November 4, 2011

What bit of "unsecured" do you not understand?

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TODAY we pay €700,623,555 to unsecured Anglo bondholders. This is a travesty because the Irish people do not have to pay this money under any circumstances. It is not covered in the EU/IMF deal.

The so-called investors have taken a punt and can’t quite believe their luck that they are being paid. Anglo is not a bank. It has no deposits. It does not do any new business. It would not make any difference whether we pay or not. Events have overtaken us.

Before we talk about how the world has changed in the past day or two, let us just focus on the nonsense that is being peddled by certain people, the Government included, about paying the Anglo bondholders. Certain people suggest that if we did not pay this money to people who cannot be named, that there would be negative ramifications. What ramifications? We are paying back “professional” investors who gambled. What part of ‘risk’ do they not understand?

Do they seriously believe that the ECB, which is under enormous pressure right now to keep the entire euro project from imploding, would seriously cut off money to Ireland because of non-payment of unsecured bondholders? Give me a break. That is not how central banks work. Anyone with any knowledge of this field would know that.

So if it is not the central bank we should worry about, is there something in the way corporations are wound up that would oblige us to pay this money back?

Regarding the status of unsecured creditors in a bankruptcy, the clue is in the description “unsecured”. An unsecured creditor is exactly that, he is unsecured. When things are going well, he is paid slightly more interest than anyone else because if things go wrong, he is “unsecured” and therefore only gets what he gets after everyone else has been paid. In the case of Anglo, he gets nothing. That’s the meaning of “unsecured”. When you are “unsecured” you are not secure. It could not be clearer.

Yet our Government is paying the money anyway. Worse still, the Government is borrowing to pay this and thereby breaking the golden rule of finance, which is that the way to improve an indebted balance sheet is with less debt, not more debt.

The only reason it can be choosing to do this is to remain the good boys in the class. But have they not seen that the classroom is burning down, the teacher has lost control and the rules are about to change so much so that anything agreed, even as recently as last week, is now conditional. As this column argued a few weeks ago, the Troika is dead. It is over and its mission has failed.

Remember, the Troika’s job was to ring-fence Ireland, Greece and Portugal and thus ensure that Italy and Spain didn’t come under any pressure. Well Greece has spun off into orbit and Italy’s bond market is tanking — despite last week’s deal. So it is clear that the game is up for the Troika. The strategy that underpinned the Troika is in tatters and the plan must be reworked. With this new thinking will come new deals and possibly the break-up of the euro entirely, particularly as the Greeks’ referendum decision may lead directly to the new drachma.

The world has been turned upside down in the past few days. Of all the financial changes, the following three are the most critical and will have enormous ramifications for our future.

First, yesterday US broker MF Global — run by the former head of Goldman Sachs — filed for Chapter 11. This is the eighth largest corporate bankruptcy in US history. It lost money due to its huge bets on the EU being able to get its act together. MF Global’s $6bn in European debt was a gamble that the bond markets of Italy, Spain, Portugal and Ireland would rally. MF Global was one of the big buyers of Irish government bonds in the summer. Now this trade will unravel. In the US, it was the concern that this debt could be downgraded to “junk” status which led to its big bet going wrong. This proves that contagion from Europe is a very real threat to global stability.

If its creditors cut off funding to it because they thought its $40bn balance sheet was ruined by exposure to Europe’s debt markets, which other financial institution might be suffering right now, trying to hide its exposure to European debt markets? Of course a sell-off of peripheral bonds will unravel the rally in Irish bonds and will rip away one of the central pillars of the Irish Government’s spin that things are getting better.

The second event is obviously related to the first, and it came in an open letter to Italian PM Silvio Berlusconi by Ferrari chairman Luca Cordero di Montezemolo. In the letter, the man form Ferrari, one of “brand Italy’s” industrial and design jewels, stated that Italy had reached a “point of no return”. He demanded that Berlusconi leave now because he senses what many others do, which is that Italy can’t be dragged back from the brink under Berlusconi’s increasingly dysfunctional regime.

The yield on Italian 10-year debt yesterday moved above 6pc, while the interest rate on German bonds fell. Obviously investors are worried that if or when the euro falls apart, it would be better to own the government bonds of Germany rather than Italy because the new deutschemark will be worth much more than any new lira.

LAST night, the difference between Italian and German bonds was over 4.5pc as German yields fell and Italian yields rose. This is the largest gap between the two since the advent of the euro.

Remember that all the EU’s efforts have centred on protecting Italy from contagion. This looks as if it has failed. When Ireland’s bond yields hit 6pc, they quickly went to 7pc and 8pc and then it was over. Something similar happened in Portugal.

All this came against a dramatically changed background as George Papandreou surprised everyone by deciding to hold a referendum on the second bailout for Greece.

As we know here from the Lisbon Treaty referendum, the EU doesn’t like real democracy. At its core, the EU ‘rescue’ packages are designed to bail out professional risk takers at the expense of taxpayers. That is the deal. And it is the dirty little secret our politicians don’t want you to figure out so they shroud everything in complex language. But that is what is going on.

This isn’t the kind of thing that goes down well with ordinary people. Polls show that 60pc of the population is opposed to the terms of the new bailout. So it is game over for this particular phase of the EU’s efforts to save the euro, and with it go all the previous agreements.

Everything is up for grabs and we should not pay any more until there is clarity about what happens next.

After all, when there is no clarity, it is we who are the unsecured creditor, risking good capital on a hunch. Hardly the most prudent way to run a country.

-


  1. ‘Certain people suggest that if we did not pay this money to people who cannot be named, that there would be negative ramifications. What ramifications?’ ……………. I’m horrified at what our government are doing ……. I’m mildly curious about who is receiving the payment???

  2. DH

    The Germans and French want complete control and Fina Gael want no control whatsoever.

    The US must be seriously considering a high profile military campaign right now to take the heat of the economic situation.

  3. Malcolm McClure

    This meeting of the G20 is a busted flush and the Eurogamblers have lost their shirts. “Adieu. Chiao, Hasta Luego. Auf wiedersen” when Obama said ‘See ya’.

    Good luck with the John Mauldin session this evening which deserves a full house and will be a highlight of Kilkenomics. I’d like to be there but logistics etc. preclude.
    I look forward to seeing highlights in his newsletter.

  4. John Q. Public

    Most of these bondholders are probably not the original owners who lent to Anglo as it used to be known. These bonds were sold on and on again at discounts to god knows whom. Today they make a killing at our peril and they must think the Irish are the least adaptable in this crisis. Survival of the fittest? No, just the demise of the complacent (us).

  5. Erste disclosed some major losses on its €5.2 billion CDS portfolio, consisting of “EUR 2.4 billion related to financial institution exposures, and EUR 2.8 billion related sovereign exposures…. As a reminder the EBA stress test data showed Erste to have zero sovereign CDS exposure within its sovereign mix

    http://www.zerohedge.com/news/back-european-sov-exposure-moodys-will-downgrade-austrias-erste-over-attempt-hide-billions-sove

    • redriversix

      Great link Georg R,Thank you..again

      Seems its not only “mum’s who should go to Iceland……

      Again unbelievable , yet believable.

      RR6

    • Philip

      how come Iceland seems immune to brow beating? not being part of the euro meant it was never too big to fail.

      • Dilly

        The boys and girls in that Monkey Farm called The Dail do what ever they can to keep the EU happy. I think they would sacrifice small babies if asked. Iceland were being threatened by both the EU and UK, they basically replied “step up or step the f.. off”.

  6. wills

    David,

    The fact the *unsecured bondholders* are been paid off seems to me to prove that the authorities here in Ireland are following instruction from other s.

    And, the *Anglo bondholder* pay off is connected in with another narrative out of sight.

    A hidden narrative dynamic at play.

    What though.

    It can only be but the plumbing machinations going on on the pipelines around the CDS multi trillion dollar ticking time-bomb.

    So, the Anglo unsecured bondholders pay must be happening because its due to pipeline flows of credit been irrigated through banking deep pipelines to HOLD the CDS ponzi pyramid solid.

    • redriversix

      Wills

      Government here are only puppets on a string.

      nothing more….

    • uchrisn

      Simon Johnson MIT had the best quote of the crisis when he said that the derivites market is a giant government subsidy.
      The U.S. government subsidised AIGs CDS losses.
      Irelands government is subsidising all the CDS losses on Irish bank debt.
      The EU is subsidising CDS losses on Greek debt.

  7. Philip

    MG Global are the first part of the chain reaction of things starting to fall apart. It should not have happened. Euro leaders were told to do what was necessary to keep the pretence that all is ok. Could it be that all bets no matter how secure are all set to go really bad? Dont ya love the magnifying effects of CDS.

    All we are witnessing are tactics to allow more time to allow another ponzi scheme take over from where the other left off. Poor old MG got nailed before it could get cash out. Its all happening too fast. The brics, us and europe have all played ourt their growth cards. Its all starting to wind down. Resource control is the next card to play. Cant buy itj? grab it! If u are sitting on oil, id be afraid. very afraid.

    • redriversix

      +1 Philip

      Spot on…

    • wills

      I agree on all of those points.

      The fact that the 600 trillion dollar CDS doomsday device is NEVER mentioned on media. Oh hang on, Bill Nighy on CH4 news other day mentioned it. The fact that there is a media black out on it raises a very loud alarm bell sounding noise methinks.

  8. fiona fitz

    David, please will you share with us what you think our options are — us, the people of the country who you point out are being complacent about our complacent government.
    If we march the streets, to what end? If the government wAs to go, who’d we replace it with?
    I’m deadly serious here — if people like you and your network understand that there are choices (not to have paid the 700M, to have negotiated a write- down when Greece did) then will you represent us in renegotiating our debt with Europe? There is no point in knowing all this and writing a blog about it if only a small percentage of us read it.
    If an option available to the people of ireland is to have you negotiate for us going forward, let us know, and maybe with a concrete alternative on the table, we won’t be so complacent.

    • GreyGoose

      I agree with fiona fitz. There is alot of sence in what the Economists are saying and I have great respect for David McW opinion on what Ireland should do to give Europe the two fingers. But please in David McW scenario I would like David McW to let the people know what they should expect on the other side of the coin. Punt/Anglo Punt….. Whatever this new currency might be and how it could work realistically warts and all.

  9. redriversix

    “Obama made a promise yesterday at G20 to do all he can to assist Europe to get out of debt crisis”

    Does he forget that the U.S is 14.4 trillion dollars overdrawn…and growing by million dollars every week and they have no solution to their own problems ?

    Find the movie “wag the dog” with Dustin Hoffman.political fiction yet very curious….

    I am trying not to write anything to “heavy”as I am wondering what is the point,not giving up or anything,just wondering.

    It is simple leaving cert debits & credits,I Do not care how they try and dress it up.

    Profit and loss,everything else is just spin and to try and keep us peasants in the dark.

    I am pretty sure most contributors to these pages could do a better job in a shorter time span of getting Europe out of trouble and make things a lot simpler.Again debits & credits profit and loss, unsecured creditors and secured creditors.Finally fire as many incompetent motherfuckers you can in a day with no payoffs……..Simples !

  10. G-20: DOHA TALKS CANCELLED

    DDA (DOHA talks) declared dead!

    In addition and as a matter of course, the IMF to increase it’s powers and global footprint. - Coup d’état! - However, the IMF finance will remain under US control as the largest share holder of this banking Mafia. A global Bankster Tax is off the table, thanks to Obama.

    The dismantling of democracies and the global heist continues.

  11. War against citizens!

    The waffle that floods official channels is increasingly propagandistic. Noonan’s timing of presenting the budgetary strategy to the public is no coincidence, two days after Anglo Bondholder were paid!

    People need to make up their minds, and time is of the essence. You continue to accept the total control of this country by foreign private interests, or you demand your country back.

    Politicians are the puppets of the Bankster Mafia, IMF-ECB-EU, they continue to lie at you while stealing the bread from the plate of your children. They gave enough evidence in the past three years.

    You will be hit by stealth taxes to pay debts that you did not sign for. Your children will be forced to continue paying these debts what they call so eloquently intergenerational burden sharing. The government surrounded itself by yes-men who produce papers to support the global Ponzi scheme and keep it alive.

    You will be robbed at point blank by a property tax. You will be forced to pay for water, and at the same time this government continues to sell out your assets to the wolves.

    The process that is rolled out here since the IMF and EU took control of Ireland is evident and in line with the history of the IMF. Step by step you will be enslaved by the system of debt, new laws, new taxes, and at the same time your income decreases, in fact your purchasing power decrease twice, first by lower wages, second by inflation and a further inevitable recession. Your rights are being dismantled while the state attempts to grant itself more powers, that is happening on national as well as EU level.

    This is a war against citizens, a war waged on you and your children.

    • That sums up what is happening Georg and the video link was good too. The OWS movement gives hope to anyone who wants to speaking out and taking action against those overfed fuckers who attend breakfast meetings in private hotels. They are the one’s who should be arrested for illegal assembly and not the US war veterens on the streets who are standing side by side with the protesters

      In the coming weeks we are going to be hearing a lot about pulling on the green jersey and standing by the government while their policies rip our social fabric to shreds. Kenny is even going to address the nation on TV and attempt to pacify people with promises that if we bend over and take more pain then Ireland will the be first country out of the traps to face the bright new dawn

      Only one problem. There isn’t going to be a bright new dawn for Ireland and anyone who say otherwise is lying through their fucking teeth

      Meanwhile people are being carted into hospital with nervous breakdowns and the numbers of suicides is shameful. This is the real Ireland and this is the result of the terror imposed on the Irish people by nasty pieces of work like Baldy Noonan. He really is an evil and desipicable little fucker and so are many of his colleagues. And what is the purpose of the Labour Party?

      Support groups are appearing up and down the country for people suffering from depression and stress and now in Sligo there is a new group for people whose loved one’s have taken their own life

      These ecomonic terrorists might drive some poor people over the edge but they will never do it to people like me. I am too fucking strong and I will fight them all the way
      .
      All this misery out there and people like Creighton want us to shut us up and stay silent. Then we have idiot journos like Laura Noonan lying to us and trying to keep us docile. If we stay silent then the numbers taking their own lives and having mental breakdowns will only increase

      This government’s policies are literally killing people and they have blood on their hands. It is time to get angry and not stay silent. At least if we get angry those people living in despair may see a ray of hope and want to join in and fight back

      This winter the Irish people need to seriously get it together and create such a firestorm that this government will have to think very carefully about handing over the 1.2 billion that is due to be paid to the speculators in a few months time. It really is sickening beyond belief to watch this happening while our country is being looted and plundered to pay off people who are so wealthy that they could easily afford to take a hit on their gamble

      People of Ireland – grow a pair because people like David McWilliams are not going to do it for you. They are simply not hungry enough and most of them don’t really care

    • redriversix

      Georg R,Pauldiv,et al

      I agree..totally.
      But to be devils advocate,what can we do ?

      We have elections,we elect people to represent us.They renegade on election promises because they who run for election are not given access to what is going on,when elected,Snr civil servants pull them to one side as they stride into Government buildings and are told “what is really going on”and by the way all the promises you made on the election trail are history as and from now”…….

      This is the get out clause that comes in to play by governments as to why they cannot do what they promised.

      Hence Government turns in to Division heads for… “Central Europe Corporation Headquarters PLC|”

      Now before I go on and explain how fucking evil these people can be….What do you want to happen…Georg R You know what I am talking about….

      Peace
      RR6

  12. Adam Byrne

    subscribe.

  13. fiona fitz

    So George, what should we do??? Concrete suggested actions please??

    • You could begin by watching the video link Georg posted

    • I can only share my own thoughts with you and reiterate what I am saying here since day one, the day the IMF was brought into this country.

      - Expropriate the Troika, all of them, ECB, IMF, EU-Commission! Mission failed, GO HOME!

      David is right on the point that the mission and purpose of the Troika is over, it has failed 100%. People need to remember what this mission was about, ring fencing and containing possible contagion, this was the official statement, and it was clear from day one that this is nothing but a lie, and now it is obvious.

      What happened on national levels, dumping private losses on society, now is supposed to happen on European level via a new toxic debt instrument, the EFSF.

      This is a coup d’état!

      The difficulty for many is to see it. Why? Because a coup d’état normally happens over night, or within a few days, a military putch is the best known example.

      This coup d’état is preformed by different means, it happens in slow motion, it is a step by step process, just as with the step by step introduced austerity, it is tactical.

      Tell someone I am going to take 80% of what you own, he will revolt. Tell someone I am going to take 10%, and hopefully this is all I need, see, we will make sure that growth will be established again, and there will be no loss for you, you will even get your 5% back with interest. – Remember Lenihan! – Then of course there is no growth, on the contrary, and they know it, so they come back to slice another 10% away from you, bombarding you with their lies and false promises, and so it goes on on.

      In my opinion people need to stop looking for the white knight in shiny armor, hanging to the lips of ex banker s and ideologically locked int economist, this is reality! Economists are not the solution, they are part of the problem!

      We will see the global meltdown of fiat currencies as we know them, the era of the dollar as reserve currency is over. The Euro as we know it, it is finished.

      The first thing Ireland needs to do is to dismiss the Troika.

  14. @Paul,Fiona and Georg.
    Yo Paul,
    It’s the other Paul here a mere child in comparison to yourself. But seriously; Every syllable of everything you say above – I am with you on it!
    Your anger is palpable as is mine and many others.
    Last November I travelled to Dublin from Limerick and joined 50-100,000 others (and if I remember so did you?) What did it achieve?
    Ultimately for me it represented a box ticking exercise for the unions. It didn’t save a single job and only slightly irritated the regime at that time.
    Of course in January FF/Greens disintegrated (without the assistance of that march) and soon many voted for the false hope on offer of meaningful FG/Labour leadership.
    And guess what? We got what we always get – more of the same.

    So when Fiona expresses a wish to see concrete suggestions I understand her frustration too.
    I admire DOFlynn and Ballyhea’s continuing marches but up until now they have had absolutely no effect on Noonans, Kennys or any of the career elitists, (Sorry did I say elitists when I meant politicians.)
    Anyhow I have long since come to the conclusion that mass civil disobedience will be our only saviour. Either non payment of mortgages, fines, local council charges etc.
    The refusal to pay any bill with a Harp on it will have a seismic effect on these elitist Party Whipped Career Fuckers.
    Marching just gives them the opportunity to provoke and manipulate violence and label the marchers as extremists. They know the marching game and how to play it!

    So my concrete proposal is thus;

    Anything with a harp on it is free if your Irish – No need to pay because men and women have all ready paid with their lives!
    And that’s worth far more than any currency I can ever think of or offer!
    So in a way the leaders who fought for a true republic (which we never properly received) are still our leaders!

    For the record I’d call such a non-violent non paying movement “The Spirit of 16″
    And when one member of the group ends up in court at least 50-100 would also turn up to shout down proceedings!
    They can’t arrest everybody you know!

    • Thanks for your reply Paul. I am only 46 by the way but still young enough to have plenty of fight left in me

      That makes two of us in agreement and I know there are many others who think what we are saying. The time for talking is over and we need action because if we leave it to the politicians then we are royally screwed. I know it, you know it and everyone in Ireland knows it

      A mortgage strike would hit the banks and send the politicians the message that they do not own us and they do not rule us. They are public servants. Yes servants, but they talk to us like we are a herd of cattle

      The Poll Tax in the UK was defeated using similar measures to what you are proposing and people were very organised on the ground

      If the sheriff gave notice that someone’s household goods were being confiscated the word went round like a rash and people would rush to the house in question and fill it with bodies so that there was no way the sheriff could get over the door. Fines we paid by people clubbing together to help those in trouble. This is civil disobedience in action and it works but it takes plenty of steel and guts on an individual level to make it work collectively

      There was a mass campaign of non payment and it forced the hated Thatcher government back to the drawing board. They realised that they could not beat the guerilla tactics being employed by organised people en mass and walk all over us

      If Baldy Noonan is determined to take food off the plates of hungry kids then fine. Let’s take money from him. There are many kids in ‘the real Ireland’ going to school hungry and it not just a case of me using emotive language, believe me

      Out with the Troika. Seed them home and tell them to leave the people of Ireland alone

    • GreyGoose

      Fair points Paul. Nothing like starting at the bottom for a new order. So lets put Total Anarchy to top of the list for debate.

  15. fiona fitz

    I wAtched the video Georg, thanks. What is the objective of the occupy movement- are they going to take over like a coup? I will go and research it now. If that is their objective, it brings other problems – an unelected ruling class?!

    Paul, thanks for the first concrete suggestion :-)

    Pauldiv, as for your supposition that people like David McWilliams aren’t going to do it for us, well let’s at least let him answer that. David, are you going to answer my question about what you see the concrete actions the people of Ireland could take? Are you willing to

    • Don’t hold your breath fiona and don’t expect any serious answers from anyone in the Irish media

      The only thing that can stop this barbarity is ordinary people like you and me with the will to fight getting seriously organised. United we stand, divided we fall

      The banks with their puppet politicians and servile media are happy to see this country being raped and they are far from finished. How many more suicides before then?

      Well then. Paul above has an excellent solution that has been mentioned on this blog before, not by the host I may add. A one month mortgage and rent strike would bring them to their senses but not many people realise just how powerful a weapon this is

      Much better than rioting and far more effective

      • Ok and I’m 48 – but I bet you’re far more mature!
        Anyway the more I think about this the more it makes sense. Particularly the mortgage strike element!
        Actually the only weapon we have is money! We’re literally fighting fire with fire!
        If we mortgage strike in 2012 and attack the useless puppet banks the message will pass all the way up to the Merkozy Banking Headquarters.
        It’s the only language that these Leeches understand! What can they do? And it would take the knees from under our elected puppets.
        But how do we get the message out there? We need a high profile person or people to explain to ordinary folk how this works and why for the sake of our sovereign and our children that these tactics be adapted.
        I’m on a David McWilliams forum but I don’t think he’s our man on this. 12 months ago there was talk of him and Ross etc. getting involved in setting up a new party but in fact eh, they were caught on the hop by a snap election, there was not enough time and obviously nothing done since?
        No enough said on that!
        We also know that Irish media will spread poison about such efforts!

        So who else could rally the people to our generations most serious calling?
        Answer that and we have in our hands an Anti-Troika WMD!

        …..and maybe he/she/they don’t have to be Irish???

      • redriversix

        Hi Pauldiv

        A mortgage strike is a superb idea and would get huge media attention.

        But..as effective it may be,it won,t happen because of FEAR.

        AD Agencies would say that “sex sells”..

        Governments have realized that keep the people afraid and you can do what you like.

        See the last 10 year for further details..!!

        Fear SELLS now… and everybody’s buying
        except a few anarchists like us..oh yeah,be ready for labeling as well.

        I.E Somali Fishermen now…
        Somali pirates…
        One nations freedom fighter is another nations terrorist organisation.

        See the 1000 years for further details..!

        Keep the ideas coming,mortgage strike is excellent and can encompass everybody.

        Regards

        • redriversix

          Sorry,should read

          “see the last 1000 years for further details”

        • Hello RR6. Hope all is well

          This summer the unions were talking about the possibility of a mortgage strike. See the Irish Times link below

          They have gone deathly quiet and the topic is now off the agenda. I wonder why? Anyone?

          There are 300,000 public sector workers in Ireland who are protected by the trade unions and the Croke Park agreement. Good for them

          There is probably more than a million who have no protection and this would include the 500,000 unemployed, many self-employed people who have no safety net whatsoever and others who are living on the edges of the system. Add the numbers of those who have emigrated and then we see the true scale of how these 300,000 people have a very unfair advantage

          They have their unions but the rest of us have nothing. Nothing. That is why we have to start from the bottom and build a grass roots movement that represents people from all walks of life. We are alone, frightened and divided right now but that could change if someone emerges from the shadows and sparks the collective imagination of the masses of people in living in Ireland who prepared to stand up and say ‘right enough of this crap, lets fight these fuckers’ and send them home to think again

          Everyone is searching for a hero but there are no heroes any more. If you are angry and willing to protest then you may be half way to becoming one. You would be a hero in the eyes of the people you march with and they will remember you long after.

          The only time the government gets scared is when tens of thousands are on the streets. This is the job of the trade unions yet they remain silent to save the faces of Labour Party TDs. What is the purpose of the Labour Party and Irish trade unions other than to protect a pampered minority of the population?

          I no longer have faith in political parties because for the first time in my life I am seeing how they serve the interests of minorities while the majority have no representation whatsoever and are thrown to the wolves

          http://www.irishtimes.com/newspaper/ireland/2011/0707/1224300209341.html

  16. fiona fitz

    Sorry Georg, you obv posted that while I was writing previous.

    Thanks for this.

  17. jbchalk

    I believe there is a more important issue at hand than the debt Ireland is facing.
    That is a vote on the ESM by EU governments. This is a show stopper for democracy and freedom.
    http://www.youtube.com/watch?v=5CZr17HLH5U&feature=player_embedded

    • I’ve written about it here on this blog extensively. Yes, it is exemplary of this coup d’état in full swing.

    • redriversix

      Good Link jbchalk.

      Thank you

      But we have been discussing the “other crisis”Facing Europe for a couple of weeks.

      Check out some of the blogs from Georg R,Pauldiv,Colmbrazel,MalcolmMclure and Dwalsh on previous articles on homepage, its all here even Greek P.M back-down on referendum was written about here before it happened.DMCW.., hopefully he might consider some of these contributions.

      History repeats itself so.. some of the articles could be deemed as upsetting..but see what you think anyway….

      Regards

      RR6

  18. Harper66

    http://www.businessweek.com/news/2011-11-02/iceland-court-backs-emergency-bill-blocking-bond-claims.html

    This article was posted after the previous article but worth posting again for anyone that did not get the chance to read it. The perfect retort to anyone defending Irelands course of action with bond holders.
    Lenihan was right Ireland certainly is not Iceland.

    “Iceland’s banks defaulted on $85 billion in debt when they failed at the end of 2008, as the government ring-fenced its financial industry in an effort to avert an economic collapse…..Iceland, which completed a 33-month International Monetary Fund program in August, will see its $12 billion economy grow at more than double the pace of the euro-area average next year, the IMF said in September. Iceland returned to international bond markets in June as investors sought twice the $1 billion the government offered. It costs 40 percent less to insure against an Icelandic default than a credit event on debt from Italy, the third-largest economy in the euro area.”

  19. fiona fitz

    Great to see some real action-oriented ideas being put on the table rather than just academic debate!!

  20. Yes but we’re still missing a leader/figurehead and a means of mass communication? And one is of little use without the other.

    In the following historical article replace English with Politicians and Indian with ordinary European citizens;

    Mahatma Gandhi sought advice and direction from Leo Tolstoy, who wrote to Gandhi pointing out the absurdity of the situation in India where 30,000 British officials and soldiers enslaved 200 million Indians. “Do not the figures alone make it clear that not the English, but the Hindus themselves are the cause of their slavery?”

    After proclaiming the Declaration of Independence of India on January 26, 1930, Gandhi came to an impasse. Thus, he tried to make the British salt tax as the centre of his non-violent political protest in February 1930. The British monopoly that that forced locals to pay prices for the compound that were said to be up to 2,000% greater than its production costs also dictated that the sale or production of salt by anyone but the British government was a criminal offense punishable by law.

    On March 24th 1930, soon after saying his customary dawn prayers, Gandhi emerged from his ashram to greet a crowd of thousands gathered to witness the start of his most defiant protest to date. A volunteer band raised its horns to play God Save the King before it realized that a rousing salute to the English sovereign was not an appropriate send-off. Their fading notes were overtaken by the sound of coconuts being smashed together, a traditional Hindu sign of devotion.

    Gandhi, leaning on a lacquered bamboo staff, soon set out along the winding, dusty road. His destination: Dandi, 240 miles away, where 25 days later he would collect a few grains of salt in defiance of the salt tax. Following his lead, thousands of Indian villagers would wade into the sea to extract salt themselves. Thus marked the beginning of Gandhi’s civil disobedience campaign—and of the demise of the British Empire

    This is the only way to deal with tyranny! We will not be able to elect our way out of this one!

  21. A little bit of a reality check

    While preparing some food, I stumbled across a TV series, and I have never seen anything like it before.

    My reaction was utter disgust and aggression.

    A bunch of whorish people, bickering and bitching, stabbing the other in the back, running their mouth, parroting, jabbering a whole lot of useless stuff, self promoting, and brown in the face from crawling up the host’s rear.

    Of course, there is a price. There is always aprice! in a society that promotes such sick and undignified behavior.

    I did not catch the whole show, but it was not necessary really, it became quite obvious in a few minutes what is going on there.

    They were young people prostituting themselves there in front of the public, on Television. Tasteless does not even begin to describe it, it is utterly insane, but, and perhaps this is important, it is a reflection of what is essentially wrong with our societal structures and values we promote to be good and desirable, this is for certain!

    There was one particular contestant in there, although they all prostituted themselves in the most disgusting ways, who stood out from the rest, and he was the youngest, so I give that to him. Remarkable however was his already adopted level of a slimy and sneaky attitude, licking arse upwards, and kicking those below him in the teeth. He was what I would call the parade example of a little piece of shit, and if nothing serious happens turning his life around, he will be a big piece of shit in a short while.

    Defamation, lies, slander, manipulation, emotional abuse, tactical ignorance, and much more in short psychological warfare. He was already equipped with an arsenal of weapons at his disposal, with 20 years! He is that type of person who you warn twice in a pub situation to watch his mouth, and usually there ain’t no third warning and he finds himself on the street.

    So I turned a few stones and checked some figures and found 2010 numbers.

    The Apprentice enjoyed its best-rating season yet, with an average audience of 547,000 and a peak episode of 583,000 viewers.

    I will not comment on Bill Cullen’s turbo lifted female sidekick, or the man with the illusion of a brain too big, Cullen himself however, impossible to hide his education or lack of, what a great idol for this little piece of shit in deed!

    This is and essential part that makes up the reality of our social situation.

    930,500 people watched The X Factor…. Coronation Street reached its highest ever audience, with 865,000 Individuals

    Now, try to imagine what it takes to motivate any of the people consuming happily such shows and insanities to start using their own brain, let aside take action.

    The above numbers are shocking, I admit, I had no idea they are so staggeringly high.

    A PISA study last year showed that 23% of males in Ireland are equipped with lower than functional literacy. They simply can not communicate in society!

    Quite shocking isn’t it?

    The then Minister for Education Mary Coughlan stated in Parliament that a lack of televisions in bedrooms was contributing to the low levels of literacy among children.

    Now what is more shocking I ask you?

    DoF can not count, large percentages of young adults are extremely undereducated, a minister thinks we need more TV’s in the bedrooms, I mean if it would not be so serious, it would be the material slapstick is made from.

    The handful of people in Ireland who are willing to use their own brain, who are willing to stand up and demand social justice, they are no match for the mass of people rather switching on the slaughterhouse bitch fest of a roughneck used car sales man like Bill Cullen and his tasteless sidekicks.

    How many opportunities did we have in the past three years alone to stand up in Ireland and make a persistent noise that will not be overheard? No, I am sorry, I do not believe for a single second that those who are left in Ireland are willing to stand up at all, but prove me wrong, by all means, and this they know…. this they know too well!

    While David McWilliam’s article’s barely go passed stating the obvious, which is not astonishing for an instrumentalist journalist, I would not be astonished to see a few more names coming to this blog here after his comedy show has finished.

    It already started, and I’ve seen it all before.

    David, David, can you not do this, can you not do that, David for President, David for Tea-Shock, blah blah blah.

    Not single word about OWS since it started September 12th but what the Hell….and now, a big warm welcome…. this is reality!

      • redriversix

        when you come back can you tell me what a iinstrumentalized journalist is ?

        Thanks Georg

        • “The desirable characteristics of post-Fordist
          worker include: instrumentalised language skills, effective cognitive functioning, political neutrality, and capacity for attitudinal adjustment”

          http://www.aare.edu.au/93pap/soucv93211.txt

          “The inventor-artist-wordsmith cannot avoid the grubby commercial world. In the case of the writer, this may simply be because he/she aims to make money out of the work that he/she produces”

          “The Restless Supermarket, sees as ‘instrumentalised’ language. This is the language of the commercial world, of marketing and advertising messages “voraciously cannibalising on and disseminated through any available media technologies, including print media”

          “discerns a form of Derrida’s ‘logocentrism’ in consumers’ unconscious endorsement of this “commercially produced language”, unwittingly granting it a “spurious authority”

          http://www.thefreelibrary.com/Playing+the+game%3A+Vladislavic,+aesthetics,+politics.-a0187327629

          • redriversix

            Holy shit Pauldiv,!!!
            That’s a damn fine answer,no idea what it means,but a fine answer nonetheless….

            Thanks Man

        • just briefly…. think about it this way, to become instrumentalized by the powers that be, it can mean different things, but in this case what I mean is that a journalist becomes an integer part of the ‘perception game’ the incumbents are playing on the public through their chosen channels, here, the Irish Independent, RTE, and Sunday Business Post.

          Consider this, the titles of the articles are not even David’s choice, this is down to the editor to make the decision. This turned into public knowledge when an article by David appeared on January 6th, 2011 with the title ‘If I was Taoiseach… what I would do to save Ireland’. Such was the case early this year, perhaps it changed, I do not know this, and while this might seem a small example, it is not, it is a symptom.

          So, in an essentially unhealthy political right wing and reactionary 1-Tier climate that Ireland is, dissent has to be steered and controlled by the real powers that pull strings behind the curtains. By allowing what I would call a ‘pseudo dissent’ that can be edited and controlled, by pampering a journalist into that role of what I call a ‘Fake-Rebell’, they manage two things:

          1. Control the level of dissent and even manipulate to their own advantage

          2. ‘panem et circenses’, a tabloid level, sensationalistic article series that state most of the time just the obvious, total lack of investigative journalism, but catchy and headline-soundbite centric.

          Just my own opinion of course.

          • oh btw. another perhaps better known, and just perfect form of instrumentalized journalism was the establishment of US ‘embedded journalists’ in Iraq, undermining journalistic independence and feeding the public just what’s right!

          • A controlled level of dissent to make it appear that there is balanced reporting in Ireland

            A right wing state which is now seeing the end result of right wing ideology. Up shit creek without a paddle

    • redriversix

      Well written Georg…

      But without having my head taken off…You,they,I we talked about the dumbing down of society several times over the last several weeks and the priority in consumerism and the downgrading of basic social interaction skills.

      Our generation can fight with a pen or a sword,next generation…….fucked… and nice and pliable for big government.

      • I am afraid you might be right here as well RR6, but who knows, this next generation never had anything to begin with, in ctrast to ours who lived in the trickle down economy, so they have nothing to loose and everything to gain, however, I wonder how they would find motivation at all, just look at what we are about to leave them.

        Sorry, in a bad space here, got some really disturbing news, logging off for now.

  22. fiona fitz

    Georg, I find your last long post bitter, negative and unhelpful. If you feel you have the right to share all those sentiments with us, then I feel I have the right to tell you how it comes across. In my opinion.

    • Yeah well, it is what it is, and I am not of rthe fraction of spinning positive where there is none, this is FG;s job

    • redriversix

      Hi Fiona

      A lot of blogs here can contain,hope,despair laughter and sadness and a lot of ideas from people of all walks of life.

      Some of the articles are so intense sometimes you would be in no doubt that these people did their leaving cert.

      Hell,some of them have to be academic professionals when you see what they write.

      We are uncharted territory for a long time now and REAL people like you and I and whoever else are very concerned and want to do something,but what..?

      Every day is a good day Fiona Fitz,just some days are better than others….!!!

      Take care RR6

      • fiona fitz

        :-)
        I appreciate all that. I just like to see any kind of energy being channeled into some kind of positive action, rather than ranting alone.

        Thats all.

        • stiofanc02

          George has too much time on his hands. He sometimes forgets to take his happy pills and starts to feel inferior so he churns out useless keyboard crap whilst sitting on his fat arse. Thats all.

  23. Ghandi

    Ghandi was successful because his idea as explained above happened at the end of the age of Pisces ( water element ) had he been alive now something else would be required because today we are at the very beginning of the age of Aquarius ( Air Element ).Thus the medium of connecting together is totally different and Leadership must embrace that .

    An age period lasts 2,180 years approximately.

    There is a long long journey ahead for many many generations yet in this new capsule of life we now find ourselves in.

  24. Astro – Art is the only compass we have to light up the long dark tunnel we have facing us .

    Logic as we have known it is absolutely Dead.

    • Hardtimes

      Hi all,
      Logic as we know it is dead? Nothing like this has ever happened before? Human needs are constant: food, water, shelter….and we love stories…sometimes we believe the stories too much and become a little hysterical…we had money before we had penicillin, plastics, computers etc…if we could raise the dead they would find our technology miraculous…but they would see that people are still tolerating evil, just a thought.

  25. Adam Byrne

    At this juncture I think this is the most appropriate song to play:

    http://www.youtube.com/watch?v=NS3m0-4bM9s&feature=fvst

  26. Philip

    For most of us most of the time happiness is a reliable income. This is the root cause of all our problems. This article and indeed all of Davids articles are about the disruption of this income by 3rd parties.

    Now if u could figure out a way of not having a need of such income, you’d be sorted. Let’s face it income=rat race=more income=life fulfilment=happiness and so on. More insidiously, it also equals independance and the removal of the need to trust others. The ability to control is the comfort blanket we seek not realising that it also divides us from eachother. It destroys trust.

    Money has replaced trust. This is the simple fact of life today. Contract and law as defined by the bearer bond of a piece of paper we call legal tender eliminates the need to trust or connect to our communities. Remember that. When u put money in the poor box, or its modern equivalent you are absolving yourself of the need to reach out and directly touch the grime of those in need.

    Usury perpetuates the need to grow. Growth has stalled. Thats the crisis we have today. What happens is that the need for control is being fulfilled in another way. If usury fails, to confiscate is the only option for maintaining control.

    So what do you do? Trust is the key. After that, give it all away. The only worth is trust. Give everyone a hug and cherish it.

  27. TTG

    ITs been interesting reading commentators views and reading David’s articles over the past year or two, but the articles are becoming more and more insubstantial as time goes on. They no longer reflect the deep shit the country is in. For me they no longer provide an adequate response. I thank him and commentators for the ‘good articles’ and ‘good comments’ made by contributors especially re breaking news and information related to what we are all interested in.

    Sadly, DmcW is no Alexander The Great

    http://en.wikipedia.org/wiki/The_Battle_of_Alexander_at_Issus

    His critique of government response to the banking sector, namely, that we should not bail out bond holders, gave me some hope that his intellectual critique of government policy including his belief that the euro is doomed, was worthwhile to support.

    I still support in large part this belief.

    However, there is an intellectual weakness in David’s position that stems way back in his support of the bank guarantee. I would call this unilateralism, or DmcW’s singular point of view he retains at the expense of aligning his point of view to that of others. Initially freshly interesting, long term the risk of becoming embalmed by your own self, is the price you must pay.

    The support of the guarantee was a mistake by David.

    Alexander the Great would never have made that mistake at the Battle of Isis. Alex would have deployed all his forces against the banks but have retained his elite guard, the Companion cavalry, and held them in abeyance until the battle was waged and the right opportunity to commit arose.

    Alex would have used the European wide experience in dealing with the banks, especially Lenihan’s French counterpart, Christine Lagard, also Alistair Darling, Lenihan’s UK counterpart, also the ECB under Trichet, to initially defend this country against its attack by the banks.

    We should have watched the battle ensue and allowed these counter parties to extract maximum defence of this country against the banks. the danger of european contagion could have been used by us to maximum effect in persuading the ECB to defend this country against contagion from our own banking sector.

    It was disastrous to commit this country’s resources alone against the Irish banking sector fueled by the ECB; even taking into account DmcW’s belief that this was to give short term shelter from the storm, that later measures could be taken to unwind the guarantee.

    Logic and reason should have shown that he who pays the piper would not call the tune in this instance, that the ECB would not step in and carry the burden of the banks for us, that we would carry that anchor all by ourselves to Davy Jones’s locker.

    Alex would have assembled the forces of the ECB, the British Exchequer, the French under Ms Lagarde, to come up with a package favorable to Ireland.

    When this package/response became clear, that was the time to release the Companion cavalry of the Irish parliament, to rip that package apart and demand a better deal for Ireland that we could sign up to, or OUT.

    So, the articles are becoming more introverted relying on images of youth to expand adult issues of life and death for some considering mortgages that cannot be paid, emigration and the whole mess we’ve signed up as our Troika Trickery Deal Fail. There may be some vanity and childish egoism at work too.

    But frankly, its time to me to piss off!

    So, I’m no Alexander The Great, either, but for me its time to salute with a fond adieu!

    Best wishes y’all!

    • Malcolm McClure

      Colm: The recurrent debate here about the bank guarantee always seems to miss important concepts of reciprocity and timing of loans.
      Thus our debt repayments of a billion here and a couple of billion there are small beer compared with the total imbursements to Ireland from the ECB etc, now more than 160 billions and without which we should be skint.

      If we delay or omit even a payment as small as a few hundred millions, this sets off a chain reaction whereby others are unable to meet their planned commitments and so on down the line.

      Debts seem to thrive on passing the buck onwards, with each temporary home paying a slightly higher interest rate to compensate for higher risk, until some eejit buys the lucrative long end and hopes that there will still be capital to repay him when it matures in 10 or 15 years. Of course, by then inflation usually decimates its worth but recently deflation has demolished that model.

      That, in a nutshell is why bankers, insurance and pension fund managers are tearing their hair out. And it explains why Noonan paid up last week.

      It’s as though your wages would be stopped completely if you didn’t pay the milk bill.

      Makes sense?

      • Contagion of the Amazonian Butterfly

        Teachers who gave their retirement notices early this year have not yet got paid their pension salary or their lump sums…….all in the name of ‘backlog’ .

        What is going to happenj when the tSunami is due for the thousands due on 28th feb 2012 ?

      • Makes sense?

        No, not at all!

        Same argument with different bacon wrapping is coming from ECB since years!

        Asparagus still contains high amounts of organosulfur compounds, thiols, CH3SH, your piss will stink of ammonia more than likely!

    • The ‘He’ that pays the Piper was corrupt so was the presiding legal system that should have given hope and held up as workable .Alas the culture of hoorism prevailed and has cost us our sovereignty ,Thus the reliance on ‘logic; has no basis in fact any more .

    • StephenKenny

      Many have come, talked about some sensible things, and then gone.

      In my view it is necessary to consider who David is writing these articles for, and why. He isn’t writing them for us, he isn’t playing to the choir. He is aiming at the great public who mainly still believe that the state and it’s various arms, are doing their very best to sort out the mess.

      We all know they are out there, and that they are in the majority. I meet them every day, and even four years after it blew up am often still faced with absolute denial that any meaningful change is necessary.

      For most people, given any represented view that includes phrases like “banksters”, or “the elites”, will write it all off as a load of silly left/right wing nonsense.

      What David does is to keep finding ways to give the same basic story, but in ways that link to a myriad of aspects of life. The vast majority of people don’t take a lot of interest in all the sorts of details talked about here, they just pick up the paper and read a few articles, hopefully including David’s.

      He is writing to try and engage, and educate, the majority, not to provide economic and financial solutions.

      I’ve been here and abouts for many years, 5 at least I think, and I have phases of writing more and less. These days, quite frankly, I almost look forward more to reading the comments than I do the articles. Your included.

    • Colm,

      I think it is fair to say, in certain details, we both have some pretty different views on the matters at hand, and we both know that :) however, I would like you to consider this:

      - To date, this blog remained uncensored!
      - David is not censoring criticism on himself at all!
      - While this blog has very limited reach, it is somewhat unique
      - The latter also because of your at times snotty input, mea culpa! It is not meant derogative AT ALL!
      - Did he not pay for your pint? ;) Just kiddin

      Seriously, the voice of dissent you provided loud and clear on many occasions.

      On these grounds, I shall miss your contributions, although we differ greatly in our analysis.

      P.S. Alex was a vain idiot! June 10, 323 BC, Alexander the Great died at the age of 33. :)

    • The articles are sometimes insubstantial in comparison to the big picture and they lack the force and persuasion of reporting from guys like Keiser, Celente and Alex Jones. They read like a dissentng voice tolerated by the establishment and maybe they allow him enough rope to give us all the illusion that we have balanced reporting in this country. I don’t know and I guess I will never know the truth but time may tell

      They have a quirky touch that reflects their author’s personality and that is no bad thing per se. It can get tiresome but hey it is no big crime. The boy has done well since he raised the red flag in 2003 when he warned Ireland about it’s illogical obsession with property speculation. He probably persuaded some people to get a grip and shy clear of speculation and in that sense he has done some people a huge favour. His work has been influential, educational and it got me interested in Economics for the first time in my life. I sincerely thank him for that

      David does not censor posts on this blog and I know so because I have waded into him heavily in the recent past due to my frustration at the lack of honesty in Irish reporting. That is my fault because I was expecting too much and have learned to get wise to all their smokescreens and limp wristed language

      We all make mistakes but this weekend David McWiliams has been singled out for blame for the bank guarantee. It is utter nonsense to believe that the decision was taken on the advice on one man. Get a grip

      Tonight on RTE we will see how Cowen, Lenihan et al were pathetically ill equipped to pull together as a team and go out there fighting for Ireland. A government divided into factions each protecting their own interests. It is in the past and we should pity these guys as they will live in a dark place for the rest of their lives. They may deny it in front of the camera but they will know deep down when they are drinking alone. There but for the grace of god ..

      You have done very well from this blog and made lots of great contrubutions and made quite a name for yourself. I heard that you recently went for a pint with the wee man and then I read this post. It chilled me to the bone to see such backstabbing and treachery in action. Maybe it really is time for you to piss off as you say and I know there are many who will not miss you

      We will keep reading the wee man’s articles and come in here and talk about economics while being capable of respecing the views of others without turning nasty. Love makes the world go round and there is not enough of it around these days so one less cold heart will make the blog a better place in which to hang out

      Good luck

  28. redriversix

    Evening All

    David is a messenger and by and large a good one.The most important thing today is keeping things simple.Looking after each other and realizing through circumstance our luck,what is really important.There are small things we can do every day to make our own contributions to ourselves and our society.Only you can decide what they are……

    We are back to basic’s.perhaps for the better in terms of living life on life’s term’s.Shelter.food,warmth.and taking care of those around us.

    In the world today,Fear is our peoples greatest enemy,our own fear.Fear is not a fact it is a feeling,which leads to projection about how things may or may not work out instead of living in the moment.

    It is not easy to be free from fear,but it can be done,it took me over seven years of hard work to escape the burden of fear and worry.

    Once you are doing the best
    you can you have nothing to fear.

    As step one,just practice that every morning “Am I doing the best I can”..?

    I am,Great,that’s all I can do today.

    That is the start of the revolution ,Look after yourself first and everything will be fine…before you pay out money you do not have or make promises you can’t keep..find out what promise you can make to yourself and your families or REAL friends.

    Then realize the “freedom from self”

    The truth is easy to remember…A lot of you guys read my blog as to how and were I came from and some of you even managed to decipher more than I said [GEORG R !]

    So I know the above works,….Begin the Revolution from within.

    In the immortal words of someone I can’t remember……

    “free your mind and your ass will follow”..!!!!

    Be careful out there..

    Peace

  29. Shelter.food,warmth.and taking care of those around us.

    ….

    Fear is our peoples greatest enemy

    ….

    Really RR6, couldn’t have said it any better!

  30. Terminal One

    Four days remaining to Full Moon ……..Please drive slowly .

  31. http://www.zerohedge.com/news/wikileaks-exposes-german-preparations-eurozone-chapter-11>

    whereby Mayer’s 1) is not a question of if, but when, and the latter is pretty evident, and no later than Q1/2013.

      • redriversix

        I wonder when the French budget is due,?

        Some speculate that it could be the toughest budget since 1945 , if so…the french people’s reaction could make Greece look like…..
        “a walk in the park”

    • Malcolm McClure

      George Soros blames Angela Merkel for the crisis in the Euro.
      http://reut.rs/uGvZwj

      When finance ministers proposed a guarantee to prevent a Lehman Bros style collapse in Europe, Merkel agreed, on condition that each country in the Euro zone was responsible for its own guarantee. Thus there would have to be national solutions not a European solution, which in Soros’ opinion would have stood a better chance of success.

      Thus David McW and Lenihan were responding in a context already constrained by the Merkel doctrine.

      Georg: I thought you were going to tell us that ‘This is the dawning of the Age of Asparagus’.

  32. redriversix

    Evening.

    UN Atomic watchdog agency to release report on Iran on the 8 November.

    Israeli President, Shimon Perez,
    claims”attack on Iran more likely than ever”
    41% of Israeli’s favour attack,39% against.20% against.

    United States and Israeli Defense Forces launch LARGEST ever military war games excerise.

    Reuters 11/6/11

    “with TWO U.S carrier groups operating in the mid east,this must be the biggest “war games”ever.Even during the “cold war” I don’t remember two carrier groups being used,that is a MASSIVE amount of hardware,never mind what else their using.

    “I am sure it’s all innocent enough though”…..NOT

  33. Emigrant lass

    Like so many others I love reading this blog here from down under. I read regularly and I’m always overcome with enthusiasm, laughter, but most of the time despair!

    So now the government want to keep flushing down more money into the crap bank loos. Why oh why is this still happening? I read that this is not a requirement of us by the EU. Why are the politicians allowed to get away with telling bare faced lies on national television telling us that it is!

    I spent the month of September back home in Ireland. I hadn’t been home for 20 months so I was curious to see how things were. I got married, spent a good few bob partying, eating, shopping, cheering on the Cats etc. One thing I noticed is no pubs are closed down, maybe changed hands but not closed. Everybody was still out drinking every wknd. I was really surprised with this.

    I wish I could have stayed longer but the brand new terminal up in Dublin airport was calling for us in early October. Who paid for that by the way????

    My heart sank saying goodbye to my family and friends for the third time. Seeing my nearly 80 year old father sob his heart out was heartbreaking! Thousands of Irish people are forced to do this every day for the past three years running. How many more years will we need to do this for, ten?????

    • Malcolm McClure

      Goldbug: Your bald link leads to a perfect example of the mindless propaganda that George writes about eloquently in his piece following below.
      Please use more discrimination when recommending links and provide a sentence giving context.

      • goldbug

        MALCOLM->

        DONT HOLD YOURSELF BACK

      • redriversix

        Malcolm,

        What do you mean by “mindless propagnda”..?

        Are you just accusing Georg R because of his opinion or are you referring to the majority of World Leaders over the last 75 years…?

        I am sure you are far more broad minded than your comment suggests….

        Regards

        RR6

        • redriversix

          Malcolm,

          I would appreciate your opinion on the “North Dakota oil find”reported on RTE tonight as that was discussed here several weeks ago as to what it actually means for the World and America’s Plans.

          Best
          RR6

          • Malcolm McClure

            I have never studied the Williston Basin or followed recent developments there.
            It has been producing oil for many decades. New development methods have improved flow rate and recovery but total oil production only approximates that of a single large North Sea Field when it was at peak production. See:
            http://bit.ly/njwEna

            I have read that it has considerable potential as a gas producer using the shale fraccing technique. I don’t know whether that method can be safely applied there.

        • Malcolm McClure

          redriversix: In my exasperated comment, I’d intended to support Georg’s piece below, dated Nov 7 at 8:58pm (coincidentally posted simultaneously with Goldbug’s piece) where he says:
          “it is increasingly difficult to separate the useful information from intellectual junk.”

          IMHO Celente’s piece falls in that junk category as I noticed several blatant factual errors in the first couple of minutes and gave up on him at that point.

          If you want professional intelligence on global matters you can do worse than to follow STRATFOR.

          • redriversix

            Thank you for that Malcolm Mclure

            I was aware of STRATFOR..but they also require a subscription which I cannot afford,but I do try and garner what I can.

            I have a little bit of experience with “intelligence”so I try and read between the lines across a broad range of sources.

            Finally,their is a huge amount of intellectual crap on this forum at times…

            In relation to North Dakota oil fields.They are using the “fraccing” method you referred to..

            America has plenty of Oil,they agreed with the middle east in the seventies to “leave it in the ground”on the condition that Saudi Arabia would purchase U.S t-bills etc and the U.S would import Oil from them.

            America is attempting returning to a self sustaining state in relation to oil and gas.They will also begin drilling [sic] again in Alaska.

            They are doing this in preparation for new turmoil in the Middle east that they can increase along with Israel.

            When Oil flows are interrupted following these actions the U.S is hoping to be self sufficient for the time it takes to “stabilize” the region more in their favour.[ Time-frame to be agreed.]

            They are trying to “get ahead of China”in the race for resources and at the moment they have the upper hand in Military terms.

            This is a simplified version of events.but it is what their ultimate goal is…..

            See last 15 years [at least ] for further details….

            Regards

            RR6

          • redriversix

            I should also point out ,Malcolm,

            That drilling for oil in North Dakota has been suspended for quite some time and was only allowed to recommence following a bill being passed in Congress last may 18..Sorry,can’t remember the name of the bill.

            Regards

            RR6

      • Malcolm you might want to look at the Wikipedia page on Celente, especially the paragraph titled ‘Forecasting’.

        Compare this guy with David just for a giggle

        All the best

    • Excellent link thanks.

      Gerald Celente and Alex Jones speak the very same language as many of the posters on this blog

      This is two Americans spelling out what we see taking place in Europe and they are on the button unlike the pathetic quality of reporting on offer over here

    • Gerald Celente giving his thoughts on the deal done in Europe last thursday. Straight to the point and funny

      http://www.youtube.com/watch?v=PgXKirj2fFI&feature=related

      • Malcolm McClure

        Saints preserve Europe from the negative, disparaging, rabble-rousing Celente style of commentary.
        For me, Kevin Myers is the paragon of Irish commentators, with Colm McCarthy close behind.

        • coldblow

          Hi Malcolm, agree that both are well worth reading. I’m having trouble accessing the indo website – some computer glitch I think.

        • It is not rabble rousing. It is educational and it speaks to people in plain simple language and is anything but negative. 30 million listeners tells us so

          I refuse to listen to people like Myers because they are pompous, arrogant, superior and patronising. They are the ones who are negative and in need of a personality transplant

          • Malcolm McClure

            Pauldiv: There are 5 million Jews in America so he is on home base. They understand and joke about their distinctive, but negative-aggressive sense of humour. That has given rise to the recognition of Hebonics, or Jewish English as a distinct dialect, similar in use to Scots-Irish, which is droll in a more neutral way.

            Examples:
            English: “Sorry, I don’t know the time.”
            Hebonics: “What do I look like, a clock?”
            English: “I hope things turn out okay.”
            Hebonics: “You should BE so lucky!”
            English: “I see you’re wearing one of the ties I gave you.”
            Hebonics: “What’s the matter, the other tie you didn’t like?
            English: “That’s a very pretty girl.”
            Hebonics: “She could stand to gain a few pounds.”
            English: “May I take your plate, sir?”
            Hebonics: “You’ve hardly touched your food. What’s the matter, something’s wrong with it?”
            English: “It’s been so long since you’ve called.”
            Hebonics: “You didn’t wonder if I’m dead yet?”
            English: “It’s a nice day.”
            Hebonics: “At least it’s not raining.”
            English: “Happy birthday.”
            Hebonics: “You should only become a year smarter.”
            English: “I feel good.”
            Hebonics: “Things could be a lot worse.”
            English: “Happy New Year!”
            Hebonics: “Another year, G-d willing!”

            Celente’s style of speech becomes tiresome very quickly, whereas Myers makes carefully researched rational arguments in a straightforward way, as befits someone who has benefitted from a good education.

        • I see your point regarding the spoken language Malcolm and fair play but it is the messages behind the language that matters most. Celente and Alex Jones are big mouthed yanks, yes, but they very often hit the nail on the head as to what is actually happening in this world.

          It is just that they operate in a different style from what we conservative hibernians are used to

  34. More on scripted realities…

    Our abilities to sense what is right and what is wrong vary, but this is not an exclusive matter of personal skills. In a world that is flooded with soundbites and headlines that have a halftime of approximately 20 minutes at the most, and a public with the attention span of a Goldfish, it is increasingly difficult to separate the useful information from intellectual junk.

    If you are watching six-one news, and see pictures from your car that burned out completely, and a scene with firefighters securing the site, well I bet you are out of your chair in no time and to the window to check what the hell you just saw on TV.

    Now there are two possibilities, someone played a joke on you and you were not watching six-one at all, but a clever fake that played from you DVD player without you realizing it, or God forbid, it ain’t a joke, and your car has gone up in smoke.

    See where I am going?

    It is impossible for us to come to the right conclusions on certain informations that are presented to us as the truth without having intimate knowledge of the information and background. Our habit of listening and watching these informations needs to become much more fine tuned to a reality that we only can experience.

    When Colin Powell shook his salt dispenser at the UN security council, warning about the doom of humankind in the hands of Saddam Hussein, well there was salt in it, and no high grade biological or chemical war fare substances that they claimed to be produced in great quantities in Iraq. Hans Blix was the chief of the UN Inspectors who went many times into the Iraqi deserts looking for traces of the mysterious WMD productions sites, and they came back with …. that’s right, nothing!

    Hmm, crap! That didn’t work out too well.

    OK, lets try that again, and out came the Joker, Satellite images! All you could see were some rectangular shapes, a couple of dots here and there and what have you not, and of course a helluva lot of sand. It could have been anything, really, but the commentator on the pictures makes all the difference. Ideally, a Shakespeare trained actor would raise his voice and before you know it you can even see white clouds of a mysterious substance hanging over your own little place, when you and your family have white foam dribbling from the lips and you all die in the most horrible way your own fantasy can provide.

    OK, now that worked!

    The difference is, you can’t rush to the window to check whether there really are those evil manufacturing places in the Iraqi desert. So, if we can’t just check it out from the window, what then is left for us to judge the material presented and come to more realistic conclusions? Here comes the magic wand! – Work! – In a nearly forensic way you have to add informations to the presented pictures, and everything has to be in context. From Historical background to up to date events that might have happened thousands of miles away, but are relevant to the case presented. In some sense, you have to do the work of a profiler. Perhaps it is the advantage of age to be able to have a somewhat larger amount of data in memory and available at any given moment, to add forensic informations and come to better conclusions. Today, where the still free Internet is available to you, and I emphasize that for good reasons, do make the best use of it!

    Hell knows, perhaps the days of free internet access are counted, and you will have to pop a RFID equipped identification chip into a computer with all your personal informations stored on, from your foot size to health history, your bank accounts and entire history of your life, to be able to go online, and without that RFID, bleep bleep, WARNING, restricted area, no access allowed, your location was transmitted to the local authorities, please remain in your seat and stay calm, an officer will be in touch with you shortly.

    http://www.internetworldstats.com/stats.htm

    Not everyone has that freedom, by far, not everyone has access, so perhaps that makes you feel a little bit more humble that you do have it available, do use it!

    • 33square

      maybe george, we are all suffering the birthpangs of the new economy? what with bitcoin, google wallet and dictators in countries without rothschild banks being overthrow by the day… who knows?

    • 33square

      and as for the “free” internet: he who controls the search results, controls the hearts and minds of the world. who could that be?

      WHO is occupying wall(dame)street? WHO is funding them? WHY?

  35. [...] to leave complex Mortgage crisis hits home at Ulster bank Boost for homeowners with rate cut What bit of ?unsecured? do you not understand? Investment firms face new Central Bank rules ?3.8bn in cuts and tax increases in budget Central [...]

  36. Malcolm McClure

    I see SBP put David’s Sunday article behind a paywall yesterday. I hope they allow him to escape with it later in the week.

    As a matter of interest, does anyone know who owns the Business Post empire?
    Have they decided that stale quality news is only for those with sufficient disposable income, but not for the needy unemployed?

    Perhaps some enterprising person will establish an SBP soup kitchen providing a nourishing diet of leftovers.

  37. 33square

    i see your 700 million euro clusterf*#k and raise you a 3.6 billion euro “double-count” (http://www.irishtimes.com/newspaper/breaking/2011/1102/breaking11.html)

    fox likes to blame a servant single hen because all the other hens know that hens can make mistakes. fox wouldn’t like the hens to know that the foxes knew of this “error” all along. I wonder what other “errors” will be found in the coming months…

  38. redriversix

    The Beginnings of class warfare..

    too few have have too much…..
    And too many have not enough

    This is the beginnings of the first Great War of the 21st Century.

    Academia is irrelevant,what is important now is consolidating your own security and your families.

    What you need to do is to take care of your own families and suggest to others any ideas that can assist in this,and you do not need any Governments permission to do this,to them you are a burden and just a asset to be manipulated.

    Man up and realize their is nothing to be afraid of,…YOU,control your destiny.TAKE IT BACK.

    No Soldier , on active deployment is fighting for his Country,he/she is fighting for the person standing beside them.FACT……

    Now,you go and do the same and no more fucking about anymore.

    Stop waiting for our politician’s to supply reinforcements,they are not coming because you are expendable.

    Tomorrow is the start of the rest of your life,now lets grow “some balls”and move on…….

    Families first

    RR6

  39. Did anyone from this Forum meet up in Kilkenny and how did it go ?

  40. tony_murphy

    I know how the central banks function – and so do you David. You know that it is the greatest scam in history. Yet, you write article after article, telling us how the Central bank is the lender of last resort… blah blah blah. Well you were one of the boys anyway, so I guess it’s no surprise.

    You should know the Keynesian Economics is the economics of elite fraudsters.

    Unfortunately the government and people like me listened to you 3 years ago with your bank guarantee scam. What an idiot I was.

    As far as I can tell, joining the dots, you fully supports the EU project and by association the totalitarianism that comes with it. Shame on anyone who supports those reptiles

    The breakup of the EU, the Eurozone, a tiny non invasive National Sovereign Government with money backed by Gold and Silver are the answers.

    Real money, not new 1′s and 0′s on a central banks computer. Or other currency magic from the banksters.

    The truth will win out, and you will be on the wrong side of it. Light versus Darkness

    Ron Paul has all the answers for those who want to learn more

  41. The Forum is quiet currently maybe its because of the late pop up of the next article from the SBB .

    Anyway something for serious Rugby Followers . Munster has lost all their matches against Leinster on the 7 day eve of the Full Moon .It has always happened like this even the recent one too .

    There is a reason . It will happen again and again and again . Its not the fault of the players . there is another reason . And the Full Moon plays a part to this and always sides with Leinster .

    The Good News is this Full Moon will side with Munster the next time . Only ,’if’ the management knows how .

    Now thats what I have to offer to them . Its that simple.

    • redriversix

      Now I have to “subscribe” to the SBP to read Dmcw Article on the net…..

      Not alone will I not Subscribe,I will never purchase it again….

    • Dilly

      It is not as big an event as it used to be. Due to TV revenue and merchandising being so important, there are too many rugby matches today, which takes away from the excitment. My father used to play for Leinster and he was saying the same thing last week. The players are all built like WWF wrestlers and the tactics are all the same no matter who is playing.

  42. Irish Evictions by Irish Banks

    Under French Law nobody and no family can be evicted from their Home in France between 1st November and 17th March ( St. Patricks Day ) each year .

    Under Irish Law the Court Process increases the Enforcement of Eviction and Personal Bankruptcy and the Maximum Impact happens on Christmas Week every year .

    • Under Irish Law the Court Process increases the Enforcement of Eviction and Personal Bankruptcy and the Maximum Impact happens on Christmas Week every year .

      John, remarkable, could you put some meat to the bone for me? I never heard or read that.

      • @Georg

        Irish Court Sittings

        Michaelmas Term

        ( St Michael and All The Angels )

        4th October to 21st December

        Currently all solicitors offices have their long list of cases being heard in the Courts now and many of these include Irish Bank Debt Enforcements . Decisions will be made in the coming weeks to ‘EVICT’ Irish Families and to Adjudicate Notices to Bankrupt Others .

        Under this archaic Irish anti family law system and all under the podium of St Michael and All The Saints Christmas is Ignored and Denied by the Irish Government . This is something the Insiders use to a great degree of success and in practice it is Discrimination .If you are an Elite / Insider and you have business in the Irish Courts during this time you will win at the Christmas Casino .

        This is not possible in France to Evict between 1st Nov to 17th March because they observe Family Values and Virtues .

  43. michaelcoughlan

    Hello Suds,

    http://www.thedailyeconomist.com/2011/11/did-john-corzine-use-mf-global-as.html

    http://www.businessweek.com/news/2011-10-26/goldman-may-get-windfall-if-it-buys-mf-global-bove-says.html

    O dearie me suds G-Sucks up to its goolies in doo doo again.

    G-Sucking across the universe,
    On the starship G-Sucks under captain jerk,
    G-Sucking across the Universe,
    Things aren’t getting better,
    Things are getting worse!

    Hello David,

    Troika G-Sucks style.

    1) The penny drops with the sociopaths in G-Sucks that Eurpoean Debt is worthless shit. (They must find a buyer at all costs.)

    2) Send in a double agent to control a cash rich company with the instruction to buy up all the worthless bonds from european countries from guess who and whoever.

    When the whole thing explodes short the shares of the stooge company like bejesus and buy the remaining assets for cents on the dollar.

    I KEEP TELLING ALL OF YOU BECAUSE YOU WERE BORN WITH A CONCIENCE WHERE YOU SEE FAILURE THE SOCIOPATHS SEE SUCCESS.

    http://www.businessweek.com/news/2011-11-08/european-banks-selling-sovereign-bonds-may-worsen-debt-crisis.html

    The yields on Irish bonds will now go through the roof again so for god’s sake if any of you have any cash put it in gold or a hard currency.

    • michaelcoughlan

      Dedicated to Mr Corzine.

      On European debt you went long,
      Oh Boy were you wrong,
      Had the regulations been stronger,
      My shite poem would be longer.

  44. coldblow

    Hi folks. Been away for a few days but I’ve looked through the past week’s comments. Good to see you are finally beginning to see the light. I’d like to dedicate the following excerpt to Georg and his acolytes. Take it away, JKT…

    [From Myrna Minsky’s letter to Ignacius Reilly]

    “At last it seems I am finding a platform for my philopsophy, etc. It all happened in a strange way. A few weeks ago I was at a party that some friend were giving for this very REAL boy who had just returned from Israel. He was unbelievable. I mean that.”

    Ignatius emitted a little Paradise gas.

    “For hours and hours he sang these folk songs he had picked up over there; really significant songs that proved my theory that music should basically be an instrument of social protest and expression. He kept us all in that apartment for hours and hours listening and asking for more. Later we all started talking — on many levels — and I let him know what was on my mind in general.”

    “Ho, hum,” Ignacius yawned violently.

    “He said, “Why are you keeping all of this to yourself, Myrna? Why haven’t you let the world in on this?” I told him that I often spoke in discussion groups and in my group therapy group. I also told him about these letters of mine to the editor that have been printed in New Democracy and Man and Masses and Now!”

    “Get out of that tub, boy,” Ignacius heard his mother scream outside the door of the bathroom…

    “…He said, “With that voice and personality, you should be appearing before the people in prison.” This guy was really amazing; in addition to his tough mind, he was a real mensch. He was so gentlemanly and thoughtful I could hardly believe it. (Especially after dealing with Samuel, who is dedicated and unafraid but all a little too loud and something of a clod.) I never met anyone so dedicated to fighting reactionary ideas and prejudice as this folk singer. His very best friend was a Negro abstractionist, he said, who made magnificent smears of protest and defiance across the canvass, sometimes slashing the canvas to shreds with a knife. He handed me this brilliant pamphlet that showed in detail how the Pope is trying to assemble a nuclear armory; it really opened my mind, and I forwarded it to the editor of New Democracy to aid him in his battle against the Church. But this guy also had this big thing against WASPS. Like he hated them. I mean, this fellow was sharp.

    The next day I got a telephone call from him. Would I lecture to this social action group he was going to form somewhere in Brooklyn Heights? I was overcome. In this world of dog eat dog, it is rare to find a friend… a really sincere friend… or so I thought. Well, to make my point as briefly as possible, I had learned the HARD way that the lecture circuit is something like show business: the casting couch and that routine. Get what I mean?”

    “Do I believe this egregious offense against good taste that I am reading?” Ignacius asked the floating soap dish. “This girl is without shame entirely!”

    “Personally, I feel like exposing this phony ‘folk singer’ who I guess is preying on some other dedicated young girl liberal at this moment. Somebody I know said she heard this ‘folk singer’ guy is really a Baptist from Alabama. Boy, what a fraud he was. So then I checked on this pamphlet he had given me and discovered that it was printed by the Klan. This will give you an idea of the ideological subtleties we have to deal with today. It sounded like a good liberal pamphlet to me. Now I have to humiliate myself by writing to the editor of The New Democracy to tell him that the pamphlet, although challenging, was written by the wrong people. Well, the WASPS struck back and got me this time. The incident reminded me of the time in Poe Park when this squirrel I was feeding turned out to really be a rat…

    … I don’t imagine that your sociological or political ideas are getting any more progressive either. Have you abandoned your project to form a political party or nominate a candidate for president by divine right? I remember that when I finally met you and challenged your political apathy, you came up with this idea. I knew that it was a reactionary project, but it at least showed that you were developing some political consciousness. Please write to me about the matter. I am very concerned. We need a three-party system in this country, and I think that day by day the fascists are growing in strength. This Divine Right Party is the sort of fringe-group scheme that would syphon off a large part of the fascist support.”

    (A Confederacy of Dunces)

    • redriversix

      Okay Coldblow,that’s great……

      What does it mean today ?

      • coldblow

        Toole wrote this 50 years ago. Minkoff’s world view has by now become pretty mainstream throughout the West. We now have young people rebelling against the older generation’s values, but they in turn still see themselves as the rebels, forever young. So what are the latter rebelling against, half a century on? Stylized, cartoon targets: GS, the Vatican, ‘reactionaries’ and so on. “Not in My Name”. I’m just pointing out that there IS another way of looking at things, you don’t HAVE to let them brainwash you!! Tune in and drop out!

        All right, that last bit I’m just taking the p*ss.

      • coldblow

        Just to clarify, Georg (for illustrative purposes, I’ve nothing against him personally, gentleman etc – only I come at things from a different angle) once wrote here, at some length, about a Catholic priest who was a family friend and who spoke with Georg about the meaning of life etc and the upshot was that he rejected his faith. I asked him about this but I don’t think he gave an explanation.

        I find that people who do this often try to portray themselves as independent thinkers. My view is that this is not necessarily the case. Go back into the 70s. There is a traditional world view that is already tottering under a sustained attack from new (materialist, consumerist etc) values, and waiting in the wings is an off the peg, embryonic but othrwise perfectly formed replacement ideology. You don’t have to do anything, just sign up. It’s the coming thing – glamorous, ‘subversive’ yet safe, ‘counter-cultural’ yet mainstream, aggressive yet pacifist, and it allows you to moralize all around you, just like the old religion but better! There will always be many who’d be happy to dump Bristol Rovers in favour of Man Utd.

        Toole is sly. Notice how the pamphlet is not wrong per se, just that it’s been written by the wrong people?

        I would like to ask those who are calling for everything to be torn down what principles they propose to found a new civilzation on. Piety and platitudes don’t count.

        • Malcolm McClure

          coldblow: Existentialists don’t really subscribe to principles; if they did, those would be incompatible with economic principles. That being said, here is an unobjectionable list for consideration by activists:

          “Real people make real decisions like Homer Simpson, not Spock.” –The more who die, the less we care.
          “Small, not big” – The bigger the scale of what you’re communicating, the smaller the impact on your audience. Do not overwhelm people with numbers and statistics. They shift people into an analytical frame of mind, which disconnects them from the emotion of an individual story. The only parable with statistics refers to feeding 5,000 with a few fish and small loaves.
          “Hopeful, not hopeless” – People tend to act on what they believe they can change–If your problem seems intractable, enormous and endless, people won’t be motivated to help
          “Peer pressure still works” – People are more likely to do something if they know other people like them are doing it.
          “Stick to social norms, not market norms.” –Social norms are about what you do as a good person and citizen. Market norms are about WIIFM (what’s-in-it-for-me) and transactional experience. Once you trigger market norms, it’s hard to go back to social norms.
          “People listen to authority.” –People tend to comply with requests of authority figures, even if they are asked to perform objectionable acts.

          Hope these pointers help in your quest.

          • coldblow

            Interesting ideas, Malcolm. Coming into my line of thinking at a tangent, but that’s ok. What do you mean by existentialist? If it’s Sartre then I’m sceptical as I slept through most of it.

            I’m looking at this within the extravert/ introvert framework (still). All the bits of theory in the air, it’s all fine but I feel driven to link it with my own personal experience (unlike when I was younger, but then there wasn’t much to link into of course) and it’s weird how a short 50 odd years seems to encompass the theoretical stuff in one way or another. It’s only in the last few years that I have realized that what has happened to me over an uneventful life (superficially regarded) so far, even things that seemed insignificant at the time (I am currently reminded of the time I went to see Status Quo at the Hammersmith Odeon in 1975 and everyone stood up from their seats when they appeared, except for myself and – I was gratified to see – me sister a couple of places away, and she’s an extravert – we lasted about 20 minutes) forms a coherent (if not unexpected, and not a little bit odd) whole so that

            Do you mind if I break off this sentence here so I can go for my dinner?

  45. Morning from dreary, drizzly Belfast. Apologies for not having the usual service of articles up yet on the site. I will try to get to it today but as the SBPosy have changed the website I have to get a password first!

    Thanks,

    David

    • Yesterday we had only blue skies all day long in the NW. I nearly forgot that there is color in the landscape. Every irish citizen should be entitled to a yearly 2 weeks stay in the tropics to avoid vitamin deficiencies and winter blues. By firing 90 % of the ERSI and using their funds we could manage I suppose.

  46. Devaluation Train has Arrived

    http://www.rte.ie/news/2011/1108/crh-business.html

    Cement Roadstone have moved their main Primary Listing to London and in Sterling .

    How many more will follow?

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