Voter betrayal (Ireland)

If this is the case, I expect the Irish will, rightly, pull a Tunisia

http://www.independent.ie/national-news/elections/voter-betrayal-fglabour-to-ditch-pledges-on-economy-2567686.html

The Fine Gael/Labour coalition Government is to implement in detail the outgoing Government’s four-year austerity plan as approved by the EU-IMF, the Sunday Independent can reveal.

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5 Responses to “Voter betrayal (Ireland)”

  1. Patrick Donnelly Says:

    The Irish are not in the position of the Americans, yet. Fear sets in. They have no one to revolt against, as they consented to the rape by excessive credit!

    Those who did not actually consent, gained from it as they sold before the collapse.

    Revolt? Hyperbole! Logic, please Mr Guido! Your revolutionary bent betrays you! The Irish are too greedy. Why oppose tanks? Just squeeze the poor!

    • guidoamm Says:

      Credit was made available via a state mandated policy of currency debasement. In this case the state would have been the EU. Nonetheless, the policy was deliberate.

      Of course, the other deliberate policy tolerated if not mandated by the state was securitization. This policy alone allows banks to extend credit far in excess of what any bank could if they had to abide by their own capital ratios. Thus banks not only happily extended credit but they pushed credit onto ignorant individuals and companies.

      The entire con is justified by presumably independent rating agencies who are paid by the banks to give an appearance of safety.

      The Irish can revolt against the banks.

      I am not in favor of condoning the debts that ignorant and very often greedy individuals took out in the hope of making a fast buck. Not at all. But I am in favor of extending the treatment our politicians reserve for the banks to all economic actors including reckless individuals.

      Here is a far too wordy post from my early days as a commentator when I saw this debacle developing:

      https://guidoromero.wordpress.com/2010/10/13/the-little-guys-may-yet-stick-one-to-the-bankers-foreclosure-gate/

  2. Patrick Donnelly Says:

    I agree!

    But, France, UK Italy and Germany have all got a banking “system” that is insolvent and they wish to have time to recover. They will pay for that time. They will advance more money to cover the wants of the times.

    Defaulting now or after more comfort has been provided?

    It is simple arithmetic! Book entries for interest “paid” because actually, further advances in capital from the creditors enable them to claim solvency. Their greater indebtedness allows them to claim profitability!

    They will pay for that!

    Ireland is a credit prostitute! A junkie for cash from abroad to make up for deposits lost!

    Shameful or shameless?

    Now or later?

  3. Patrick Donnelly Says:

    Better than a war?

    FG are on the gravy train to Europe! Besides, if they cut off the money from the
    ECB, EU etc then things would be worse, even if they defaulted.

    Like it or not and schadenfraude is our shady friend, it is necessary to impose more taxes. Instead, they cut the social dividend, suggesting Tunisia to those who have the attention span of a gnat……. ooops, cutting comment!

    I am enjoying “The Meaning of Life” at the moment.

    Living off of OPM is even less feasible when they have caught on. Just tell people who still do not know, that they should invest in pension funds …… Hahahahaha!

    • guidoamm Says:

      Imposing more taxes is not the problem. The issue is who does the new tax money go to.
      If Ireland defaults and increases taxes but the money goes directly to the government for re-investing in the economy and social services, then I’d say raise the taxes. Not so if the Irish allow the EU and the IMF to ram the loans down their throat and then require interest payment in return. That is the difference between fiat money and debt based fiat money. Nothing wrong with fiat money per se. Plenty wrong with debt based fiat money.

      Debt based fiat money belong to the creator of the currency not to the people.

      The creator of the currency manufactures the currency with negligible material and labor input. The creator of the currency has the privilege to manufacture something out of nothing and sells it at exorbitant rates of interest. Why?

      Why give the power to create the currency to a third party? If currency must be created then it should be created by a civic institution like the treasury. Giving money printing authority to a third party eventually drives the efficiency of the currency to zero.

      So, no. Ireland should default. There is a critical difference between defaulting and being, yet again, enslaved.

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