was right, maybe even the Presidency.
Sean Haughey may have taken Haughey peer’s seat in Dublin North Central, but, as the old dears squawked approvingly about that “young Ivan (sic) Callely”, Ivor believed he was the constituency boss and the real spiritual heir to Haughey. The dreaded days when a braying posse of supporters would crowd into the Dail bar in a fug of cheap cologne and dear suits are gone, for Ivor is no longer a political thug in a pink shirt knocking at the doors of the Cabinet.
One of the unwritten rules of Irish politics is that if you remain within the sanctuary of the Dail club even if you get into trouble nothing too bad can happen to you. But, if you sin sufficiently to be cast adrift, then you are in a world of trouble.
It is no wonder, therefore, that Ivor is not looking so chipper these days, for even his own are praying that this grotesque drama can quickly be brought to conclusion.
When other black sheep have arrived back to the Dail bar after their travails, they have been greeted with a great throaty roar that could be heard in the corridors.
In contrast, Callely has no one to advocate for him, or to even smile when this political ghost returns to Leinster House.
Some would say that Ivor is where he is now because he is simply stupid.
It certainly takes a special sort of idiot to be sacked as a junior minister, but his tragic flaw is deeper.
It would be excessively cruel to claim Ivor does not have a soul, but he does suffer from the toxic combination of a monstrous ego and a complete lack of emotional intelligence.
The most intriguing feature of the life of Ivor Callely is that there is no record in the secret oral histories that all TDs and senators have about their colleagues of a single act of generosity or kindness.
Though he was a political Rain Man who was only interested in Ivor, Mr Callely had his political role models. Bertie, in one of his incarnations as a municipal socialist, spoke famously about how he never wanted islands or yachts or any of that stuff.
But, while Ivor wanted the lot, there was a critical difference between him and Haughey.
With Haughey the yachts and the rest were trappings, for what really drove the former Taoiseach was a complex series of desires incorporating genuine patriotism and, of course, his own personal aggrandisement.
Ivor, however, had no real reason for being in politics beyond the desire for personal glory.
In that respect, he really was, in political terms, a boy without a soul.
The problem with the monstrous ego which fuelled the career of Callely wasn’t just that no amount of statues, houses, yachts or portraits would ever fill his desire to be noticed. The consequent absence of emotional intelligence meant that when the inevitable great fall arrived he was without a single friend.
We should be careful not to turn Ivor into a mythological figure, for Ivor Callely is a greedy, self-centred fool. Rather like his suits, he was one of the more lurid examples of how Fianna Fail betrayed the principles of the Republic, and itself, out of greed.
Even in the good times, his self-obsession meant that even in this most clubbable of places Ivor was always alone.
But now, at this nadir, Fianna Fail’s new Guy Fawkes is most assuredly on his own. And though he is an unlovely creature it is still a cruel, if deserved, place in which he now finds himself.
– John Drennan
Sunday Independent

Comment
Well, what can I an ordinary Joe soap add to this excellent summation of the current mêlées that has befallen Mr.Ivor Callely?
The most obvious omission of course is if you were to ask any person on the street without mentioning Mr.Callely, s name you will most likely hear a different TD, s name or Senators Name !The reason is amply expressed in the above article
Most of the people’s servants are perceived by the general public to be “in it for themselves “they are totally out of touch with the ordinary people on the street
Hold up in their ivory tower that the Dail has become they constantly shuffle for camera time and the babble out of their collective mouths is in stark contrast to their body language. If you don’t believe me just turn off the babble and just look at the pictures
anyone with a bit of life experience will immediately see that these people are just going through the motions and it is also plain to see that they don’t really know what they are talking about.
the Dail membership becomes the soul purpose for these addicts of power, its perks and the association of such power the promises dispensed during the election campaign are long forgotten and the new mantra is all hail to the local Gombeeen whom we are all now destined to come crawling to if we lose our jobs or need to get a bed in the local hospital or have the local river cleaned up
Make no mistake Ivor Callely is a saint when it comes to the real sliveens in the Dail

the system is totally rotten !

Sharp rise in Live Register figures

Sharp rise in Live Register figures

The number of people on the Live Register in July climbed by 8,500 to 452,500.
Read the report
The Central Statistics Office said this was the biggest rise in the seasonally adjusted figure for a year.
Women accounted for more than half of the increase.
The unadjusted figure showed that there were 466,800 people signing on, an increase of almost 14,000 from June.
The CSO said the unemployment rate rose to 13.7%, from 13.4%, in June.
The data also shows that the largest number of people signing on were professionals, who made up more than a fifth.
The next largest increase was in the category of clerical and secretarial workers.
The Live Register includes some part-time, seasonal and casual workers.
It is not designed to measure unemployment, though it is regarded as the most up-to-date indicator of the state of the jobs market.
Jobs crisis
Minister for Social Protection Éamon Ó Cuív said that while the figures are at a very high level, it was worth noting that the figures rose more slowly in July than in June.
He said it showed that the Government’s hard choices had brought stability to the economy.
On long-term unemployment, he said two out of every three unemployed people leave the Live Register within six months of signing on.
However, Labour’s Willie Penrose said the figures proved that solving the jobs crisis had dropped to the bottom of the Government’s agenda.
He said the Fianna Fáil-Green Party Government was like ‘a deer caught in the headlights’, when it came to tackling the problem.
Sinn Féin’s Arthur Morgan said the prognosis for recovery was ‘dire’.
The Irish Congress of Trade Unions said the Government’s policies of massive cuts were deflating the economy.
The statement concluded that further deep cuts in the Budget and panic reactions to sell-off the family silver would only exacerbate the crisis.
NCB Stockbrokers economist Brian Devine described the data as discouraging.
While small business lobby group ISME said the true extent of people losing jobs was obscured by emigration.
Its chief executive Mark Fielding said a whole generation of young education Irish were becoming economic migrants.
Redundancies
Separate figures from the Department of Enterprise, Trade & Innovation show that redundancies are running below last year’s levels, though the figures remain high compared with 2
5,298 lay-offs were notified to the Department in July, down 15.7% from the same month last year.
For the first seven months of the year, redundancies are down almost 20% from the same period last year at 39,105.
This is still, however, not much less than the 40,000 recorded in the whole of 2008.

Comment:
A message from someone dumped on the scrap-heap
No matter what way you try to spin out of these figures Mr. Ó Cuív they are still not the true figures which I believe to be in and around 675,000
You and the rest of the current government squatters and the rest of the political establishment should hang your collective heads in shame!
To the people of Ireland I beg you
For God sake please do not vote any of the current TD, s back into office
let’s have a complete clean sweep .

Transparency in Ireland

Absolutely nothing has changed almost a year later
Cowen is still in charge and is still the 4th most highly paid politician in the world
Just think about that.
Dr. Constantine Gurdgiev sets out the real numbers and they speak for themselves
we are kidding ourselves if we chose to ignore these facts
The insiders still hold all the power in this country and they are responsible for the mess we are in
They are also trying to convince the people of Ireland that they have the answers to our problems
How depressing! We must wake up and rid ourselves of these incompetent baboons that are ruling our country


“Selling off state assets on the cheap is just madness”

David Mc Williams
latest posting

“Selling off state assets on the cheap is just madness”
The logic of NAMA and this Government’s central strategy is to wait for the value of land to improve before selling.
Whether you agree with it or not, this is their logic. It can be summed up by: “Don’t sell land in a depressed market.”
Yet at the same time, the Government has just announced that it will sell real assets via privatization in a similarly depressed market. So why can it sell ESB — a real company with real assets — and not a field in Athlone which is worthless and should command the price a farmer would pay you to put a donkey grazing on it?
Why is it imperative to sell proper state assets and inconceivable to sell useless land?
full article here http://www.davidmcwilliams.ie/2010/07/28/selling-off-state-assets-on-the-cheap-is-just-madness
Comment :
David does have a knack of asking the right questions but I fear this, along with most of his other questions will remain unanswered.
The Finnia Fail /Green government has an attitude problem, and the shear arrogance toward the ordinary citizens of this state is just astonishing!
They have been in power for so long they now believe they have a god given right to their Dail seats and the opposition suffers from the same illusions.
With Labor now claiming the top prize of the Taoiseach’s Office, Enda Kenny dancing around the K-Club accepting the homage from the country’s top NAMA bound developers and at the same time claiming and acting to be Taoiseach in waiting!
What about the Jobs promised in the Lisbon Treaty?
Where is the jobs strategy, two years after the collapse of the Irish economy and billions powered down the toxic black hole(NAMA), nothing has been done to tackle unemployment
500,000 people are effectively dumped on to the scrap-heap and its time they united and took steps to voice their grievances
125,000 have emigrated and another 200,000 heading the same way
This has to be gross dereliction of duty by the current government
The opposition are incompetent and this is why the gangsters in Government t are able to get away with their proposed plunder of what’s left of the Nations assets
Don’t let them get away with this take action to-day get organized in your local area
Time for talking is over we need to take action! Ireland hasn’t got another two years with these gangsters in charge!

It’s time to show these squatters in the Dail that the people will decide and a new political reality is about to emerge from the citizens of Ireland and the message is
We want change, we want accountability from our politicians ,we want those responsible for the destruction of our state to face justice.
The notion of business as usual is over for good.
The Dail family dynasties must come to an end, Gombeenisim must be brought to an end
These squatters in the Cabinet must not be allowed to benefit from their economic terrorist activities
Selling off what is left of the Irish states family silver at this time is just plain criminal
And like all criminal acts under current Irish Law the perpetrators cannot benefit from their criminal deeds
Consequently their assets and bolted pensions must be confiscated and returned to the people of Ireland

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