DO NOT ACCEPT THE BAILOUT IRELAND. DON’T!!!

Do not give up your sovereignty. More to the point DO NOT GIVE UP YOUR PRODUCTIVE ASSETS!!

At this particular junction, the choice is limited and very well defined.

Either you accept the bailout and ensure that a bunch of bankers are made whole whilst the rest of the population alone shoulders the costs of this debacle.

Or you default and ensure that banks’ bond holders too shoulder the cost of this debacle.

There is pain and hardship in store whatever we do. The least we can do is ensure that bank bondholders share with everyone.

http://www.tribune.ie/news/article/2010/nov/21/ireland-warned-it-will-have-to-stump-up-state-asse/

… in an investor note this weekend, Société Générale in Paris, which helps sell Irish sovereign bonds for the government, said there were calls from around Europe for Ireland to stump up “collateral” in return for its bailout loans.

Follow Iceland’s example. Let the banks fail.

You, the Irish people, were our only and last hope against the Lisbon Treaty. Make your stand now against the banks. Let the banks fail.

For those of you that fear that failing banks will result in lost savings and pensions, here is the skinny.

Whatever happens next, social expenditure will be curtailed if not, in some cases, discontinued entirely. Your pension is already compromised.

With regards to savings, whatever savings there may be, bondholders’ capital is largely sufficient to make those up. That is how the dynamic should evolve as contemplated by law. Savers are first in line to be paid back in bankruptcy. Follow bond holders, followed by second lien bond holders and so on and so forth till the shareholders. Shareholders are the first to be wiped out. Bondholders ans savers are last. As was the case for Lehman Brothers, Western banks today have largely sufficient bondholder capital to cover most bankruptcies. Thus savers are covered.

Let the banks fail. Stop fascism in its tracks. We are hurtling towards a global war and you and me will pay the price whilst a select bunch of bank bondholders will sit back and reap the profits.

Let the banks fail.

Is it not enough that during this crisis that has variously been described as the deepest and the most severe since the Great Depression of the 30s, banks have been distributing the richest and most eye popping bonuses in history??

Let the banks fail.

And by the way. We’re only talking here about a handful of banks. It is always the usual suspects. Banks have failed before in history and the world kept turning. Let them fail and force banks to share in the hardship.

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3 Responses to “DO NOT ACCEPT THE BAILOUT IRELAND. DON’T!!!”

  1. OnlineBrokerRev Says:

    I agree that they should let the banks fail. I disagree with the outcome though. It would lead to cascading cross defaults a la Lehman but worse. We brought it on ourselves though by letting the banks lever up like madmen. Why do I want it to blow sky high? Because it will all implode eventually anyway so I would prefer now as I am still a young man. Old men (the ones in power) disagree so the bailouts will continue until they can’t.

    • guidoamm Says:

      let cascading defaults run their course. the more we try to postpone the end the more severe the effect is

      since monetary policy as contemplated by current economic thought has lost traction, doing more of the same in the absence of a demand driver is mathematically destined to fail.

      social benefits are compromised anyway. things like pensions for example, are already being curtailed and in some cases will be discontinued all together.

      so the cost and the harship is already assured.

      the only available choice now is whether we save a handufl of banks and ensure a restricted band of people are spared any harship whilst the rest of society becomes gradually destitute or whether we let the banks fail and force the restricted band of privileged people share in the harship

      as you may well be aware of, we are really on talking about a dozen banks globally. bank of america, jp morgan, citi, andwells fargo are at the top of the list.

      we should not be where we are. but now that we are here, we must take the medicine and bitter medicine it is too.

      agreed that politicians abetted by bankers will continued to try to defy mathematical evidence

  2. WhiskeyJim Says:

    Ireland will pay now, including the banks, the bank shareholders, and the bankers, or the taxpayer can pay later for generations. Which cost do you think will ultimately be higher?

    Let the banks fail.

    In the USA, the taxpayer helped the banks NOT write off their insolvent debt. The markets have stalled along with the economy while it struggles to reprice it, all at homeowner and taxpayer expense.

    Let the banks fail.

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