Archive for the ‘Financial Crisis (September 2008 onwards)’ Category
Lords and Ladies of Austerity from the G 8 – Obama of the USA; Cameron of Britain; Merkel of Germany; Lagarde of the International Monetary Fund; assorted other “Masters of the Universe”: all heading for the “dreary steeples” of Fermanagh in July 2013. The local police have promised to have extra prison cells ready for protestors. Politicians practice the ancient Irish art of “tugging the forelock” – Gerry Adams leads the way!
A short sharp speech
I know we're probably a few years away from an election but ..... with Labour now sliding in the polls , Paddy Healy made an interesting Comment on the recent Sunday Business Post Red C poll stating
When the Labour party vote declined to 10.4% in the 1997 GE following the Spring/Bruton/De Rossa government , it retained 17 of 33 seats.
“The Promissory Note Deal – A Three Card Trick” OR “another step forward towards the day when we can finally face forward as a people”
A friend of this blog has unearthed a gem from the Irish Labour Party Presently participating in a coalition government with Fine Gael, under the leadership of Enda Kenny and Eamon Gilmore :
This is what the Labour Party are sending to their councillors today. I’d like to say its delusional but they are not that this stupid, although they obviously think some of their elected officials are. Fair play to Cian O’Ceallachain for publishing this stuff, going against the grain is never easy no matter how stupid it is…
“Farewell to Anglo!
Last night’s legislation brings an end to Anglo Irish Bank and the Irish Nationwide Building Society. These two institutions, names that will live on in ignominy, are forever associated with the recklessness and greed of a tiny clique that brought this country to the edge of financial ruin. These banks, the people who ran them and the golden circle around them were at the very roots of the crisis that has caused so much distress to the Irish people.
In liquidating this institution, we are doing what should have been done on the night of the blanket bank guarantee.
This is another step forward towards the day when we can finally face forward as a people, when the past can finally recede into the distance and when Ireland and the Irish people can see the future that they truly deserve”
Commenting on this one writer suggested
Whoever wrote that is wasted in the Labour Party. Should be out there writing sci-fi
Our Literary Prize Panel agreed unanimously.
Words may fail you, so we present an alternative view from the blog of United Left Alliance TD Joan Collins :
Now you see it, now you don’t. Nobody should be fooled by the government spin on the deal negotiated with the ECB on the debts run up by Anglo Irish and Irish Nationwide. Not a cent of the almost €35 billion poured into these two insolvent banks has been written down. This deal seals the fact that these debts have been fully socialised, that is transferred as a burden onto the Irish people.
Web Link :
The Irish government fast-tracked a new law through the Dáil, perhaps scared of a legal case taken by David Hall :
Once upon a time a failed private bank, under criminal investigation, got an IOU/promissory note from the State to pay off its bondholders. In 2011, we voted in a government that promised to tackle this blatant injustice. Last week they defended a legal challenge against the promissory notes. Then, hours before the Supreme Court could hear the appeal, in the dead of night, they rammed emergency legislation through the Dail that transfers those debts from the IBRC/Anglo (an institution we own, and with whom we could have negotiated a write-down or even a write-off of the debt) to the European Central Bank (which is legally prohibited from writing down, or writing off any of this debt – even if they wanted to. Which they don’t.)
So the ‘soft’, legally-suspect, promissory note debts, were turned into legally-sound, ‘hard’, non-negotiable, sovereign debt – without a single cent of it being written off.
In other words, the people paid to represent us have shafted us, and our children and grandchildren. But they still call it a ‘deal’ – kind of like an upgrade, to sit closer to the captain on a Slave Ship. Section 17 of the legislation now gives the Minister for Finance unprecedented powers to restructure these promissory notes with the Central Bank – without oversight and without a vote in the Dail. The terms of this ‘deal’ are being discussed now at: http://www.thejournal.ie/promissory-notes-michael-noonan-786949-Feb2013/
From this we will learn about ‘savings’ on the interest we’ll pay on this illegitimate debt, and how much icing sugar they intend to sprinkle over the shit sandwich they’ll be force-feeding us over the next few decades.
A delusional Jellyfish Spineless Labour Party has confused surrender and victory.
Gilmore’s outfit is going down in the opinion polls :
Labour’s Way is now the Gormley-Green Way -
Any bets on how low the Labour Party and Fine Gael will dip in the next opinion polls and real elections?
We need an anti-coalition and anti-capitalist left which has the backbone for a fight, a physical feature absent from the jellyfish Labour Party.
LP MEP Nessa Childers tweeted last night in relation to the latest news that the ECB is ruling out this particular ploy by the Irish government. Hmmm... not looking good for the ambitions of the latter in relation to these matters.
Very depressing news re ECB. The people need to be consulted about the future at this point. That means a general election.