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Posts tagged ‘World Bank’

Nobel economist Stiglitz: ‘I’m astonished at Irish ability to suck up austerity pain’

ANOBEL-winning economist Joseph Stiglitz has described the Irish ability to suck up the pain associated with austerity as ‘astonishing’.and he described our ability to deal with the pain without taking to the streets and rioting like our neighbours in southern Europe as akin to religious ideology.

“It’s like a view that you have sinned, Greece has sinned – redemption through pain. It’s almost a religious notion that if you sinned so badly, you have to feel the pain to get redemption,” he told RTE’s Morning Ireland in an interview.

He said the notion of taking billions out on economy in austerity budgets, as has happened here, was ‘totally absurd’ and that economists know it does not work.

“Why that was not understood by European leaders was beyond me.”

Columbia Uniiversity Professor Stiglitz has never been a fan of austerity and the former chief economist at the World Bank has voiced his views in the past but he said Ireland will recover…………………………

full article at source: http://www.independent.ie/business/irish/nobel-economist-stiglitz-im-astonished-at-irish-ability-to-suck-up-austerity-pain-29737373.html

Comment:

Mr Stiglitz,

Make no mistake the gangsters who brought this misery on our people, and the crooked politicians who sold us out will pay a heavy  price all in good time! We have long memories ,we are not all sheep here!

Karen Hudes World Bank Whistleblower

World Bank Whistle-blower: “Precious Metals To Serve As An Underpinning For Paper Currencies”

I had the opportunity yesterday to speak with one of the western world’s most courageous and astute women, Karen Hudes, Former Senior Counsel to the World Bank—now turned whistle-blower.

It was a powerful conversation, as Karen spent 20 years with the World Bank as an attorney and economist, before being “let-go” after reporting internal fraud and corruption.

During the interview Karen indicated that the world is rapidly changing, with western power structures breaking down, economic & political influence gravitating to BRICs nations, all amid a pending currency transition which will highly favor precious metals.

Starting out by discussing the shocking centralized power she witnessed while working at the World Bank, Karen explained that, “A study done by three [Swiss] systems analysts who used mathematical modeling [shows]……..

full article at source: http://bullmarketthinking.com/world-bank-whistle-blower-precious-metals-to-serve-as-an-underpinning-for-paper-currencies/

The Oligarchs Of The West Keep Churning Their Wheels But Only Manage To Get Deeper Into The Mud

By Benjamin Fulford

Last week 20,000 bureaucrats, journalists and government officials descended on Tokyo for a WB (World Bankrupt) and IMF (International Masturbation Fund) meeting and accomplished exactly nothing.

The meeting was a total waste of time because neither of these two Western controlled institutions are willing to hand over control to the people and countries of the world. As a result, the 180 or so countries that are kept out of the control room naturally refused to hand over any more money to these defunct, unlicensed institutions.

Although this writer was in Tokyo and even walked within a few hundred yards of the festivities, he did not bother to go because having attended many such meetings over the years, he knew this one was doomed to be a dud. The Chinese made their feelings clear by not sending anybody senior.

As usual, the real news was happening under the surface where a titanic battle against the old world order continues to rage. In one development in that battle, at least $1.3 billion that went missing from the Japanese AIJ pension………………………….

Full article at source:  http://shiftfrequency.com/

The World Bank is a great institution. We just need the right person to run it.

Dominant Social Theme: The World Bank is a great institution. We just need the right person to run it.

Free-Market Analysis: The World Bank is a part of a kind of “tag team” with the International Monetary Fund. The World Bank lends money to dictators and sundry thugs and then when these unsavory individuals abscond, the IMF is hauled in to make the people pay.

The process enriches Western corporations and ultimately creates more control for the Western power elite that has constructed the globalist echelon to begin with. The UN, the World Bank, the IMF, the International Criminal Court and many other internationalist entities are hopelessly corrupt and evidently were designed to be so.

Every part of the globalist government-in-waiting deals with other governments, and all the corruption this entails. The entire elitist mechanism is focused on providing a variety of bureaucrats with fiat money-from-nothing in order to first distort developing world economies and then collapse them.

This basic mechanism has been documented endlessly by the Internet’s alternative media, and choosing an African to run the World Bank won’t change an iota of the larger corrupt system.

That doesn’t stop the Economist, a leading mouthpiece of the power elite, from making the case that by switching the titular head from a Western person to an African person will somehow make a difference in what the World Bank is and what it was intended to be. Here’s more from the article:

The World Bank is the world’s premier development institution. Its boss needs experience in government, in economics and in finance (it is a bank, after all). He or she should have a broad record in development, too. Ms Okonjo-Iweala has all these attributes … She has not broken Nigeria’s culture of corruption—an Augean task—but she has sobered up its public finances and injected a measure of transparency. She led the Paris Club negotiations to reschedule her country’s debt and earned rave reviews as managing director of the World Bank in 2007-11. Hers is the CV of a formidable public economist …

Ms Okonjo-Iweala is an orthodox economist, which many will hold against her. But if there is one thing the world has discovered about poverty reduction in the past 15 years, it is that development is not something rich countries do to poor ones. It is something poor countries manage for themselves, mainly by the sort of policies that Ms Okonjo-Iweala has pursued with some success in Nigeria.

full article at source: http://www.thedailybell.com/3752/The-World-Bank-Is-Hopeless-and-Changing-Leaders-Wont-Help

AT THE EDGE OF THE ABYSS

By: Gary_North

The challenge for the Group   of 20 talks in Washington on Thursday and Friday is to prevent a sovereign debt   crisis centered in Greece from turning into a full-blown banking crisis. Such a   crisis could engulf other indebted European countries, lead to messy defaults   and plunge the region and world back into economic and financial   turmoil. “We have entered a   dangerous new phase of the crisis,” said Christine Lagarde, managing director of   the International Monetary Fund, last Thursday. “To navigate it, we need strong   political will across the world – leadership over brinkmanship.”World Bank President Robert   Zoellick a day earlier said: “The time for muddling through is over.” There is still some vague   hope that the G-20 can come up with a permanent solution. There is hope that   this crisis will calm.But how? There is no   agreement on which countries will give how much to Greece. Then there are   Portugal and Italy on the sidelines.

Investors are pulling money   out of French banks, which have over €670 billion in PIIGS bonds on their   books.

full article at source here: http://www.marketoracle.co.uk/Article30544.html

comment:

Well the proverbial can is now so badly battered by been kicked down the road so many times it has lost its lustier and the effort required to kick it still further down the road is not worth it! At some stage the ECB must face reality it is costing just too much to keep propping up Greece and the rest of the PIGGS. The markets are looking for a settlement once and for all and putting more austerity on these countries is only going to
cause more downward pressure in the already battered economies .The ECB must
find a way to access fresh capital and on a long term bases and I believe euro
bonds are perhaps the only game the world markets will accept now. The political
cost of this will be a federal government of a political and economic unified Europe.
But is this what the peoples of Europe want I doubt it very much!

China Blasts U.S. Debt Problems, Urges New Global Reserve Currency

By the daily Bell

China on Saturday condemned the “short-sighted” political wrangling in the United States over its debt problems and said the world needed a new global stable reserve currency. “China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets,” China’s official news agency said in a commentary. “International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” it said. – Reuters

Dominant Social Theme: It’s time to let Christine Lagarde and the other “wise leaders” at the IMF run the world’s money.

Free-Market Analysis: Well, this certainly comes as no surprise. We have been ringing the bell on this one for a while now. In fact, we ran a staff report back in March 2009, titled China Wants IMF to Manage New One-World Currency. The essence of what we said in that article, as well as many others dealing with Money Power’s insatiable desire to fasten a global currency yoke on the entire world’s population, is that out of the fiat-manufactured chaos we have today, it is likely that global order will be promoted as the cure to all our monetary ills. The IMF, a globalist organization to be sure, along with the World Bank, will be marketed by the establishment politicians, NGO think tanks and mainstream media outlets as the only logical way to alleviate the markets of their instability and overall confusion. The eurozone experiment alone should be enough of a wakeup call – for anyone that cares to see – that stitching together a bunch of systemically bankrupt nations’ fiat currencies does nothing to alleviate the rot inherent in the design and nature of the money-stuff system itself. We truly hope the world escapes from the grasp of the globalists’ fiat-fangs and that this plan of unification does not become a reality. What the world needs, in our opinion, are private currencies competing in a free-marketplace where governments have no involvement in either the issuance of currency or its management. Let the market decide what to use as money and keep the State and unelected global government agencies out of it.

source: http://www.thedailybell.com/2771/Daily-Bell-Briefs-China-IMF-World-Currency-US-Debt-Downgraded-ECB-Intervention

Comment:

 

Allowing Lagarde  of the IMF and her bad run a world currency is
definitely not the answer to the world’s financial problems .Things are bad but
we are not fools ,just look at the mess Europe is in ,all we will be doing is
allowing a new super select group of untouchables dictate to the world terms
that suite the super rich and well connected and we have enough of this in Ireland
.These are the same people that are telling us Austerity is the answer and at
the same time they tell us we need to grow our economies .But their imposed
austerity measures are in fact squeezing every drop of available credit out of
the economy and without credit for small business to restock and upgrade we
might as well whistle dixi for our food on the table !If Austerity worked all
the poor countries would be in the middle of boom times .No a world currency on
these people’s terms is the road to eternal financial slavery. No Thanks !

 

IMF = International Mafia Fund

Afghan Desperation of IMF Elites (The Daily Bell)

Monday, June 20, 2011 – by Staff Report

 

How the IMF might save Afghanistan from its leaders … The International Monetary Fund used to be hated, blamed for the privatisation programmes it imposed across the world in exchange for loans. Then it spent a decade in relative obscurity. Now, as countries like Greece are forced to beg for loans, the Bretton Woods institution has again become a popular bogeyman. Every Greek protester thinks that all would be well if only their government… told the IMF where to go. – UK Spectator/Daniel Korski

Dominant Social Theme: War has not civilized these Afghan tribes; maybe the IMF can.

Free-Market Analysis: This article in the British neo-con Spectator magazine caught our eye because it made the case that the IMF could do the job that a million-man Western army had not been able to do – “civilize” the Afghan Pashtuns by building up a Western-style state around them. Ironically, we had no idea who the author was. When we searched the web to find out the background of Daniel Korski, we came up with this from a bio posted at the European Council on Foreign Relations:

Daniel Korski joined the European Council on Foreign Relations as a Senior Policy Fellow in October 2007. Previously, he was a Senior Adviser in the U.S State Department, a position he was seconded to by the British Government. He spent the first quarter of 2007 in Basra in southern Iraq as Head of the UK/US Provincial Reconstruction Team (PRT). Prior to his US posting, Daniel was the Deputy Head of the UK’s Post-Conflict Reconstruction Unit (PCRU), an inter-departmental organization set-up up by the Ministry of Defense, the Foreign Office and Department for International Development. Daniel has also worked in Afghanistan as a Policy Adviser to the Minister for Counter-Narcotics. He remains a Special Adviser to the U.S Project on National Security Reform.

Though we could not find his full bio on the Spectator site itself, the European Council on Foreign Relations explains that he blogs for Spectator, so we are fairly sure that this bio provides us with his background. It is a truly remarkable article, presenting the idea of the IMF and the current baking environment as the ultimate civilizing influences.

How does he arrive at such a startling conclusion? He explains that the IMF, which he calls hard-nosed and unsentimental, provides exactly what is needed to “save governments from themselves.” In making this statement, he avoids mentioning the World Bank that does a good job of providing these countries with the loans that the IMF later has to ameliorate

see full article at source here :http://www.thedailybell.com/2517/Afghan-Desperation-of-IMF-Elites

IMF: Names keep on rolling in

Monday, May 30, 2011 –
 by Staff Report from the Daily Bell
 

Christine Lagarde

Why Christine Lagarde should never be head of the IMF … Christine Lagarde is in poll position. Having put her name forward last week, the silver-haired French finance minister may well become the new managing director of the International Monetary Fund (IMF). Lagarde has, with a depressing inevitability, secured the backing of most European countries. The UK was among the first to endorse her. There are rumours the mighty US could soon throw its weight behind Lagarde – making her bid a fait accompli. Europe seems determined to retain its prerogative of appointing the boss of the world’s most important financial watchdog. Throughout the IMF’s 65-year history, all 11 bosses have been from Western Europe. In return for allowing this stitch-up, America has traditionally provided the IMF deputy, while securing the top spot at the World Bank. – UK Telegraph

Dominant Social Theme: At this most critical time, this Western powers are about to make a critical mistake regarding this critical facility!

Free-Market Analysis: There seems to be emerging consensus in the constitutionally suspicious alternative Internet press that Dominique Strauss-Kahn was “stung” for any one of a variety of reasons. It was not rape, therefore, that brought him down but his effectiveness in dealing with the EU’s economic crisis.

Alternatively, we have read, his arrest provided a distraction from the real and serious failures surrounding the great powers ability to deal with the unfolding crisis.

Finally, there is the idea that DSK wanted to continue to rejigger the voting mechanisms of the IMF. The US currently holds 17 percent of the votes in the IMF and IMF bylaws demand a majority of 85 percent for any substantial moves or changes in policy. Thus, the IMF is the US’s creation and is beholden to it.

Anyway, we’ve stayed away from speculating. We don’t seen any specific promotional value in what happened to DSK, other than to reinforce the meme that American justice is absolutely pure and non-discriminatory. But that’s a pretty small, sub dominant meme, not one that would seem especially worth reinforcing at this point in time.

While we are not tempted to join the fray regarding DSK conspiracy theories, we have presented on several occasions the one powerful dominant social theme that has predictably emerged from the affair, which is that the IMF is an incredibly important institution and that its leaders are really, really, really important people.

In fact, if there were no IMF and no leadership it is likely – so we are informed – that the world’s economies would probably collapse sooner rather than later. You can see our previous articles on the topic here:

www.thedailybell.com/2368/Perfecting-the-IMF.html

www.thedailybell.com/2307/Arrest-of-IMFs-Most-Magnificent-Man-Seen-as-Ending-the-World.html

We recently analyzed the memes in an article by Joseph Stiglitz on this topic, entitled, “The IMF cannot afford to make a mistake with Strauss-Kahn’s successor.” Now the UK Telegraph has issued yet another jeremiad on the importance of the IMF from columnist Liam Halligan. This focuses on the meme of IMF-as-most-important-institution-ever.

The institution he writes, “needs to reflect the extent to which the world has changed since it was launched from the ashes of the Second World War.” Why? Because the markets could soon face another “Lehman moment.” Lehman Brothers is widely held to have destabilized global markets in 2008.

From this (fallacious in our view) perspective, Halligan goes on to argue that it would be a “historic” mistake to appoint a European to head the IMF, especially given that non-Western countries compose most of the world’s population now, some 80 percent. He cites other statistics too: The world’s markets produce half the GDP and out-trade the West. They hold most of the world’s currency reserves and are not mired in debt.

The IMF, he concludes, needs a leader from the developing world, a world that has arranged its finances better than the Western world. The West does not have a moral argument to make regarding IMF leadership. The mess it has made collectively of its finances has removed its credibility and “moral authority.”

Halligan is also upset over the idea that the new leader of the IMF might be what he calls a “politician.” Halligan claims the IMF “works properly” when it is taking an adversarial role and “banging political heads.” The IMF must be seen as “tough – even unreasonably tough … an IMF that colludes with the political classes isn’t enacting reform. It is simply helping the politicians bury their mistakes and kick any problems into the long grass where they will fester.” Here’s some more from the article:

The IMF should be respected – even feared. It is for the politicians to stand up and face the political music – explaining to their electorates why harsh actions are needed and why nations can’t go on living beyond their means. Perhaps the most dangerous type of politician to run the Fund is a politician still hankering after high office. Strauss-Kahn, of course, was using the post and the influence it bestowed over trillions of dollars of bail-out cash, as a platform for a French presidential bid. As such, he turned the IMF into a soft-credit society for the eurozone’s periphery nations, holding the single-currency together for the benefit of his Franco-German friends.

Strauss-Kahn’s continued insistence on “just one more bail-out”, rather than forcing Greece, Portugal and the rest to face up to genuine debt-restructuring, also made sure that the losses stayed with plebian taxpayers, rather than being shifted on to Europe’s banks. He could have called in the favour, no doubt, when the need came to finance his campaign for the ultimate prize. It was not to be for Strauss-Kahn, of course. But what is to stop Lagarde following the same route? …

Running the IMF, now more than ever, requires economic expertise, massive intellectual authority and a willingness to be deeply unpopular – particularly, if you are a European, on your home turf. The emerging economies need to stop moaning, put their differences aside, and set their combined authority behind a world-class economic policy-maker to run the IMF. Such nations should be doing everything in their power to wrestle control of this pivotal institution from a Western political elite that is not only intellectually inadequate, but which seems determined to compound the world’s economic problems …

Halligan is convinced that Lagarde has her own unfortunate political ambitions. As we can see from the above excerpt, he seeks a person of “massive intellectual authority” – and believes that person can only be found in the developing world.

We wonder exactly why somebody of massive intellectual authority would want to run the IMF in the first place. Anyone with massive intellectual authority would realize that the IMF is a dysfunctional organization that was constructed to increase Western dominance over the developing world, not to “help” countries recover from excessive debt.

The IMF is part of a fiscal and monetary tag team with the World Bank. The World Bank encourages dysfunctional, developing-world leaders to borrow more than their countries can withstand. Once the money has been wasted or spirited away, the country is effectively broke and the big western banks call for the IMF to step in.

The IMF’s solutions are always the same. They tend to crush the middle class by reducing public subsidies and hiking taxes. Then they put tremendous pressure on remaining government officials to sell off a country’s prime assets under the pretext that these are assets that need to be privatized. In truth these are mostly monopoly assets, like water and electrical facilities – and thus even privatization does not remove the monopoly status. One has just transferred a public monopoly into private hands. The profits are tremendous.

It is hard to avoid the conclusion (we won’t) that the EU acted as the World Bank when it came to Europe’s PIGS. These southern countries were given tremendous amounts of cash to supposedly make them financially healthy – or healthy enough to join the EU. But in addition to outright grants were numerous huge loans that were presented to all these countries during the faux-boom of the 2002-2007, many no doubt with EU cooperation. Now that the bill has come due, the EU is cynically calling on the IMF to ensure these countries make their payments.

Why isn’t it working this time? Why have the protests only become stronger and deeper, threatening to tear apart the entire EU? We’ve presented the idea that the Internet itself has helped mobilize people in a way that Western elites were not expecting. Instead of crushing European middle classes and strengthening the EU, Eurocrats are discovering they may fundamentally weakened it and the euro besides.

The IMF, of course was supposed to play an integral role in this slaughter of the PIGS. The IMF is always involved in such pillaging. Of course, Anglosphere elites would much rather have the developing countries clamoring to “get in” than ignoring such institutions or seeking to remove themselves. This may yet happen however if the US continues to insist on its 17 percent control of the IMF.

Conclusion: Times are changing substantially, as are the attitudes of developing countries. The control that Western elites expected to exercise over these institutions is coming increasingly into question. Ironically, if the West does give up control and allow these institutions to play their putative role, they will become fairly useless to their creators. They will also be seen, increasingly, as they ineffective entities they actually are. For this reason, the US is not likely to cede any part of its 17 percent. Lagarde may get her dream post, but she may soon come to regret it.

Source: http://www.thedailybell.com/2416/IMF-Memes-Roll-On.html

Comment:

 According to Shane Ross all year the lady has been tormenting us. And all week we have been love bombing her.

Christine Lagarde, French Finance Minister and no friend of Ireland, has become the darling of our Cabinet.

The love-in began in Brussels on Monday when minister of state Lucinda Creighton launched the whirlwind courtship. “I would anticipate,” enthused the lively Lucinda, “that we would be very well disposed to her candidature.” Christine had been testing the waters for her campaign to succeed Dominique Strauss-Kahn as IMF boss.

Eyebrows were raised at Lucinda’s enthusiasm; but it was probably just Lucinda showing a little sisterly solidarity. Lining up behind Christine after all the grief she has given Ireland in recent months was hardly government policy.

Not until Tuesday, anyway. When Tanaiste and Foreign Affairs Minister Eamon Gilmore headed for the Elysee Palace. Eamon was greeted by no less a person than French foreign minister, Alain Juppe.

Eamon emerged from the meeting cooing like a love bird. Suddenly (according to the Tanaiste) France was “showing greater understanding of Ireland’s position on corporation tax and the interest on our EU/IMF bailout”. He even promised to support the lovely Christine if she just happened to put her name forward for the vacancy at the IMF. Lo and behold, within 24 hours her hat was in the ring.

A pity Eamon did not tell the Taoiseach that he had committed the Cabinet to Christine. A few hours later Enda Kenny told the Dail that the matter had not yet been decided at the top level.

But an agenda was emerging: Ireland was shaping up to back Christine, the nation’s tax tormentor.

On Wednesday, the courtship was consummated. Our own Finance Minister, Michael Noonan, was granted an audience in Paris with the French phenomenon. He was given a full 30 minutes. The meeting was flagged as yet another turning point in our bid for a lower interest rate on the bailout terms. It was widely assumed that the pair were cooking up a deal, that we were cannily trading support for Christine’s IMF ambitions in exchange for a less penal interest rate on our loans.

The cameras were called in to record the meeting. Michael was filmed by RTE greeting the elegant Christine with what Irish Times journalist Mary Minihan described as “an awkward continental kiss”.

Body language suggested Michael was not enjoying one of the few remaining perks of the Irish Finance Minister: you get to kiss the cheek of your French tax tormentor, deferentially of course.

The consummation proved a damp squib for Ireland. Michael’s spinners issued a po-faced press release, lacking in credibility. The statement explained that it was a “coincidence that she was a candidate for the IMF”. No progress was reported on the interest rate.

Michael enthused about Christine’s suitability for the IMF gig. His spinners insisted that the vacancy should not be decided on geographic region, but on quality. Christine was the quality candidate. Our Finance Minister, fresh from his date with Christine, was peddling the lady’s line that her European pedigree was irrelevant. Quite a contrast with the Taoiseach and Lucinda’s assertions that they preferred a European.

The routes might have been different, but all roads led to Christine. All the ministers were on message, even if the reasons given for their decision were contradictory.

The Government quartet probably got their wires crossed in their stampede to endorse Christine. Enda wanted her because she is a European. Michael wants her because she is a wonderwoman. His account of the meeting gushed on about her, dubbing Christine as an “excellent candidate, very capable, who not only fulfils the qualities that we would require in the job, but would be in a position that would assist us to meet the requirements of our programme”.

Michael even told the media that Lagarde has a “strong appreciation” of the Irish position on corporate tax.

She can stuff her appreciation. We needed a concession. None came.

Indeed she has never shown any sign of “appreciation” before she became interested in the IMF job. Until last week, she was the mouthpiece of Nicolas Sarkozy — the most implacable enemy of our corporate tax rate living on the planet.

Irish Government sources are spinning that the hawkish Christine is a secret sympathiser with our corporate tax regime. She is apparently a covert dove, wishing to aid our efforts to reduce our crippling interest rate on the EU/IMF loan. Once she is in New York in Dominique’s old job, she will be free of the shackles of Sarkozy and will emerge as a champion of our cause. So say the spinners.

There is not a shred of evidence on the public record to suggest that she will change her spots. The French president is hardly aware of it. Noble Nicolas was lobbying frantically for Christine at the G8 summit in Deauville on Thursday.

If Christine is really a friendly sleeper batting for Ireland, surely we should try to keep her locked in the Elysee Palace, constantly at Sarkozy’s side moderating his militant exploitation of our difficulties? Remember the words of Hilaire Belloc: “Always keep a hold of nurse for fear of finding something worse.”

If Christine escapes across the Atlantic, far away from the grip of Nicolas, perhaps he will install an even more hardline finance minister?

The charade of Ireland cheering for Christine hardly adds up. So why are we leading the charge?

Part of the reason could be that both Michael and his predecessor, Brian Lenihan, have both succumbed to the legendary charms of the French femme fatale: but even in the overwhelmingly male world of European finance ministers, human frailties cannot provide a full explanation.

The root cause is more alarming. We have pawned the nation’s future in the hands of Europe’s bully boys. At the beginning of the week, as Christine’s campaign gained momentum, we were terrified of being seen as reluctant supporters. We are now too deep in the European manure to pull out.

So we began to bandwagon. There was no point in alienating Christine if she was a certain winner.

What a craven piece of diplomacy. Yet it is part of a pattern. Both recent Irish governments have refused to stand up to ECB boss Jean-Claude Trichet, German Chancellor Angela Merkel, French President Sarkozy and their banker friends. We have bowed the knee to their diktats on sparing the bondholders; we have refused to default; we have begged them in vain to reduce their penal interest rates; we have become their puppets.

In return for our acquiescence we are the victims of German and French ingratitude, fending off demands that we face final ruin by giving up our last lifeline — our 12.5 per cent corporate tax. Charming Christine has been in the vanguard of our European “friends” determined to kick us with her stiletto when we were on the canvass.

Instead of accepting our humiliation we should have kept our own counsel. Michael should have indulged himself in his well-practised brooding mood. We could have seized the high ground, pointing out that there are several other good candidates; that Europe hardly speaks with one voice as the big powers decide the fate of the smaller ones; that the policies of Christine are not those of Ireland.

Even more credibly, we could have offered a highly convincing reason for a delay. On June 10 a French court will rule on whether to investigate fragrant Christine over a very serious €240m arbitration settlement with Bernard Tapie, a convicted ex-minister who backed Nicolas Sarkozy.

Our haste to endorse Madame Lagarde, despite this cloud hanging over her candidacy, underlines our desperation.

It never pays to love bomb your tormentor.

source :http://www.independent.ie/opinion/columnists/shane-ross/shane-ross-sarkys-lady-wows-noonan-2660646.html

The Queen of England is gone back to England so you can get up off your knees Lads and we don’t need a new Queen imposed on us by the IMF or the EU .

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