By Anon : Back story on Irelands crisis.
‘Hope is definitely not the same thing as optimism. Hope is not the conviction that something will turn out well, but hope is the certainty that something makes sense, regardless of how it turns out.” – Havel
This quote is the follow up to *defining reality*. Define reality and hope comes next.
‘The reason they were wrong is that they couldn’t see that the world had changed.’ – DMcW
Could it be that the insiders see that change is afoot and they are trying to play catch up on it to regain the high ground over it.
‘In contrast to optimism, hope is doing that thing which makes sense because, once something makes sense, people look to the future with confidence.’ – DMcW
What if what makes sense to the insiders makes no sense to the outsiders or commentators or anyone who is in reasonable grasp on objective reality.
I reckon the *insiders* are employing stratagems that make utter sense to them. The insiders values system and belief structure and moral compass and MO and agenda are alien to yours David and mine and the posters on here more or less.
The insiders are from planet insiders and the outsiders are from planet outsiders and their guiding philosophies and moral values and rasion d’etre do not equate or ever meet or harmonize with a persons whom meets reality with an open mind and sprit of generosity for hope and a future of promise.
So, assume the following:
– Insiders are only interested in preserving their system of control over the state bond issuance and banking system. The economy and the running of gov and the adherence to the constitution are concepts which are expendable in the pursuit of maintaing power and control for the insiders.
-Insiders suffer omnipotence complex and suffer from a well held conviction which holds true that they possess a dynastic right of ownership over everything. This is includes wealth generation of the masses and levers of power and business.
-Insiders run a hidden feudal enterprise system which functions like a well oiled machine and maintain a front of house facade of sincerity and concern but if one scratches thee surface of it one will quickly see an obsequious leer.
BY ANON – ANGLO backstory
I’m of the opinion that the mismanagment to date is not actual incompetence, or even greed of the politicans. It is a concerted effort to ensure that a few people do not suffer. Those few people are the Anglo bondholders (Who are they? Pension funds / institutional investors and likely a few nation states too). The developers and politicians are only side beneficiaries.
It was obvious back at the time of the guarantee that the way to go was to let Anglo go to the wall, keep private losses private and provide a guarantee for AIB and BOI. DmcW said so, as did other economists, who had previously proven their mettle arguing that the bubble was just that.
Who was advising Linehan to guarantee Anglo? What was motivating those advisors? Certainly not the public good. An Anglo collapse would have hurt some people hard – but those people are generally rich, and in any case, the basis for capitalism is profit at the risk of loss. That is one factor influencing interest rates – which is why Ireland pays higher interest for its loans!
Now that the Anglo debt is sovereign, intentional default is close to unthinkable, meaning that the people will suffer as they are forced to pay for the losses of Anglo. It is no different than the days of old when a king or earl would raise taxes to cover his desire for a new castle. The Irish are in bondage now – and most of them are too thick and easily distracted by soccer / sideshows such as Callely / gossip / fashion to even notice.
House prices down by a third! Laughable – they need to come down by another 30% before they even begin to be realistically priced. Even then, if the economy continues to tank – a virtual certainty, I think we’ll see 50% falls from the current level.
They best outcome for Ireland and its people may very well be rising interest rates that prevent the country from accessing funds leading to a sovereign default and a debt write-off / restructure. We could then start with a (relatively) clean slate (think Iceland) and move on. It would not be easy, but the alternative is death by a thousand cuts. The IMF / EU would try to prevent a default – by offering funds at more favourable rates, but at a huge social price and extended payment terms that would mean decade after decade of stifled growth and limited opportunities.
By ANON – Backstory on Ireland
I think it is time people got it. What is going on in Ireland is NOT about the good of the people, it is not about increasing the peoples’ quality of life, it is not about providing opportunities for future generations. What is going on is the systematic impoverishment of future generations to benefit a few.
Bailing out Anglo bondholders was a huge part of that process. Taking funds from the Pension Fund shows very clearly where the priorities lie.
Was 1916, the Civil War, the “Troubles” really worth it? Would we have been better off to stay under British rule? I think these are questions that will be asked when the true effect of FF policy’s stretching back to the ridiculous ideas of DeValera. By 2025 the real effect of today’s storms will be being felt. This is still the honeymoon period.