What is truth?

Posts tagged ‘Irish Republic’

Irish rap and street music scene the underbelly of the new Irish republic ???

By Thomás O Cléirigh

At last we are seeing the underbelly of the new Irish republic  a 2nd Irish republic  and the volunteers are these musicians and they are using the tools of the modern age to get their message out there and it is this young generation that  will not be forced to comply with the dictates of a corrupt political elite who have written off the cream of Irish nation (Its Youth) a political system that has abandon vast sways of our youth even the youth who have managed to get an education are been forced to leave our Celtic shores .Our out of touch  political dinosaurs  are in for a shock ,a new ground swell of frustrated citizens are about to explode on to the scene and they will not put up with you waffle and tripe any longer.

You the political elite, are creating your own disastrous future as these future citizens will extract their just reverence!

Long Live the new Irish republic where the real gangsters like the corrupt politicians, bankers, and “insider wankers” are stripped of their pensions and perks  and are brought to swift justice!

“Higher VAT is not about Northern Ireland” (Ronan Lyons

Ronan Lyons has posted a new item, ‘Higher VAT is not about Northern Ireland, it’s about the Republic’ see below

Yesterday and today, Ireland’s Budget for 2012 is being announced. Very little will be a surprise, given that various Ministers have been leaking the long-list of proposed cuts over the past two months or so. It’s just a question of what made the short-list this year, and what will be postponed for future years.

We already know, through the Taoiseach’s State of the Nation address that, on the taxation side, there will be no change to the income taxation system but instead, VAT will increase. In fact, we knew this already as Ireland’s budgetary plans were, per the terms of the EUIMF loan, sent to those lending to us so they could be kept abreast of their borrower. Unfortunately, Ireland operates under a bizarre system of national budgeting, where the Minister of Finance is supposed to pull rabbits out of hats on Budget Day to the oohs and aahs of the media (and perhaps the public). So the Irish public was none too impressed to learn many of the details of the Budget via the German parliament.

full article at source:http://www.ronanlyons.com/2011/12/06/higher-vat-is-not-about-northern-ireland-its-about-the-republic/

comment:

Taxing people’s homes is double taxation and the continuous squeezing of the poorer in this country will only lead to social revolt!

This German imposed austerity is immoral, unjust and is illegal as the politicians have somehow decided that we the people of Ireland must pay back the private gambling debts of corrupt bankers, not only in Ireland but also bailout the disastrous gambling of the Deutsche Bank in Germany who are responsible for the entire financial meltdown in Europe along with their pals in the US Goldman Sacks. Irish men and woman died to have; independent Irish Republic .The current political masters in this country have abandoned the aspirations of that Irish proclamation of 1916. I charge them all with treason and any and all resistance to this Global market dictatorship is entirely legitimate.

We the people of Ireland are not responsible for this financial meltdown and the people that are responsible are busy dishing out austerity measures whilst at the same time they are rewarding their pals and insiders with cushy well paid jobs and perks.

It’s time to take back our country from the mouthpieces of the gangsters in Europe.

Hell no, we won’t pay.

Wake up Ireland how long more will you allow these leaches to suck you dry?

Pity the nation

 Article sent into us this afternoon
> Pity the nation whose politicians make Gerry Adams look like an attractive option
>
> The moral nadir of any state must surely have come when Mr Gerry Adams MP announces that he is its white knight. Yes, this IRA butcher and architect of countless bombings and killings is abandoning Northern Ireland politics, and even his empty seat in Westminster, to stand in Ireland’s general election next year. He actually thinks that he is entitled to berate the politicians of the Irish Republic for their conduct.
>
> And by God, he could well have a point. Just look at the latest nugget to emerge from the parliamentary sewer that is Leinster House – the equivalent of the Palace of Westminster. James McDaid, a retiring politician on the government side, twice previously achieved national distinction: once for lifting an IRA gunman on to his shoulders to celebrate his having escaped extradition to Britain, and once for drunkenly driving in the wrong direction ten miles up a motorway. (Yes, his ministerial career survived the IRA celebrations, and no, he was not jailed for his motorway escapades.) This fine fellow is in the headlines because of his retirement package of ?250,000 tax free, plus an annual pension of ?75,000.
>
> McDaid is a member of Fianna Fail, a political tribe that has no equivalent in Britain – well, not since the Highland Clearances; and as the depravity and vainglory of clan-based Irish politics become more luridly evident, one can see that (without applauding Culloden and its aftermath) maybe Cumberland had a point. Fianna Fail’s culture has brought the Republic to the point of ruin unprecedented in Europe since the Weimar Republic defaulted on war reparations in 1930. The Irish government‘s borrowings were ?80 billion (as of last weekend: who knows today?), which is nearly ?25,000 for every man, woman and child in the state. But the government is frantically adding millions to that figure every week, in order to maintain outgoings on a public sector of which the grisly McDaid is merely the latest caricature.
>
> There’s much talk in Europe of a bailout of Ireland. I have no idea what this might mean, any more than a journalist in 1914 could have described Third Ypres: by the time you read this, it may well have happened. So be it. Let me deal with the reality as I write. There are two economies in Ireland: the private sector, which is still doing extraordinarily well – industrial output up 12 per cent in the past year, with Irish exports per capita nearly matching those of Germany. And then there is the tragedy of the public sector, an economic Chernobyl, endlessly spewing out toxic clouds of debt, and its adoptive cousin, the banking sector, which two years ago under the bank rescue scheme (obligatory under EU law) effectively became an arm of government.
>
> There are two cultural explanations for the folly that is Ireland. The first is the who-you-know politics that is key to Fianna Fail’s style of government. The second is the other survivor from the pre-modern age: a tradition of flaithiúlacht, which means ruinous generosity, especially with someone else’s money.
>
> As Irish finances plummeted a year ago, the Dublin government declared that it would reduce all public service pay. But a back-door deal struck secretly on Christmas Eve exempted senior civil servants from the pay cuts they had devised. Better still, the foremost civil servant who proposed this exemption then negotiated his own early retirement, McDaid-style: a five-year top-up to his pension, a tax-free golden handshake, and off into the sunset! Even after recent cuts, Ireland’s nurses are the fourth highest-paid in the developed world, and Irish teachers earn 33 per cent more than the developed world average. And best of all, every single member of the government, and of the senior civil service (who together have enabled Ireland to stare eyeball-to-eyeball with Chad), will retire with McDaidian pay-cheques and pensions.
>
> Ireland’s financial figures would only make sense to an autistic Chinese astrophysicist. Its annual budget deficit is 30 per cent of its GDP: that means, if every legal contract, every sale of a house or lollipop or newspaper, and every salary, were hit with an extra 30 per cent tax, and economic activity didn’t stop (which it would), only then could Ireland manage to meet this year’s budget shortfall, without touching its existing debts. As things stand, hundreds of thousands face ruin. Thousands of ‘ghost estates’, built with tax incentives and money borrowed from banks that the Irish taxpayer now owns, stand empty. A house worth ?300,000 two years ago would be lucky to fetch one third that now. In my formerly prosperous local town of Naas – with two boutique wine shops, two florists and six restaurants in 2008 – 40 per cent of the premises now lie empty. Best estimates are that house prices are set to return to their 2008 value only by 2020 – more likely, when Zimbabwe’s Mars probe returns home.
>
> Ireland’s unemployment now stands at 14 per cent, and without the departure of 200,000 Poles it would have been far higher. As it would without the culture of flaithiúlacht working through a toxically powerful trade union movement and protecting the public service to a ludicrous degree. For example, civil servants still get a half-hour paid leave every week to cash their nonexistent pay-cheques, even on holiday. The country is burdened by wasteful tribunals investigating now irrelevant historical events. One tribunal, which has been in existence for 13 years and has cost around ?50 million, met for only three days in 2008. One of its barristers nonetheless charged – and was paid – ?760,000 for that year.
>
> Flaithiúlacht means that Anglo-Irish Bank spent ?250,000 on lost golf balls for its clients (now being paid for by the lucky Irish taxpayer). The state-run Railway Procurement Agency spent ?6,500 on chocolates for the re-opening of a railway station, and many millions trying – but failing – to get integrated tickets between Dublin’s buses and trains. Three RPA officials flew first-class (not business) to Singapore (not Switzerland) to see how ticket-integrating works. Five nights at the Shangri-La hotel followed: total price for this junket, ?35,000. And still no fully integrated tickets.
>
> State projects in Ireland are not so much co-ordinated as allowed to run themselves: the flaithiúlacht school of business management. The Republic has just completed building 1,000 kilometres of motorway, with just one service station, just outside Dublin. You can travel the length of Ireland now without being able to buy any fuel or coffee, or use a loo. A tunnel beneath Dublin to its port was estimated at ?220 million: final price, nearly ?800 million. The cost of widening the orbital motorway around Dublin (no loos, no coffee, natch) went from ?190 million to ?560 million. Dublin has two new tramway systems that don’t meet, with incompatible rolling stocks: the cost of building these two systems soared from ?290 million to ?750 million. In 2005, the state-owned Dublin Airport announced a new ?200 terminal to be completed by 2009: it opens this month, one year late and five times over budget: cost, ?1.2 billion. Meanwhile, the existing terminal is only half full.
>
> Thus the iceberg; now the ‘lifeboat’ – Gerry Adams. Counting Bono (who is a truly Irish figure: full of flaithiúlacht with taxpayers’ money for Africa, and a legendary tax avoider at home), Adams is one of the three most famous Irishman in the world. The other is Ian Paisley, who is now Lord Bannside, God help us, and a respected peer of the realm. Yet all those years ago, when Paisley was a ranting sectarian bigot, he was actually speaking the truth. The Irish Republic was a relatively safe operational base for the IRA. Now it seems that the Irish people cannot be trusted to govern themselves without eagerly looking out for an iceberg, and then steering straight for it.
>
> That said, Fianna Fail will not look kindly upon the arrival of Gerry Adams in their political bailiwick. Despite all their talk of a united Ireland, they still regard Northern Ireland as ‘elsewhere’. So is Sinn Fein the National Socialist Party of Ireland’s Weimar? Not under Adams; he is too old and weary. But who knows what fledgling he has under his wing? Who knows what budding monster lurks among the higher numbers of Sinn Fein today?
>
> It’s said that Freud regarded the Irish as being immune to psychoanalysis. Well, that’s a shame, because the real issue is not Fianna Fail and its addiction to flaithiúlacht so much as why the Irish people repeatedly give that party the key to the drinks cabinet of government. It was Einstein who said that the definition of stupidity is doing the same thing over and over again, and each time expecting a different result; which pretty much describes the conduct of the Irish electorate. And now we have Ireland’s own mass-going Gerry Adams, offering his unique moral perspectives on the Republic’s problems. Which might seem rather like Hannibal Lecter giving Socratic advice to the Royle Family, but that would be a false comparison – for Ireland’s politicians and civil servants, with their guaranteed pensions, have already collared Ireland’s silverware. So, yes, Gerry Adams really does have a point.

The derivative problem

sent to me this morning

Thomas,

For the first time today I heard Pat Rabbit talk about the derivative problem and off-balance sheet items. He said that from his sources he believed there were no bonds left in the banks to default on because they had all been collateralized.

Exactly what we have been saying but if the banks go bust the “bonds” that have been “passed on” fall due and under the guarantee the Irish Government will be liable. I reckon that they are trying to bury the problem until all the pension funds have been rifled then we will be told that if we want the cash machines to function we had better sell all out state assets.

Comment:

We have gangsters negotiating with still even bigger gangsters in government buildings and you are right the derivative losses are well hidden or have been moved possible to Anglo-Irish- Bank

Cowen and Lenihan are about to commit their biggest act of treason selling out the Irish Republic to a bunch of financial vultures from Europe!

For the life of me I cannot understand why the opposition just don’t say to the IMF that they will not honour any agreement with the consent of the Irish people through a general election

I say again we the people cannot afford this 4 year plan we are not responsible for the gambling debts of the social elite and their political masters and we will not be held to honour such instruments of Treason

Taxing the poor will not wash with the Irish people any longer!

These are not our debts and we will not pay for their mistakes or Cowens and Lenihans incompetence!  

If you thought the bank bailout was bad, wait until the mortgage defaults hit home

The Irish Times – Monday, November 8, 2010

If you thought the bank bailout was bad, wait until the mortgage defaults hit home

THE BIG PICTURE: Ireland is effectively insolvent – the next crisis will be mass home mortgage default, writes MORGAN KELLY 

SAD NEWS just in from Our Lady of the Eurozone Hospital: After a sudden worsening in her condition, the Irish Patient, formerly known as the Irish Republic, has been moved into intensive care and put on artificial ventilation. While a hospital spokesman, Jean-Claude Trichet, tried to sound upbeat, there is no prospect that the Patient will recover. 

It will be remembered that, after a lengthy period of poverty following her acrimonious divorce from her English partner, in the 1990s Ireland succeeded in turning her life around, educating herself, and holding down a steady job. Although her increasingly riotous lifestyle over the last decade had raised some concerns, the Irish Patient’s fate was sealed by a botched emergency intervention on September 29th, 2008 followed by repeated misdiagnoses of the ensuing complications. 

With the Irish Patient now clinically dead, her grieving European relatives face the melancholy task of deciding when to remove her from life support, and how to deal with the extraordinary debts she ran up in the last months of her life . . . 

WHEN I wrote in The Irish Times last May showing how the bank guarantee would lead to national insolvency, I did not expect the financial collapse to be anywhere near as swift or as deep as has now occurred. During September, the Irish Republic quietly ceased to exist as an autonomous fiscal entity, and became a ward of the European Central Bank.

It is a testament to the cool and resolute handling of the crisis over the last six months by the Government and Central Bank that markets now put Irish sovereign debt in the same risk group as Ukraine and Pakistan, two notches above the junk level of Argentina, Greece and Venezuela.

September marked Ireland’s point of no return in the banking crisis. During that month, €55 billion of bank bonds (held mainly by UK, German, and French banks) matured and were repaid, mostly by borrowing from the European Central Bank.

Until September, Ireland had the legal option of terminating the bank guarantee on the grounds that three of the guaranteed banks had withheld material information about their solvency, in direct breach of the 1971 Central Bank Act. The way would then have been open to pass legislation along the lines of the UK’s Bank Resolution Regime, to turn the roughly €75 billion of outstanding bank debt into shares in those banks, and so end the banking crisis at a stroke.

With the €55 billion repaid, the possibility of resolving the bank crisis by sharing costs with the bondholders is now water under the bridge. Instead of the unpleasant showdown with the European Central Bank that a bank resolution would have entailed, everyone is a winner. Or everyone who matters, at least.

The German and French banks whose solvency is the overriding concern of the ECB get their money back. Senior Irish policymakers get to roll over and have their tummies tickled by their European overlords and be told what good sports they have been. And best of all, apart from some token departures of executives too old and rich to care less, the senior management of the banks that caused this crisis continue to enjoy their richly earned rewards. The only difficulty is that the Government’s open-ended commitment to cover the bank losses far exceeds the fiscal capacity of the Irish State.

The Government has admitted that Anglo is going to cost the taxpayer €29 to €34 billion. It has also invested €16 billion in the other banks, but expects to get some or all of that investment back eventually.

So, the taxpayer cost of the bailout is about €30 billion for Anglo and some fraction of €16 billion for the rest. Unfortunately, these numbers are not consistent with each other, and it only takes a second to see why.

Between them, AIB and Bank of Ireland had the same exposure to developers as Anglo and, to the extent that they were scrambling to catch up with Anglo, probably lent to even worse turkeys than it did. AIB and Bank of Ireland did start with more capital to absorb losses than Anglo, but also face substantial mortgage losses, which it does not. It follows that AIB and Bank of Ireland together will cost the taxpayer at least as much as Anglo.

Once we accept, as the Government does, that Anglo will cost the taxpayer about €30 billion, we must accept that AIB and Bank of Ireland will cost at least €30 billion extra.

In my article of last May, when I published my optimistic estimate of a €50 billion bailout bill, I posted a spreadsheet on the irisheconomy.ie website, giving my realistic estimates of taxpayer losses. My realistic estimate for Anglo was €34 billion, the same as the Government’s current estimate.

When you apply the same assumptions about lending losses to the other banks, you end up with a likely taxpayer bill of €16 billion for Bank of Ireland (deducting the €3 billion they have since received from investors) and €26 billion for AIB: nearly as bad as Anglo.

Indeed, the true scandal in Irish banking is not what happened at Anglo and Nationwide (which, as specialised development lenders, would have suffered horrific losses even had they not been run by crooks or morons) but the breakdown of governance at AIB that allowed it to pursue the same suicidal path.

Once again we are having to sit through the same dreary and mendacious charade with AIB that we endured with Anglo: “AIB only needs €3.5 billion, sorry we meant to say €6.5 billion, sorry . . .” and so on until it is fully nationalised next year, and the true extent of its folly revealed.

This €70 billion bill for the banks dwarfs the €15 billion in spending cuts now agonised over, and reduces the necessary cuts in Government spending to an exercise in futility. What is the point of rearranging the spending deckchairs, when the iceberg of bank losses is going to sink us anyway?

What is driving our bond yields to record levels is not the Government deficit, but the bank bailout. Without the banks, our national debt could be stabilised in four years at a level not much worse than where France, with its triple A rating in the bond markets, is now.

As a taxpayer, what does a bailout bill of €70 billion mean? It means that every cent of income tax that you pay for the next two to three years will go to repay Anglo’s losses, every cent for the following two years will go on AIB, and every cent for the next year and a half on the others. In other words, the Irish State is insolvent: its liabilities far exceed any realistic means of repaying them.

For a country or company, insolvency is the equivalent of death for a person, and is usually swiftly followed by the legal process of bankruptcy, the equivalent of a funeral.

Two things have delayed Ireland’s funeral. First, in anticipation of being booted out of bond markets, the Government built up a large pile of cash a few months ago, so that it can keep going until the New Year before it runs out of money. Although insolvent, Ireland is still liquid, for now.

Secondly, not wanting another Greek-style mess, the ECB has intervened to fund the Irish banks. Not only have Irish banks had to repay their maturing bonds, but they have been haemorrhaging funds in the inter-bank market, and the ECB has quietly stepped in with emergency funding to keep them going until it can make up its mind what to do.

Since September, a permanent team of ECB “observers” has taken up residence in the Department of Finance. Although of many nationalities, they are known there, dismayingly but inevitably, as “The Germans”.

So, thanks to the discreet intervention of the ECB, the first stage of the crisis has closed with a whimper rather than a bang. Developer loans sank the banks which, thanks to the bank guarantee, sank the Irish State, leaving it as a ward of the ECB.

The next act of the crisis will rehearse the same themes of bad loans and foreign debt, only this time as tragedy rather than farce. This time the bad loans will be mortgages, and the foreign creditor who cannot be repaid is the ECB. In consequence, the second act promises to be a good deal more traumatic than the first.

Where the first round of the banking crisis centred on a few dozen large developers, the next round will involve hundreds of thousands of families with mortgages. Between negotiated repayment reductions and defaults, at least 100,000 mortgages (one in eight) are already under water, and things have barely started.

Banks have been relying on two dams to block the torrent of defaults – house prices and social stigma – but both have started to crumble alarmingly.

People are going to extraordinary lengths – not paying other bills and borrowing heavily from their parents – to meet mortgage repayments, both out of fear of losing their homes and to avoid the stigma of admitting that they are broke. In a society like ours, where a person’s moral worth is judged – by themselves as much as by others – by the car they drive and the house they own, the idea of admitting that you cannot afford your mortgage is unspeakably shameful.

That will change. The perception growing among borrowers is that while they played by the rules, the banks certainly did not, cynically persuading them into mortgages that they had no hope of affording. Facing a choice between obligations to the banks and to their families – mortgage or food – growing numbers are choosing the latter.

In the last year, America has seen a rising number of “strategic defaults”. People choose to stop repaying their mortgages, realising they can live rent-free in their house for several years before eviction, and then rent a better house for less than the interest on their current mortgage. The prospect of being sued by banks is not credible – the State of Florida allows banks full recourse to the assets of delinquent borrowers just like here, but it has the highest default rate in the US – because there is no point pursuing someone who has no assets.

If one family defaults on its mortgage, they are pariahs: if 200,000 default they are a powerful political constituency. There is no shame in admitting that you too were mauled by the Celtic Tiger after being conned into taking out an unaffordable mortgage, when everyone around you is admitting the same.

The gathering mortgage crisis puts Ireland on the cusp of a social conflict on the scale of the Land War, but with one crucial difference. Whereas the Land War faced tenant farmers against a relative handful of mostly foreign landlords, the looming Mortgage War will pit recent house buyers against the majority of families who feel they worked hard and made sacrifices to pay off their mortgages, or else decided not to buy during the bubble, and who think those with mortgages should be made to pay them off. Any relief to struggling mortgage-holders will come not out of bank profits – there is no longer any such thing – but from the pockets of other taxpayers.

The other crumbling dam against mass mortgage default is house prices. House prices are driven by the size of mortgages that banks give out. That is why, even though Irish banks face long-run funding costs of at least 8 per cent (if they could find anyone to lend to them), they are still giving out mortgages at 5 per cent, to maintain an artificial floor on house prices. Without this trickle of new mortgages, prices would collapse and mass defaults ensue.

However, once Irish banks pass under direct ECB control next year, they will be forced to stop lending in order to shrink their balance sheets back to a level that can be funded from customer deposits. With no new mortgage lending, the housing market will be driven by cash transactions, and prices will collapse accordingly.

While the current priority of Irish banks is to conceal their mortgage losses, which requires them to go easy on borrowers, their new priority will be to get the ECB’s money back by whatever means necessary. The resulting wave of foreclosures will cause prices to collapse further.

Along with mass mortgage defaults, sorting out our bill with the ECB will define the second stage of the banking crisis. For now it is easier for the ECB to drip feed funding to the Irish State and banks rather than admit publicly that we are bankrupt, and trigger a crisis that could engulf other euro-zone states. Our economy is tiny, and it is easiest, for now, to kick the can up the road and see how things work out.

By next year Ireland will have run out of cash, and the terms of a formal bailout will have to be agreed. Our bill will be totted up and presented to us, along with terms for repayment. On these terms hangs our future as a nation. We can only hope that, in return for being such good sports about the whole bondholder business and repaying European banks whose idea of a sound investment was lending billions to Gleeson, Fitzpatrick and Fingleton, the Government can negotiate a low rate of interest.

With a sufficiently low interest rate on what we owe to Europe, a combination of economic growth and inflation will eventually erode away the debt, just as it did in the 1980s: we get to survive.

How low is sufficiently low? Economists have a simple rule to calculate this. If the interest rate on a country’s debt is lower than the sum of its growth rate and inflation rate, the ratio of debt to national income will shrink through time. After a massive credit bubble and with a shaky international economy, our growth prospects for the next decade are poor, and prices are likely to be static or falling. An interest rate beyond 2 per cent is likely to sink us.

This means that if we are forced to repay the ECB at the 5 per cent interest rate imposed on Greece, our debt will rise faster than our means of servicing it, and we will inevitably face a State bankruptcy that will destroy what few shreds of our international reputation still remain.

Why would the ECB impose such a punitive interest rate on us? The answer is that we are too small to matter: the ECB’s real concerns lie with Spain and Italy. Making an example of Ireland is an easy way to show that bailouts are not a soft option, and so frighten them into keeping their deficits under control.

Given the risk of national bankruptcy it entailed, what led the Government into this abject and unconditional surrender to the bank bondholders? I have been told that the Government’s reasoning runs as follows: “Europe will bail us out, just like they bailed out the Greeks. And does anyone expect the Greeks to repay?”

The fallacy of this reasoning is obvious. Despite a decade of Anglo-Fáil rule, with its mantra that there are no such things as duties, only entitlements, few Irish institutions have collapsed to the third-world levels of their Greek counterparts, least of all our tax system.

And unlike the Greeks, we lacked the tact and common sense to keep our grubby dealing to ourselves. Europeans had to endure a decade of Irish politicians strutting around and telling them how they needed to emulate our crony capitalism if they wanted to be as rich as we are. As far as other Europeans are concerned, the Irish Government is aiming to add injury to insult by getting their taxpayers to help the “Richest Nation in Europe” continue to enjoy its lavish lifestyle.

My stating the simple fact that the Government has driven Ireland over the brink of insolvency should not be taken as a tacit endorsement of the Opposition. The stark lesson of the last 30 years is that, while Fianna Fáil’s record of economic management has been decidedly mixed, that of the various Fine Gael coalitions has been uniformly dismal.

As ordinary people start to realise that this thing is not only happening, it is happening to them, we can see anxiety giving way to the first upwellings of an inchoate rage and despair that will transform Irish politics along the lines of the Tea Party in America. Within five years, both Civil War parties are likely to have been brushed aside by a hard right, anti-Europe, anti-Traveller party that, inconceivable as it now seems, will leave us nostalgic for the, usually, harmless buffoonery of Biffo, Inda, and their chums.

You have read enough articles by economists by now to know that it is customary at this stage for me to propose, in 30 words or fewer, a simple policy that will solve all our problems. Unfortunately, this is where I have to hold up my hands and confess that I have no solutions, simple or otherwise.

Ireland faced a painful choice between imposing a resolution on banks that were too big to save or becoming insolvent, and, for whatever reason, chose the latter. Sovereign nations get to make policy choices, and we are no longer a sovereign nation in any meaningful sense of that term.

From here on, for better or worse, we can only rely on the kindness of strangers.

Comment :

What can I say that I haven’t already said!

How Cowen and lenihan are still in place boggles the mind and I must conclude that the people around them are as guilty as they are!

 Retribution can’t come soon enough for them!

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