April 19, 2011

Wake up call for Trichet et al

Posted in News · 19 comments ·

Today, with Greece on the brink, Spain wobbling again, Finland gone all nationalist and the US getting a dressing down, its finally dawning that all this global/European debt can’t be solved without huge rethink about the way the world works. Not bad week for us in this regard so far!

  1. adamabyss


  2. irishminx

    Touché David & true! :)

  3. adamabyss

    Who is it dawning to though David? And are they actully going to do anything positive about it?

  4. Megos

    There are none so blind as those that will not see!

  5. bara

    Well this proves my point and it is a no brainer debt forgiveness is the only way forward.Moral hazard is to me a word used by the regulator,the banks,and the governments to try and hide there disgraceful criminally in destroying our economy
    The banks handed out money like as if there was no tomorrow and the regulator and government loved it.Now that everyone is in debt with the crash of our economy caused by the actions of the three amigos they want us all to pay.

  6. @Bara – this would be fine if the bankers were going to underwrite the debt forgiveness. But they’re not. You’re expecting me and everyone else who made informed choices to pay the the bad decisions of others.

    We lost out on the upside (our decision, our choice) and now you want us to lose out on the downside.

    It’s my money and nobody is going to touch it.

  7. Praetorian

    Trichet and the gang are well awake, they follow their political instructions, deliberatly behind the ball, dragging the process out so elections can be secured in the US, France and Germany (the big three) while the BRIC countries look on.

    Why go through the charade of a massive bailout for Greece, with austerity only to annouce a restructuring of their debt, which as close as they come to default talk?

    Ans: people made a lot of money along the process and labour rights and pay were rolled back by 20 years.

  8. Colin

    Bring on the crash! Embrace Eurozone wipeout! Hope Germany pulls out of the Euro, ditto Finland the miserable bunch of arctic alcoholics.

  9. dwalsh

    David said: “its finally dawning that all this global/European debt can’t be solved without huge rethink about the way the world works.”

    That is what this crisis is all about. That is why all the talk of burning bondholders etc is entirely moot. This is a global crisis. We just have to ride out the storm as best we can.

    The central banking systems of the world are controlled by a tiny financial elite who control the major capital pools of the world and thus effectively own and rule the world. Politicians are local area managers.
    The elite long ago exited the levels of profit-seeking. When you own the money production and distribution systems profit is irrelevant. You leave such matters to the CEOs you employ (think land-agents & gamekeepers) to manage your estates.
    The current crisis is an opportunity for them to re-structure their estates. It would not surprise me if it were intentionally caused.

    • susan redmond

      of course it was intentionally caused, I’ve been saying that for a long time – by the “higher” hedge funds that only a very few know about!

      • dwalsh

        The hedge funds are weapons used to manage (and profit) from the crisis. Soros et al are generals commanding powerful financial weapons arrays which can attack swiftly and with force anywhere in the world. I find it incomprehensible that Soros et al are permitted to attack entire nations and destroy the livelihoods and pensions of ordinary folk anywhere they choose. It is economic barbarism; psychopathic and criminal. They should be indicted for crimes against humanity.

  10. irishminx


    This is a film Max Keiser & Stacy made about Dublin & it premiered in Dublin last week when Max & Stacy visited. David is in this film and is quite candid.

    • dwalsh

      @ irishminx
      Thanks for posting that link.
      Max is one of the clearest seeing and thinking economists around. He clearly understands that this is a war – the 3rd world war; but its an invisible war for most people.

  11. TalentCoop

    The day can’t come fast enough…… the ego trip for Trichet et les amis, over.

  12. real terms

    “Not bad week for us in this regard so far!” not sure if you mean for those who said it was coming (the told you so’s…), or not a bad week if you hope a flicker of a solution may be snatched from the jaws of collapse. I hope you mean the latter. With all political sails still pointing leeward in the wind, default will be like running on to rocks, not pleasant for anyone. what price a global meltdown? better to avoid that.

  13. doflynn

    dwalsh, don’t know who you are, but here in Ballyhea a bunch of amateurs have been marching in protest now for seven weeks (our 8th protest this Sunday, 10am). We have a sense of what’s being done to us, but none of us can articulate it as succinctly as you have done in a few posts above. Any chance you’d come and talk to us? We’ll give you B&B, a few sambos, and you can join us on a short but very healthy walk.

  14. bara

    Paul point taken, and that brings me back to what i was saying that this can only be done by restructuring or default on the senior bank bond holders like the Germans and France banks and yes we the tax payer may have to fork out.
    But whats the problem (we lost out on the upside our decision our choice)well why did we lose out on the upside on my part i could not get on the Mortage path not for the want of trying lucky me.
    If there is another answer to debt forgivness them tell me, after all do we not pay out social welfare and give rent allowances to people from all countries, the least we can do for our own people and it would be a plus for our economy is debt forgivness for families that have traped by the criminally of our banks and the regulator and yes the government.

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