FAQ   Search   Memberlist   Usergroups   Register   Profile   Log in to check your private messages   Log in 
Audio: The Irish in Revolt
Goto page Previous  1, 2, 3, 4, 5 ... 37, 38, 39  Next
 
Post new topic   Reply to topic    The Next Level Forum Index -> General Discussion
  ::  Previous topic :: Next topic  
Author Message
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 1:59 pm    Post subject: Reply with quote

IRISH GOV TO PLEAD TO BE ALLOWED
TO STAY IN POWER FOR BUDGET
14:00EST

Irish prime minister Brian Cowan is about to plead on TV
to be allowed to bring in harsh budget cuts before an
election in Jan/Feb 2011.

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 2:05 pm    Post subject: Reply with quote

Quote:
Neil:

In yesterday's Sunday Business Post, Tom McGurk
nails a few more home truths.

1 The Erosion of Sovereignty since before the first Nice Treaty (2001)

2 Global pyramid-of-debt scheme emanating from Wall Street

3 EU's model of capitalism bankrupting Eastern Europe

4 Bail-out is of German and British banks, not Irish ones

5 Realpolitik of EU membership


He is getting more BFN day by day and so are a lot more Irish people...

Ancient Chinese proverb:

Stand by the bank of the river for long enough...
and you will eventually see the body of your enemy
.....come floating by.....


Wink

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 2:14 pm    Post subject: Reply with quote

Quote:
MichaelC:

The solution is so simple I am surprised so little is said about it: End ALL taxpayer financed bailouts for everyone and everything, esp banks. Let the incompetent and criminal fail, there will be pain for a while but people will quickly learn which banks are sound and which are not and the market will keep things humming efficiently. Alas, such a solution is probably never to be.

Yes, such a solution is never to be.
Thank God.

It's not a simple solution, it's a simplistic solution.

Sounds like a great way to implode the global economy in a tsunami
of unwinding derivatives, currency swaps and domino bankrupcies.

It's like blowing up a house while the people are living inside it.

We are going to have to dismantle this pyramid with care, brick by brick
--in the reverse order in which the NWO built it. With the goal of ending
the entire crony pseudo-capitalism structure.

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 2:26 pm    Post subject: Reply with quote

IRISH GOV. POLITBURO ADDRESSES NATION

Monday 14:30EST

On Irish TV, Premier, Brian Cowan --with the entire crew of Politburo
government goons standing behind him -- has told the nation that his
administration intends to publish a four year economic plan and to press
his government's Budget to a vote in two weeks time.

He then intends to call an election and face the public in Jan/Feb
for the inevitable electoral demolition the public will inflict on his
corrupt and inept government.

So a government which will hardly be in power for much more than
another four weeks, wants to hang a four year millstone around our
necks at the behest of their NWO buddies, and then just F**k Off into
the graveyard of political history.

No thanks. We'll have an election.

The the new Gov will negotiate with the EU and the IMF on a Budget.

And bondholder haircuts for T.B.T.Fail NWO
banks will be firmly on the agenda.

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Neil



Joined: 24 Aug 2006
Posts: 156
Location: Finland

PostPosted: Mon Nov 22, 2010 2:57 pm    Post subject: It's the Wall Street Boys... Reply with quote

Yep,

I was watching that press conference just now and I could almost see the puppet strings of the Wall Street boys hanging over these gombeens' heads. What a brass neck!

What kind of an opposition do we have if they help pass such a budget 'in the national interest'?

No, if you think the Irish People are angry with their government today, give it time and soon the Opposition Parties are gonna start feeling the heat too. The electorate is ready to avenge 13 years of nepotistic insider capitalism. Oh to be a fly on the wall when canvassing time comes.

I don't see this government surviving another 4 days. I'm waiting for that body to come floating down the river Fintan. Wink
All effort has to be put into getting an immediate election now.

This story is on the main evening news here in Finland; Government here is worried here about getting their money back.

Let's hope the new crew show some balls and listen to one voice of sanity-

Neil.

Quote:
There is a way out of this

21 November 2010 By David McWilliams

Travelling on the 11am Aircoach from Cork to Dublin, wi-fi working fine, hurtling down a new motorway, it’s difficult to imagine that the International Monetary Fund (IMF) is already here.

At a certain level, the place seems almost prosperous.

Granted, over the past year the type of person on the bus has changed, but apart from that, not much else screams ‘bankrupt country’.

Last year, the bus was full of students, immigrants and the elderly. Last Friday, there was a significant increase in the proportion of swankier commuters, many well-heeled types, with quite posh luggage, heading to Dublin Airport.

This proves the point that, in a recession, it’s not that the middle classes don’t go on holiday, it’s just that they take the bus and fly Ryanair. It also suggests that, for some people, austerity hasn’t begun to bite.
But it will be felt, and the IMF will make sure of that.

The question we need to ask is will they - the EU and the IMF - make things better or worse.

Let me paint a picture of how they could make things immeasurably better. In order for this to happen, we, the Irish people, must show our government that we support the option which applies the basic rules of capitalism in such away as to strengthen Ireland as fast as possible.

Again, the solution begins and ends with the banks and the nature of the bank bailout.

If the IMF/EU simply follow the course of action that the present shambolic government is pursuing, we are doomed.

That policy of paying every creditor in full is flawed and will lead to a further crisis down the road.

The only way out of this banking mess is to have a bank resolution or law passed which turns the existing creditors of the banks into shareholders, whether they like it or not.
At a stroke, the huge debts of banks disappear and are borne by the creditors - which they should be - and we start again.

The Irish taxpayer is no longer on the hook and we do what the US did in the savings and loans debacle in the early 1990s: we apply a market solution to a market problem.

This will not be pretty, but it will work.

Are we too far down the ‘pay all bondholders’ road to do this?

No, we are not; in fact, the arrival of the IMF makes a reversal of the financially suicidal policy easier.

Why might that be?

There are four reasons: one based on law, a second on the reality of the bond market, the third based in the reality of corporate finance and the fourth based on personal vanity and ambition.

First, we have no bank resolution law in Ireland, so we can do what we want from here. We could now pass a law that says the Irish approach to bank resolutions will be based on debt/equity swaps, where shareholders and subordinated debt holders take the first hit.
Anyone who knows anything about banks will know that the only things of value in a bank are core deposits.

The reason is very simple: core deposits are what makes a bank a bank.

And when all the fancy stuff is done, the only things a bank will buy from another bank are deposits, because deposits are the type of capital you want: steady, cheap and largely sticky.

A bank with a good deposit base has strong foundations.

This is why Anglo Irish Bank was a boiler house: it had little by way of a real deposit base, at least as we traditionally understand the term deposit.

So the resolution law protects depositors with an ECB-backed deposit insurance scheme.

Once the law is passed, expect some legal challenges, but as these challenges will be in Irish courts, it will be difficult for us to lose.

Creditors will then split into realistic creditors, who take the deal constituting the new reality and get on with the business of forward-looking capital, and rogue creditors, who will try to drag us to court threatening all sorts of sanctions.

Well, frankly, let them at it.

This will not matter after awhile.

The second reason we can do this under the umbrella of the IMF is that the IMF’s involvement here means we don’t have to go back to the bond market for at least three years. So it gives us time to sort out our house, without having to worry about bond traders determining our next move.

Don’t forget that the markets are not wise, they are bullies, and the way to stand up to a bully is to threaten him.
We threaten him with a new debt/ equity-based bank resolution law and he will be brought to heel.
In addition, after the debt/equity swap, the overall financial position of Ireland becomes immeasurably stronger.

Our balance sheet becomes much more attractive and the consequent risk of investing here diminishes.

This means that the bond yields will fall rapidly, not rise. The third reason that there might be a way out for us relates to corporate finance. Think about what is happening.

The IMF/EU are injecting fresh capital into Ireland. The rules of capitalism say that new capital always takes precedence over old capital.

This means that IMF money will be ‘senior’ to all the other money invested by anyone up to now. As a consequence, the process of dilution of old creditors is already under way.

So the ECB and the bondholders who are already in the game now realise that they are ‘junior’ to the new capital and this means in plain English that they won’t get their money back on the terms they originally thought they would.

Not pretty, but no one said lending to a bankrupt country would be pretty.

Finally, there is the issue of vanity and ambitions.

The president of the IMF is Dominique Strauss-Kahn and guess what job Domo wants next? Yes, you got it: he wants to be president of France.

Now wouldn’t it be great for Domo if he saved Ireland and in the process saved the euro with a sensible debt/equity deal which allowed Ireland to grow, penalised hedge funds in the subordinated debt market and made bondholders realise that there are risks in reckless lending?

By saving the euro and Spain from contagion, Dominique could appear to be what all French presidential hopefuls want to be: a great international statesman.

We could facilitate this for him, if only he’d see the wisdom of a large IMF and EU sponsored debt/equity swap.

The course of action outlined above is one way the humiliation of the IMF can be turned to our advantage. Can we do it?

Yes we can. But it can only be executed by people who have the interest of Ireland at heart, who can see clearly in the crisis and who understand that, in these negotiations, everyone needs away out. We need a way out, the EU needs away out, the ECB needs away out and the IMF needs a way out.
The above is one such way.

By the way, government ministers reading this, you can have the advice for free. It won’t cost you tens of millions in fees.

Yours, a concerned citizen

David McWilliams starts the Outsiders national tour in Kilkenny on Saturday and in Cork on Sunday.

www.davidmcwilliams.ie

http://www.sbpost.ie/post/pages/p/wholestory.aspx-qqqt=DAVID%20MACWILLAMS-qqqs=commentandanalysis-qqqsectionid=3-qqqc=5.2.0.0-qqqn=1-qqqx=1.asp

_________________
'Essayons de ne pas rire avant la fin d'Hamlet'-'Let us try not to laugh before the end of Hamlet'- Pierre Desproges.
Back to top
View user's profile Send private message
arkestra



Joined: 05 Feb 2007
Posts: 280
Location: The Forest.

PostPosted: Mon Nov 22, 2010 4:33 pm    Post subject: Reply with quote

Neil
Quote:
I was watching that press conference just now and I could almost see the puppet strings of the Wall Street boys hanging over these gombeens' heads. What a brass neck!


Me too, i found it astonishing to watch,
they seemed to reach new levels of hostility and belligerence,
comical almost, its incredible to think that finally this political
party is truly once and for all finished.
I mean its the end of Fianna Fail.

Its the end of a fascistic cronyism, gone and dead for good.
This is another blow for the NWO. big time.


Symbolically speaking its a great day.

But we aint out of the woods yet, the tweedle twats,
Labour and Fine Gael have no vision. The anger on facebook,
on the radio, in work, everywhere is monumental, The air is ELECTRIFYING here.

Ugliness ensues in a ahem 'peaceful? protest'



David Mcwilliams
Quote:
Don’t forget that the markets are not wise, they are bullies, and the way to stand up to a bully is to threaten him.
We threaten him with a new debt/ equity-based bank resolution law and he will be brought to heel.


By God that man talks some sense.

_________________
I can see through you.
Some people see you.
To me you're just see-thru
Back to top
View user's profile Send private message
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 5:36 pm    Post subject: Reply with quote

So who are the Politburo Goons who want to
give the bondholders listed by Robert above
the full 100% of their reckless lending back:

These idiots:


Quote:





http://bocktherobber.com/2010/03/irish-government-ministers-update


I mean do you notice the majority are former Teachers,
(or Arts Degree grads, and... Arrrrgh! Lawyers).

No Wonder We Were Fucked.

"We Know Best" Teacher Mentality.

Well SCHOOLS OUT Assholes!

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
arkestra



Joined: 05 Feb 2007
Posts: 280
Location: The Forest.

PostPosted: Mon Nov 22, 2010 5:46 pm    Post subject: Reply with quote

That is Hilarious Fintan. Laughing Laughing

They are so finished just like the catholic church

This country is sure
shaking the matrix off.
This is bigger than 1916.

_________________
I can see through you.
Some people see you.
To me you're just see-thru
Back to top
View user's profile Send private message
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 6:14 pm    Post subject: Reply with quote

And speaking of 1916.....

This is the Financial Times (no less!), predicting
the growth of nationalist Sinn Féin in the south.

Quote:
FT.com / Europe - Sinn Féin poised to benefit from Irish crisis

“many commentators believe the party is well positioned to exploit the
public anger at the financial meltdown.”

“The simmering discontent fuelled on Thursday by the sight of officials from
an EU-IMF technical mission entering the Department of Finance in Dublin
will potentially play to the advantage of Sinn Féin”

Sinn Féin would provide “a real alternative to the consensus for cuts
being pushed by the other parties”

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
arkestra



Joined: 05 Feb 2007
Posts: 280
Location: The Forest.

PostPosted: Mon Nov 22, 2010 6:32 pm    Post subject: Reply with quote

Fintan.
Quote:
This is the Financial Tiimes (no less!), predicting
the growth of nationalist Sinn Féin in the south.


Absolutely, expecially since Gerry Adams has declared he's
in the run. His seat is a given and may just be the catalyst
for Sinn Fein to get in the 10 to 20 percent range. If they
do that, makes it very difficult for the tweedle twats to keep
bending over to the EU. Its likely that a large percentage of
previous Fianna Fail voters will go for sinn fein, they sure as
hell wont vote for Fine Gael Smile

The ruling political class in Ireland is about to get a colossal
wrathful public ENEMA. Flush the fuckers out.

_________________
I can see through you.
Some people see you.
To me you're just see-thru
Back to top
View user's profile Send private message
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 6:39 pm    Post subject: Reply with quote

So if Sinn Fein makes the Irish people aware of this fact.

And by the way the full figure for oil/gas below
Irish waters is probably north of $1.5 Trillion!!

Quote:
GAS VALUED AT €420 BILLION OFF THE WEST COAST OF
IRELAND, WHILE FIANNA FÁIL SPEEDS US TOWARDS THE IMF


Oct 30th, 2010 by Conor McCabe

Just a quick post to highlight the Shell to Sea factsheet, that there is €420
billion worth of natural gas of the coast of Ireland
- all of which has been
given for free to Royal Dutch Shell, Statoil, Exxon Mobil.

    Ministers Ray Burke and Bertie Ahern changed Irish law in 1987 & 1992 so that multinational oil companies:
    own 100% of the oil and gas they find under Irish waters;
    • pay no royalties on it;
    • can write off 100% of their costs against tax, even costs incurred in other countries;
    • have profits taxed at 25%, compared to an international average of 68% for oil-producing countries;
    • can export the oil or gas outside Ireland;
    • can sell to Bord Gais at full market rates.


Green Party minister Eamon Ryan has continued to issue licences to
multinationals on these terms.

Now, call me old-fashioned, but I would have thought that the current
situation would constitute a game-changer as regards that deal.

Anyway, have a read of the Shell to Sea leaflet, and have a think about it
the next time someone tells you that the IMF is our only option.

This is just a short extract, the entire piece is linked below.

*The figures in detail

€420 billion is a lot of money. However, the true value of Ireland’s gas and oil is probably much higher. Our figure is based on the estimate, issued by the Department of Communications, Energy & Natural Resources (DCENR) in 2006, that the amount of gas and oil in the Rockall and Porcupine basins, off Ireland’s west coast, is 10 BBOE (billion barrels of oil equivalent). Based on the average price of a barrel of oil for 2009 of $60, this works out at $600 billion, or €420 billion. This does not take account of further oil and gas reserves off Ireland’s south coast. The total volume of oil and gas which rightfully belongs to Ireland could be significantly higher. The DCENR has also published much higher estimates at various times. Also, as the global price of oil and gas rises in the coming years, the value of these Irish natural resources will rise further.

http://www.dublinshelltosea.com/content/120000-all-facts-leaflet-being-distributed


Ok, so let's say a new Irish Gov scratches the Shell deal and
puts say a quarter of the oil/gas on the market with an offer
price guaranteed to attract the Chinese (!) and others.

We sell of 150 billion worth of the oil against future production.

Taking 100 billion for it in payments of 10 billion a year from China.

End of Crisis.

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Fintan
Site Admin


Joined: 18 Jan 2006
Posts: 8439

PostPosted: Mon Nov 22, 2010 7:06 pm    Post subject: Reply with quote

Quote:
IRISH BANKS AND THE GREAT HOUSING SCAM

Nov 22nd, 2010 by Conor McCabe



Best practise has house prices at 2.5 to 4 times the average industrial
wage. Once this ratio is broken, it’s reckoned that a bubble has formed.


And a bubble, as the online journal Truthout puts it, ‘occurs not when
people pay for real estate [housing] with money they don’t yet have—as
always happens, given the availability of credit—but when they pay with
money they will never have, out of wages they will never receive—out of
wages no one will ever receive.’

A bubble is dangerous not because it is based on credit, but because it is
based on credit at such a level that can never be repaid.

That is why mortgages have to be based on actual earnings, and not the
sleigh-of-hand fictions so beloved of mortgage brokers who are on a
commission.

In 1979, on the cusp of Ireland’s last major recession, the house
affordability ratio breached 5.0. In 1997, house prices once again
breached 5.0, and just kept on climbing.

In 2007, house prices were over 11 times the average industrial wage.

http://dublinopinion.com/2010/11/22/irish-banks-and-the-great-housing-scam/

_________________
Minds are like parachutes.
They only function when open.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Display posts from previous:   
Post new topic   Reply to topic    The Next Level Forum Index -> General Discussion All times are GMT - 5 Hours
Goto page Previous  1, 2, 3, 4, 5 ... 37, 38, 39  Next
Page 4 of 39

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group

Theme xand created by spleen.