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Posts tagged ‘Brussels’

Ireland in 2014 a BA -NAMA Republic, a land devoid of democracy

 

By Thomás Aengus O Cléirigh

AAAA

No matter who you vote into power we still get the same policies and gangsters lining their own pockets .The system is totally rotten and is an insult to the memory of the men and woman of 1916 !I have already denounced the right of the current puppet Irish government to rule over me or my family!

I have successfully avoided contributing to these traitors’ coffers as much as I could possible do, by not buying anything that I did not need in the mad consuming system and by using bartering as a method of getting items or services I had to have .Or simply using the Black Economy! Democracy in Ireland is a myth, we go through the motion of voting but who we get to vote for and what they in turn do when they get their hands on the reins of power is an entirely different story! It’s a story of corruption, self-serving  insiders and sell out politicians and Unions all saying the right things but doing exactly the same politics of the previous crooks and puppets of the elite and vested interests who have total control of the media and judiciary! We are no longer a nation of citizens but a nation of debt slaves and cash generating surf’s, forced to pay for everything from water to a roof over our heads to sub standard health services and a disastrous education system that brainwashes our children and robs them of their true identity!

We are a proud Celtic nation, an accent people the Egyptian and Romans revered. We are the descendants of the great famine, Are we now going to allow ourselves become financial slaves? Cash cows, to be milked for the rest of our lives by gangsters and their political puppets who wrap themselves with the nation’s flag! Yes robbing people of their identity  makes it easy to convince them that they are worthless and to make do with the crumbs that fall from the table of the rich and powerful elite who have sold us into slavery!

The government’s latest example of selling to the highest international bidders, the cash flow generating opportunity, from the hard pressed motorist of this BA-NAMA Republic under the guise of road safety (speed traps to you and me) is apparent for all to see .These new cameras will link up the revenue, motor tax office and the cartel of the Irish motor insurance rip off merchants into one super massive cash generating machine for the operators! So you won’t be able to go anywhere with these gangsters knowing it ,all we need now is for the Supermarket loyalty cards info into the same system and a complete picture is then available for our masters to have total control over our miserable lives as debt slaves!

Happy New Year, hopefully 2014 will see the resurgent rebel Irish spirit, when the citizens rise up and pull these objects of tyranny and their collaborator operators  down all over the country!

Either way, I remain loyal to the spirit of Ireland and our rich heritage, our true Celtic culture and our constitution (First )  that enshrined the principles of direct democracy and that all citizens were equal . The protection of the natural resources of our ancient lands and the benefits to be shared equally among our people .The right of every citizen to a roof over the head, and free lifelong education and health care! We do not need career politicians eagerly carrying out the dictates of Brussels and Berlin or Goldman Sacks and the IMF.

Rise up and take back our country from our out of touch puppets in the Dial

Mise Le Mass

Thomás Aengus O Cléirigh

“We need to shake the barley all over again”

By Thomás Aengus O Cléirigh

DSCN0872

This latest article from the slog depicts a carbon copy of my own frustration with the blogging world.Only last week a number of Irish bloggers effectively threw in the towel as it were. Because of the lack of any meaningful progress against the political and financial dictator sell outs running our small country! The slogs descriptions of the wider control of the control of the internet may well be a major factor but I am not prepared to excuse our own people’s couldn’t care less attitude. The fighting spirit of the Irish has been neutralized and I am beginning to suspect that this is not just people being lazy! I believe we are the victims of a massive brainwashing campaign.With the help of chemical poisoning, the fluoridation of our drinking water and the seeding of the very air we breathe! Is it any wonder we have the highest levels of cancer deaths in the top 9 categories in all of Europe. Al this is a country that has no heavy industry. Something is terribly wrong as our people are dying off like flies. Everybody in Ireland knows somebody who has cancer!

The tripe being spewed out by our national TV station RTE and the unfettered access to our nation by the SKY Corporation is enormously damaging .RTE is stuffed to the gills with political puppets and the party line is rigorously enforced. The National radio is also used to great effect, especially the Live Line program .Yep Paddy is kept satisfied by giving him his two minutes of fame on the national airwaves, and so our treacherous political collaborators can continue to dismantle our republic as they successfully divide all of our people into various segments that can easily be marginalized.

This Friday we are witnessing  an  attempt to take another chunk of constitution away, as the established political gangsters tell us we have too many politicians in the upper house and we need to get rid of them ,by getting rid of the upper house altogether! Well the house is stuffed to the gills with political appointees and their pals and it was by no measure a true representation of the people of Ireland, but getting rid of a body put there by our founding fathers is more than a little concerning. I don’t trust these puppets and politicians who are in the pay of Brussels .We need more checks and we the people need to be more involved in the processes of running our country! Leaving it up to the musical chairs politicians has be a disaster for our country and the crimes committed by the current lot of gangsters in the Dial will go unpunished as has the previous shower of gangsters who were in before them and are about to get hold of power again!

My faith in the written word and in the current totally corrupt political system is now gone!

I am actively looking at alternatives to bring the fight to the people of Ireland.

We are now financial slaves being dictated to by faceless unelected money men who‘s power stretches all the way to Berlin and paddy is happy to eat the crumbs that he is allowed to scoop off their boots!

Dispute with ECB: European Parliament Delays Banking Union Vote

The European Parliament has delayed an important vote on the euro zone banking union that will see the most important financial institutions placed under the supervisory of the European Central Bank. Members of parliament want greater ECB accountability.

A dispute over Europe’s planned banking union — a key European Union financial reform in response to the 2007 financial crisis — has broken out between the European Parliament and the European Central Bank (ECB), and an important vote on the issue was delayed from Tuesday to Thursday. In response, the International Monetary Fund (IMF) is calling on the European Union to move more quickly to implement the measures, with criticism coming directly from IMF chief Christine Lagarde herself.The argument centers on whether members of the European Parliament should be provided with detailed minutes of the proceedings of the new banking supervision board, a provision parliament considers to be a vital accountability measure. The ECB has so far rejected these requests. Reuters reported Tuesday that the ECB is instead offering to provide “summaries.”

On Monday, the European Voice newspaper cited an ECB official stating there were “formal restrictions” on what the bank could disclose about its decision-making process. The Economist-owned Brussels paper cited an official at the bank stating that the proceedings were sensitive and there was a fear “we might be jeopardizing the survival of banks” if information were shared with members of parliament.

full article at source: http://www.spiegel.de/international/europe/european-parliament-could-delay-banking-union-vote-a-921466.html

‘Bankfurt and the US out to stop Draghi’

I’ve been saying for months now that Greece ‘will not be allowed’ to leave the single currency, because Merkel and Draghi accept that the chaos would be fatal for the eurozone. I also recently noted that the ‘done-deal after a suitable period of fisticuffs’ I’d predicted was surfacing. It still is: reduced interest rates on extended periods of Greek debt repayment (plus both ECB and sovereign EU member haircuts) are now being openly discussed by officials in Berlin, Brussels, and Paris.

But the assumption of all the players in this soap opera is that there won’t – indeed can’t – be any changes to the script. However, new storylines are coming into play, and at least three of them could yet demonstrate that this is  an unravelling nightmare than a wooden TV production.

Alpha, Greece’s largest bank, released a report…..

full article at source: http://hat4uk.wordpress.com/2012/09/14/exclusive-bankfurt-and-the-us-out-to-stop-draghi/

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

“The big countries in Europe get suitcases of money and the small countries in Europe get a ‘spar-commissar”

Welcome to the European Union where “The big countries in Europe get suitcases of money and the small countries in Europe get a ‘spar-commissar”.(To you and me that is the Troika dictatorship). Yes my friends we now officially have a two tier Europe .If your big enough you can force you Debts on to the shoulders of all the taxpayers of Europe, but If you are a citizen of Ireland ,or of any of the other small nations in Europe you are “snookered” because (as is the case of Ireland)our economy is such a small part of the overall European economy ( 1%) and our politicians are nothing more that gombeens on the take and make for themselves they are happy to pocket the crumbs that fall from the toxic corrupt ECB Table. They  are a disgrace and deserve to be severally punished in the next elections ,But I fear by the time this comes around we will not have anything worth fighting for as all of our countries resources will have been sold to private vested interests whom our corrupt politicians are busy helping to achieve just that!

Here is a link http://www.independent.ie/business/european/relief-for-merkel-as-she-wins-vote-on-spanish-bank-aid-3174140.html to an article that confirms that even the German politicians are now aware of this fact, and following this comment ,we have an article from the local rag  ( where we are informed that one of our local politicians has secured a top paying position in Brussels where his connections and contacts will be uses to promote business!!!!!!  As a “lobbyist” and at 200,000 Euros a year I sure I won’t be meeting him down at the dole queue anytime soon and don’t get me started on what he is collecting in pension “entitlements”. He gets around 100,000 a year pension .This rot is of course rampant throughout our economy and society, it’s who you know and who you are and qualifications are not necessary as long as you are one of the boys, you will be looked after and the ordinary “Joe soap” will be asked to stump up and put up and of course shut up!  

 

Greece stops dead as Government introduces payments freeze, and importers demand cash up front

Facing the threat of a delay in the disbursement of bailout instalments from the Troika, Greece’s caretaker government has suspended rebates and payments to suppliers of the public sector. All loans by banks to any business, regardless of viability, have been stopped. In the absence of safe ways to sell, 74% of Greek companies are focused on debt reduction. And foreign companies importing to Greece are demanding money up front.

The Troika’s crazy austerity and repayment schedules demand a Greek economy going at Full Ahead Both. It is now on Silent All Stop.

Thanks to cut-off threats from Berlin-am-Brussels, the Athens government has stopped paying suppliers, foreign importers will not ship until upfront cash has been received and confirmed, and banks have been instructed to lend nothing to either domestic or business borrowers.

The personal loans ban has been framed in the light of a suffen rush for ‘credit’ alongside massive withdrawals. Loans by banks were running at €11bn euros a month. From here on they will be zero.

Meawhile, the insolvency and supply problems for drugs at retail level in Greece has predictably backed upstream. Greek GPs are owed €620m. The provision of primary medical care and medicines to about 9 million people is very close to collapse due to the accumulated debts of the National Organization for the Provision of Health Services (EOPPY), as the government has reneged on its promise to settle all arrears to private suppliers of the old insurance funds (that now make up EOPPY) by the end of March. The money involved – a total of around €1.7 billion – spookily isn’t there any more: it went to pay off the last of the bondholders.

full article at source: http://hat4uk.wordpress.com/2012/05/28/euroblown-greece-stops-dead-as-government-introduces-payments-freeze-and-importers-demand-cash-up-front-24/

EUROBLOWN: Why I’m betting that Germany will leave before Greece.

Yesterday in Brussels, Herman Van Rompuy opened the anarchic proceedings by saying he sensed “a strong will to compromise”. Something of a surreal soundbite and, as usual with the Nipponese Bard, completely wrong.

The popular maverick site Zero Hedge referred to this week’s Euro-bunfight as ‘yesterday’s dismally predictable non-event summit’  last night.  They’re right on the money about it being just as unproductive as advertised – but actually I think it was highly significant for any number of reasons.

First off, it’s abundantly clear the eurogonks clearly have no idea which way is up either socially or economically. As the ZH piece noted, when citizens start taking money from the banks, the game’s up. When sick people can’t get medicines, the party’s over

full article at source: http://hat4uk.wordpress.com/2012/05/25/euroblown-why-im-betting-that-germany-will-leave-before-greece/

 

Eurobonds: an essential guide

English: The European Central Bank. Notice a s...

English: The European Central Bank. Notice a sculpture of the euro sign. (Photo credit: Wikipedia)

By Phillip InmanGreece may favour eurobonds but Germany is harder to persuade. Photograph: Orestis Panagiotou/EPA

1. The issue at a glance
2. Why is it being talked about now?
3. A brief history
4. What happens next?
5. The options – and key arguments
6. What does it mean for me?
7. Key players
8. Glossary
9. FAQ
10. Some key statistics
11. In greater depth
12. One sentence killer dinner party line on eurobonds

1. The issue at a glance

Borrowing costs are rising for many of the single currency’s 17-members. Italy, Spain, Portugal and Ireland are among those that must pay sky high interest rates on their debts. But what if France and Germany helped out? What if the biggest economies on the continent agreed to issue euro loans on behalf of all countries in the currency club? A euro loan, or bond, could be issued by one country, but would be underwritten by all of them. Germany would pay more for its debts and Greece would pay less.

2. Why is it being talked about now?

A bond is another word for a mortgage. Nations borrow money for all kinds of purposes for three months, three years or 10 years and all points in between. The 10-year bond is considered the benchmark. Western nations will have thousands of bonds in circulation, most of which are traded on a secondary market by investors. These investors will buy a bond when it is issued and then decide to sell it before the maturity date. A £2m bond that pays 4% each year for 10 years, may sell for £1.95m if the country that issued the bond looks a little dodgy. If there is a possibility of default the bond might become worthless.

The Greek crisis has spread fears that Spain and Italy could struggle to sell their bonds without support from Brussels. Spain, in particular, which is close to spending more than €100bn (£89bn) rescuing its banks, could be shunned by private sector lenders and run out of money without support from the mothership. Brussels does not have enough in the kitty to keep Spain and Italy afloat. The German government and central bank, the Bundesbank, are vehemently against the idea. They don’t want to pay higher interest rates. More importantly, German chancellor Angela Merkel says EU treaties forbid joint debt liabilities. The German constitution would also need to be amended say others. And the Bundesbank said recently that even if these problems could be overcome, it will be the Germans left on the hook for all Europe’s debts if something goes terribly wrong and several countries go bust. Worse, international lenders could view new eurobonds as a disguise for an already debt laden eurozone and charge punishing rates of interest.

3. A brief history

Discussion of how eurobonds might work has occupied EU members since the 1960s. A single currency for the six founding members was under discussion in the 1950s and a collective way to borrow using eurobonds was part of the plan. When the idea of a shared currency was resurrected in the mid 1990s, borrowing for all countries was extremely cheap and the need for eurobonds was unclear.

They are not to be confused with the eurobond market, which is a way for corporations, banks and other private entities to borrow money by issuing bonds. London is the world’s biggest eurobond marketplace.

4. What happens next?

One by one European leaders are lining up to voice their support for eurobonds. Mario Monti, the technocrat prime minister of Italy, is in favour along with Mariano Rajoy, the Spanish PM. Greece, Ireland and Portugal would jump at the chance. Even British prime minister David Cameron has urged the 17 members to set aside their differences and agree to issue eurobonds. The key date is now the Greek elections on 17 June. Another strong vote for parties opposed to the terms of the bailout and the crisis will deepen, possibly forcing the EU leadership to choose between a watering down of the current deal or letting Greece leave the euro.

5. The options – and key arguments

If the Germans are right and the EU treaty needs changing to allow joint fundraising, then amendments to the treaty are the first step. Most likely a more fundamental merger of nation states is also on the cards, just as the United States did at its Constitutional Convention of 1787. A political structure to match the shared currency would mean a United States of Europe run from Brussels. New debt would be in the form of eurobonds and would be backed by the European Central Bank. Old debts would remain with individual states. It is a fundamental shift, which is why the Germans are so sceptical. France is keen to force the ECB to accept responsibility for the bonds without a political union.

6. What does it mean for me?

Should eurobonds see the light of day, it could stabilise the eurozone and put an end to speculation that countries will go bust. As each nation issues new bonds to pay for welfare spending, investment, or just to repay old debts, it will be in a new eurobond and almost certainly at a cheaper interest rate.
The eurozone takes 40% of the UK’s exports and stability could bring growth for them and us. UK borrowing costs are ultra low because Britain is viewed as a safe haven. This is unlikely to change, even with extra competition from eurobonds.

7. Key players

Angela Merkel
Merkel and her foreign minister Guido Westerwelle and finance minister Wolfgang Schäuble have argued strongly that eurobonds are flawed. But recent election losses for Merkel’s CDU and Westerwelle’s FDP could force a U-turn. Maybe the German people are more willing to tolerate higher borrowing costs and a little constitutional jiggery-pokery to keep the show on the road.

François Hollande
Hollande wants to bend the rules to preserve monetary union. he is putting pressure on the Germans to sanction eurobonds despite their reservations.

Mario Draghi
Mario is playing hardball along with the Germans. But if he has a softer side, and believes the rules should be bent to preserve the single currency, he could back Hollande’s eurobond plans.

Alexis Tsipras
If the head of Greece’s breakaway socialist group gains ground in new elections he could force the Germans to back down as the price of staying in. Eurobonds could save Greece from decades of high debt costs.

Goldman Sachs
The US investment bank advised the Greek government on how to use local banks to buy its own debts, thereby disguising the true level of its borrowing. Goldmans is now advising the Spanish on their debt crisis. Maybe if the whizz kids at Goldmans can successfully trick the bureaucrats in Brussels that all eurozone debts are lower than they first appeared, the Germans will be happy to back collective eurobonds.

8. Glossary

Bond: a loan that lasts for a fixed period that can range from three months to three years to a decade and beyond. It pays out a monthly fee, or coupon, and at the end of the borrowing period the headline amount borrowed – the principle – is repaid in full.

Coupon payment: the monthly bond dividend paid out by the bond issuer to the bondholder, which is a percentage of the total loan. So if it is a £2bn ten-year bond with a 4% interest rate, that means the bondholder gets £80m a year, as well as £2bn when the 10 years are up.

Eurobond: a bond issued by a sovereign state – Greece, say – but whose coupon payments and principle payments are underwritten by all European Union states. More bomb-proof than a bond issued by an individual nation, therefore.

Default: when a state reneges on a sovereign bond payment, whether a monthly coupon payment or the full principle payment.

9. FAQ

What is a eurobond?

It is a collective debt: part of the problem facing some eurozone countries is that they are struggling to borrow from financial markets at affordable interest rates. If instead the European commission, for example, could borrow on behalf of all eurozone member states by issuing joint bonds, the cost could be lowered for countries such as Italy and Spain, because investors could be confident that stronger countries stood behind their debts. Analysts calculate that Portugal, for example, would see annual repayments fall by €15bn, or almost 9% of its GDP, as its interest rate fell to the eurozone average.

Sounds great. Why don’t they just do it?

Eurobonds might sound great to Greece, but they go fundamentally against Germany’s approach to resolving the crisis. Collectivising debt removes the incentive for individual countries to put their own public finances in order. It also opens up a so-called “moral hazard” problem: if profligate behaviour goes unpunished, what’s to stop any country going on the national equivalent of a giant bender and expecting Germany to pick up the tab? If Germany’s borrowing costs rose to the eurozone average, it could cost Berlin an extra €50bn a year in repayments – almost 2% of its GDP.

There are political and constitutional problems with the idea for Germany too: the constitutional court has made clear that it is not willing to sanction open-ended bailouts of other countries, which might well make eurobonds unconstitutional, and German voters – the fabled Swabian housewives summoned up by politicians to represent their frugal citizens – may not be ready to bail out the single currency zone in the way the policy implies.

Even if the Germans signed up, would eurobonds resolve the crisis?

No. They could help to calm the market panic and ease the immediate budgetary crisis of some countries, including Italy and Spain. But a eurobond would do nothing to reduce overall levels of debt, let alone tackle the underlying structural problem that countries such as Greece are simply unable to compete fairly with their eurozone partners.

Don’t euro leaders usually come up with a fudge when they can’t agree on something?

Yes. There are modest versions of a eurobond, where countries would still be responsible for the majority of their debts, with the commission just picking up the riskiest slice, for example. Such an arrangement might be more palatable than a full-blown collectivisation of the debt. But the less ambitious the plan, the less likely it would be to succeed.

There is also a proposal on the table for €230m of so-called “project bonds”, which would see euro countries jointly raise finance for specific infrastructure schemes aimed at creating jobs and boosting growth. This would be a drop in the ocean, and do nothing to resolve the mountain of outstanding debt; but it might be enough of a sop to Hollande for him to be able to claim he’s shifted the debate towards growth.

So what are the chances for the eurobond solution?

Angela Merkel and her finance minister, Wolfgang Schäuble, have repeatedly expressed their opposition but they now face intense pressure from Hollande and his Germanophone finance minister, Pierre Moscovici. Monti also backs the idea, and has previously had Merkel’s ear – but Italy would be a major beneficiary so he’s likely to be seen as talking his own book. Another powerful Italian, ECB president Mario Draghi, favours eurobonds, but so far Germany has paid little heed to his demands for more rescue measures. David Cameron has also been urging a more collective approach on the UK’s euro-neighbours, but his view counts for little in Germany after he infuriated Merkel by vetoing a new European treaty last year. Again, the outcome of the Greek elections will be crucial.

10. Some key statistics

• The overal debt of the eurozone is around 90% of GDP, which is well above the 80% level that some economists believe is the maximum debt level for a nation state before debt costs become prohibitive.
• Growth in the eurozone has stalled at 0% according to latest figures.
• Unemployment in the eurozone is 10.9%. In Spain it is nearly 24.1%, with youth unemployment there and in Greece more than 50%.
• The euro is now at a two-year low against the dollar of €1.25 and is now worth just 80p after hitting 90p last July.

11. In greater depth

Hollande pushes case for eurobonds

Why Germany doesn’t want eurobonds

Germany and France clash over eurobonds at summit

Eurobonds could be the answer as eurozone struggles to stay afloat

Eurobond plan sets Barroso on collision course with Merkel

Eurobonds have been ruled out by the German chancellor, but for how long?

Eurozone’s debt mess needs a permanent solution

Investors divided over use of eurobonds

Commission proposes ‘eurobonds’

Eurobonds are back

12. The one sentence killer dinner party line on Greece’s exit from the eurozone:

It’s all very well but Angela won’t wear it.

full article and source: http://www.guardian.co.uk/business/2012/may/24/eurobonds-an-essential-guide?newsfeed=true

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