March 30, 2015

Why are we sacrificing Greece for the insiders?

Posted in Sunday Business Post · 108 comments ·

It hasn’t gone away, you know. The Greek crisis is back and this time it’s serious. The Greeks are about to run out of money again. Athens faces a €1.7 billion bill for wages and pensions at the end of the month and a further €450 million loan payment to the IMF on April 9 – and it doesn’t have the cash.

In a sign that the cash crunch has become more desperate, officials at Greece’s state healthcare service were asked on Tuesday to hand over a €50 million reserve for paying arrears owed to medical workers. Earlier this month, about €150 million of budget funding for hospital supplies was unexpectedly withheld, according to health ministry officials.

The government has so far rounded up more than €600 million of cash held by state-owned corporations, including contributions from the Athens metro company, the state electricity supplier, and the Athens water utility.

Moreover, about €300 million in EU subsidies due to farmers has been diverted to cover salary payments to civil servants, according to people briefed on how the cash crunch is being handled.

The Greek government is robbing Peter to pay Paul. Greece is being squeezed dry.

It is faced with a choice between capital controls in the Euro or ultimately, leaving the Euro. It is also clear the conditions being put on the Greek government are such that it must break all its election promises.

Thus, the Greeks are again being faced with a choice between their democratic mandate and their European commitment. This is pretty stark stuff. Amazingly, all the mainstream political parties have been queuing up to bash the Greek government. Why is this?

The Greek economy is broken. The society is fractured and there is a humanitarian disaster in the country, with many people surviving off food kitchens. Yet from Europe, when the Greeks need understanding and sympathy, they get threats.

No one is saying the Greeks are angels in this story, but there is a much darker narrative going on, and it is that the European mainstream political establishment is terrified of parties like Syriza – even though it was mainstream Greek politicians, not radical politicians, that oversaw the wholesale looting of, and corruption in, the Greek economy.

Now that is all conveniently forgotten, and the entire European mainstream is lining up to destroy Syriza and say to their own electorates: “Look, if you vote for non-conventional parties, see what will happen to you.”

Because we are now in an electoral cycle, the conventional parties need to crush Syriza to crush the other nonconformist parties and show their own electorates what voting in a nonconformist way leads to.

When looking at politics in mature democracies, I prefer to use the term insider vs outsider, rather than right vs left, urban vs rural or conservative vs liberal, to describe the electoral fault lines.

The insiders are those, literally, on the inside. They are the people with influence, with a voice at the table, those with a stake in the society. Insiders can either be on the left or the right. They can be traditional public sector trade unions who want no reform or they can be bank bosses who want a bailout. Their game plan is to gouge the state and extract as much rent as possible for their members and interests.

Insiders are organised. They are part of the process of politics and their concerns are listened to by the state. In short, they have access to power and can influence the way it is deployed.

In a crisis, when growth disappears, the insiders redefine their strategy and go into self-preservation mode. Their main objective is to make sure their members’ interests are protected from the slowdown in growth and that they get as big a share of the dwindling income pie as possible.

Interestingly, the insiders on the traditional left and conservative right join forces to pass on the costs of recession to the outsiders. This is why you see the statist left and the corporatist right in power all over Europe from Spain to France and Italy.

Sure, they might speak the language of left and right, and ham up their ideological differences for the audience, but essentially, they are both in the business of preservation.

Think about our Fine Gael/Labour coalition, or today’s German CDU and SPD grand coalition or even the Tory/Lib Dem pact in Britain. These are all parties of the apparent right in bed with parties of the alleged left.

Such expedience is classic insider behaviour.

The outsiders, in contrast, are those with no one to speak up for them. They have no stake in the political process and are thus on the outside. They are the self-employed small business person, the contract worker, the immigrant, the unemployed and, of course, the young.

They are outside the tent, beyond the process and, because they are not organised, their concerns are never felt.

They too can be on the left and on the right. The small shopkeeper could well have traditionally conservative instincts, while the twenty something contract worker could well be liberal to her core, but they are both outsiders. Neither has a real stake in society; neither has a voice.

What they do have is a vote.

And in the ‘spectator democracy’ which urges voters to give a ‘thumbs up or thumbs down’ every four or five years, the outsider, normally locked out, has a chance to be heard.

When there is economic growth, the insiders can buy off the outsiders with crumbs from the table. There is a little bit for everyone because the pie is getting bigger each year and the system works. However, when growth stops, it’s a different story.

For the insiders to preserve their position, it means that the outsiders must lose – and this is when the game moves from being a well-disguised process of ‘beggar my neighbour’ to an existential scrap between insiders and outsiders.

Because the outsiders are, by definition, not organised and rarely speak with one voice, in challenging times they are represented by unconventional parties who mix the rhetoric of the excluded with the tribal comfort blanket of the nation; who may offer the elixir of low taxes, with the promise of economic growth; and who appreciate the need for debt forgiveness in countries suffering from relentless deflation.

More than anything, these parties have identified that the mainstream, traditional parties are in cahoots, trying to maintain a status quo which is simply serving to featherbed the insiders.

This is the game in Europe. There is no ideology. Insiders are interested in power, and that’s it.

Syriza, for all its faults, offers an alternative narrative; it is a flawed narrative in some aspects and exemplary in others. But it deserves to be heard, not demonised.

In the weeks ahead, Greece will go bust again and this process will be used, shamefully, by mainstream parties around Europe that don’t have the courage to admit what is going on. So they, like all cowards, choose to laugh in a huddle at those who dare to be different.

    • Deco

      Here everyone, have a good laugh.

      Representatives from Citigroup, JP Morgan, Goldman Sachs and Bank of America have met to discuss ways to urge Democrats, including Warren and Ohio senator Sherrod Brown, to soften their party’s tone toward Wall Street...

      Moreover, banks’ hostility toward Warren, who is not a presidential candidate, will not have a direct impact on the presumed Democratic frontrunner in the White House race, Hillary Clinton. That’s because their fundraising groups focus on congressional races rather than the presidential election.

      Still, political strategists say Clinton could struggle to raise money among Wall Street financiers who worry that Democrats are becoming less business-friendly.

      In January, Warren angered Wall Street when she successfully blocked the nomination of a banker, Antonio Weiss, to a top post at the Treasury Department. She argued that as a regulator he would probably be too deferential to his former Wall Street colleagues.

      Teddy Roosevelt, and William T Sherman must be turning in their graves at the behaviour of these large corporate concerns.

      And the saviour of the corporate concerns – Slick Willy’s Missus.

    • Deco

      Second link.

      Steve Keen interviewed by Chris Martenson.

      A critique of Neo-classical economics. Which reaches it ultimate progression in the economic theories of Milton Keynes.

      Keen takes on the mainstream economics profession, and rips their flawed (lazy) assumptions apart.

      Keen and Martenson point out some fascinating facts concerning the monetary policy formulation, and economic commentary.

  1. aidanxc

    Very good article.

    We need an ‘Occupy Europe’ movement to overthrow the insiders. Just don’t ask me… I’m too busy working to pay the bills…

    Folks like Johnny Ronan and Michael Fingleton might have some time to spare though…

    • michaelcoughlan


      Ronan is being set up for a second fall but is too egotistical to see it. Another massive crash is about to take hold the “double dip”.


  2. michaelcoughlan

    Hi David,

    Another perspective of the word outside: Outside my house about a mile away the shannon river flows. Another 48 year old married man with 3 kids was fished out of it a couple of nights ago. A fortnight ago a married man with 4 young kids hung himself in a small forest beside it. 6 suicides I know of in the last few weeks near where I live.

    Worse it’s getting. There is no recovery. The water and property charges have to be paid by people who have no income.

    So when you right about Greece why don’t you man up and also include a review of the idea that Greece would recover by exiting the Euro and bringing back the Drachma ie its current circumstances are a result of out of control monetarism and central banking.

    Where the fuck are the honest Greek Generals?


    • michaelcoughlan

      “right” should be write.

    • Colin

      When you sup with the devil, use a long spoon.

      The Greeks (pre 2007) used a short spoon, and are now ‘contaminated’ by out of control monetarism and devilish ECB central banking.

      Your neighbours (in posh Killaloe / Ballina – for those not familiar with the locality) who committed suicide also used a short spoon if it is found that debt or substance abuse contributed to their permanent solution to a temporary problem.

      • michaelcoughlan

        its a very cynical response colin. You did yourself no favours.T

        hey weren’t from killaloe nor ballina and I don’t live there. As far as I know the men were out of work.

        • Colin

          Its funny nowadays that the ‘cynical’ charge gets thrown at people who state the bleeding well obvious.

          If it stops another person taking on huge debt and committing suicide following a period of unemployment, then the comment is entirely justified in my opinion.

          • michaelcoughlan

            i will state the obvious colin.

            You put a lot of if’s in there in other words you haven’t a clue why they acted the way they did.

            As for debt, Do you know anyone prepared to build a house for nothing or rent it for nothing in normal circumstances?

            Managing debts is part of life. Its disingenuous to say other wise.

          • Colin



            I don’t know what these men were thinking on an individual level, but the link above points to ‘a number of factors are associated with the risk of suicide including: mental illness, drug addiction, and socio-economic factors’. So, unless this was a cluster which deviated from the national picture for some reason, I think its safe to assume that these were the factors involved in your locality, wherever it is close to the Shannon.

            On a personal level, I was unemployed for 2 years, but I kept believing that things would get better for me, and that hope led to something much better coming along within time. I was free to move, had no debt, no dependants. I am cautious by nature, and try to keep as many options ahead open should some avenues close down in the future. Think of the worst possible outcomes and try to plan avoidance strategies, that’s what worked for me.

          • michaelcoughlan

            Thanks colin for the link.

            I am hoping to develop a sideline as a healthcare assistant in the mental health area and this link was very good.

            Usually the pattern goes like this: The socioeconomic conditions get tough. The person gets depressed. They may or may not hit the bottle to ease the pain (self medicating). They kill themselves believing that their families are better off without them as in the life insurance policy will kick in and pay off the mortgage etc or the wife will be free to marry a man who can provide for her.

            The suicides rate is going through the roof.


    • Deco

      Concerning the water levies – as Ming Flanagan pointed out repeatedly, this is the third tax to pay for water. Where did the money from the other two taxes end up ?

      Actually it was allocated to a comprehensive, expensive, and broad program, of income support for bankers, auctioneers, NAMA executives, vulture capitalist funds, etc…

      And IW need this money so that they can borrow – without the debts being loaded onto the national debt. Some local authorities already have massive debts from infrastructural development programs. Will these debts remain in place ?

  3. Greece paying back its debt should always come second to providing essential services such as healthcare. If the EU is creating an ‘us vs them’ scenario with unrealistic expectations, then a Grexit obviously becomes more likely.

    • Deco

      EU policy – give the rich all their money, and then apply austerity on essential services to the working (and not able to work) people.

      It is the principle of solidarity utterly destroyed.

      Greece needs a Solidarosc movement dedicated to freeing the people from centrally controlled government for the benefit of the finance sector (as against the political sector in 1980s Poland).


    I desrcibe my own political stance as “To the RIGHT of the Devil, and to the LEFT of God” That said, if JFK were alive today he would be considered a right winger.
    Times have changed and I submit to you “THERE IS NO RIGHT WING IN THIS COUNTRY!”
    They have the bully pulpit to try and force capitulation on the voters, you have that correct. Dont fall for it. Those in power are the worst HATERS you will ever encounter. SHAME ON THEM. And I include SF in this too, no difference at all.

  5. The manager of the world’s largest bond fund has warned that the eurozone is untenable in its current form and won’t survive unless countries cede sovereignty and become a ‘United States of Europe’.
    Andrew Bosomworth from PIMCO says that while the bloc is likely to stay together in the medium term, the single currency can’t survive unless countries move closer together.
    Mr Bosomworth says that the status quo that we have now is an untenable structure and the lessons from history show that a centralised monetary policy coupled with a decentralised fiscal policy won’t work.
    PIMCO also says that the rise of populist parties demonstrates how uneasy some people have become about the euro.

    • woodsey

      And there you are, now! I always thought that the whole idea was to move towards a United States of Europe but … how exactly would that ‘…cede sovereignty…’? Must ask my friends living in the United States of America to explain that one?!

      • Tony

        Federal law trumps state law; even when it doesn’t. So a Federalised Europe would pretty much work the same way. If our national laws don’t operate in harmony with the fed laws, they’ll find a way to impose the fed laws. Same as the United Stated of America.

        • Irish PI

          Thing is;Washington doesnt go around threatning other states like Louisannia or California to stump up a few billions for disaster relif post a hurricane or once liberal and social welfare giveaways bankrupt the other.Also it took a civil war to finally sort out the problem of who would really rule the roost and get the Souths vast resources and not too much about black people being slaves or not.Also America doesnt have the vast tribal baggage of a thousand years of Europeans killing,conqureing and generally feckin your neighbours over to be really considering an American model of a United states of Europe. At heart we still really dont like each other as Europeans,so a united Satates is not going to happen in our lifetimes .Much better if this entire project went back to being a trading block of the EEC .

          • Deco

            America has figured out the law making process.

            The Brussels regulation process is anti-democratic, unaccountable, and a recipe for disaster.

            I have been critical of the politicians in Washington, but they are Physics professors compared to the various dump out remnants that end up on the EU Commission because local governments have to get rid of their ongoing embarrassments.

            Ireland sent Phil Hogan over. Ruairi Quinn and Dr. Reilly were the challengers. Even Gilmore thought he would get the stint after collapsing his party’s vote. There you go – pick a reject and send him/her to Brussels.

    • Pimco manages so much money that buying bonds is a multi national operation. A nation state is not large enough. Pimco buying or selling can “make” the market itself. Thus Pimco requires a multi national currency in which to subscribe. For example the EURO. The US is large enough by itself.

      The same is true of corporate bonds. The bigger the company the better. Only multi nationals are suited.

      Pimco is just too big for our own good.

  6. Mike Lucey

    An excellent assessment by DMcW with great insight and some thought provoking scenarios and options for all EU citizens and possibly ‘Western’ citizens in general.

    I think the chain reaction could be about to start, Greece leaving the EZ will be small fry compared to the turmoil that will follow.

    Its really time for thinking citizens worldwide to take control of governing themselves with what the Greeks figured out in the 5th century BC, Athenian democracy. Hopefully Syriza will spark a political renascence that will spread true democracy and extinguish the current failed system for good.

    The longer we allow the oligarchs rule, the deeper the hole will become and it will get very nasty when the ordinary man on the street realises just how screwed up things are and have been for a very long time.

    • woodsey

      But Mike, all the EU thinking citizens continue to vote for their belief in their true democracy, which they all believe that they struggled very hard to obtain. Won’t they see its alteration, change, loss or removal as a threat?

      • DB4545

        An old Jewish joke that circulates in Israel. The door on the railway wagon opens at Auschwitz and Samuel and Abraham step onto the platform as the orchestra plays in the background and guards look down from the watchtowers. Samuel says to his friend “I’m not putting up with this any more Abe I’m going to complain to that nice guard over there”. Abraham says “Don’t do it Sammy I don’t want any trouble”.

        The people we elected to protect us have joined the concentration camp orchestra in the belief that they can avoid the fate of the rest of us. Some have even deluded themselves into believing that they’ve joined the guards and they’re safe in the watchtowers or have a chance to join the elite in the bunkers. As we all know a day of reckoning has to come and then it’s every man and woman for himself.

        The Israelis learned the hard way and that’s why they elected Bibi Netanyahu. Nobody is marching them off to the camps again without a fight.

        How would you describe the people we’ve elected and do you think they’re capable of protecting us? If you do vote for them again, if you don’t it’s time for a change of direction. The Lisbon treaty (we didn’t want to make any trouble)) has taken us from our nice safe homes and locked us into the railway cars of the German Reichsbahn.

        We’re about to step on to the platform at Auschwitz. People have to stand up for themselves and not be afraid to make trouble like the Greeks..or the Israelis..or walk meekly to the showers while listening to the nice music.
        It’s your choice.

        • StephenKenny

          The business & lifestyle media tell us that hut prices are surging – we’ll stand on each other’s heads to get into the camps.

          • DB4545

            Some of us can listen meekly to the orchestra and walk to the showers.. or try to derail the train in our own small way. The first choice will be lethal but the other choice will certainly be painful but maybe not lethal. There’s no point complaining about the music or the people who joined the orchestra. The Israelis have the luxury to make jokes about it because of the choices of their grandparents. Again it’s your personal choice.

        • Colin

          Yes, unfortunately, now its a case of every man for himself. I’ve avoided getting forced onto the train carriage by reading the signals beforehand (courtesy of a teacher who was a lone voice in the wilderness), and making my way to a place of refuge just in time. I tried to convince others but they didn’t want to know, ‘stop being ridiculous’ they said, ‘we’re in for a soft landing’ they said, and they even suggested the noble teacher should go away and commit suicide.

          For those who have just arrived, start praying Oscar Schindler is in charge.

          • DB4545


            That’s fine Colin and I did say it’s every man for himself when it goes tits up. However not everyone had the foresight or insight to avoid the situation. The next generation certainly doesn’t and we have a responsibility try and leave the place in better shape than we found it. Don’t forget Oscar was trying to make a buck until he realised what was happening and then used his wealth to help people. Oscar didn’t end the war he just did his best until other people did. The religious Jews prayed for the messiah to come and perished in the camps. The secular Jews had to grow a pair of balls and fight and that’s the only reason Israel exists. We can’t afford to wait and see if an Oscar is in charge.

  7. dwalsh

    Good article David

    I think there is an ideology driving the direction Europe has been taking – it is called neoliberalism. Neoliberalism is not a political ideology; not created by or native to the traditional left or right. Neoliberalism is the ideology of the transnational corporate business class (bankers etc) and was created by their academics and think tanks.

    Transnational means these business elites are only nominally nationals; their allegiance is to their own transnational globalist class. Corporate means private. Transnational corporations are essentially private global empires.

    The myth of capitalism persuades many people to believe these private global empires are concerned only with competing with each other for market share and profit. But this is a myth. The transnational business elites are highly integrated and organised and are cooperating and acting in concert to bring about a world which serves their ends. They are united by their opposition to their perceived common enemies – the working class and democratic nation states.

    The working class are their primary liability and expense – wages and workers conditions are perceived as a business cost (not a profit share); and all costs must be cut to maximise profits. Workers are seen as commodities; production units in the production process.

    Democratic nation states create laws and regulations which protect rights and conditions for citizens and these regulations hamper corporate activity and profits.

    The new globalist trade deals (TTIP & TPP) which are being negotiated basically in secret are written by the transnational corporate elites and are designed to neutralise their common enemies – the nation state and the working class.

    This brings us back to the Greek situation, which is just an extreme case of the general European and global situation. Debt is being used as a weapon to weaken nation states and subvert them to the will of the transnational business class; and to remake the world in their image – the corporatisation of the world.

    Our political parties right and left have been co-opted by the transnational business elites and serve them and their ideology – not their local constituents. Or put another way, the primary constituency of our politicians are the transnational business elites.

    • DB4545


      Right on the money. We have spent and spend considerable resources fighting subversives who attempt and have attempted to undermine the democratic Institutions of this State and put them into Portlaoise Prison in order to protect the public. Why do we continue to elect politicians who render themselves accountable to undemocratic transnational subversives who are determined to damage the democratic,economic and legal Institutions of this State?

    • coldblow


      ‘Debt is being used as a weapon to weaken nation states and subvert them to the will of the transnational business class; and to remake the world in their image – the corporatisation of the world.’

      Please see my comment to Tony below about ‘extrovert rhetoric’.

  8. Malcolm McClure

    Very good article, David. Crystal clarity your analysis but what to DO?

    • con molone

      Excellent article, David. What to do? Have you noticed how most of our politicians are teachers, social workers etc. All from the ‘Entitlement’ sector or ‘insiders’. When politicians come to my door I ask them if they are from the ‘Entitlement’ sector. I tell them I am agnostic in my party preferences and will only vote for a candidate who is either self-employed or working in the private sector and who will understand how hard-earned every euro is and hopefully will ensure that it is spent wisely. The ‘insiders’ know how to spend money but not how to manage it. And as we can all see, the insiders have taken care of themselves with early retirement, multiple pensions etc. They are laughing at us mugs as they enjoy their foreign holidays and drive by us in their new cars!

  9. Pat Flannery

    Dwalsh, I agree. The spread of neoliberalism is Europe’s deadliest enemy. These stateless privateers are completing the process of making Greece another vassal state. They already own Ireland. Enda & Noonan are merely going through the motions of governing while decorating their retirement homes with blood money. History is full of their kind.

    Unless thwarted by organized resistance these swashbuckling 21st Century privateers will complete the conquest of all Europe using their deadly weapon of mass destruction, debt.

    What is interesting (and disconcerting) here on David’s site is his recognition of the power of unity and organization vs. the lack of it, while he consistently deploys his considerable communication skills to kill the one chance Europe has against these neoliberal privateers, a unified currency.

    • dwalsh

      Yes, a unified currency; but also a public currency.

      The main issue with money is who gets to control its creation and distribution. Until we take the power to create money and sell it at a profit (interest) away from private banks and financial institutions, we will always be at the mercy of the money changers, and the inevitable cycle of booms and bust their system creates.

  10. DB4545

    Very good article again David. Human nature being what it is if you rob Peter to pay Paul you’ll rarely get a complaint from Paul. However if you explain to Paul that he’s being robbed too he might sit up and pay attention.

    We need a modern well managed water infrastructure which meters supply to manage the resource for the common good and the next generation. What is being forced upon us is a control and monopoly of supply to be handed over to a yet unnamed robber baron or barons. The mainstream media is engaged in a campaign to bully Citizens into this monopoly. The vigour with which they propose to set up “fastrack courts” to achieve this stands in stark contrast with the indulgence the courts have shown to certain non-residents of Killiney Hill. I’ll stand corrected but my understanding of contract law is that there must be an offer (from a water supplier), an acceptance (from a water user) and an intention to create legal relations. If all those conditions are not fulfilled it could be argued that no contract is in place or that one party is engaged in attempting to enforce an odious contract.

    The water issue is just one resource. It has come about because multi-nationals specifically pharmaceuticals and food processors require huge water resources for their activities. Water is a finite and scarce resource found in abundance in Ireland .There is now a bottleneck of supply and competing demand from domestic users for that water resource. They would like Irish taxpayers to subsidise their use of that resource with no financial gain or benefit accruing to the taxpayer. The next major resource battle (if the water issue is pushed through) is electricity. A key bottleneck for global IT is data-mining. This requires vast computer storage (the cloud) and huge amounts of electricity. Four or five of these data mining centres are being proposed for Ireland. You may have noticed the current upgrade of networks and new high voltage transmission lines.The key players would like Irish taxpayers to fund the construction and operation of electricity generation stations for these activities just as they’re picking up the tab for water meters and all the costs involved. They gain a monopoly of supply through your meter and a monopoly of access and use of taxpayer resources with compliant politicians. Again very little gain or benefit accrues to Irish taxpayers.

    Most reasonably well run Countries are running a mile from these robber barons attempting to subvert their resources in this way but not Ireland. We bear a closer resemblance to third world Countries because of the way in which we allow our National resources to be exploited. Contrast us with Norway which has huge resources which are used for the common good and the next generation. John Paul Getty is reputed to have said “the meek shall inherit the earth..but not its mineral rights. The robber barons are robbing Peter(the outsider), Paul(the insider) and both their children..and nobody is shouting stop.
    Except the Greeks.

    • Deco

      The government has avoided all discussion about high voltage electricity lines. The lines are constructed as if the designers know that they are harmful.

      So basically, ordinary people get cancer, and the Nasdaq gets a few extra points.

      The world has gone mad. The Nasdaq is the deity of the era.

      • DB4545

        The government could increase generating capacity by 25% if they gave a sensible tax break to householders and allowed householders to sell supply from PV cells (solar electricity) to the grid like Germany or the UK. They could reduce existing demand by 25% if they gave a similar tax break to householders for solar heating. This would provide ample capacity for future growth and sharply reduce reliance on imported fossil fuels. Instead they want to increase capacity with new generating stations (including possibly a nuclear station) and use taxpayer resources to fund it and hand it over to the robber barons. We’ll probably get to own it again when it has to be decommissioned (at public expense) after it blows up in our face just like the banks.

  11. CorkPlasticPaddy

    The TO Do is very simple. Stop voting for the establishment parties and start voting for independents and non-establishment parties!!!

    • DB4545


      That’s part of it but it also involves avoiding or boycotting the suppliers of goods and services involved in subverting the democratic process. The wallet can be mightier than the ballot box and it certainly appears to be so for most of our mainstream political parties. Take your business elsewhere if possible.

  12. Deco

    If Greece gets kicked out of the Eurozone, I will go to Greece on a vacation.

    So as to help the Greeks survive sticking their two fingers up to the lobbyists that are polluting EU policy.

    And I am sure that many more will do the same.

    • Colin

      If I was single I would go one step further Deco and marry a Greek woman. They are polite, pretty and can cook delicious food.

      I had a holiday recently in Cyprus, and it was very memorable and enjoyable, I will definitely return soon.

  13. Deco

    Landmark article.

    The entire EU project has gone “corporate”. It has descended into a sham. That is was ever going to be anything else, was nothing but a pretence anyway.

    Pravda Six One “news” broadcast the UK election announcement. It is supportive of Milliband because he will NOT consult the British people on the matter of the power of Brussels. No discussion of Milliband’s amateurism. No mention either of the fact that Britain’s public debts are out of control and Cameron/Clegg fudged the issue for a full term of government.

    Because several countries are now borrowing recklessly, and endlessly. And the beneficiaries (like Pravda) have no interest in resolving the issue.

  14. Deco

    David – thank you for standing and saying something that badly needed to be done.

    The Brussels based imperial racket will bankrupt all of Europe, financially intellectually and demographically if it is not corrected.

    And we do not even have a debate on the issue.

    The same finance sector that lobbies EU institutions without cease, also owns the advertising expenditure of much of the media, and also owns many of the political parties.

    If you want to know how the world operates, watch “The Century of the Self” by Adam Curtiss. You will have to find it on the net. It rarely ever gets broadcast on mainstream television.

    Watch it. Learn from it. And pass the message on to others.

  15. Deco

    David’s article is a wake up call to everybody in the EU.

    The EU has become a tool for the rich to avoid capitalist consequences for their own failures, and avoid socialist consequences for working people who pay for socialism, via the USC, PAYE, etc..

    The whole thing has become a scam.

  16. Good article ,David.

    The question of insider and outsider is interesting and needs IMO examining.

    Initially we describe insiders as those on the inside of government operations. Then included are those who receive from the state. So we appear to think that the insiders such as the politicos and their sycophants are the insiders.

    However there are circles within circles emanating from the top down. The top being the control tower which overseas all activity. All organization act this way. The middle manager sees himself as an insider when in reality he/she is just a pawn or cog in the machine.

    Many have mentioned that the problem for Greece, for other countries even all countries is debt. Thus it is self apparent.

  17. Good article ,David.

    The question of insider and outsider is interesting and needs IMO examining.

    Initially we describe insiders as those on the inside of government operations. Then included are those who receive from the state. So we appear to think that the insiders such as the politicos and their sycophants are the insiders.

    However there are circles within circles emanating from the top down. The top being the control tower which overseas all activity. All organization act this way. The middle manager sees himself as an insider when in reality he/she is just a pawn or cog in the machine.

    Many have mentioned that the problem for Greece, for other countries even all countries is debt. Thus it is self apparent that debt is a problem. We all owe each other, nationally, individually, corporately.

    So let us look at the debt. What is debt? How does it originate? Why were we told in the 70′s that state debt did not matter and that it would never be paid off anyway. Why were we told that inflation was good as we could pay for debt with depreciated dollars.

    Strange that we were told it is fine to borrow, expected that the debt would never be redeemed, and that it was no sin to rob the lender by paying with depreciated currency as that is what inflation does, devalues the money.

    How on the one hand inflation was good as we need not pay our debts in full but no recognition that the other side of the coin, so to speak , was the deliberate robbing of the frugal and the savers who heretofore had been the backbone and bedrock of society.

    Why? is the question. Then who benefits from this. Ultimately non of the above benefit form the above policies. Neither the lender who is robbed or the borrower who is impoverished and stripped of assets. Where a lifetime of work can be wiped out. Where both can be said to be financial serfs.

    Of course enough of the outsiders who think they are insiders benefit for a while as the system implies they are “all right Jack” . And so the debt based economy continues with us against them but enough of us thinking we are them so that confusion for a solution reigns supreme. Nothing is done. The lone voices cry , to no avail, in the wilderness.

    Who benefits from all the debt? Who skims percentages off the top of all this economic activity. Those who invented interest, otherwise known as usury.

    The answer seems to be, those who benefit are the controllers of the money. Those who have a world wide monopoly on its production. Those who know that a state is under their control if they control the money supply. This is why there is a move to a one world currency controlled as special drawing rights by international organizations that operate outside the political process over which no citizen has any influence.

    This is why the EURO is defended against any state suggesting a nation revert to its own currency in a search to redeem its sovereignty. This is why any political party stating a sovereign policy is ridiculed and then demonized

    So who controls this money supply. Do we know? do you know? I suggest that these are the real insiders. Those at the core of the problem. Who are they?

    They are a shadowy, small , very small, group of people who fund the institutions that steer the way you think. A propaganda arm. They fund the politicians who think the way they want them to. They quietly accummulate physical assets from the rest of us as they manipulate the money production process.

    They, the real insiders, have a desire for power. They think they are the chosen few and should have it all. They care not for the rest of humanity.
    They are at this time closer to power than they have ever been. For the first time in the history of the world there is universal fiat currency controlled by themselves for their own benefit.

    They can make of break corporations, and countries by enmeshing them in debt. The constrict the flow of currency to create recession/depression and seize a few more assets and expand the economy again by expanding the money supply with more debt based currency.

    They have engineered a system where all money is issued as debt subject to interest. This increase og the money supply no longer stimulated economic activity but is now a negative. All people are so loaded with debt and even when offered more loans at zero interest rates or negative rates they can no longer afford to borrow more.

    The world economies are stifled by debt and suffocated by the interest. The result is the Greece’s of the world.

    The only recovery possible is a complete change in the money system. The inside of the insiders want an international currency of debt based money issued at interest, called special drawing rights.
    Others want an international currency controlled by no one, that is in existence at the will of the people, that is asset based rather than debt based, and carries no interest.

    Here the battle is enjoined. Will sovereign man succeed or will all be subsumed by a clique of insiders who control every aspect of your existence.

    That is the importance of the current money system. Its continuance is slavery.
    The resumption of “honest” or “sound” principles of money will lead to freedom and universal prosperity.

    In this context we need to understand who the real insiders actually are or we not retain our prosperity and freedom.

    • or we not = or we will not (last sentence)

    • Deco

      Do you honestly expect the 0.1% to change the rules in such a manner that will end all their fun ?

      They would rather bring us into a world war.

      Just look at 1914, and the role of the press, and agendas of strategists in St. Petersburg, Vienna, Berlin, Paris and London.

      • Of course not Deco. They will change when we the people decide to. That is a slim stretch but in the meantime expect no changes and to be swallowed whole by the very people that we refuse to recognize are the perpetrators of the core problem. All else emanates from there. Other “resistance is futile”

    • StephenKenny

      I have to agree with Deco. It isn’t the the idea is wrong, it’s just that it is completely impossible. The central banks aren’t doing this because they are crooks, they’re doing it because the alternative is not acceptable to anyone. It’s a matter of politics and their very rational view of how far they can manage the population.

      Certainly, the problem was caused by massive corruption at the top of the financial/political system – we’ve seen a lot of that coming out. When it blew up, the politicians were cornered, and did a deal with the banks and brokers that went something like this:
      “If you make sure that the markets recover, keep going up, and you don’t do anything to smash the system, we’ll guarantee you all the cheap money you want, and that none of you, whatever the crimes, will go to prison”.
      Of course it could have been the other way round – the banks & brokers made the statement.

      So it ‘worked’. So we’ve had the longest bull run ever (or almost). If the markets reflected reality, we should be nearing the end of the greatest period of prosperity of our lifetimes, and interest rates should be shooting up.

      As you of all people well know, the deficits are too big to cut, let alone to start to pay off the accumulated debt, and the central banks have created $10s trillions over the period. Spain & Greece are the poster children of what we’re all in for, except worse, and that’s impossible for any government to implement. The social unrest is not something anyone wants.

      So they tread water, hoping something will happen. They’ve failed to kick off a period of inflation, which basically leaves war.

      Inflation would have destroyed the value of the debt (and house prices, incomes, and savings), which would have sorted things out, in a way.

      War enables governments to take extraordinary powers, and makes the population accept rations, lack of consumer goods, long hours etc. It also enables them to blame someone else of anything that goes wrong.

      If anyone tried to fix the currency, the economy would implode – it’s far, far too far gone.

      • StephenKenny

        The simple fact is that the general standard of living is far higher than is actually earned: Millions of mortgages are based on incomes that aren’t affordable; millions of public sector jobs are unaffordable; the standard of living of almost everyone (in the developed world) is just far too high.

        No politician can stand up and say this, let alone do anything about it. So they don’t – they find ever more absurd and crazy ways to squeeze another few hundred billion out of the zombie economies, giving them another few years, and just don’t look up.

        • StephenKenny

          .. and finally, having a stash of gold and silver coins is probably the only way to preserve wealth over this period. I believe that the ex-Chairman of the Federal Reserve, Alan Greenspan, has recently put this on record.

      • Interesting that everyone’s attitude is defeatist. No matter how correct a position is it is always followed with ‘But that will never happen’ or an equivalent phrase.

        Nothing will happen until you and all others decide it has to.

        Everyone acquiesces to the status quo. No wonder the leaders of change are popped off by the elite crooks without any problem.

        The Romans kept control by killing the opposition and then giving state benefits to the masses. That is until the starving hordes migrated en mass over the Rhine and Ruhr to find the empire rotten at the core.

        The same thing will happen soon. It is a matter of time. How long?–who knows.

        However there is a way to change the currency and it would take a period of time to avoid the disruption that you itemize.

        Recall Hugo Salinas Price addresses that very question with hid monetization of a silver coin to be issued in parallel to the current fiat.

        • StephenKenny

          “Savings, the foundation of prosperity, will bloom as Americans opt for massive voluntary austerity by saving monetized silver dollars, half-dollars, quarters and dimes.”

          If a politician could persuade the populations of Europe, half of Asia, and the US, to “opt for massive voluntary austerity” then he’s right, it would work.

          • Yes it would work, Stephen. Not too much austerity either. Just an adjustment in savings in real coin.

            As the mint provides a coin in selected demoninations or weight and purity. Preferably in sterling silver at 7.5% meld of copper and 92.5% silver.

            It is important that there be no monetray value stamped , engraved or otherwise affixed to the coin. It can be produced by the mint at a minor profit and the trade value of the coin would be set by the silver market say plus 20%

            The 20% markup, allows for any premiums to be paid to get silver bullion, cover the cost of minting and allow a small seniorage to the mint/government.

            The trade value of the coin will be set by government edict from time to time. It will only go up when the silver spot price is less than 20% of the current edict value. It would then be set to increase in multiples of 5% rounded to the next dollar up.
            At no time will the trade value of the coin fall even if the spot silver price were to collapse.

            This means that the new silver coin can only go up in buying power during inflation but never down. People having confidence that this were so would buy them in preference to the current government bonds.
            The buying power of the coin can only go up and never down, so this will become the preferred savings device of the people.

            At times when the spot price of silver falls then the government mint will have an increased seigniorage and an incentive to make the coins freely available while because the profits ( seigniorage ) will be saved in silver bullion. As such the government coffers will accrue bullion which is a form of saving for the national account.

            Looking back the last three years there would have been stability in the trade value of the coin which would have been fixed in relation to a spot price of $46. There would be no further increase in the trade value of the coin until the spot price moves above 46 again.

            All other silver coins of denominated value will be horded for the rising silver content. The new coin would start to circulate as money as the silver content is never in excess of the monetary value.

            As the change takes place gradually the problem of an abrupt change is overcome. It will be peaceful.

            Peace and tranquility at home is the politicians selling point.

            Peace and prosperity is the name of the game!!

        • michaelcoughlan

          Hi Tony,

          Your indomitable spirit is infectious.

          From the article:

          “In order to facilitate larger transactions in silver, the Treasury could once again issue “Silver Certificates” attesting to the existence of silver held in its vaults”

          This is the point I was making a number of times. Better to hold the silver in vaults in the allocated name of each citizen like for example and allow silver certificates to circulate. It also solves the problem of a hard physical money in circulation causing deflation as observed by mcwilliams.

          Now Tony the facts are though the silver prices are being manipulated by the banks in the futures markets. They don’t care about the people. The value of the petro dollar is set by the strength of the military might of the US armed farces not by underlying economic factors which it decoupled from in 1971.

          The initiatives you espouse will have to begin to be implemented in practice at the local level by true believers like you and me which means circumventing the manipulation problem and the banking establishment entirely. There is another way to deal with the manipulation problem so let me explain.

          An ETF (exchange traded fund) can have its money invested in a collection of underlying assets including gold. It can also sell covered calls which are basically rents charged for the use of the shares by third parties in speculative activities. You can also buy an etf which has an inverse correlation to the same asset class and also generate an income. I will post at the end a link to such an etf.

          So this is what I am going to try and do for Ireland mad as that sounds. I am going to form a not for profit entity maybe even along coop lines. I am going to assemble a pool of money in GBP. The reason I am going to use sterling is because I am convinced that Ireland needs a currency pegged to sterling and not the Euro. Lets just say I have 10000 GBP. I buy 5000GBP of an etf covered call in silver. I then buy 5000GBP of an inverse covered call in silver.

          What happens then is that if silver drops in price the etf in silver goes down but the inverse etf rises by the same amount creating equilibrium in the value of the fund. Both etf’s though are generating income from the covered call nature of the security. This income will pay for the administration of the not for profit.

          This is the part then that makes the difference. The not for profit issues certificates denominated in sterling (a complimentary currency I am going to call it the cunt (pronounced coont) in Ireland the u will have a fadda) to members who use these certificates as currency which is backed by a fund invested in silver.

          If I could get the whole of the UK to do this you could pay down a huge amount of UK debt overnight as people would sell sterling to buy silver denominated securities issued in sterling units and the banks would have to cancel the corresponding amount of debt owed in bonds when the original sterling notes came into being in the first instance. Each certificate could have it’s own unique block chain printed on it instead of a serial no like sterling which would be a very tight security to prevent counterfeiting.

          I am going to try and fine tune this David and if I could in my wildest dreams lobby you to make the certificates used locally during the kilkennyeconomics festival be of this kind it may be an opportunity to start a real economic revolution out of Kilkenny rather than just simply be a comedy festival.

          If any of you see errors in this approach please highlight them.

          I will not accept that Ireland be allowed pillaged and plundered like Greece without some sort of fight back being orchestrated.


          • michaelcoughlan


            These are examples of inverse gold and silver etf’s.

            These aren’t covered call options but you could buy long a cover call in gold and buy a corresponding value of on of these etf’s as a hedge in the drop in value of the metal. The income from the covered call would cover costs.


          • Pat Flannery

            Michael, forgive me as I don’t wish to question your work, but in order to lift Kilkenny from being a comedy festival you would suggest a new currency linked to sterling called the “cunt”?

          • michaelcoughlan

            Thanks pat.

            The word “cunt” is a play on the word punt the name of the old Irish currency. The idea is to draw people’s attention to the new proposal I have. In irish a fadda is a line used over a letter to elongate its pronunciation. A fadda will be placed over the u to give a correctly pronounced coont.

            Kilkennoconomics is an economics festival with a comedy element. It circulates a local currency called the marble convertible in euro for the duration of the festival.

            If this currency could be used as I have suggested it could start a revolution to prevent Ireland winding up like Greece.

            “Michael, forgive me as I don’t wish to question your work”

            I NEED PEOPLE LIKE YOU AND EVERYONE ELSE to question my work to expose the flaws in it. It’s the iterative process which will get me to the place I want to get to. I am humble enough and mature enough to change my mind once the flaws are exposed.

            Once the final idea has been refined I am going to lobby the floppy haired one who must be obeyed to try and help me get this into the mainstream.


          • Pat Flannery

            OK I get it. Calling it the cunt pronounced coont is PR, like the Irish saying fook for fuck. That should get the required attention. People will ask you “what the fook is a coont”.

            Also I didn’t know that Kilkennomics circulate a local currency called the marble, presumably because Kilkenny is known as the marble city. This may change it to the city of cunts.

            BTW I just watched Max Keiser and Stacy Herbert launch their Starcoin currency with Russell Brand of Trews. I wonder if there is not a worldwide trend developing. Your cunt currency may not be so bizarre after all.

            Perhaps you could hire a man called Mike Hunt as your first CEO. Also as we are being fooked by the existing currencies an appropriate name for a new currency might well be the cunt.

          • Not the best marketing move in the history of business.

            You’ll need to change that name Michael or you’ll scare people off and it’ll never get off the ground.

            What’s more important? – a pun that’s funny for 5 minutes (or less) or long term success?

          • Pat Flannery

            Michael, I agree with Adam, you need to think more outside the box.

          • Michael,

            On a serious (non-coont) note, I just talked to someone about your idea – some points:

            “I kind of know what hes trying to do – where’s he pitching this currently?

            The way hes going about it is good in some ways, bad in others.

            He should make it a coop, easy, and also use the ETF model but going through the UK and Ireland basically negates the benefit.

            They won’t allow a flight to capital system exist here using the current system.

            Plus his reasons for wanting to use GBP over Euro – not sure why he’s saying this.

            Needs to be set up in the Isle of Man or somewhere with vaults – eg. in Switzerland (otherwise they take them – like egold).

            Bitcoin could be used in the background to sell shares.

            People wouldn’t even know unless they looked – it would just be a coloured coins wallet re-skinned to show your IRE punts in an account somewhere.

            Take the centralization out of it.”

            Hope this helps Michael.


          • More:

            “At the core it’s an idea thats already around.

            Like Vaultoro:

            [see next post for link]

            - although you’re still exposed to gold’s fluctuations here – he’s saying use a derivative to mitigate that, then charge interest for using the system – small inflation.

            Guys are wanting to do this with bitcoin already, in fact they can. And if you need delivery it’s instant rather than waiting for silver or gold.

            Check this out:

            It’s a Bitcoin derivatives trading platform.

            So, say you wanted to put 100 euro in bitcoin today, but want 100 out in a month.

            You take a derivative out for the month on a move down and up in bitcoin (as he’s describing here) for silver, pay the fees and take your 100 out in a month. So for delivery of goods, contracts etc.”

          • michaelcoughlan


            reasons not to use inverse etf’s:


            “They won’t allow a flight to capital system exist here using the current system”

            Back to the drawing board.

          • Mike Lucey

            Ireland’s own Cúnt, what a great idea. I hope it gains traction.

            To type a fada,

            Opt + E, u = ú
            Opt + E, Shift + u = Ú

            Alt Gr + a = á
            Alt Gr + Shift + a = Á


    • coldblow


      ‘…the real insiders… are a shadowy, small, very small group of people…’

      I thought this was Deco writing and I was puzzled. I call it ‘extrovert rhetoric’.

      How does it work in real life? Former Tory Chief Whip Andrew Mitchell should be in this shadowy group of powerful men, but have a look at this:

      He must be one, after all he gratuitously insulted ordinary hard-working members of the constabulary, abusing his exalted position.

      Then we have the shadowy group of extremely powerful men behind the Westminster Paedophile Ring. The only problem with this is that it (like all similar phenomena) is almost certainly entirely fictitious. My view is based partly on the history of other ones (see Richard Webster’s website, Sceptical Essays) and partly on the fact that the evidence for it (it was the leading story on Newsnight a fortnight ago) relies entirely on *unnamed and anonymous* sources, who never will be named. How can they if they don’t exist? (Reference was made to a video of orgies in Lambeth – you can bet anything that this video will never see the light of day, not because the witnesses are gagged by the Official Secrets Act, as the programme argued, but because there is, was, no video, or orgies.)

      In Ireland the shadowy insiders are probably still deemed to be the ‘Prelates’ of the Catholic Church (not your ordinary local curate of course), Opus Dei and the Knights of St Columba. De Valera would be in there too, if he were still alive.

      Nothing against you Tony, of course, I’m just pointing out it’s an extrovert thing. The calculating ‘app’ on my whatever says that they are 50.00000% of us. The only thing shadowy here is the evidence.

      • cooldude

        Here is some detail on who exactly this small group actually is. It is quite easy to look at this Swiss study and see that this control does exist and is increasing. Nothing extrovert just simply using a bit of drey matter and applying some rational thought to his study

      • You are looking at the surface of the cess pool. the scum on the top.
        One has to go deeper to find the real culprits.

        We are talking about the money that buys politicians by donation , educates then by grants from foundations, steers the careers through education.

        They think they are the elites but they are nowhere near the control group.

        There are circles within circles. The circle at the centre is where to go.

        Follow the money

        Who benefits

        Look for the money masters.

        The controllers are not the church, the government, or the central bankers. They are mere pawms or tools who enact policy guided from the select few.

        One of the things these people hate is a true democracy. TThat is why the western Industrial democracies have been under attack since the 2nd world War. Everything is being done to break the cohesion and moral structure of the peoples in these state until the fracture fighting each other and ask for authoritarian government to rule the roost to keep the peace.

        That is why your freedoms are eroded daily.

        The evidence is in plain sight if you have the eyes to see.

      • cooldude

        As for evidence of a westminster paedophile ring I’m afraid there is tons of it if you know where to look for it. Try this guy for a start who does a great job tracking these extremely dangerous perverts

  18. Deco

    The Greeks had more democracy, and better democracy when Athens was governed by Pericles ( a man who went down the road of good intentions ) than under the EU.

    And that was even accepting the fact that many Athenian residents were not in a position to vote.

  19. Malcolm McClure

    This talk by Varoufakis was given a couple of years ago but it gives an eloquent overview of the world as seen from Greece. It is quite long but worth watching through, including the questions afterwards.
    Yanis Varoufakis: The Global Minotaur: America, Europe and the Future of the Global Economy – YouTube

  20. My thinking is that one way or another, a new monetary system will develop and will be a mixture of a number of major currencies, plus high-priced gold. Thus gold, by necessity, will sneak into the new monetary system.” Richard Russell

  21. [...] Why are we sacrificing Greece for the insiders? – David McWilliams [...]

  22. SMOKEY


  23. cooldude

    Greece is just the start. The privately owned central banks want to control everything and lead us into a neo feudal world of austerity through a cashless society where we are dependent on the state for everything and any dissent will be severely punished. Resistance is the only sensible option unless we want to become serfs to the new money lords.

    • Good day cooldude
      Well we have tried to point out who the insiders really are.
      We try to point out what can be done about it.
      David asks the question why is Greece being hung out to dry
      We try to give the answer

      Now we need the debate as to what to do. What Ireland as a small sovereign (not quite fully lost ) nation can do to survive.

      Direct democracy are open to looking at the money system and change.

      It is past time for defensive action

  24. Michael et al

    All good discussion but as hugo warned me two years ago people will get sidetracked with all sorts of schemes and get off the main point of changing the money system.

    In my opinion there is absolutely no sense in devising a string of derivatives to hedge against the fluctuation of your currency. We are shortly back to the same old same old with paper certificates backed by nothing being traded for a supposed something.

    The adage ‘Keep it simple comes to mind.

    Take the HSP idea and condense it to the local level.

    One needs funding to start. buy silver bullion and then contract a mint to produce a unique coin. Give it an honored name of a patriot or historically renowned event or person.

    Make sure the coin is of superior design and substance. sterling silver is the best choice. it is durable and a recognised quality.
    Set a trade value on the coin as previously described that always exceeds the spot price of silver by about the 20% level or the coin will not circulate.

    Then at your place of business offer a choice of cash or silver as change in a transaction. Somebody could receive this beautiful coin in exchange for doing business with you. You in turn will accept the coin back in your trade in exchange for the coin.

    Many stores offer certificates in exchange of business. coupons they are called.
    This is not much different as the coins can be held to then be exchanged for goods or services. The silver might begin to circulate in a wider area as other people will desire them. How often have you held a beautiful coin in the palm of your hand and admired it for its weight and engraving thereon.

    WWe are concerned with a superior quality of money and it should be seen to be so and named to be so. Kilkenomics notwithstanding , it is not a laughing matter but deadly serious. The most important issue of our age.

    you are correct that the festival could issue real silver coins to be spent but not named marbles. Just call them Kilkenny’s or a similar name with a local motive on them. If done correctly they would circulate in the wider community all year and become a staple of the trading area of Kilkenny.

    What ever, keep it simple. No ETF, no derivatives, just plain honest sound money. That, from a teaching perspective would be a fabulous achievement of education on the use of sound money

  25. I don’t want to write a book about either the Middle East situation or the direct aggression on the Russian border, rather we should look at “why”. Why is the U.S. pushing so hard for a war which cannot be won and can only go nuclear with all the follow on repercussions. In short, because we “have to”. The game is over and Washington knows it. The game of course is dollar hegemony. The game of “reflation” is lost and gone until we can reset the system with a new currency. You see, each time we had a recession in the past, the Fed would (could) reflate the economy and thus the markets. It did not work this time as you know because we reached “debt saturation” levels in the economy back in 2007 and now finally on the Fed and Treasury levels. Adding more debt no longer works as a medicine, rather, it is lethal.–Bill Holter

    Reading this will give you an idea of why sound money is no laughing matter but deadly serious as the cabal fight any way to maintain a fiat ponzi scheme money system and to retain accumulated power

  26. coldblow

    Another excellent article from David. Insiders and outsiders are nothing new in Ireland. Crotty argued that the latter half were forced to emigrate. Historian Joe Lee spoke instead about the performance ethic vs the possessor ethic, but I think it’s the same thing as insiders and outsiders.

    As for politics, the main British parties are united against UKIP. As David says, Left and Right have little to do with it. It has been convincingly argued that Cameron is the Heir to Blair. It’s hard to beat our own lot though for rhetoric and throwing shapes.

    • Deco

      Even Joe Lee had to go to New York. And he is one of the best minds in Irish academia. Though in NYC he will be able to gain a perspective on performance that is sorely lacking along the DART line, or in the dormer bungalow district of any large Irish town.

      The performance ethic has actually declined in most of the past forty years. An odd contributing factor has been mncs who have sucked up the performers. The banks, or accountancy firms, are not looking for performers. They get a combination of memorizers, yes-men (yes, indeed) and sports-profilers.

      We should have Prof Joe Lee in the Seanad instead of EK’s clown nominees.

      Not impressed with the line-up of the UK election. In particular the LP are very lightweight, and are liable to get in control. I don’t have a problem with them being of the left. Germany’s SPD are further left than the LP, but the SPD are competent. The LP (original version was British) are not that competent. Anybody remember John Prescott.

      This will be bad for Britain. And it will also be bad for Middle Ireland.

      Tech Ireland is overly reliant on bubble stocks on the Nasdaq, which are going to crater. Some of them have not produced a profit in years.

    • DB4545

      I think they’re throwing shapes for an election here shortly.

      1. 250 new Gardai to be recruited!
      2. Job promises for the West (Centreparcs)!
      3. Support for Dunnes Stores workers from Enda of all people and support and photo opportunities from the Shinners(the people who like to fly business class and get medical treatment in private US hospitals)!

      The politicians don’t want the electorate to give them their own zero hours contract so they’re in don’t alienate the electorate mode.

      I smell politics.
      I wonder what odds Paddypower are offering.

  27. Watch for the bailin process to move into high gear as Greece defaults.
    The bankrun in place at present is lowering deposits greatly. To halt this the accounts will be frozen and the deposits allocated to bank shares to recapitalize the banks. Then see what the people think.

  28. David’s mate, George Monbiot is at it again:

    “‘Wealth creators’ are robbing our most productive people”

    I reckon he’s a shoe-in for Kilkenomics this year!

  29. I would be interested in David’s reaction to this disclosure that Bank of Ireland id not properly registered as a bank and should not by the Central Bank of Ireland’s own regulations be in business.

  30. Funny how the US calls Russia the aggressor when they have troops in 140 countries and carry out military exercises on the Russian border. Who is the provocateur?

    Reuters being owned by the Rothschilds will of course give a neutral fair unbiased commentary.

  31. Wills

    Neatly tied up and spot on IMO the article.

    Also, it appears that the new Greek govt in charge are boxing clever the insiders running EU and criminal banking system and are no fools, the narrative of which is going to get very interesting.

  32. Collins is quoted as saying in “Michael Collins In His Own Words” (edited by Francis Costello, Gill & Macmillan, page 99):

    “Our strength as a nation will depend on our economic freedom, and upon our moral and intellectual force. In these we can become a shining light to the world.”

    And, on page 102:

    “The strength of our nation must be the strength of the whole people. We need a political, economic and social system in which our material, intellectual and spiritual needs and forces will find the fullest expression and satisfaction.”

    Collins would lean over the desk of the startled Governor, look him directly in the eye, and tell him that he was under arrest and would be questioned about financial crimes of mass destruction against the Irish nation. Collins would also insist that the Governor make a phone call to his de facto boss in the House of Rothschild in Frankfurt and inform him that the Irish people would no longer be their debt slaves, that they were now taking back control of their own economic destiny. A similar call would be made to the President of the European Central Bank.

    Finance Minister Lenihan admitted on BBC Radio that the European Central Bank (through its Irish stooge, the Central Bank of Ireland) had forced the bailout on Ireland.

    In place of a central bank, Collins would set up a National Bank which would issue money debt-free and interest-free,

    The above are excerpts from Fools Crow’s Blog. I suggest it is thought provoking enough to be mandated reading for anyone looking for a solution to the problems faced by Ireland today.

    • red bull

      Good point, Tony. As we’ve been told and all know now, Michael Collins met a premature end as the result of being struck in the back of the head by a ricocheting bullet fired in fading light from a hastily organised and reportedly disbanding republican ambush in August, 1922. No post mortem apparently and totally conflicting witness accounts. But these are just small details ..
      Indeed, strange parallels to the murder of another popular leader in 1963, US President JFK, who bizarrely at the time was threatening the monopoly currency issuing role of the Federal Reserve System not to mention the powers of the CIA, the FBI, the Mafia and of course, the growing Military-Industrial Complex (by refusing to crank up military involvement in Vietnam).
      Anyone who would dare to even question the Official and Historical versions of these events (and others) is today immediately labelled a Conspiracy Theorist or (even worse) a Crazy Conspiracy Theorist. And immediately sidelined.
      Perhaps Ms Lagarde may have just casually mentioned these incidents (and indeed others) to Mr Tsiparis causing his abrupt volte face.


    Here is a Muslim take on the subject of sound money. Looking past the religious posturing but looking at the advice one sees that muslims will follow the uses of sound money.

    They point out the usurious practices of the central banking fiat ponzi scheme that entraps and enslaves millions already. They point out that the purpose of the coming electronic money is to enslave the world.

    It is mandated reading for further understanding of the benefits of commodity money.

    Greece is just one of the latest examples of the stripping of assets by the tools of bankers, the central banks, IMF and the BIS

    Of course David agrees with the chosen path as he disagrees with the prospect of sound money and thus is on the side of the oppressor not the liberator. Perhaps he does not understand the purpose of the current system or the fact that the only bone fide solution to obtain economic freedom (sovereignty) is the through the use of sound money.

    • PS. They also wonder why the IMF forbids the use of gold and silver as money. No member state of the IMF is permitted to use, that is expressly forbidden, from using gold and silver as money.

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