Indeed there are questions about who exactly
Peter Shiff is lol - but that's another story.
Is suppose hes' a 'big name' crowd-puller for an such an event,
but he's just one of twenty+ speakers --many of whom are very
credible and well known thorns in the side of neo-liberal
Like Bill Black, Phillipe Legrain, Ha-Joon Chang, Constantin Gurdgiev,
Martín Lousteau -Argentina's Finance Minister, and Vilhjálmur Bjarnason
-who hounded the corrupt Icelandic banks.
What's newsworthy about this is not what these non-mainstream
economists are going to say at the event. We know there will be
revolutionary talk of burning the wealthy bondholders who have
so far escaped taxpayer's fate; also talk of burning the French
and German banks who lent Irish property firms and banks the
funds to fuel the Irish housing bubble. And talk of following the
example of Iceland and telling the whole NWO cartel to swivel.
Rather what's truly newsworthy is that the brilliant inspiration of
combining comedy and economics is the peak of an alternative people's
economic movement which has been gathering momentum in call-in's
to hundreds of talk radio debates and on internet discussion forums.
This alternative economics has now achieved enough critical
mass to be the tail wagging the dog. It's starting to influence
mainstream coverage --which can no longer ignore it.
Fuel isn't the problem, thanks ATM. It's getting out from under a
mountain of "shit that needs to be done." That's left me time only
for ongoing research and forum posts, but not audio. However,
in the last couple of weeks the chore storm has eased off and
I'm ready to get back to it.
All this shit is connected and my focus today is on the G20 meeting.
I've been waiting to see what nuances come out in reports of proceedings.
Just want to fully nail down exactly where things stand.....
All in preparation for a new audio in the next few days.
A status report on
the Global economic/political crisis;
and.... Everything. _________________ Minds are like parachutes.
They only function when open.
A soup kitchen during lunchtime in Dublin. Photograph: Kim Haughton for the Guardian
It didn't help that the Financial Times referred to Ireland as a place with an "end-of-the-world feeling" in one of its many gloomy pieces about the outlook for the country this week.
The fear in Ireland is palpable, and all the FT did was confirm to the public the bleakness that is infecting all parts of work and home life.
"People are at their wits' end," said David Hall, who has just set up a free legal aid scheme to help those facing repossession. "They don't know what to do," He has had hundreds of calls and emails from people seeking assistance since he set up his service 10 days ago.
It is this fear of a new wave of domestic debt sweeping the country that is the main cause for concern in everyday life.
Consumer confidence is down, spending is down and anyone who has money is keeping it on deposit – recent figures showed there is an estimated €100bn (£85bn) locked up in personal savings.
Emigration is at levels not seen since the recession of the 1980s and graduates have little choice but to leave.
Peter Casey, 26, who works at the Guinness group, Diageo, in Dublin, will wave goodbye to his girlfriend on Saturday. She is quitting for London to work at Urban Outfitters. Four of her group of eight college friends have already gone. "I have another 10 months on my contract here," Casey said, "but I would definitely consider leaving. I know we are the country's future but at the same time why should we stay and pay for someone else's mess?"
There is a widespread feeling that worse is to come.
Last week, one eminent academic, Morgan Kelly, warned a new wave of toxic debt was on the way, this time in the form of mortgage defaults.
Yesterday, nine economists joined him in an appeal for the introduction of debt forgiveness for ordinary householders, warning that there may be as many as 200,000 already in negative equity, with mortgage debts bigger than the value of their homes.
"The bursting of the boom has left tens of thousands with debts they will never be in a position to repay," they told the Irish Times. "Individual households in debt do not spend, they do not invest, they attempt to pay down debt and where they can, they hoard cash."
If their fears become reality, the economy will be just where finance minister Brian Lenihan said it would not be three months ago: in the "deep freeze".
One area synonymous with Ireland that is bearing the brunt of the cash freeze is the pub trade.
One publican, who asked not to be named, said business was now dead on Mondays, Tuesdays and Wednesdays. "Last Tuesday all I sold was a packet of cigarettes, that's how bad it is. I was lucky on Wednesday – if you could use that phrase – because there was a mass for a boy who had committed suicide in the church across the road. So we had about 30 lads in after the mass. But an hour later it was empty."
Gerry Mellett, who runs a rural pub in the village of Ardathan and who is president of the Vintners Federation Ireland, blames the government.
"We are in a very bad place as a country. It is a sad reflection on the inaction over the last two years by our politicians. We are all let down by our government – by Bertie [Aherne, former taoiseach], Cowen [Brian Cowen, the present taoiseach] and Neary [Patrick Neary, a former financial regulator]. We are going to pay a high price," he said.
Pubs and restaurants feel they are at the sharp end of the recession – people are not dining out midweek and are cautious with their money at the weekend. One restaurateur who runs a high-profile business in Dublin says that there is still a credit squeeze despite the recapitalisation [sic] of the banks.
"Before, if you wanted an overdraft, you could just make a call to the bank. Now you have to do due diligence before you're even considered. And even then it goes to a credit committee," he said.
"There is a feeling that people are just running out of money, that they are running on reserves. I think between now and Christmas it will be OK, because people will go out, but it's the last hurrah, and God knows what it will be like in January."
The country is braced for swingeing cutbacks in the December budget, with pensions possibly cut, social welfare elsewhere slashed and further cuts to the public sector. The number of people having their electricity cut off is on the rise and the stories of hardship are harrowing.
This week an inquest concluded that an elderly woman died in a house fire probably caused by a candle after her son-in-law cut off the electricity because he said he could not pay the bill.
But not everyone thinks a bailout would be a bad thing. "I think the IMF [International Monetary Fund] is absolutely a reality," said Peter Fitzpatrick, who runs a property management firm in Dublin. "The IMF came into Britain in 1972 and it didn't really affect them. People go bankrupt and they bounce back. Countries also go bankrupt and bounce back. It might be better for us to face it head-on that have a long, slow death."
Big business is also bursting to get a positive story out. Allergan, one of the many multinationals in Ireland, says people need a reality check. It is positive about the future and does not see the IMF as a big threat. [Ha!]
Managing director Pat O'Donnell said: "There is no positivity reflected in the news – comparing it to Armageddon as if we haven't been here before. I started work in 1980 and I remember 16% and 17% mortgage interest and an effective tax rate of 60%. We were getting fleeced."
He says Allergan is investing $25m (£16m) every year in the local plant in Westport, which is responsible for the world's entire supply of Botox. "Allergan is here because we have a good track record over the last 33 years. We have an educated workforce – 50% of staff have third-level qualifications and I know that if Allergan makes a new acquisition we would have a very strong chance of having it here in Westport."
O'Donnell is not asking for the IMF to sort Ireland out, but he believes it might achieve what the government has been afraid to do politically: impose bigger cuts in the public sector. "The downside would be the callous way it would be achieved.
There would be no debate. Just a matter of the bottom line."
G20 concern over Irish debt as bond yields pass 9%
THE RELENTLESS pressure on Irish sovereign bonds showed no sign of abating yesterday, as Irish bonds fell for a 13th consecutive day, pushing yields past 9 per cent, more than 650 basis points higher than the equivalent German bond.
Last night the rating agency Moody’s said it was awaiting the release of Ireland’s four-year fiscal plan later this month to decide whether to downgrade the country’s credit rating.
“We intend to conclude this review in the course of December,” a Moody’s spokesman said.
A possible rating downgrade could send Ireland’s debt spreads even higher.
Ireland’s public debt woes forced their way to the top of the agenda at the G20 meeting in Seoul when European Commission president José Manuel Barroso said the European Union was ready to bail Ireland out “in case of need”.
“In case of need, the EU is ready to support Ireland,” Mr Barroso said.
The meeting of the world’s biggest industrialised nations is looking at ways to boost the fragile global recovery in the aftermath of the 2008 financial meltdown, but Ireland’s plight has been a major talking point at the summit.
“We have all the necessary instruments in place now to support Ireland if necessary,” Mr Barroso said. “We are monitoring the situation in Ireland on a permanent basis.”
He added that the European Commission fully supported the Irish Government’s efforts to scale back the country’s deficit.
Minister for Finance Brian Lenihan yesterday said the rise in yields was due to continuing uncertainty surrounding European sovereign debt.
“The bond spreads are very serious and there is international concern throughout the euro zone about that,” he said.
Fears that Ireland would need a European bailout proliferated in international media reports yesterday, as bond yields moved ever-higher.
A research report from Goldman Sachs in London said that a bailout of Ireland through the European Financial Stability Facility would resolve market tension and would not lead to contagion. Such a move “may mark a resolution of ongoing European Monetary Union sovereign tensions”, it said.
As sovereign debt yields continued to rise, Irish banks became the target of selling yesterday, with the cost of insuring the bonds of Irish banks soaring.
Mr Lenihan said that as regards to the banks, “the governor [of the Central Bank] and the [Financial] Regulator are confident that they have identified the exposures in the system and recommended the best capital provision for them”. [Yeah, right.]
In London, Royal Bank of Scotland sank 2.7 per cent, to 41.02p, its lowest in four months, over concerns about the bank’s exposure to Irish debt.
The bank has £42 billion in loans to the Irish market primarily through Ulster Bank and holds approximately £4.2 billion of Irish government debt.
David McWilliams gives a no-bullshit version of
Ireland's financial issues. It's amazing how closely
the situation is a mirror of that created by the Fed
and Obama in the USA.
Government must cut deal
that gives the people hope
November 10, 2010 - by David McWilliams
...Painting the IMF as an occupying force, may well prove more in tune with the populace than the over-the-top welcome given to (European Commissioner for Economic and Financial Affairs) Olli Rehn by the Irish political elite — many of whom were directly party to the destruction of the country.
In fact, the elite’s al fresco sycophancy towards Rehn was a lesson in unrivalled post-colonial forelock tugging and it reveals what path the elite is likely to take in the next couple of months. That path can best be summed up by “what do we have to do for you to love us”.
The fact is that Rehn will not save Ireland. On the contrary, he will use the Irish people to save the German banks.
Let’s cut to the chase to see what is really going on here. Ireland’s banks owe German banks alone €127bn. Looked at from another perspective, the German banks are in the hole to Irish banks and developers to the tune of close to 90pc of Irish GNP. By rubberstamping the Irish elite’s bank bailout, the European Commission has saved the reckless German banks — who don’t deserve to be saved — and punished the ordinary Irish citizen, who doesn’t — in the main — deserve to be punished.
Rehn knows that the credibility of the euro rests in the Commission preventing a bank default or sovereign default in Ireland; but the choice facing the country now if we do nothing, is either we default eventually or, worse, we experience a slow run on the banks as the middle classes take their money out of the banking system because they simply do not trust the authorities any more.
Only by negotiating a restructuring of private debt can we avoid this eventuality. But it can be done.
The ‘bank crisis’ that lead to the guarantee being introduced is still rumbling on. Financial crises tend to come in waves. This first wave was a bank-funding crisis sparked when the German financiers panicked and refused to lend any more to the Irish banks. This turned into a debt crisis caused by developer loans going south. Now we have the third wave, the coming domestic mortgage crisis.
Let’s be clear, this is all one big crisis. As each domino falls, the desperation of our situation becomes more obvious. But once the first domino (the bank funding crisis) had fallen, there was no stopping the process. The guarantee was supposed to make this process easier. The endgame is always an unpleasant deal with creditors where they lose. We could have used the guarantee to do this, but we chose not to. Our elite chose to pay every cent to delinquent lenders.
The first wave of the crisis, the bank funding crisis, used up all of the Government’s reputation and credibility. The second wave, the large borrowers going bust, used up all of the Government’s money. The third part, the residential mortgage crisis, is going to use up what’s left. But the Government has no reputation left — they can’t offer another guarantee because it will not be credible. We all know they are broke, so they can’t offer a bailout.
So, what does that leave? There are, believe it or not, several options still open, even at this late stage. We can decide that the mortgage holders who are in trouble are being rightly “punished” for their sins. Last week, this column tried to make it clear why this ‘do nothing for the little people’ policy will lead us all into the mire.
By doing nothing, we will condemn our whole society to years of zero growth, depression (the psychological kind, as well as the economic kind) and mass emigration. The generation that the Irish State would be giving up on, reacts by giving up on Ireland.
All the while as the Government’s bankruptcy is laid bare, the middle classes with savings will panic and get their cash out of the country.
If we want to avoid a bank run we have to give some form of debt amnesty. It might be that the banks would have to write down the value of outstanding mortgages before they are defaulted on, rather than after. It could come through changes in the mortgage contracts so the mortgage becomes tied to the property rather than to the borrower. It could even come through changes in our bankruptcy laws so people who are in dire straits can draw a line under their past and have some chance of starting afresh.
Currently, none of the alternatives are being discussed. Yet it is clear that people are struggling with their debts and as time goes on, more will fall into the trap. The Government’s excuse for inaction is that writing down the value of mortgages will leave the banks in more trouble, and by extension, the Government.
This excuse might hold water, except for one thing. The write-downs are going to happen anyway. Whether the Government is willing to admit it or not, there will be mortgage defaults in Ireland. Ignoring the problem will not make it go away. Dealing with it is the only solution.
But won’t moving more debt on to the national balance sheet just make Ireland’s situation worse? Yes and no. True, government debt will grow bigger when it has to bail out the banks again to cover the mortgage losses, but it is important to remember that this debt already exists in the economy. We will just be moving it around a bit through some creative accountancy (and anyone who read the government press release last week on the promissory notes will know this Government is not afraid of a little creative accountancy).
Of course, this will put more pressure on our bonds, as government debt would rise again, but not if we did a deal with our creditors to restructure all our debt at the same time. The deal with mortgage holders would be paid for by a similar but more severe deal with the creditors.
The fact that the main creditor is now the ECB, actually makes renegotiation easier. What bit of “lender of last resort” does Mr Trichet not understand? In fact, what bit of “bank run” does he not understand?
There is a deal to be done which puts the Irish people first. It is not the deal that Rehn came here to do, but it is the only deal that will give the average Irish person hope. And if politics isn’t about hope in the future, what is it about?
There's been a hue and cry in the Anglo-American media
over the last month about Ireland's escalating bond rates.
As if Ireland needed to borrow money. Which it doesn't.
The country has enough hard cash on hand to fund itself up to July of
2011. And it has even more money in a Pension Reserve Fund. It could
fund itself until early 2012.
Something wrong with this picture? A technically-bankrupt, debtor nation
--with a pile of cash in the bank! Amazing but true. Y'see during all those
years of Celtic Tiger, the Irish State was salting billions away in it's
various rainy day funds.
That's analogous to the situation of a person who just got laid off from a
good job --and who now faces an income shortfall in making credit card
payments --but who nevertheless has about $150,000 in their personal
bank account. Ok, it's a bummer - but not a crisis for a while yet....
So the whole Ireland thing, just like the Greece crisis before,
is more a currency/bond play by financial market vultures.
Here's another angle.
As the saying goes: when you owe the bank $5,000 you have
a problem. When you owe the bank $5,000 Million --then it is
the BANK who has the problem.
Ireland has enough cash to tough it out while a broader market
solution emerges. The EU can't force Ireland to apply for loans
from the EFSF or the IMF. The EU can't pull the credit lines of
the Irish banks because it would undermine banks in Spain, in
Portugal and in Greece.
So the Irish can sit tight and and demand a sweetheart deal to come
in from their well-funded position. Or sit and watch the growing support
in many countries for debt haircuts which would relieve the pressure.
The EU may be preparing to allow some haircuts --even if this wrecks
the most diseased of their banks. For no other reason than that they
can take the balance sheet hit now in a way they couldn't in 2008.
Soon the international focus on troubled debtors will have broadened
to include concerns about the US Federal Gov. and US States.
So Ireland and Greece won't be such easy scapegoats any longer.
Fundamentally the EU can fund the borrowing requirements of
all it's poor performing peripheral countries. Fundamentally the EU is
avoiding the QE2-style inflation and currency destruction 'solution' --
which is no solution at all.
The EU is at least dealing with the stinking mess in the can.
The USA is kicking the can down the road.
In the longer term...........
you can guess how that works out.... _________________ Minds are like parachutes.
They only function when open.
When I first visited Dublin I went to the stock exchange and the options exchange looking for a job. I noticed that most of the traders were americans. They made it clear that they were sort of opening branches of the Chicago exchanges in Ireland.
What a turnoff that was for me, but it was perhaps a good illustration of the interconnection of the irish and usa markets.
I didn't get hired - they were looking only for people trading for proprietary accounts.
Posted: Mon Nov 15, 2010 11:40 am Post subject: Time to reclaim the land that is rightfully ours...
Another cracker yesterday from Tom McGurk Fintan -
Time to reclaim the land that is rightfully ours
14 November 2010 By Tom McGurk Sunday Business Post
Ireland invented the boycott during the land wars, and perhaps it is time to take this effective weapon of resistance down from the thatch to deal with repossessions and resales. Despite the spiralling economic crisis we are in, there was, last week, an epiphany at a small auction in Co Meath.
A 67-acre farm in Crossakiel, which had been repossessed by ACC bank, was up for sale. Despite a reasonable attendance by local farmers at the auction, there was only one derisory bid of €1.
There was, according to some present, ‘‘an atmosphere’’ in the room, and the auctioneer later told the Irish Times that ‘‘there was no question but that people weren’t bidding because it was being sold by the bank’’.
At one stage, one person present questioned whether the land was being sold with the goodwill of the owner - and was told that the bank had the authority to sell the land.
The owner of the land had reached this financial crisis after using the land to raise funds for a property development which then crashed. The farm remains unsold.
It is not difficult to imagine the historical ghosts which haunted that Meath auction room, and I make no excuse for returning yet again to the personal debt crisis that I have been writing about for some weeks now.
One result of this issue has been the emergence of the New Beginning organisation, a group of some 50 barristers, businesspeople and citizens who are prepared to give free legal support to those facing repossession. And three cheers for them.
The failed land sale in Meath is yet another sign that, if the banks think they can regain the high financial ground over the thousands to whom they over-loaned in a reckless fashion by repossessing land, they may have to think again.
This applies equally to the government, which scooped up so many million euro in stamp duty.
Given Ireland’s history, those silent farmers in the auction room in Co Meath last week would have had a far better sense of where all of this will lead than the men running our banks. If the banks and the political and financial establishment think that our current bank repossession methods and laws on debt and bankruptcy are adequate for the forthcoming crisis, they had better think again. Parallels with the land and eviction crisis of the 19th century are beginning to look pertinent, particularly when one considers that, by late next year, almost 20 per cent of Irish home ownership may be in negative equity.
At the outset of this crisis, most people didn’t really understand what had happened and were prepared to let the government get on with saving the banks since they were essential - so the government argued - to safeguarding our economic future. Well, we did that, but the economy is still in crisis.
As the months have passed, the government’s financial targets have been missed, the debt crisis has grown and the public mood has changed. The realisation that thousands of families in this country are so in debt to the banks, that their children and unborn children will be paying it off, is slowly sinking in.
The auction in Meath last week may prove to have been be a significant turning point.
There have been two recent significant interventions in this debate. Professor Morgan Kelly of UCD warned in an Irish Times article that we were headed to what he depicted as a new type of land war between those who could pay their mortgages and those who could not.
He summed up the public mood as follows: ‘‘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,” he wrote.
Last Thursday, a group of ten leading economists wrote to the Irish Times, arguing that some form of mortgage debt forgiveness was not only essential for our society, but also for the economy.
The group argued that, were mortgage debt forgiveness not introduced - and radical reform not introduced to our debt and bankruptcy laws - then our financial crisis would only deepen. At the core of their argument was the following assertion: ‘‘As there are three parties to the problem - the banks, the regulator (ie the state) and the individual - these three must also be part of the solution.”
With the government having insisted on a year’s grace for home repossessions by the banks, we are currently in some sort of unreal financial hiatus. It means that the full dimensions of the crisis to come are still hidden.
But late next year,when property and water taxes have been introduced - and when interest rates begin to rise, as they surely must - then the personal debt crisis has the potential to become the most serious crisis in the history of the state.
If the banks attempt a process of mass repossession next year, then they must be met by organised citizens’ action. Boycotting was invented in 19th century Ireland, and the time to use it again may be now. Like the Tea Party movement in the US, which was organised on the internet and through websites and social networking, people in Ireland now have the organisational resources in their living rooms to bring the full power of the boycott against bank repossessions and attempted resales.
Boycott.ie - when it is set up - should be the rallying point to help those facing eviction. It could lead to the organised boycott of anyone involved in the eviction and, most especially, the auction of repossessed property. In the forthcoming general election, independent candidates fighting the repossession crisis should be put up through Boycott.ie.
It seems that, in this crisis, everyone except the taxpayers and homeowners of Ireland were allowed to make up the rules as they went along.
Now is the time for the citizens of the Republic to take back control of their lives and their finances and, like the Meath farmers, bond together in an unbreakable moral crusade for justice.
Our great-grandfathers and great-grandmothers did this before, and we can do it again.
I notice he equates the current situation in Ireland to the Tea Party USA.
I've also been stressing that angle. It's the mood I'm sensing now.
It's not that Irish people buy in to the fiscal politics and conservatism of
the Tea Party. It's more that they like their 'Up Yours' attitude
to Big Governments, Bailouts and Bankers -versus- the Middle Class.
I get on well with Tom and he's previously intervened in my favor
with the Irish media elite over the way I was getting sidelined.
He's Ok. And he's got his finger on the pulse. _________________ Minds are like parachutes.
They only function when open.
Joined: 05 Feb 2007 Posts: 273 Location: The Forest.
Posted: Tue Nov 16, 2010 1:26 pm Post subject:
That Tom McGurk article cheered me up Thanks
You know ive been listening to three hours of radio discussion
a day for the last two yrs and in the last two months its been
reaching a crescendo of fear and anger and confusion. its terribly
unsettling. That McGurk article reminded me something id forgotten,
we are a compassionate people and we wont fuck over our poor or
punish our underclass for their perceived failures. Its not necessary
But this SELF PRESERVATION VIBE in all respects unnerves
me. Any movements arising out of all this in america and europe are
not a panacea by any respects and have to be recognised as nothing
more but a precursor to something more profound. A reform that will
kick the shit out of the current political system. Cos lets face it! political
parties are always gonna be political parties and do what they do best
eventually, LIE THRU THEIR FUCKING TEETH. And the demons
of this world love nothing more than to worm their way thru our system
as it is.
There are rumours and murmurings of a new party, but nothing solid
from what ive heard. Maybe Fintan has a bit of knowledge on that???
How about an interview with David McWilliams?? woudnt that be great.
I have such deep respect for the guy not jus for his consistentcy
on the truth of the economic situation but also as a broadcaster.
He use to chair a morning time debate show over ten years ago and
i was bown away by how balanced and egoless he was. He never goes
for that badgering bullying bullshit.
anyways a bit of light relief,
Celtic Tiger? nah Celtic Cup a soup!!!
Tweedle Tit & Tweedle Twat
'I have to get sick in my hands' - yep! know tha feeling _________________ I can see through you.
Some people see you.
To me you're just see-thru
Joined: 05 Feb 2007 Posts: 273 Location: The Forest.
Posted: Tue Nov 16, 2010 2:05 pm Post subject:
I miss the Punt and our mythical goddess Medhb
The currency of poets, dreamers and drinkers ha.
Its aesthetic value sure reigns over that
bureaucrats toilet paper the Euro, down
the JACKS it will go with your treatys too. _________________ I can see through you.
Some people see you.
To me you're just see-thru
That Tweedle Tit & Tweedle Twat video above.....
The UK Guardian is running a live blog on developments:
Ireland v the world:
Time for geo-political hardball
The world's gaze continues to be on Ireland for all the wrong reasons with
a make-or-break meeting tonight of European finance ministers.
It's a big day for Ireland and, as your comments yesterday show,
feelings are running high. It's not surprising. Ireland is at an historic
cross-roads and what happens over the next 48 hours will be critical...
That lead-in headline above speaks of geo-political hardball.
Yes, it's time for the Irish to play some hardball on the geo-political field.
But the hidden story is that this crisis is Geo-Political Hardball
pitting the money-printing US Fed -versus- EU taxpayers and
EU fiscal conservatives who won't print like the Fed.
(With supporting roles being played by Wall St.; Hedge Funds
private speculators; Austrian banking and media propaganda.)
The Fed is desperate to gain cover for it's QE2 printing orgy.
Because it stands to lose reserve currency value to the Euro.
So both financial and mass media hysteria has been deployed
to drive up Irish bond yields and try scare the Eurozone
into a bailout which would damage the Euro.
The Fed/Wall St. is also fighting German taxpayers whose firm
rejection of bailout economics has prompted German leader
Angela Merkel to begin speaking of haircuts for bondholders!
So far it's been taxpayers taking the big financial hits in the
US and Europe, but if this talk of bondholder haircuts spreads
it means implosion of NWO banking assets and loss of bond
income for pension funds and wealthy NWO investors.
The European Central bank is lined up on the side of the Fed
against taxpayers, but Merkel's CDU party is dancing to the
tune of it's voting taxpayers' frustration.
In the wings is China --which recently cozyed up to Greece and
Portugal and signaled it will defend Europe against Fed attacks.
Indeed the G19 (G20 minus USA) are united against the Fed.
Boy are there a lot of balls in the air over the next 24hrs.
This is BIG money, and BIG global stakes.
And Ireland... in the center of this geopolitical storm. _________________ Minds are like parachutes.
They only function when open.
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