Posts Tagged ‘imf’

I was just reading that German Investment banks would cook up dodgy deals in say Frankfurt and sign them at a desk in the IFSC. We were seen as the Wild West of international finance – utterly lawless, corrupt and with a financial regulator in a coma.

We are now also liable for the massive losses of German investment banks arising from the sub-prime and CDO fiasco. Depfa, a German investment bank, if it wasn’t bought by another bank, Ireland would now owe €180 billion – dwarfing the losses of Irish banks. Our exposure is much greater than realised.
This is probably why a country with a population of 1% of the EU was gobbling up nearly 30% of funds from the European Central Bank in the past year. They were desperately trying to stop the whole rotten and corrupt edifice from collapsing. It hasn’t worked but only compounded the problem.
The scale of the loses that we know of are just the tip of the iceberg. We are truly fucked if we allow ourselves to be bullied and intimidated into paying for them.

“Who Bankrupted Ireland?”

“Expect lots more national stereotypes to be wheeled out for ritual defamation……….They are bankers losses. It is NOT a question of Irish or German.
It is question of wealthy bankers from all countries not just Germany (almost every nation, Germany, America, Russia, France Britain, we did dirty work in Ireland) and their corrupt Irish helpers versus the people. It is not a question of should the Irish people or the German people pay. Neither people should. It should be the bankers who made the losses who should take them.
DO NOT allow the bankers to set us against each other as a cover for their crime and guilt.”

Has Fianna Fail sold our country to The Bilderberg Group & Goldman Sachs for 30 pieces of silver? Who is the head of the Bilderberg Group? None other than Domique “a crisis is an opportunity” Kahn,also head of the IMF. Who is advising Brian Lenihan? Peter Sutherland, also a member of the Bilderberg Group & Goldman Sachs.Who are the main Bondholders in Anglo?Goldman Sachs! George Osborne,also a Bilderberger,is lending Ireland money so that Irish taxpayer can pay back UK banks.
Goldman Sachs,”The Vampire Squid” are everywhere & exert inordinate influence.

Wise up, we live in a plutocracy:

The mainstream media has proven to be servile and little better than Pravda. RTE, Ireland’s state broadcaster, even cut a feed of our joke of a leader, Brian Clowen, being grilled at a press conference! Our media are still playing catch up.It’s pathetic.

I was patiently trying to explain to people the other day how our bailout bill could be hundreds of billions, as we are exposed to not just to our broken domestic banks, but also the shady investment banks that had shell companies in the IFSC as it was a financial wild-west with no regulation (I knew about it because I read this excellent blog here and people were saying – “but how can that be?” they said as they looked aghast, “how come that is not reported on RTE/Newstalk/TodayFM/the national papers etc” and I had to patiently explain to them that the mainstream media is an integral part of the whole rotten edifice.
Similarly, during the mass-hallucination that was our much vaunted boom, I had to patiently explain to people that it was a classic bubble built on a mountain of unservicable debt, and bubble’s always burst.
I sadly remember telling people NOT to buy property during the boom, as you will end up in negative-equity (I had to explain what that meant at the time to as the word just wasn’t in the popular vernacular) but they replied “renting is dead money” “& “how come the media don’t say this?” – because the media exists to make a profit from advertising revenue from the banks and property developers so they are inherently biased.
I do feel sorry for the people that drank the Kool-Aid though.
Thank god for what was sneeringly dismissed as “the alternative” media. Well, which media source was prophetic? Certainly wasn’t the mainstream media.
It looks like The Guardian is now up to speed – Ireland’s taxpayers will have to spend a massive €200 BILLION EURO – at least – to bail out foreign investment banks. €200 billion euros?! The Treaty of Versailles was a veritable bargain in comparison!

This whole sorry episode has been a harsh lesson in the rapaciousness of global capitalism for slow learners. It’s too late now.
We live in the plutocracy that Chomsky has been describing for years. 200 billion?! For fucks sake! Dark times indeed

The European banks that have exposure in Ireland are just taken a hammering on the markets.The Euro will probably be hit with a speculative onslaught and that’s curtains. Grim. Dark times. “The lamps are going out all over Europe and we will not expect to see them lit again in our lifetime”.

Our only hope is an orderly default. Mark Weisbrot, Dean Baker and Bloomberg think this.