D McWilliams new article goes at the mechanics regarding sovereign debt. An excellent read in explaining the machinations behind the current news stories on Greece and Ireland and nation debt management.
Comments from posters brilliant background analysis and links alongside.
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David covers in detail the actual math behind the story relating to the debt the authorities are moving around.
The analogy using ANGLO / Greece and NATIONWIDE / Ireland is getting at the guts of the story underway.
The story concerning the funneling of paper money from the ECB into the private banks of Greece and Ireland.
An intricate story wrapped in many narratives folding in and and under each other.
David calculates the raw data and concludes Irelands national debt is going to explode if the Irish government continues on its current trajectory.
David then opens up the narrative concerning the EU funneling paper cash into Greece to keep it from sinking and the financial straight jacket that is the euro which will stall Greece economy re generating.
This according to David will invoke a ripple effect unto Ireland and prolong the credit crunch.
Davids conclusion on this is the EU are trying to resolve debt problems with more debt creation.
This is tantamount to operating a type of debt slavery and is antithetical to free market wealth generation principles.
Davids final conclusion rests with debt forgiveness.
Posters comments jump in and make a number of salient points on ‘debt forgiveness’. Contd/..