February 22, 2012

Illusion of Greek bailout is Europe's dirty little secret

Posted in Irish Independent · 183 comments ·

Sigmund Freud once noted that: “Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.”

Europe and the EU are soon to go through one of those ‘collisions with reality’. The reality of the latest deal in Greece is that it drives the Greeks deeper into the mire and as the economy there contracts yet more, the wheels of this deal will fall off.

Before we go into what the deal means for us, let’s examine the latest illusion. Last year the illusion was that ‘austerity creates growth’. The 6pc contraction in the Greek economy in the final quarter put paid to that canard. As does our rising insolvency and mortgage arrears data here.

The latest illusion that the EU has now come up with is that ’120′ is the new ’60′. A debt/GDP ratio of 120pc is now regarded as sustainable. A few weeks ago during agreement of the fiscal compact, a debt ratio of 60pc was regarded as the sustainable target. Now we know — well, for Greece at least — 120pc is the new 60pc.

One has to wonder is the new target set at 120pc of GDP because that’s where Italy and Belgium are right now and to suggest that this was anything other that a good outcome for Greece might shine the light on these other outliers?

Whatever the reason, what is interesting for Ireland is that private bondholders took a 53pc haircut on their holdings. They have been burnt. It is estimated that the ECB owns up to €55bn of these Greek bonds, which it bought at a discount. Obviously because it didn’t buy these bonds at face value, the loss the ECB will take will be less than 50pc but it is interesting in itself.

For Ireland, this means that we will get a deal on bank debt most definitely. It might take time because the last thing the ECB wants is a queue of ‘me too’ demands from Ireland and Portugal. But it is clear that our hand has been strengthened, if we decide to play it.

But just in case you think this is a victory for the citizen, let’s examine in a bit more detail how it works. There will be no default. Greece will be given a €130bn loan. With that loan it will pay out €100bn to bondholders, who will have seen their bonds fall 53pc in value. After the penal interest Greece has paid on these bonds already, we still see an insolvent country paying bondholders 50pc of face value when they should be getting nothing.

So Greece gets €100bn written off, but borrows €130bn in order to achieve this, so it is still borrowing more making its overall debt not better but worse in absolute terms.

Now it needs to grow to bring these figures down and that is going to be impossible. So we are going to be back to square one in a few years except for one crucial thing.

After all this is done, private creditors to Greece will have been paid by European public money stumped up by the taxpayers of other European countries. The banks have been bailed out again. Without help they would have got nothing. They now get 50pc of their worthless holdings and the subsidy comes from the taxpayer.

The illusion of a great deal was exemplified by Jean-Claude Juncker, the chair of the meetings of eurozone finance ministers, who said that the Greek debt deal “will preserve the financial stability of Greece”.

It will do no such thing. And Mr Juncker knows it.

According to Bill Bonner at the wonderful www.dailyreckoning.com: “A 10-page ‘strictly confidential’ report on the country’s debt projections prepared for eurozone leaders warns that the principles of the new deal will (a) cause debt levels to rise by further weakening the Greek economy and (b) scare off future bond market funding.”

The report also reveals that Greek debt could still be at 160pc of GDP by 2020 and that it could require another €245bn in bailout funding.

It concluded: “Prolonged financial support on appropriate terms by the official sector may be necessary.”

So let’s go back to Freud. Why would Europe’s financial and political elites insist the deal is sound when they know it’s not? The reason goes back to the dirty little secret. The ‘bailout’ of Greece is really a bailout of eurozone banks.

But they can’t say that, so they maintain the illusion of success because, as Freud said, “it saves us pain” and obviously the collision has been postponed for a little while more.

As this column has said many times before, you don’t make a balance sheet with too much debt better by adding more debt; you fix it with less debt.

Greece is not making progress on this basis. All it is doing is incurring new debt to retire old debt .

Contrast this with Iceland. In the same week as the eyes of the EU were focused on Greece, Iceland — a country which in 2008 suffered a monumental crash — is now recovering strongly.

It has done exactly what economic mainstream thinking would advise. It dropped its currency by over 40pc to make itself more competitive and mainly to choke off unnecessary imports. It defaulted on its bank debt by simply telling the creditors that there was no cash and they could take equity in the banks if they wanted.

So it devalued and defaulted and, far from the markets punishing Iceland, the markets rewarded them. Iceland is now borrowing again, the economy is growing, inflation has fallen and there has been large-scale mortgage debt relief. Crucially, unemployment is now at 6pc and falling. And it is running at 6pc of GDP budget deficit, borrowing from abroad and at home to do so. Who says people won’t lend? Of course they will, because the debt default means that the balance sheet is fixed.

The Icelanders took control of the situation and did things their way. They were rewarded. They didn’t try to be ‘best in class’, but laid out things as they were to the creditors. The markets moved on. They would do the same here.

Make no mistake, the way mortgage arrears are rising here and the way companies are going to the wall due to their debt burden, huge debt deals will have to be done here.

It’s just a matter of when, not if. Greece shows us how not to do things. When it comes to debt, Iceland gives us a roadmap.

  1. Adam Byrne


  2. Ireland could do the same as Iceland but unlike in Iceland there is simply no political will to do it.

    It’s a political problem now

    • redriversix

      I believe it is now the Irish citizens problem because no matter how much information is available to prove how corrupt this financial crisis is and how it is being used so that many can enrich the view and the many live in fear and yet we continue to do nothing………

      I posted here over the last several months how this crisis is all about a grab for a Nations resources and a NWO and now we have the sale of our power and gas companies which will make somebody very wealthy and will cost more jobs.

      Greece will very possibly slide in to civil war………

      • It is the Irish citizen’s problem now RR6. The only thing they can do is become aware the power they have. The stakes are massive because if we don’t try to change things for future generations then the politicians will only hum and haw like they have always done and behave as prison warders for the interests of banks, corporations and other dubious interests

        The sale of power and gas companies is hard to stomach and I get the impression that in Ireland there is a seething rage building below the surface. The blue shirts and their labour lackeys will be wiped out at the next election if the fools who voted them in have an ounce of sense in their heads at all and use their power

        This is now a political problem and if the people were to were to put these politicians under enormous pressure to tell the troika where to go then we would see their true colours. Maybe this is what they are afraid of at the end of day

        David has called it right. These idiots don’t have a clue what they are doing and their worldview is so narrow that it makes them too stupid to see that they are being played like fiddles

  3. molly66

    The Irish government want to sell off state owned companies to raise money ,part of the money they raise is going to help create jobs ,for a start this is mad and mad because they should stop paying the bond holders and use the money to stop hammering the Irish people.if they want to sell something sell off the revenue, the HSE,any state run body that is costing us the tax payer money one example of this is Dublin city council selling a bin round that it ran at a loss ,to grey hound wast who will make money out of it a lot of money,this is a scandal sell to an off shore company,why could Dublin city council not make money out of it ,the answer is there is to many people working there on great wages with very little to do and it’s like this right across the board ,so sell these off and maybe then will we Joe public get a proper run country.

    • Dilly

      With regards to Dublin Council, I know people working there who do a 27hour week and earn 70k a year. Sometimes they only do a 20hour week. I am not making this up. It is insane !!!.

      • molly66

        I can remember a pall of mine looking for planning permission for his daughter and was given the run around and new people moved In to his aera and they got it and he still could not ,so he went in and ask to speak to a planner he ended up demanding to see a planner and after a stand off got to see a manager who told him the planners where very busy ,there was a room full of planners with very little to do how could planners be busy the way things are now,it’s a joke the hole system is a scam a Joke and total waste of money.

        • molly66

          And don’t get me started about local needs any irish citizen should be able to build a house in any part of Ireland ,if you grant to local people you have to grant to any Irish citizen.

          • Juanjo R

            Utter rubbish.

            Ireland is a post industrial non-agriculturally based society with a complex welfare state, not a free for all, stateless condition turn of the 18th century land grab in the Americas.

            The state has costly obigations ( schooling/health ) to each and every citizen, and each citizen has expectations of equal access to basic infrastructural services ( post/ electricity /telecommunications / decent roads ) from birth to death. It can’t reasonably expected for the state to supply these equally at any kind of reasonable cost if lots of people decide to up and live where ever they like.

            Can’t people see any realationship with this american cowboy mentality and 350,000 idle properties ( heavily leveraged properties ) in Ireland? Wake up and move on!

          • henrybarth

            molly66: In Ireland, rights are given to RESIDENTS. You do not have to be a Citizen except to vote in national elections. Social welfare goes to all residents, without regard to length of time you are here.

        • Johno

          Molly , maybe your friend should of offered a bribe, rumor on the street have a 5k cash donation will get you planning permission in certain area’s.

          Now just to clarify im not really suggesting it , just pointing out our corrupt the system is , if you belive the rumors that is

          • Juanjo R


            If you or anyone else has PROOF of a bribe been taken otr given you should take it to The Guards, a journalist or a TD.

            Bitching and moaning in the background isn’t going to do anything.

          • Dorothy Jones

            That’s a fairly serious allegation. Do you have proof? To which Local Authority are you referring?

        • Juanjo R

          rant rant rant..

          This comment is so ignorant in every way possible ranging from this aggressive ‘stand off’ you report to the idea that Dadies should be allowed to get permission ( i.e. subsidise by use of their own assets )It is exactly this type of base stupidity thats gots us into this collective mess.

          The country has 350,000 vacant properties! why does anyone need planning permission for a home?

          Regarding your ranting friend. There an appeals board available to review and retake decisions a party feel are unjust. They are unconnected to the PA. It cost 600 odd euro to go to. The letter he got from the PA stated the reasons he was refused. There was no mystery, he could have appealed it.

          Lots of people have got planning permission over the years how did they do it? Well a good percentage used real professionals. It sounds to me from the picture you paint that your friend didn’t, hence his and your own ignorance on how the process works.

          In fact the country is over built in recent years i.e. there was too much permission given. It was actually too simple – in this way the system was wrong and messed us all up.

          • Grey Fox

            You are right Juanjo, too much permission was given…TO THE WRONG PEOPLE…. the reason there are 350,00 vacant properties in the country is exactly because the planning system is corrupt, every small town and village has a blight on the landscape of a “housing development”, or in a lot of cases, a Ghost estate, financed by corrupt banks, most of these estate were not required, people were encouraged to decentralise and are now stuck in the middle of nowhere with no services and more importantly no jobs. The one thing the Planning Tribunals confirmed , if nothing else, was that in fact the planning system was corrupt. Ordinary tradesmen and farmers were actively encouraged to become “Property Developers” and boy are they, and we reaping the whirlwind now!!! One single individual seeking planning permission to build a home for his family to live in is the least of our problems and should always take precidence over the plonker who wants to build 50 or 200 houses in an area with no requirement for them. YOU my friend need to wake up and smell the coffee!

          • Juanjo R

            Grey Fox,

            Permission isn’t given to people – its attached to the land and property in question.

            I said above.

            “In fact the country is over built in recent years i.e. there was too much permission given. It was actually too simple — in this way the system was wrong and messed us all up.”

            Firstly, I didn’t isolate single dwelling builders with this comment.

            Secondly, in my own case I fought against ( sucessfully ) irrational development which would have ( at best ) resulted in ghost estates in the place where I came from.

            This is a modern age where universal education and health alone – functions of society – are rights and need to be provided to people. You can’t do this – if have a viable modern society if people get up and go live where ever the f**k they want.

            The one situation whereby someone can go off a build some horrific 6 bedroom neo-palladian monstrosity unrelated to where they work and expecting the government to provide the stuff they don’t pay for to their doorstep isn’t PLANNING its a free for all, with Daddy subsidising the cost of the site, and the owners of these things piggybacking on the rest of society to subsidize their essential services.

            This is before you get into an ecological concerns. There is nothing ecological about 6 bed palliadan monstrosities in the middle of nowhere.

            If you can farm on a self sufficent basis or on a commerically viabale basis or if you provide essential services to a farming community and can satisfy a strong development standard then you should have the right to build in a rural area – all these can be probably be justified.

            Playing little lord of the manor can’t.

          • Johno

            In relation to my post above I wish I did have proof of it. As I said it is a rumor , It would be from people I know from the waterford / tipp border area , one of those rumors of friends cousins next door neighbour doctor who knows a person who walks a dog for someone who said……..In fairness to me I did mention twice it was a rumor! Maybe I should make that clearer in future……..

          • JM

            Juanjo, you appear to have some chip on your shoulder and your pontification distracts you from the valid points that are being made. Nobody but you mentioned ’6 bed palliadan monstrosities in the middle of nowhere’. Real people, affected by the intransigent planning system, are trying to provide homes for themselves and/or their families according to their means, regularly prevented from improving their homes for the most pointless reasons and obliged to incur further,unnecessary expense to pursue these necessary improvements. As has been pointed out, and the point is clear and valid, permission was indeed given out too easily ‘to the wrong people’ and houses built where they weren’t needed. Incidentally, your grudge against ‘daddy subsidiSing’ is prejudiced and telling, as McWilliams has often pointed out the normal and sustainable condition is for the older generation to support and pass wealth to the younger. Try considering other opinions, or simply reading what’s actually said, rather than just railing against everyone’s opinions and have a nice day.

          • Eireannach


            If your post is some polite, well mannered attempt to reassert the rights of Ireland’s middle class farming community to secure planning permission for one-off bungalows on their land to give to their kids…

            …then you, sir, are on the wrong side of history.

            The urban dwellers of Ireland are absolutely sick and tired of country people and their “rights” to build where then want, whatever they want.

            The planning laws in Ireland, and more importantly the routine enforcement of the laws, will soon be like in Northern Ireland – much, much tighter.

            How do I know this? Because that’s the way it is everywhere else in Western Europe.

            Like with so many things, it’s a case of Paddy last. But the EU will not stand for any more one-off nonsense in the country and the outrageous cost of subsidising it.

            Frank McDonald wrote about this in the Irish Times this week.

            Together with the septic tank charge, the rural people of Ireland are showing their self-centred true colours. But the urban dwellers, and I speak for a great many people here, are ready for out-and-out war with the country people over this, and the EU are behind us.

          • JM


            No, I have no interest in or affinity with the farming community, or indeed ‘country people’. I’m urban, born and bred, but you certainly don’t represent my views.The people I’m sick and tired of are those who insist on establishing a dichotomy whenever any issue of national concern is raised, just like the Public versus Private sector employee arguments which continually hinder objective analysis.

            Thanks for pointing out Frank McDonald’s article. It certainly shows which side of the divide he is on, though is unfortunately lacking in current or pertinent data. Maybe, if you’re that interested in the true source and impact of waste water discharge in Ireland, you should review the current data (and note that urban waste water works, typically inefficient in their operation, are by far the greatest polluters).

            Again, it’s painful to see how easily people are distracted from the big issues and prompted to infighting. Sure, the EU are behind people like you in your fighting talk. We’re in this economic calamity in order to bail out European banks, forced by ‘our European partners’ to indebt ourselves in a hamfisted effort to prop up the euro and wreckless European investors. You can be sure the minor matter of septic tank charges will receive huge media coverage, meanwhile the troika instruct us to remortgage our national assets. Any asset of value and use for our future will be slowly but surely sold off, but you won’t notice, being too busy throwing stones at your own compatriots….Éireannach?? That’s rich.

      • Deco

        The local authorities are rotten with nepotism.

        Because of this, people who are not interested in work, get placed into jobs for their pocket’s benefit, and not for the benefit of the community who are to be served, by the local authority.

        We can change this, by refusing take voting advice from political party canvassers who get state jobs as a result of nepotism.

        And by being very open about what is happening.

  4. kieranor

    I enjoyed your talk to the student Review last night in Trinity especially as you enlivened it with some great side commentary.

    As I wended my way home I passed an ‘ould fella’, walking his dog, neither of them wearing Prada, and he bellowed to me, “any chance of a thousand euro?”!

    The market is efficient; he had priced in the future!

  5. Lyndon Jones

    Yeah , yeah , yeah , this stuff has been recycled time and again . Last week DMcW said they would leave the euro , a prediction he has made several times.
    Even the Greeks dont want to leave the euro .
    Anyone could write this stuff.

    • molly66

      I don’t think anybody would like to be in Greeces shoes now they are damed if they do and damed if they don’t .

    • kieranor

      True, but… One Greek Economist has stated that the coming Greek election has no importance compared to the upcoming election of the Presidency in France, His belief is that once Sarkozy is safely back in his seat, the German-French alliance will abandon further support enabling the Greeks to seek another bailout. Then it is quite possible that Greece may leave the €.

      In addition, no Government facing an election would engage in a radical move like launching a new currency.

    • It takes a long time for people to admit to failure… A long long time…

    • stiofanc02

      Lyndon, why dont you write something for us? Where can I read your able,lively comment and analysis?
      How much do you get paid annually for your expertise in these areas.
      Nothing you say? Not one red cent?
      You dont have an audience? No fans. Wife? Girlfriend?
      No one to love? Are you a loner with bad breath?
      I thought so.

      • Eireannach

        I see you’re back at your old canard “bet you don’t have a wife/girlfriend”.

        What a typical builder you are, mate!

        • stiofanc02

          At least Im not a piece of human faeces like you.
          That is polite word for what you are.
          But alas you really have nothing and no one, so you look to make trouble on a blog.
          Boy are you pathetic.
          If you were in front of me you would slink away.
          Like the coward you are.
          Behind the screen and miles in between you are a big man.
          Hitting out at the world which rejects you daily.
          Your own mother can stand the sight of you.
          Your siblings hate your filthy guts.
          You masturbate your way through life as this is the only comfort you can get, oh and looking for your next blog victim to attack with some psychotic “peak oil” bullshit in hopes you will “fit in”
          But you dont.
          You are damaged.
          You are disliked by everyone.
          You are in need of Love.
          You are a weakling.
          You have lost your moral compass.
          You stand for nothing.
          You are in pain, it hurts
          You and your friend Lyndon are losers. Lower than whale shit.
          Birds of a feather.
          Now go fuck yourself asshole.

  6. Malcolm McClure

    Fitch said it was downgrading Greece to “C” from “CCC,” and would follow up with further downgrade to a “restricted default” when the bond swap is completed. It will then reassess the country’s ratings when new bonds are issued as part of the debt exchange.

    I think I might have the answer to all our Euro-woes.

    Split up Belgium, which is broke. Sell the Walloon bit to France and the Fleming bit to Holland. Use the proceeds to recapitalize the ECB. Then we can all go back to our customary partying.

    Some fans of the Eurovision Song contest would be distraught but few others would miss Belgium, as the country was established as a buffer state in the first place and that function is no longer needed in a well mannered Union.

    • and leave Frompuy in the middle

    • michaelcoughlan


      Belgium was created as far as I remember to control the port of antwerp and access to the sea to put manners on the Germans. Its no concidence that so many of the skeletons (literaly) of european history are buried so close to it. A country can also be controlled or raped like the USA through ownership of its currency which lost the ownership of it’s currency in 1913.

    • coldblow

      Hold on. You gave us the plucky little Greeks. What about the plucky little Belgians (Belgiums as some like to write it)?

  7. [...] full article at source: ttp://www.davidmcwilliams.ie/2012/02/22/illusion-of-greek-bailout-is-europes-dirty-little-secret [...]

  8. michaelcoughlan

    Your previous article was much better than this one and the best to date in my view because for the first time since I became a fan of yours you appear to be making political analysis first and then offering economic analysis which makes your commentary much more powerful. The first 3/5ths of the last article were purely political observations thank god and subsequently the economic commentary was much more revealing.

    In this article you correctly state at the end the unsustainable debt will be written down eventually. But what you failed to point out was by then Peadair and the other President Emeriti will have succeeded in putting the European citizenry on the hook and themselves off it for the substantial hit which will be taken.

    And God himself will only know the size of the bonus coming the way of Peadair and the other President Emeriti FOR SHAFTING THE WHOLE OF EUROPE.

    The comparison with Iceland is inaccurate because we are part of a common currency area and they are not.

  9. molly66

    Who runs Europe ?

  10. If I was an investor with a lot of cash I wouldn’t touch Portugal, Ireland, Italy or Greece UNTIL they had defaulted. The simple reason for this: I wouldn’t invest in a bankrupt country. That’s why Iceland is (reportedly at least) doing so well.

    I don’t think people understand the fundamentals of what they are dealing with. People (especially banks) have shown themselves utterly incapable of understanding basic business.

  11. Westie

    If the Greeks are getting 130 bn bailout to pay off 100 bn of 200 bn bonds at approx 50% haircut then the Greeks are not getting more indebted or am I missing something? Transfer of public money to private institutions yes, but the balance sheet of the country is no worse. Or am I reading that wrong..

  12. Julia

    Great article today David.
    Came across this on the web. Pat Kenny the man on the video clip who headed up a group of people who sent a bailiff and the police away from a house they were trying to repossess. They intend to take a case against the State because the Constitution says a person’s home is inviolable. Not paying a debt is not a criminal offence, so the police have no part to play.
    If the politician won’t stand up and be counted then the citizenry can and will.


  13. What it sounds like to me is this: The banks are making massive profits (interest on loans) on the back of schmuck investors who are taking so many haircuts I wonder if its more like brain surgery at this stage.

  14. as a matter of interest David, how are the teachers,and policemen,and other civil servants getting along in the new Iceland.?
    Are their wages cut?
    Give us an in depth report on this success story in your next article.

  15. Grey Fox

    World Bank, IMF, ECB and the FED are making the rules up as they go along, they have now entrapped vitually all the nations of the world, they couldn’t have Libya so they took it by force, Iceland has shaken them off for the moment, until they become valuable again. The Governments are now complicit willingly or unwillingly, when it looks like a country is sliping a technocrat is installed Greece, Italy. The battle the ordinary citizen faces is monumental if not lost already, the only thing we irish have at the moment is our Constitution and the help of a few sympathetic neighbours as shown in the video from freedomfromalldebt website, this may seem like an uncoordinated bunch of people facing off to an uneducated Civil Servant but to me this was a gigantic victory and all evictions/ actions by the “Sheriff” should be highlighted in advance so people can organise to resist peacefully and maybe this kind of direct action will succeed in opening more citizens eyes to the trickery that occurs everyday in cities, towns and villages all over Ireland, there is safety in numbers, divided we will surely fall.

    • molly66

      Love thy neighbour as thy self

    • Steaf35

      Information campaign required to inform those that who are blatantly unaware or just dont care to arise out of their slumber; Where we are and what are the options; Many people in Ireland wont care until they feel personally threatened; Unfortunate but true! Various sites and blogs could combine under one umbrella for strength in unity..!

  16. Deco

    Excellent article.

    It seems that illusions abound in the European Project.

    And the schemes eminating from the European project have something about the love of being propped up by monopolistic, unchallengable, bigness as the solution to the problem.

    They never solve the problem. They simply believe in outscoring, and out-jawboning it.

    Europe – the ponzi scheme continues. Drucken-Kliene-Drucken. Or whatever that is in the land of Aesop. Poor old Aesop. He only ever had common sense. He would not be needed by the EU or the ECB. To simplistic a fellow. Too honest. He would never grasp the necessity of perpetuating the unsustainable illusion.

    The EU has become a club of denial. When we crossed the Treaty of Maasticht, the EU’s institutional collective passed the Rubicon. Thereafter, it was the road to imperial grandeur. And that is the problem. Imperial grandeur is itself an illusion. It is all about something for nothing. As Kunstler says “something for nothing” is the promise of the consumerist age. Everybody is chasing it. And guess what folks, we are running out of “something for nothing”.

    The latest scheme from the government is to sell the trees out of Coillte, before they reach the required height. It is bringing money out of the future and into the present. It is morally justified on the basis that it will fund a stimulus program. Well, stimulus programs are not working in the US – because the unemployment statistics still have to be fudged. Really, “something for nothing” is now state policy again.

    Nothing new here either. Bringing unearned income from the future was the entire plank of economic stimulus in the Ahern era. It occurred via massive mortgaging against the future. Yet all we did was accumulate debt, and undermine future income.

    And now we have the FG/ILP government doing the same thing via the public sector. To be honest the whole privatization scheme is a rather badly thought apporach to pulling money out of the future into the present, so that the politicians currently in control can claim to be improving matters. When really they are just mortgaging us up again. And it is done in such a manner so as to minimize opposition.

    To say that this is an intelligent policy, and is in our interests, is a fraud.

    Folks, the establishment are not being honest with us yet. They are still preserving their own position between the Imperial project HQ and those of us who have to toil to produce the value that will serve the Imperial illusions.

  17. wills



    Hall of Mirrors.

    Look today.

    Greece package wrapped up yesterday.

    Today we get announcement that OUR assets, the peoples assets are been flogged off for pennies on dollar to very same investors whom the Irish people bailed out with austerity.

    So, OUR assets will be sold to foreign asset management ponzites who will buy em with money they originally pillaged from us viz a viz authority,

    The economic system is RIGGED and a criminal system of money laundering and industrialized pillaging on an unseen scale.

  18. wills

    …on an unseen scale runs things politically, economically and they are now taking the piss laughing in our faces telling us to lick their fascist corporate boots.

  19. wills

    …on an unseen scale runs things politically, economically and they are now taking the piss laughing in our faces telling us to lick their fascist corporate boots.

    • Grey Fox

      This is the video I referred to early, excellent!!
      How inept is the so called “Deputy Sheriff”????
      This will only be a success if it is repeated over and over again in every corner of Ireland.
      The wording of Section 40 Sub Section 5 of the Constitution is,
      “The dwelling of every citizen is inviolable and shall not be forcibly entered save in accordance with law”
      The definition of Inviolable is:
      Unbreakable, Sacred, Sacrosanct, Firm, UnInfringeable, UnChallengeable.

      • Grey Fox

        Inability to repay a commercial debt is not a contravention of any Law, therefore the Sheriff does not have any jurisdiction with regard to entering the dwelling of any citizen, people who end up in Jail for non payment generally do so because of a lack of engagement with the courts or refusal to pay a debt where there is evidence of an ability to pay something towards the debt no matter how small. The Sheriff in most cases, where goods,property is seized are paid a commission, and generally succeed by coercing the uneducated, frightened citizen and where the Gardai assist in seizures they must be aware that they in contravention of their Oath to uphold the Constitution and Common Law and they must be held accountable.

      • Time for me to remind everyone again of Article 45.

        • redriversix

          Whats article 45 Furrylugs ?


        • 45 (2) …

          iii. That, especially, the operation of free competition shall not be allowed so to develop as to result in the concentration of the ownership or control of essential commodities in a few individuals to the common detriment.

          iv. That in what pertains to the control of credit the constant and predominant aim shall be the welfare of the people as a whole.

          • redriversix

            Thanks for that Georg.

            Information is a fine weapon indeed.

          • in my world… both, history and knowledge, they are amongst the sharpest swords that were ever crafted.

          • You know what… think about it… in the context of Anglo Irish Bank!… especially 45(2) iii…. this is what I always meant many years ago when I said here on this site… people like Cowen, Lenihan, and so many more… they do not belong in the house…. they belong into witness stand under oath…

            The people of Ireland vs. Brian Cowen

            While I understand the reasons, I still can not believe that this never happened….

        • Hi Furrylugs,

          out of curiosity, is the constitution of Ireland part of the school curricula in Ireland in a sufficient way?

          • redriversix

            Georg, never comes up…..I have two children [ teens ] and it has never been brought up.
            sad to say I am only learning about it now !



          • That is NOT right! ….Needs to change, urgently…. Where is Higgins?

            This must be part of citizens education, failure to provide this is inexcusable.

            Never too late to learn RR6, here is the downloadable pdf


          • Nah Georg!
            Our education system is a 10 step Fetac ladder designed to produce Academics with Phds
            - Where you fall off is where you end up! – And if that was not quite the top – then you’re probably a subliminal failure!
            God forbid you want to do something innovative or artistic!
            So reading the constitution would only give the small man some power.
            A bit like the Vatican used to frown upon the ordinary flock reading the bible – God forbid!
            But hey? who needed to read a Bible when you could by way of the old indulgences, buy the biggest sofa in heaven?
            Now that was innovation! God bless’em!

            That’s it – We’ll revive the old Indulgences idea and sell redemption to the oul Troika….. and the Chinese! God Bless’em!

  20. mcsean2163

    Is this time pocketry extending or reductive?

  21. AndrewGMooney

    David, you comment on the newly increased/decreased debt Greek debt burden:

    ‘Now it needs to grow to bring these figures down and that is going to be impossible. ‘

    It would be helpful to expand on this. Why do you think economic growth impossible for Greece? If the austerity straight-jacket is applied with Irish rigour, surely there’ll be a flood of entrepreneurial vigour to ‘create wealth’? Or maybe not…..Let me elaborate:

    Greece appears to be comprehensively fucked. They have a totally destroyed ecological land-base due to deforestation: ‘wood for warships’ as Plato complained back in the day. Goats eating everything in sight.All that’s left is a semi-desert.
    Olives. Lamb.

    Selling arid desolation as sunshine tourist nirvana is sooooo C20th, but the Germans will probly still race to get their towels on the sun-beds. Foreign travel is for vulagarians.

    Greek ship-building? Korea does that better now. What else? Olympic sized monuments to hubris, ruins old and new. Goldman Sachs raping democracy as only they know how to…..could it get any worse? Yes, when the Troika denounce basic medicine as hopeless extravagance.

    Iceland is interesting. They were prepared to retrench back to their denuded landbase and seascapes. They have a real culture, albeit infested by corrupt local fiefdoms. But they played an interesting hand. I remain hopeful that Greece is only using the Troika to restructure their problematic society to a point whereby they can say: “thanks for the loans, thanks for playing, now: drop dead”.

    Really, all the local locust capital is now safely ensconced in Switzerland: the ex-consumer ex-citizens of the technocracy have nothing to lose but their Euros.

    Of course, there’s always the miracle option of ‘free’ energy *rollseyes*:


    Still a fun blog, David. Very different to 2007/08. Wondering where your next book will take you? Following on from the crescendo of ‘Follow The Money’: Here’s a useful cogitation by Dermot O’Connor which usefully collates the apocalyptic nature of the present predicaments.

    ‘There’s No Tomorrow’


    With its’ soft Irish voiceover, I’m sure this doomer porn will be on RTE any day now…not! Cue the myrmidons, Malcom and Bonbon: bring it on! LULZ, etc…

  22. Tull McAdoo

    Simon Coveney told us on the radio this morning that we needed to have a “review”. As a matter of fact Simon had hired Merrill Lynch to carry out some sort of review around his department and just like the Dickens character Mr. Macawber he was “hourly expecting something to turn up”

    Was tempted to txt in from OZ and politely tell Simple Simon that we are in fact WAY past “review” territory and are nearer in fact to totally bollixed and by my back of the envelope calculations heading for a second bailout early 2013……..

    Simple Simon and pals might want to put their heads together. I’m sure that they can work it out. So on that note take it away Van the Man and Goodnight Ireland. Sleep well.


  23. Grey Fox

    RBS reveals £2 Billion losses in 2011 but still manages to pay out £785 Million in bonuses!
    Jeez, the stupidity is mind boggling
    650 jobs in Rep of Ireland to go this year, no point in cheering this! these are low hanging fruit, ordinary Joe & Jane Soaps you see behind the counter.
    Wonder would the 785 million been enough to secure these jobs?? my guess is yes.
    The elephant in the room, Private Debt, starts to peek out over the top of the duvet, here it comes!!!

    • Tull McAdoo

      Private debt is the elephant Grey Fox or An Shionnach Liath and my gut feeling is that, that duvet is about to hit the floor…..

  24. Aladdins Cave

    There are many secrets of Greece not on the popular news channels . Our perception is read from the coastal Atlantic .Sometimes as choir boys/ girls in a church ( on this site ) we read too much from the same hymn sheets .

    ‘ Nasserisation ‘ is more relevant to the current progression in Greece today .By this I mean, that period from the rule of Nasser to Mubarak .

    Greek civilisation once dominated in Egypt and even today living cultural communities dominate especially in Port Alexandria where they ( the Greeks ) eat speak and read Greek and all with the blessings of the Greek Government .I know some from there that work in the EU corridors of power .

    It is interesting how the progression took place since the end of Nassers Rule and how those in the Mubarak administration took over .The same parallels can be drawn on the Greek political map too .From the early 1980s to present day Cairo cannot be seen as the same city it once was .

    Greece is going on that same path of destruction and the sooner it leaves the EU the better .

  25. Grey Fox

    Greece has been sacrificed on the high alter of commerce, the people are too stupid in the eyes of Greek politicians and eurozone politians to make up their own minds and determine their own futures.
    Nationalism, Republicanism and Citizenry have no place in the entity which is the European Project, the Banking sector is to be the all seeing eye.
    The Banking sector will look after all our interests, if we cannot provide for the banking sector we will be cast aside to whither and die,labelled as non-conformist, irelevant, useless, it is now the sole duty of every citizen of every nation to look after the interests of the Banking sector above all other concerns such as health and family. Seanie Fitz still sits in his South Dublin home safe in the knowledge he has provided for himself and his family for the rest of their days, he is alright Jack!! and he is just one of many, Biffo is alright Jack! Bertie is alright Jack! the Mary’s are alright Jack! etc…etc…
    But I am NOT alright, nor is my neighbour or his neighbour but that doesn’t matter as long as we keep producing, I was scared, petrified! but I am a little less scared everyday because I am a little more educated every day thanks to sites such as this.
    Keep up the good work DMW.

  26. Tony Brogan

    good article David.
    When all is said and done the only recourse is to renege on all the private debt that is foisted on the taxpayer to support private business failure and let those businesses go to the wall. that includes the bankrupted banks.
    Then cancel the Euro and regain National sovreignty by having an Irish currency.
    Then eliminate fractional reserve banking, eliminate unbacked fiat currency and regain sound ,commodity money to become the rich nephew of europe.
    There is an easy plan and it is the time to implement it when change is forced by circunstances.

  27. Alan42

    How is it ‘ Europe’s dirty little secret ? ‘ The money has gone to Greece’s creditors while the nervous German and French governments want to drive the Greeks into the ground through austerity . It is hardly a secret that they are bailing out the creditors so as not to risk another Lehman type event .

    Personally I am buying Gold and Silver and I am putting it into my safe which I have just installed in the floor of my new extension .

    I can’t for the life of me understand how the US and the ECB can print money and pretend that everything is great with mountains of debt everywhere .

    • Juanjo R


      And when there is eventually a big problem with the euro you will just go down the shops and buy stuff with this gold and silver?

      How does that work?

  28. Johno

    Since European tax money has been used to bail out Greece , Im assuming Greece now owes European tax payers 130 billion ( and the rest ) , so if they default its now European tax payers money that goes down the drain right?

    What clever clown came up with this?

  29. cooldude

    Interesting article David. You are right this “bailout” is a complete illusion as to what is really going on. One interesting fact about this has turned up in the small print. (always read the small print). It turns out that Greece has pledged it’s 110 tons of gold to secure this bailout plus has pledged to sell off a host of it’s most valuable assets. http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=145823&sn=Detail&pid=110649 What a sweet deal for the banking elites. They digitally create this currency at NO cost to themselves and end up with Greece’s gold and a rake of assets. Nice work if you can get it. Also they have prevented a CDS event happening if Greece defaulted. These banking elites are running rings around us and all the lamestream media can do is say what great news this is. This is socialism for the rich at the expense of ordinary people. A study done at the New Scientist Magazine revealed that 80% of the profits generated in the world came from 1318 corporations. Of these there was a core group of 147 corporations who were connected to all of the 1318. Of these 75% were the main financial institutions that run the Fed, the ECB and in fact the whole world. http://www.newscientist.com/article/mg21228354.500-revealed–the-capitalist-network-that-runs-the-world.html None of this is in any way conspiracy stuff it is simple plain facts yet the media refuse to look at who is actually gaining from all this. These guys create currency in enormous amounts at literally no cost to gain more and more power and to inflict more and more misery and to eventually turn us all into debt serfs. Ron Paul discovered that the Fed had issued $26 trillions in zero interest loans and dollar swaps to the same banks that own them. This composed of $16 trillion loans to US banks and $10 trillion in dollar swaps to Europe. If he hadn’t pursued them on this nobody would have found out about it.http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts We need to wake up before it is too late. Michael Noonan emphasizes that we are not Greece. Maybe not yet but we will be. These guys will not stop until they control everything.

    • Tull McAdoo

      At the risk of repeating myself, here is something I posted back in October 2009 here on this forum, any takers now???

      The banker’s guide to owning it all

      1. Become majority lender in an economy of people with assets you want.

      2. Encourage indebtedness by loaning generously while securing on assets of interest.

      3. Loosen lending standards until the assets you seek to capture are attached.
      (this makes the economy debt dependent)

      4. Once debts are significant for the bulk of the population, sharply tighten lending standards. <– Economic shock – Onset of deflation

      5. Backstop losses with public guarantees if possible. This is gravy if one can get it.
      (Fannie and Freddie guarantees, for example)

      6. Permit default 'without risk' on the assets you wish to sieze to maximize wealth transfer.
      (stall foreclosure, stay repossession orders etc)

      7. Stall the economy to maximize default positions and deplete private liquidity. <– We are here

      8. Successively ratchet the economy downhill, while bettering secured positions.

      9. In a series of large actions, sieze all security for default. Target the assets of greatest interest first.
      (This deals a heavy economic blow and can help cause the ratcheting required for step 8.)

      10. Transfer asset ownership, but retain prior owners as renters where possible.
      (This reduces public lashback and helps maintain the asset for resale)

      11. Once the bulk of assets of transferred, write them down to leverage the public financial backstop.

      12. Buy up as many remaining assets on the cheap as possible. Hide this action.

      13. Hyperinflate to destroy the external claims on wealth. <– Onset of hyperinflation
      (This destroys treasuries, gov't bonds, currency. Ensures free title on new assets. May cause war.)

      14. Stabilize the currency or devise a new one, resume lending at a reasonable pace. Sell the assets back, secured of course, at your chosen price in new currency.

      Hyperinflation is only a risk to the wealthy if the population has the assets.
      Make note of that statement. It is key to timing the shift from deflation to hyperinflation.

      • redriversix

        Excellent Tull

        Thank you


      • Yep, straight from the bankers coup d’etat handbook.

      • bonbon

        That was the guide for years, and is also well shown in Confessions of an Economic Hitman by Perkins.

        It gives a false impression of control now though.

        Because the system is finished, the missing points :
        15. Start WWIII against Russia/china using Syria/Iran after softening up Libya, Greece.
        16. Set up a new financial system in the rubble after the dust clears, with a “manageable 1 billion” survivors.

        Now we see it is not “just bankers” rather their owners that are moving. And their man Obama is not a banker either, with a hand on the red button.

      • michaelcoughlan

        I am glad that people are starting to sing from the same hum sheet including you David. And guess who has the most important assets in this country? The farmers and the smart ones have no mortgages David which is why farm land in Ireland sells for between €8k and €12k per acre when its commercial value is “only” €1k to €2k per acre.

        We farming stock haven’t survived British imperialism, Cromwell, DeValera, the Catholic Church, Fianna Fail, financial tyranny etc. by ACCIDENT you know.

      • Malcolm McClure

        Tull McAdoo: Credit where credit’s due.

        Three years ago, you gave a perceptive analysis and evaluation of an event sequence you postulated to be components of a deliberate process, driven by bankers greed.

        Subsequent events seem to bear out some of those conjectures, which have not yet reached completion. However, you neglect to offer a solution.

        An alternative construction of the same events would interpret the sequence as the result not of capitalism but of the global game of ‘Winner takes all’. Thus big fish swallow the small fry, Tesco wipes out the corner shop, etc.

        In that alternative scenario the bankers are not Alex Ferguson, a manager planning how his ‘rich kid’ side can win. They are referees at Old Trafford who are kept sweet so long as they don’t award penalties against ManU.

        Bankers inevitably give advantage to the big players and their syndicates and the result is monopolism. America has sometimes succeeded in taking drastic action against monopolies, such as when Standard Oil and Bell Telephone were broken up. Ireland has never tried to do the same, probably as a result of successful lobbying.

        The solution to the problems you point to, is to break up the big banks, not just with Glass-Stegal but right down to the County level. If that happened we might get SME loans moving again. Now that the government controls the banks, it is an ideal time to do this.

        Then the Central Bank of Ireland could fulfil the functions of holding all deposits greater than €1.000.000 for the multi-nationals and preventing money-laundering.

      • coldblow

        I remember that Tull (vaguely) but I have my doubts.

        1. Isn’t the modern banking mentality short term gain now and f*** the long term, when we are all dead?
        2. There isn’t much fun owning all the assets if the country is going up in flames all around you and your name stands at the top of the viglantes’ wanted list.
        3. Why go to all the trouble? Why not just stick to the golf?

        On the other hand you have:

        1. It’s not absolute wealth that matters but relative wealth. That argument is plain stupid, so the bankers might well be seduced. (After all many invested in property and bank shares just before the crach.)
        2. The mentality of those who tend to rise to the top in the corporate and political world: psychopaths (a recent Horizan progamme), disordered personalities (Oliver James).
        3 They are all secret members of Opus Dei – wait, now it’s all starting to make sense now…

        I’m not saying they won’t do all of these things in the order you suggest, just that they won’t necessarily have given it a lot of thought and just be reacting to events. Don’t be giving them ideas, Tull.

        Reminds me a bit of what an Irish nurse once said: clever people are the cause of all the trouble in the world. And everyone agreed with her. Only a stupid person would say such a thing.

        • Grey Fox

          There is also the thought were clever people become so clever that they can no longer engage with ordinary people and end up isolating themselves.

      • Eireannach

        Tull is right that this is what is being attempted.

        Will it work?

        We removed the power of the archaic Catholic Church from Ireland in a few short years recently, after 1000 years of entreched power.

        The banks have lost credibility worldwide.

        Tull should write the reverse process in stages, how institutions lose credibility then suddenly, in a way the institution least expects, its credibility is lost and it is wipped from history.

        Trouble is, the banks have installed a control grid globally.

        For the next few decades, Tull’s formula will work for the banks.

        If anyone can stop, the people of Europe can. If they can’t, it’ll be neo-feudalism.

  30. redriversix

    Where do we go ?

    When is our “turning point” ?

    What do we do ?

    How,as a people have we become so docile when our reputation through the ages was of the “fighting Irish” and yet we have become a soft people.Our People have contributed to Nation Building and the growth of Our adopted homes. Saint Patrick’s Day is celebrated across the World , from the biggest cosmopolitan Cities to small towns in Africa,For one day in a year,everyone in the world can “claim to be Irish”,knowing this claim for a day will offend no one…….That is quite a remarkable achievement,I believe no other nation can do this.

    Yet,once again our History repeats itself…….now we are being enslaved again to debt and a NWO ? a new enemy of the people,we are slaves to ourselves,hoping everything will be grand.Except this time….their are no small “uprisings” in County’s across the land which were ridiculed in the past and “put down” in a afternoon………………I suppose the people who tried to rise up against their occupiers knew they would fail, but decided to do something than do nothing.

    I wonder if Patrick’s Day was begun this year as a New Irish Holiday ……..would this Nation have the same good will towards it,one day a year as it enjoys today.

    We have lost our Fighting Irish mentality which has stood to us over the last 100 years and allowed Irish citizens to achieve greatness across every Continent on This Blue Marble,we call home…….

    We are happy to become subservient once more and “doff our cap” to the Masters “who know best”………best not to rock the boat.

    This Nation may have achieved independence but,perhaps we as a people and as Human beings did not , and it does not take much prodding for us to again work this land for the benefit of others.

    Are we so truly lost today ?

    Take Care


    • bonbon

      This is not a repeat of the old colonial era, not exactly. See my Freudian comment by Lord Bertrand Russel bellow to get a whiff of how we are told snow is any shade of gray, i.e. how a bailout is a success.

      The “pleasure-pain” principle is pure Freud-Tavistock, and it seems to me FG/LP have the symptoms so perpetuate it down the line. I am convinced the EU elites tell them to put out their statements as the people will contentedly play along. This whole program is in that book recipe and in the 1931 “Scientific Outlook”.

  31. Grey Fox

    The value of consumer judgments such as bills not being paid in the first quarter of 2011 rose by more than 28% year-on-year

    This is according to Irish Judgments, the company which collates judgment information from the Four Courts. Almost €113.1 million of consumer debt was registered in the first quarter of this year, compared with just €88.2m over the same period last year – an increase of €24.9m. There were 991 cases in quarter one of this year compared with 807 last year.

    Debts registered against businesses fell in the same period by 38.4%, or €11.1m from €29m to €17.9m.

    However, the company said these figures do not paint a complete picture of debt in Ireland as the courts service decided in November last year to deny public right of access to judgment information held in district and circuit courts.

  32. bonbon

    Very good, DMcW, to bring Freud into this.

    As for “illusion” consider how it is to be used by Lord Bertrand Russell in his 1951 “Impact of Science on Society”. It is a bit long, but gets to the point :

    “Physiology and psychology afford fields for scientific technique which still await development. Two great men, Pavlov and Freud, have laid the foundation. I do not accept the view that they are in any essential conflict, but what structure will be built on their foundations is still in doubt. I think the subject which will be of most importance politically is mass psychology. . . . Its importance has been enormously increased by the growth of modern methods of propaganda. Of these the most influential is what is called `education.’ Religion plays a part, though a diminishing one; the press, the cinema, and the radio play an increasing part. . . . It may be hoped that in time anybody will be able to persuade anybody of anything if he can catch the patient young and is provided by the State with money and equipment.”

    Russell continued, “The subject will make great strides when it is taken up by scientists under a scientific dictatorship. . . .

    The social psychologists of the future will have a number of classes of school children on whom they will try different methods of producing an unshakable conviction that snow is black.

    Various results will soon be arrived at.

    First, that the influence of home is obstructive. Second, that not much can be done unless indoctrination begins before the age of ten.
    Third, that verses set to music and repeatedly intoned are very effective.
    Fourth, that the opinion that snow is white must be held to show a morbid taste for eccentricity. But I anticipate.

    It is for future scientists to make these maxims precise and discover exactly how much it costs per head to make children believe that snow is black, and how much less it would cost to make them believe it is dark gray.”

    Russell concluded with a warning: “Although this science will be diligently studied, it will be rigidly confined to the governing class. The populace will not be allowed to know how its convictions were generated. When the technique has been perfected, every government that has been in charge of education for a generation will be able to control its subjects securely without the need of armies or policemen.”
    The leading Freudian Institute is Tavistock, otherwise known for brainwashing and psycho-warfare research with a long history since WWI. This is a real dirty secret.

    So we are told snow is black or any shade of gray, and to insist on white is eccentric. Either the elites are themselves brainwashed, or they are deliberately brainwashing using the daily horror scenes to induce susceptibility, exactly the Tavistock Freudian recipe.

    Is this why Obama insisted his staff watch the Osama murder live? And Ghadaffi’s corpse on CNN? And burning Athens?
    In Clockwork Orange, random violence was perpetrated just to see it later on TV.

    Are the EU elites perpetrating random economic violence to soften up citizens for dictatorship?

  33. Plato’s Dream

    A Japanese construction firm claims it could execute an out-of-this-world plan to put tourists in space within 40 years by building an elevator that stretches a quarter of the way to the moon. Obayashi Corp claims it could use carbon nanotube technology, which is more than 20 times stronger than steel, to build a lift shaft 96,000 kilometres above the Earth. The company said it would carry up to 30 passengers at a time and travel at a speed of 200 kilometres per hour for a week, stopping off at a station at 36,000 kilometres. Tourists would stay there, but researchers and specialists would be able to travel all the way to the end.

  34. Grey Fox

    Article 45 Bunreacht na hEireann
    Article 45
    The principles of social policy set forth in the Article are intended for the general guidance of the Oireachtas. The application of those principles in the making of laws shall be the care of the Oireachtas exclusively, and shall not be cognisable by any Court under any of the provisions of this Constitution.
    Section 1
    The State shall strive to promote the welfare of the whole people by securing and protecting as effectivly as it may a social order in which justice and charity shall inform all the institutions of the national life.
    Section 2
    The State shall, in particular, direct its policy towards securing:-
    1. That the citizens (all of whom, men and women equally, have the right to an adequate means of livelihood) may through their occupations find the means of making reasonable provision for their domestic needs.
    2. That the ownership and control of the material resources of the community may be so distributed amongst private individuals and the various classes as best to subserve the common good.
    3. That, especially, the operation of free competition shall not be allowed so to develop as to result in the concentration of the ownership or control of essential commodities in a few individuals to the common detriment.
    4. That in what pertains to the control of credit the constant and predominant aim shall be the welfare of the people as a whole.
    5. That there may be established on the land in economic security as many families as in the circumstances shall be practicable.
    Section 3
    1. The State shall favour and, where necessary supplement private initiative in industry and commerce.
    2. The State shall endeavour to secure that private enterprise shall be so conducted as to ensure reasonable efficency in the production and distribution of goods and as to protect the public against unjust exploitation.
    Section 4
    1. The Stae pledges itself to safeguard with especial care the economic interests of the weaker sections of the community, and, where necessary, to contribute to the support of the infirm, the widow, the orphan, and the aged.
    2. The State shall endeavour to ensure that the strength and health of workers, men and women, and the tender age of children shall not be abused and that citizens shall not be forced by economic necessity to enter avocations unsuited to their sex, age or strength.

    • bonbon

      The Troika Junta has thrown the Greek version of this out, or rather the elected officials did it. The Escrow account is the way they did this.

      The German version is Article 20 – the BRD is a Social and Democratic state, and citizens have the right, when nothing else works, to rebel against any who try to remove this. This is the clause the Weimar constitution lacked which could have stopped the Enabling Laws of 1933.

      Either the EU is engineering a direct conflict with these republican clauses, or Finance in service of empire. We are being herded.

  35. The constitution showdown video, as of today 2:30 PM

    >104 K views


    61 dislikes Hahahaha!

  36. dwalsh

    So the banks…I mean Greece…get another bailout; and the Greek nation, and nationhood generally in Europe, moves deeper into insolvency and closer to capitulation.
    The bailout is not about helping Greece; nor is it about helping the banks. It’s about managing the transition to a federal Europe.
    The banking system and financial markets are being wielded as instruments of war. An invisible war. A war which will bring about the dissolution of the nation state and the emergence of a new global order.
    In many ways this is inevitable and necessary. Humanity must utterly change its manner of living on this Earth; and must create an integrated global civilisation. A global civilisation which is integrated within itself; and integrated into the biosphere. At this time humanity is neither.
    We are perilously out of harmony with ourselves and the biosphere. The proliferation of weaponry and reactionary political and religious fundamentalism means we are permanently on the edge of disastrous global conflicts. The poisoning of the soils and rivers and oceans means we are moving inexorably towards environmental disaster.
    Humanity has to get its house in order…quickly…in this century. What we are witnessing in the form of the current global economic and political crises is precisely that process.
    There are two questions I ponder: will humanity make it…and if so, what form will the initial global integration take?

    • coldblow

      Hi dwalsh, haven’t seen you for a while

      Para 1: federal Europe – no
      Para 2: new global order – no
      integrated new civilization – what do you propose as its principles?
      reactionary political and religious fundamentalism – where do the bankers fit in here?
      Para 4: get house in order quickly – good idea, how?
      what we are witnessing… is precisely that process – no, we are going in the wrong direction
      Para 5 – don’t know

      Where does the noosphere fit in to this?


      • dwalsh

        Hello coldblow

        The human world (which is a mind-made world) is what I mean by the noosphere. Therefore, what we are witnessing and living through is – let us hope – the process of noospheric integration; within itself and into the biosphere.

        My view is that European integration is an inevitable step on the way. It is already well advanced and will soon enter a new phase of internal reorganisation. It is clear that only a sovereign Europe can deal with the challenges we face; and only a sovereign Europe can exert the influence necessary on the global level.

        • coldblow

          Maybe I should have asked: what’s the noos from the noosphere? (noose-fear)

          I’m trying to work out where you are coming from. You are possibly too young to remember the musical Hair and the song This is the Dawning of the Age of Aquarius. They were always playing it on the telly in the early 70s, along with My Way, Little Arrows and Lilly the Pink. The People used to print pictures of the hairy actors with no clothes on, but blurred ‘because this is a family newspaper’. Is this your angle, a kind of dawning of a new age of Aquarius?

          • dwalsh

            Yes you could call it a new age. A new age in the evolution of the Earth; with the human species as the agent of its manifestation.

            A new level of natural order has arisen on the Earth in the form of humanity; and with it a new age of evolution has begun. Essentially it is the emergence and evolution of reflexive consciousness; and we may say it is the dawn of conscious evolution.

            I mean “conscious evolution” both in the sense of the evolution of consciousness; and in the sense of the emergence of conscious evolution.

            Hair was utopian idealism; the liberation of the human individual from social repression. That is not what I am talking about. In fact it is very possible that the initial phases of humanity’s first steps into integrated global civilisation may be very far from ideal.

          • Nono

            Dwalsh, what you are saying is totally in tune with what I’ve been reading from D Wilcock. He indeed thinks 2012 will mark the dawn of a new golden age for humanity. Many in this forum will think that we’re smoking crackpot but there has been numerous studies about global consciousness (http://www.nytimes.com/2007/02/10/science/10princeton.html?pagewanted=all). One of the manifestation of this global consciousness is that many breakthroughs in science or technology seem to happen within a short period of time (i.e. different totally unrelated people discover the same thing within months of each others and it has nothing to do with copying the idea). Merely the fact that someone cracked it made it easier for other to make the discovery themselves. Another common example is that it is always easier to solve a crossword (just published on the newspaper) at the end of the day than at the very beginning.

          • dwalsh

            Hi Nono
            Yes many do regard these ideas as crackpot. They see the immediate situation from an indivualist or egoic perspective (not meant pejoratively). They see the trees…not the forest. what I am trying to see and discuss is the forest; the macro view.
            Many in the New Age movement, such as David Wilcock, seem idealistic and utopian in their outlook. I dont want to say the future will not be better for humanity (it will be, eventually) but my perspective is neither idealistic nor utopian. What matters is that humanity makes the transition to a stable global civilisation…not that utopian conditions come about for individuals on 21st Dec 2012 or whenever.
            Although bio-evolution is manifested in the form of individual creatures; evolution is primarily a function of the collective, within which the individual has its being.
            Without the forest there can be no trees.

    • bonbon

      Federal Europe is Sir Oswald Mosley’s explicit project. A British project. Adopted by various.

      Sure this will be pushed, dumping Presidents and Governments that resist.

      But even they know it will not work – it’s too late.

      They are going for Plan B, a rapid population reduction and a new financial system.

      I personally object to Plan A and B. Even the Dali Lama objects and now supports nuclear power. It seems some have not caught up with events!

      • dwalsh

        Yes I am aware of these possibilities…some might say these conspiracy theories. Hopefully that is not the way the process will unfold. Hopefully humanity will do better than that.

  37. Nono

    We are witnessing the Shock Doctrine in action. Not only are they using this (engineered) financial crisis to buy the weak countries assets for a song but they are now eyeing on their gold reserve…

    I call that looting a country and they don’t even need to stage a war to do that nowadays!

  38. Nono

    Also, here is the transcript of a speech that Lord James of Blackheath made in front of the house of lords last week. In it, he unveils a scam of a monumental scale. A scam involving the Federal Reserve, the Royal Bank of Scotland and 15 trillions dollars.
    It all correlates the investigation done in Divine Cosmos called “Financial Tyranny”, that was posted by someone else a few days ago: http://divinecosmos.com/start-here/davids-blog/1023-financial-tyranny
    It’s a loooong read so I suggest you read Lord of Blackheath speech first.
    This is dynamite and no one in the mainstream media is touching the story…

    • bonbon

      This is posted all over the DMcW site since 2011 by various.

      It is a Transatlantic breakdown, not a simple Euro shakedown.

      Now consider Obama’s mental state.

    • cooldude

      Hi Nono. I posted the Divine Cosmos piece. It is bloody long and I’m still trying to finish it off. Some of the stuff is way above my pay grade but I am impressed by the piece in general. This speech by Lord Blackheath should get it out in the open. These guys are like vampires and they hate being exposed to light. It will be interesting to see if any decent investigative journalist will look into this. Matt Tabbibi is one of a very few who might run with this. What is fascinating is how interconnected the whole scam/ponzi is and how they are allowed to make such vast sums tax free through all this. This stuff is dynamite and the fact that the Fed issued these $16 trillion of 0% loans without declaring them or anyone knowing shows how powerful they are. They are literally above the law.

      • Nono

        Hi Cooldude! When did you hear about this investigation? I’ve been aware of it since the beginning since I’ve been following David Wilcock’s blog for a while now. I highly recommend his book the Source Field investigation by the way. Yes it’s a long piece and I must admit I didn’t follow through all the links he gives (I’m also a bit dubious with some of the links he makes to the masons/illuminati) but overall, it all fits perfectly. I have send the story to a French news website (I’m French by the way). We’ll see if they take it on or not.

        • cooldude

          I only came across it recently through Jim Willie who I respect a lot. He said it was very good so I had a look. Some of the stuff I know very little about but I am very impressed with David’s overall grasp of how these guys operate. I will definitely order his book and try to spread his investigation around.

    • Fascinating evidence presented by Lord James

      - Absolutely requires immediate and highest level investigation.
      However I suspect it won’t be done because it’s so mind blowingly incredible that the mainstream media won’t touch it for fear of upsetting the sponsors!

      Lord James may well end up being discredited or ridiculed by perfectly plausible “Magic Bullet” or “Building Seven” explanations?

      Or he might be found……..
      No that could never happen in a proper civilised society!

      By the way……. RIP David Kelly.

  39. molly66

    I am here in the Lourdes hospital with my 83 year old mother I took her to her gp at 11 and told me to take her to the hospital.we are here since 12 and slow is not the word,her doctor said she has a chest infection,kidney infection and is under 7 stone and is very sick she is in a wheel chair in the Lourdes for the last 4 hours ,my mother has no been given a trolley not even a cup of tea James Reilly hang your head in shame.

    • Grey Fox

      I share you frustration Molly, my 79 year old mother fell at home a couple of weeks ago and cut her ear, it needed 7 stiches, I brought her to Beaumount at 20:30 hrs and brought her back home at 05:30 hrs, she suffers from Alzheimers and hadn’t clue what was going on and this only added to her distress, the stiches were eventually put in by a student doctor, unsupervised, who openly told me that it was the first time she had ever done it !!!! I am not knocking the doctor or the staff they are working in impossible circumstances.
      Reilly hang your head in shame. Times 2
      Again not even as much as a glass of water, never mind a cup of tea and I could not leave her side for a moment because of the Alzheimers.
      Incidentally the Stident doctor’s phone rang continously to the point she started apologising for it and explained it was her family asking her to come home as she was 5 hours overdue.

    • redriversix

      Hope your Mum feels better soon Molly66

  40. Grey Fox

    Europe’s banks bleed from Greek wound
    Thursday, February 23 16:01:09

    The scars of Greece’s debt crisis were laid bare in heavy losses from a string of European banks today, and bosses warned the region’s precarious finances would continue to threaten economic growth and earnings.

    From France to Germany, Britain to Belgium, four of the region’s biggest banks lined up to reveal they lost more than 8 billion euros last year from their Greek bonds holdings.

    “We are in the worst economic crisis since 1929,” Credit Agricole chief executive Jean-Paul Chifflet said.

    Credit Agricole reported a record quarterly net loss of 3.07 billion euros ($4.1 billion), performing worse than expected from the cost of shrinking its balance sheet and after a 220 million euro charge on its Greek debt. For 2011 as a whole, the bank took a hit of 1.3 billion euros on its Greek debt.

    “We think 2012 is going to still be a tense period,” Chifflet said, adding: “We’re hoping that our results will be largely better than in 2011.”

    Europe’s banks have already written down billions of euros from losses on Greek government bonds and loans, and a deal agreed this week with its creditors will inflict losses of 74 percent on bondholders.

    “We can’t say that the writedowns are over,” said Franklin Pichard, director at Barclays France. “Even if some can say that the worst is over, we are only at a new stage in terms of provisioning and not necessarily at the end.”

    That is because, despite the bond swap deal, bondholders could suffer further hits if Greece’s economy fails to recover. Britain’s Royal Bank of Scotland has marked its Greek bonds at a 79 percent loss – or 1.1 billion pounds – for 2011. The state-owned bank posted a fourth quarter loss of nearly 2 billion pounds on Thursday.

    Markets were nevertheless pleased at RBS’s efforts to turn itself around. Its shares climbed 3.2 percent by 1550 GMT compared with a 4.8 percent fall for Credit Agricole and a 6.7 percent loss for Commerzbank. The STOXX Europe 600 bank index was down 1 percent.

  41. Grey Fox

    “We condemn the policy of the government, the EU and the IMF, which is demolishing the state healthcare and killing its personnel,” hospital doctors from Athens and the port city of Piraeus said in a statement. (C ) Reuters

  42. Grey Fox

    Former ceann comhairle and minister for justice John O’Donoghue has started what appears to be an orchestrated campaign to secure the Fianna Fáil nomination for the next general election in Kerry South.

    • Deco

      An economic crisis. We need an economist to provide more intelligent policies.

      And FF have yet another solicitor getting ready to tell us that the economy really did not get run over a clique, and that Bertie Ahern was not drunk at the wheel……

      If your car was broke, would you call a baker to fix it ?

  43. molly66

    What’s the difference between Mary Harney and James Reilly?

  44. CorkPlasticPaddy

    Did anybody hear what was mentioned on Tonight with VB last night?? I only saw the last few minutes of the programme, but Charlie Flanagan went on the defensive in regard to the other panellist mentioning that the wording of the Memorandum of Fiscal Understanding being worded in such a way that the Irish electorate wouldn’t be required to have a say on it. If that’s true then we’re definitely entering extremely ‘dangerous waters’ altogether in regard to democracy as a whole.

  45. molly66

    We use to complain about people on trolleys now no trolleys arm chairs if you are picket we are going backwards at full speed

  46. gizzy

    Anyone see the scale of the protests in Valencia

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