Economy Rigging 1

IRELAND IMF PACT, DAY IX ~ LULL BEFORE THE NEXT STORM November 30, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 12:15 pm

WILLS COMMENTS :

First a little humour and quick recap on Irelands POnzi property madness

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Next up are a series of links on the developing story so far up to present. Media are now sounding alarm today on Spain and warning s on EU need for bailout seriously intensifying. Here are the links :

The European Debt Crisis at a Glance

> FT.com / Markets – Eurozone debt contagion fears grip markets

FT Alphaville » Insolvent – Greece, Ireland, Portugal and probably Spain

Former FT blogger Willem, ‘Maverecon’, Buiter has lost none of his power to shock.

He may be the chief economist of Citigroup but that doesn’t mean he can’t speak his mind as his latest essay for the bank’s clients proves.

In it, Buiter claims Ireland is insolvent, Portugal is quietly insolvent, Greece is de facto insolvent and Spain will be insolvent once the problems in its banking sector are recognised.

At which point things get really interesting. Buiter predicts the ECB could be forced to buy Spanish government paper and fund its banking system by purchasing the debt from the European Financial Stability Facility if things get really bad.

From Buiter’s Sovereign Debt Crisis Update (emphasis ours):

Portugal and Greece:

After an Irish agreement with the EU/IMF, the market’s attention is likely to turn to Portugal’s sovereign, which at current levels of interest rates and growth rates, is less dramatically, but quietly, insolvent, in our view. We consider it likely that it will need to access the EFSF soon.

Greece is de facto insolvent, in our view, all the more so after the recent debt and deficit revisions. As long as Greece remains sufficiently compliant with the conditionality of its EU/IMF program, sovereign debt restructuring is likely to be postponed at least until mid-2013, when its EU/IMF programme expires. At that point, it likely will be transferred to the EFSF or its successor. Whether its debt will be restructured at that stage, including haircuts, will depend on factors beyond the sustainability of its debt.

Spain:

For now, the markets have put Spain in Italy’s sovereign risk class when, in our view, it should be closer to Portugal and Ireland once its banking sector problems are recognised. We argued before that the EFSF should be much larger (€2trn). Should Spain need assistance, it will stretch the resources of the EFSF, perhaps beyond its current limits. There may be some room to expand the size of the EFSF. But, in our view, once Spain needs assistance, the support of the ECB will be critical (by purchasing Spanish sovereign debt through its Securities Markets Program — SMP — and funding Spanish banks using Spanish sovereign debt or sovereign-guaranteed financial instruments as collateral or by making loans to or purchasing the debt of the EFSF, legally a limited liability company that could even be made an eligible counterparty of the Eurosystem for this purpose).

In the longer term, there may be a need for large-scale restructuring of the debt of the Spanish banking sector and possibly the sovereign. At longer horizons, high debt levels and political instability in Italy and Belgium may yet give rise to fundamentally warranted sovereign debt crises, while self-justifying crises are possible even in the near term, despite roughly balanced structural primary budgets.

And if you thought that the EU/IMF bailout marked the end of Ireland’s troubles, think again says Buiter:

Accessing external sources of funds will not mark the end of Ireland’s troubles. The reason is that, in our view, the consolidated Irish sovereign and Irish domestic financial system is de facto insolvent. The Irish sovereign cannot from its own resources ‘bail out’ the banks and make its own creditors whole. In addition, a fully-fledged bailout (permanent fiscal transfer) from EA partners or the ECB is most unlikely. Therefore, either the unsecured non-guaranteed creditors of the banks, and/or the creditors of the sovereign may eventually have to accept a restructuring with an NPV haircut, even if it is not a condition for accessing the EFSF or the EFSM at present.

Wow.

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> Iceland Shows the Way Forward for Ireland:Decouple, Default, Devalue and Develop – Guy Fawkes’ blog

> The Footnote On The Irish Bailout Plan | zero hedge

> Meanwhile, The Euro Is Cliffdiving, And CDS Are Hitting All Time Record Spreads

> The Bond Bubble Just Popped

> Crisis and the media: The culture of crisis | The Economist

> Analysis: Spain’s banks seen as weak link in crisis | Reuters

> EURO GOVT-Periphery hammered as bailout fails to stop the rot | Reuters

> Ireland’s Economic Crisis: What sort of hole are we in and how do we get out? | Ronan Lyons

> Contagion spreads as bond markets reject bailout plan · Business ETC

> Spain’s Banks Face $111 Billion Funding Hurdle in 2011 Amid Bailout Threat – Bloomberg

> Stocks, Euro, Italy Bonds Drop on Contagion Concern; Gold Jumps – Bloomberg

Ireland’s Debt Servitude – Telegraph Blogs

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IRELAND IMF PACT, DAY VIII ~ SALVATION OF THE EURO CURRENCY PROJECT OR SOMETHING ELSE AFOOT IN THE CORRIDORS OF POWER? November 29, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 3:55 pm

WILLS COMMENTS :

I urge everyone to look at this blog post at this link. It appears to reveal the hidden facts on the Ireland banking debacle and the Germans involvement, go too now : Golem XIV – Thoughts: Who bankrupted Ireland?

So the sequencing of the Irish IMF bailout has all the hallmarks of a race to save Ireland and its banks and its economy or, a race to save the Euro currency project or a race to stop a banking meltdown in Germany triggered from the outside which would end in the Euro going up in a puff of smoke.

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Look here at this interesting USA take on Europe and Ireland and Germanys woes : Europe’s Debt Domino Effect – CNBC.com

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I’m putting up this fascinating blog comment in it the poster pins down this idea that its the salvation of the euro underway.

By Anon..’What happened last night in my view was that the EURO was bailed out. There is in fact a war going on to save the euro and if you think there will be no human casualties then you are wrong because I can assure you some pensioners will not survive this winter post pension cuts who may survive without them. The battle line and front at the moment is here in Ireland. Tomorrow the battle may be in Portugal, Spain Belgium or wherever. So we have to survive all of this.

Ireland for the last number of years is like a junkie hooked on cocaine. We now have to come off it and get the fiscal problem sorted whereby tax revenues match spending rather than living on cheap credit. We have been given a line of credit to achieve this goal. When we achieve this we can then say to the banks in Europe that the debt which we all know is not repayable (truthful commentators like Constantin et al have made it clear to us) that they can torch the senior bondholders AT THAT STAGE.

For those of you who are unable to decipher what the market is saying my view is that the markets are telling us that the EURO is not a workable currency for peripheral states. The markets will prevail in the end as they always do no matter what artillery or ammunition the authorities throw at it. The European authorities may well have won this battle to save the Euro but sooner or later they will lose the last battle which I feel will be fought in Spain and in any war the only battle which counts to win the war is the last battle.

So Constantin keep up the good work for telling the truth. The debts are too big to pay back but we Irish will let the European banks know this when it suits us to tell them which will be when we have closed the structural deficit in our fiscal position to the place where we are earning our way again.

How do I know this? You told us so. Our politicians can tell the Europeans at the right time that we don’t need the euro because multinational exporters don’t rely on the Irish financial system and when the domestic economy achieve equilibrium with tax revenues and spending we won’t need to borrow from European banks either.

Sometimes David it is in the best interests of our country for our politicians to lie through their teeth to their colleagues in Europe.’

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Anon II ..

I feel that it is in actual fact of no importance whosoever is in charge insiders, outsiders, Lenihan, McWilliams, Constantin or anyone else when the time comes to burn the bondholders in three years time or so. A bust financial system is a bust financial system. The mathematics will be so overwhelmingly stacked against Ireland there simply wouldn’t be enough paper in the world to print to inflate away the losses and save the Euro.

This isn’t going to stop at 130bn or 230bn or 330bn this will roll on and on and on until the European governments realise that the renegade German bankers, sociopaths in my view, who have taken advantage of nonexistent regulation in Ireland have totally and utterly fucked the European Financial system.

The German authorities have some cheek if they think that an ill suited toxic containment vessel like the IFSC in Ireland with the “safety valve” of Irish regulation whatever the fuck that is, is responsible for the financial Armageddon unleashed on Europe by THEIR Bankers.

And why is that? because only the German banks had the financial firepower to unleash through such a shoddy containment weld as the financial regulation/restraint mechanisms of Ireland, the unimaginable financial Armageddon now being unleashed on the citizens of Europe.

I have never been more convinced that when I voted no twice to Lisbon that I did the right thing for my country, the country I love, because what we witnessed the other night was the shafting of the citizenry of Eire by the high priests of the Euro for the politically expedient reasons of saving the Euro from what renegade German bankers have done to Europe’s financial system and currency.

As if we the Irish of ALL people didn’t have direct experience handed down from generation to generation of what huge empires do to small countries like ours when it suits them for politically expedient reasons. In case anyone reading this post needs an explanation come here to the west of Ireland and observe the mass graves of famine victims which bear silent witness to gentleman’s genocide or visit your descendants in the US and elsewhere the legacy of 25% of our population being “dealt with” when converting the failed landlord tenant system to more profitable agricultural use.

You asked the question Wills who is in charge? The answer to that is the same answer you would get if you asked a roman soldier in the time of Jesus or a descendant of yours in the year 4010.

THE MARKET IS IN CHARGE. IT ALWAYS HAS BEEN.

Anon III

No the market is not in charge far from it.

The core capital controls the market. Never forget that. One of the reason JC threw them out of the temple. It was not the act of money lending but the usury. That was an act against fellow man to enslave him.

Rockerfeller worked that the enslavement value of money after toiling hard in a field for a few days when he promised himself never to be enslaved by money but make money his slave. So Rockerfeller put his own interest first and JC had put the interests of others before himself. Forgive the ramblings and I am not a religious nut its just that I have this thing for ‘fractional reserve banking’.

So you put some money into the system next you encourage its take up then you improve its availability by delivering credit and every thing is going fine. The ease of access becomes ever so convenient in fact its availability outweighs the reality of paying it back.

Now the system goes into over drive and many of the participants in the so called free market begin to take bigger risks to gain more to be better than the others and gain more favour in the system securing greater access to the money funding.

Some realise that in order to retain your achieved state you need to run faster as if you do not others will grow greater and your access to the system may diminish and your value in realtion to the system lessens.

Now the game enters a new level and Mr Sharp Practice arrives at your door and service in a suit with a briefcase full of technical tools wrapped in amoral packaging and you learn to run faster. Hey man look at them go and now the herd instinct takes over and the behaviour of the market takes to a frenzy level. And one day the music stops and everybody has to position themselves on their chair of endeavors and the only way they can is if they can prove title to the chair. The only way to provie title is via the balance sheet expressing your ‘true net worth’ that is you have the money they created and that which you clawed from the system. At this point your credit worthiness is of no tangible benefit nor are the overvaluations that you may try to retain in your asset books.

The thing is there are never enough chairs to go around. If you are not in the inner circle you can never know this. If you are in the inner circle you are always aware of this fact that the amount of money in the system always falls well short of the debt that was permitted to be created by the core capital who controls the market. The only way you can peer into this little secret is look at the rules of capacity utilisation.

Anyway I had a look at Mr Malone’s author of Debt Generation. I admire him he is one smart guy. As for Hypo Bank and Defra they got badly stung by a Teachers union in the US who were sold a pup in subprimes which ended up on the Germans laps courtesy of an Irish Bank. And yes there was and still is a lot of illegal behaviour in the banks and IFSC encourages such and regulators are as useless as a sheriff without guns and even if he did get a gun I doubt if they would permit him have any bullets because at the end of the day he is one of them.

All the participants know the music is about to stop and they are all trying to get rid of their debt and so far they got 55bn out of Ireland and intend getting as much of the 65bn plus the 17bn from the pension fund already in the bag. This contagion crap is only a smoke screen. And the greatest lie of all is the too big to fail one and a clear indicator is Japan.

Anon IV

The Market is always in charge. If you have the capacity to create something of value and trade it for some other thing of value you will create your own market. You don’t need cash.

We as a nation can get around this problem of toxic international finance by reintroducing our own currency even without the permission of our government as free citizens if we so choose.

McWilliams did it when he introduced the marble as a viable currency in Kilkenny during the recent festival. I have failed miserably to try and get the members of this board to start trading in electronic gold but at least I tried.

We should back any new currency with a defacto gold standard to make sure it couldn’t be devalued by printing more of the stuff.

As regards Usury all major religions are against it as far as I know but Usury itself is not the problem. Canada’s banks haven’t failed even though they have usury in their system.

The all perverse and pervase greed of the sociopaths in control of the world’s financial system is where the problem is.

Anon V

No the market is never in complete charge therefore it is not in charge. The core capital permits a certain amount of latitude that is gives it a little free will especially regards pushing credit into the system.

Gold is not the answer. It still enables manipulation and control of the market by the core capital holders. It plays even more into the hands of the core capital holders.

Yes Canada’s banking system seems to have achieved the right balance. Can they keep out the corruptness?

Anon VI

If you are prepared to barter goods and services with me for my goods and services then there is no need for capital at all. Core capital or not we can’t be controlled or manipulated so long as we control the land we stand on. The market will decide however what he value of your goods versus mine is.

I come from a small farm in the west of Ireland and posses the skills to provide a living for myself from the land without even the need trade with anyone else if I so choose.

So long as people can add value to something and are prepared to barter it with their neighbours then we will always be in control irrespective of what those who control Fiat money decide to do with it.


 

IRELAND IMF PACT, DAY VII ~ SIGNED SEALED N DELIVERED DAY November 28, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 11:49 am

WILLS COMMENTS :

Question on burning bondholders and Irish State defaulting on debts which are not the debts of the Irish people gathering serious momentum through out Ireland as the people are waking up and realizing what exactly the Irish government and authorities and EU are doing on their behalf.

So its timely now to look at another country who did just this, defaulted, in the 2000’s and bounced bank, Argentina, here is at this link ; t r u t h o u t | Kirchner Rescued Argentina’s Economy, Helped Unite South America

Now it is wise to keep in mind there is an outcome for Ireland high in priority  *freeing up the productive economy* and its important to bear this in mind at all times in the maze of information relating to the events unfolding at such a pace.

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Over on the other side of the great Ireland / IMF marriage there is the hidden politics tucked away neatly behind the EU front of shop narrative on contagion threat and politics of the day within EU countries debating on IMF arrival and loss of sovereignty. The German rise into super power status and their moves on it. This clip below expounds on this theme  :

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Anyone for a quick recap on the events rattling Ireland down the track into IMF and private banks escaping the cost of their wild banking pyramid scams could do better than read this by Kerrigan in Sunday Independent today : A bailout? This is more like a stitch-up – Analysis, Opinion – Independent.ie

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Brian Lucey makes the point in this article that the EU are playing a game of high stakes boxing in the contagion and that this is leading the way in the EU’s pass on making bondholders take their pain : Instant View: EU Finance Ministers Agree Ireland Rescue – ABC News

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IRELAND IMF MARRIAGE, DAY VI ~ November 27, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 1:35 pm

WILLS COMMENTS :

To begin with I think an examination of the *global POnzi tower of babel* today is in order considering the fact that the cuts be handed down to the average citizen are all part of the establishment s madcap efforts to prop up a paper cartel insurance fraud tower of babel.

So jumping right in with this from BBC Paul Mason blog today an examination of  the *the rules of capital structure* is a good starting point : BBC – Newsnight: Paul Mason: Ireland: corpse bank vs zombie bank (The rules of capital structure revised)

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On another thread David Norris is calling out the truth on who the bondholders are and here at this link he names names : Norris-“One Swiss bondholder holds 40%- will get millions from us” – Political World Irish Political Forums & International Political Forums. Here are the names he shouted out,

‘The names are Aberdeen Asset Management (London) Ltd,

AGICAM,

Aktia Asset Management,

Aletti Gestielle SGR,

AllianceBernstein (UK) Limited,

Allianz Global Investors France,

AmpegaGerling Investment,

Anima SGR—–.’

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IRELAND IMF MARRIAGE, DAY V ~THE *GLOBAL poNZI TOWER OF BABEL* WOBBLES CONTINUE November 26, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 12:21 pm

WILLS COMMENTS :

Now is as good as time as ever to now outline the backstory to the Ireland IMF marriage in order for us all to retrieve our coordinates on the nature of the fast moving events underway presently.

BACKSTORY :

The main thrust of todays news appears to be the further clarification under way in the mainstream media over why it is that the irish citizenry are been unjustly forced to pay for private banking industry bondholders risk. The picture is now emerging that the Irish banking industry is mere a plank in a tightly knitted together global banking superstructure through which a *global POnzi tower of babel* built up over the last 30 years and it is now threatening to collapse itself into a mountain of rubble. This is the reason why governments ran to the aid of private banking industry to provide buttressing to stop the *global POnzi tower of babel* collapse because of the dire effect this collapse may have unleashed. Once the State buttressing in place the insiders now bust trying to, on the huff, reinforce, re construct the tower to prevent it collapsing in a heap and so we have a situation whereby the Irish citizenry are been used in the way they are to service and facilitate and support the State s effort along side all other international governments to prop us this *global POnzi tower of babel*.

Due to the backstory just outlined above it means that certain narratives are at play as a narrative dynamic inevitable consequence to the central story itself, again, outlined above. Lets take a deeper look below.

Lets start with BBC Robert Peston Blog surmise so far : BBC – Peston’s Picks: What losses for lenders to Irish banks?

1 Firstly, momentum for a *bondholder* bonfire is now gathering storm in Ireland. This is becoming a narrative under its own steam minute by minute. IRISH TIMES headline leads with ‘EU – IMF in push to make bondholders share burden’ ; EU-IMF in push to make bondholders share burden – The Irish Times – Fri, Nov 26, 2010.

Dan O Brien writes a very strong piece in the IRISH TIMES  relating to this gathering steam narrative burn the bondholders. In this piece Strongest argument against a State default has disappeared – The Irish Times – Fri, Nov 26, 2010 Dan argues that the strongest argument against a State default has disappeared.

FT today scribes the following on burning bondholders : FT Alphaville » Setting sights on senior (Irish bank) investors

Consider that senior debt sacred cow heading for the abattoir.

On Friday the Irish Times reported that officials’ sights had switched from sub-debt investors in Ireland’s banks — to senior ones. From the paper:

OFFICIALS IN the EU-IMF mission to Dublin are examining how senior bondholders could be compelled to pay some of the cost of rescuing Ireland’s banks.

As talks on the €85 billion bailout deal intensify, the Government is trying to reduce the cost to the State by minimising the interest bill on the emergency loans.

The negotiators are taking legal advice on the steps required to ensure all classes of bank bond investors assume a burden in the restructuring process. One of their prime concerns is to avert the threat of an immediate court challenge from any senior bondholder or a court objection at a later date.

Several proposals are on the table, said a source. At present attention centres on two similar schemes. In the first, bank debt would be converted into equity shares. In the second, bond investors would be given the choice of injecting fresh capital into banks or face a cut in their investment.

The source said there was a “common understanding” between delegations from the EU Commission, the European Central Bank and the IMF that senior and junior bondholders should each pay a share of the rescue costs.

The first step would be to seek to “persuade” senior bondholders to participate in the bailout, said the source. “If that doesn’t succeed, the question is how can you force them in a legally-sound way.”

As we noted on Wednesday – this is quite a change to the current state of (bond) affairs. Senior debt investors have traditionally ranked above sub-debt and pari passu (the same) with depositors in a bankruptcy — which is why that legal angle is so important for regulators to take account of (or, dare we say, work around?)

And to date they have been quite creative in this respect — just look at thatdiscounted exchange for Anglo Irish sub-debt investors. Forcing losses on senior investors will no doubt be more difficult — and even more controversial — but we imagine it can probably be done in the current environment.

Sovereigns are keen to ‘burden share’ bailout expenses with investors — rather than just assume the costs of funds and liquidity themselves. Even BBC business editor and ball-of-pure-energy, Robert Peston figures Irish debt is now so sub-par that “that the government’s obsessive opposition to … haircuts looks eccentric to some.”

So, why bother to protect it at all?

A senior debt restructuring is not without its own costs. Even the whiff of it will likely trigger a senior debt sell-off which would tend to up the cost of funding for European financials. And that in turn could (ironically) feed into sovereign costs.

From Marc Ostwald at Monument Securities on Friday:

… This [news] sets a nasty, if situationally understandable, precedent which highlights two other points about the current situation: i) the constant “goal post moving” in terms of regulation, which does enormous damage to investor and entrepreneurial confidence, and ii) that for all that governments have used their balance sheets (budgets) to shore up financial sector balance sheets, the liabilities that this creates will over the short or the long run be passed back to the financial sector and the general public. At some stage govt bond markets in the G7 will suffer the consequences of this via a sharp rise in yields.

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2 Meanwhile the second narrative rattling down its tracks with its own unstoppable energy otherwise know as *the contagion* is now headed in the Iberian peninsula direction and fixed like a toxic debt nuclear bomb on target to potentially explode over SPAIN and ITALY rigged economies. TRUE ECONOMICS BLOG posts data regarding this contagion next attack : True Economics: Economics 26/11/10: Contagion is spreading to Spain & Italy.

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3 Third narrative firing along of course is the instable political situation in Ireland concurrently and the gathering revulsion with the Irish electorate over the mess the banking industry in Ireland has inflicted on the average citizen and the Irish economy and the integrity of the Irish State internationally. Paul Krugman today in the NEW YORK TIMES opines on this third narrative and it is scathing in its damnation of how the Irish people are been coerced and strong armed and forced against the will of the people to take the hit, the cost the bill for private banks and their property pyramid scam they sold to the Irish people : Eating the Irish – NYTimes.com and David Quinn: Moral of this sad story is greed must be regulated – Analysis, Opinion – Independent.ie

 

IRELAND IMF MARRIAGE, DAY IV ~ IS THE EU WORKING FOR THE CITIZENRY OR THE PRIVATE BANKING INDUSTRY? November 25, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 5:30 pm

WILLS COMMENTS :Alien metaphor graphic

Okay so continuing my thread from yesterday relating to the idea of who is ultimately responsible for ‘drowning Ireland in debt’.

I’ve found this interesting blog today by BBC Paul Mason : BBC – Newsnight: Paul Mason: Alien 2010: will this toxic spillage burn through the Euro? In his blog post he develops the idea that *debt* is now so toxic its burning through all locking safeguard systems in place in the private central banking superstructure.

Now how is this relevant to my thread. Well it follows on the idea that tsunami of debt flooded Ireland coming from German – English banks and its unleashing maybe has gone awry in some way for the debt making industrialists. German banks have an exposure of 100 billion and this is the official number only.

The question of EU commissions and regulatory agencies must be asked ~

WHO ARE THEY WORKING ON BEHALF OF, THE EU CITIZENRY OR THE PRIVATE BANKING INDUSTRY OWNERS?

Take a look at this link : Has The IFSC Attracted Dubious Activities ? – Political World Irish Political Forums & International Political Forums

Now take a look at this comment posted to me on another site recently :

Hi Wills,

I am neither an economist nor a banker so I can only offer you my two pence worth. I liken the bank lenders to drug dealers with the exact same modus operandi which is to get their victims hooked on their wares. Once hooked the banks will keep you in a perpetual state of need. The bankers are even more insidious than drug dealers because they take a lien on your assets at the same time they are shafting you by getting you hooked. The guys in charge know that sooner or later the music will stop and at the end there will be an enormous mess to clean up but the cost of doing so is less by a huge percentage than the stupendous profits made along the way.

Why do regulators look the other way? Because too much money is made in the banking system during the waltz and when the music stops you me and our children pay for the toxic mess paying loans back to the same scumbags who caused the trouble in the first place.

One more thing this agenda to drive down the minimum wage is more evidence of this rush to keep the citizens subjugated because I for one will never be convinced that the min wage of €8.65 per hour threatened our balance of payments but by reducing peoples ability to save means it will increase their need to borrow to make up for the shortfall in the standard of livening. I can assure you if you are misfortunate enough to have to live on the now 7.65/hr it could mean the difference between going hungry or not before the next pay check.

Best regards,

Michael.

 

IRELAND IMF MARRIAGE, DAY III ~ 4 YEAR BUDGET PLAN November 24, 2010

Filed under: Uncategorized — bashstreetkidjailbreak @ 4:59 pm

WILLS COMMENTS :

WHO IS RESPONSIBLE FOR DROWNING IRELAND IN DEBT

This story on Ireland and IMF and banking crisis seems to be not getting the full disclosure of the facts on a continual basis unrelentingly so. This would under any conditions raise uneasiness in any rational thinking citizen. Thus questions that seem to me to be central remain unanswered by the main stream media going forward. So, as it is the duty of every citizen to keep a vigilant watch on the controlling powers of the State I’ve followed through on this contract with the constitutional democratic republic I am a citizen of and in an attempt to answer these questions I’ve so far deduced the following.

It is very clear now that the Irish banks and regulatory agencies in Ireland failed. The banks are bankrupt and the reasons are now released into the public and all its destructive consequences underway.

A vital question still remains unanswered regarding the origin of the funds the Irish banks accessed to unleash their crazy predatory lending. These funds were accessed on what is known as the interbank lending markets. The funds borrowed by Irish banks here are what the banks used to inflate a property pyramid bubble.

The numbers are vast and the funds now owed by the Irish banks are massive.

Who loaned these funds to the Irish banks? Take a look at this very interesting exchange between myself and another, a well resourced individual :

My tweets below,

#Any idea gentlemen why the German banks knowingly flooded the Irish banks with money and credit?

#So German banks now pay the cost for their irresponsible lending to Irish banks, correct guys right?

#The German / european banks did flood irish banks and not know the consequences.

#Ireland s banks have been duped into a *honey trap* of some type

#Irish banks are also too blame for grabbing the free credit / money but the drug pusher is to blame more.

#All fingers of blame at Irish banks. What about German loan sharks driving fools into trouble?

#Who are the IMF / ECB working for? On whose behalf are these agencies operating for?

#So our so called *euro partners* are in reality screwing our economy then?

#All smacks of reinvention for moneyed elites playing their whacked out board game with ppl’s lives ??

#Thats one side of it I agree with, but, strange that the euro / german lenders who created mess remain unpunished?

#Yes it is. But it cannot be happening by accident. Its been engineered in some way? I for one want to know, WHO?

#Yes it is and so raises the question as to what *is* actually going on here with al of this??

#Written ALL over this I see Naomi Kleins Shock Doctrine been applied in an experimental way.

#This is what I do not get though. If EU so concerned why did

they permit such gargantuan lending into PIIGS in d first place?

#is it a case of that their massive lending into PIIGS has gone horribly wrong in some way they never preempted?

#Ok so, but, the these guys are smart and sussed and know. So, why did they flood PIIGS with so much credit? Crazy on greed!

#Ok makes alot of sense that does. Yes. And yet the authorities did not shout STOP back in the madness lending? Why!!

#The EU regulatory authorities did nothing to stop the flow of cheap floods of credit money flowing into PIIGs. Why!!

#This is the problem that not been addressed. How is it that the bureaucrats in EU did not shout STOP on crazy lendin 2 PIIGS!!

#Ok, yes, I’m reading this and thinking its possible alright. Going to keep an open mind on it though.

#I reckon EU Federal State is like USA and Lobbying groups have a much larger sway on things in Brussels than reprted.

#Exactly. Thats it as far as I can see it and this is where the problem we now face started. Lets now go there and investigate

#Ah-ha. all making sense!! They knew you’d *blow the whistle* when you saw upfront how business been conducted behind curtains!

#keep at it, more and more ppl are asking the right questions now and looking for the right answers.

#The more the real picture of whats going on gets into the mainstream d better for all of us.

Fellow twitterer below,

#Its Brussels, Paris, Berlin etc. They need markets to keep lending money to EU states 2 keep funding bankrupt model a bit longer

#If we stiff bondholders, music stops & we still have a chair. They’re worried Spain crash exposes bankruptcy of EU ‘Social model’

#Yes, it was the pursuit of higher returns than were available at home ironically because of their governments risk aversion policy

#Hunting for a higher return denied 2 them by low risk policies at home which produced low interests rates designed for their mkt.

#Because they’re a bunch of spineless cowards who have no character to stand up 2 bullies. Plus, they’re not sharpest tools in shed

#I helped write a book on that point and others. Exactly right and furthermore, you dont know who the lobbyists r or who they lobby

#Read the book, download free at www.brucearnold.ie ‘The Fight for Democracy’. Lots on lobbying.

Okay so. What I deduce through this exchange are the following curiosities;  firstly,  the inter banks who lent this flood of money into Ireland remain unchallenged in their insane bank lending. Secondly, the regulatory EU authorities remain unchallenged in their absence of shouting STOP at this insane lending. Thirdly, who are the people in charge here who are responsible for turning on the credit tap into Ireland and drowning Ireland in debt.

Furthering along this analysis let me put this link up here : BBC News – Irish Republic banks ‘for sale’ At this link one will read on Honohan stating that Irish banks are now available for sale to outside interests. Bear in mind Irish banks are granted a banking license by our State to provide credit and banking service according to the protocols of Article 45 of the Irish Constitution and now we are been unofficially told these banks and the prerequisite awarded license now up for sale to outside interests.

Possible that German or English banks may take Honohan up on his idea and purchase the Irish banks. Make purchases at a lowly discount rate for banks the Irish taxpayers have flooded their monies into and in the process ruptured the States finances and dragged the IMF in. One may be allowed to consider all of this a rather convenient sequence of events for some.

Now take a look at this MAx Keiser interview 2 mins into clip Max attests to a German reconsideration of the Euro humming away in Germany :

Private banking unleashed a tsunami of credit into ireland with euro project. EU regulatory agencies failed at the switch to set controls and regulate it and the consequence of which a property bubble banking disaster to the Irish economy. The Government then called into do something and the measures taken leaving the States finances loaded top heavy with the private banks toxic loans and empty vaults and depositer obligations.

The inter bank lenders so far have not taking the hit on their tsunami of lending into Ireland and so far remain untouchable. Thus one must consider how is it that the bondholders are immune so far.

Is it that the Irish government are boxing clever and getting under the safety zone of IMF before defaulting on private bank bondholders or is it that the government are suckered into insider networks involving the bondholders or is it that the Irish government are utterly powerless in the face of international banking links which cross over into EU circles who are complicit in the unleashing of the tsunami of credit complicit in it for narratives yet to be revealed.