John Bruton’s Betrayal of 1916 Founders of Irish State!

November 4, 2010

There was a gathering of  400 Irish chief executives in the National Convention centre last night reported on by RTE news last night, available here Checkout approx 18:55 into the news.

Given its drop jaw content I made an .avi recording of  the relevant section of news reporting available here:

The relevant piece occurred in a section introduced by referring to cost of borrowing rising for Ireland internationally. As the report contained a piece each from Brian Lenihan, Minister for Finance and John Bruton, chairperson of IFSC and was broadcast to the nation coming from a venue with 400 top chief executives in National Convention Centre, its significance should not be understated.

Firstly, Brian Lenihan referred to international comment that both German and French leaders were considering the option of a structured bailout for Ireland, that this was effecting the spreads against Ireland on the bond market, that these statements would need to be clarified.

What is astonishing about this statement by Lenihan is the lack of information at his disposal given the supposed high level exchanges ongoing between his department and Brussels on the management of our debt position. Equally astonishing are the implications that eurozone leaders are now keeping Lenihan ‘out of the loop’ and perhaps considering positions on Ireland that will require him to move aside. Two scenarios present themselves; either the IMF will be brought into the picture sooner rather than later and Lenihan asked to step aside; or, consideration is being given to the electoral prospects of FF having little to none electoral possibility of returning to power and therefore having no hand, act or power in negotiations down the line. Once again, it appears ‘sofar’ Lenihan is given the role of ‘catchup’ where news and events have once again gotten ahead of him. There is of course another interpretation, that is that the ‘restructure’ scenario has been actively promoted and advocated by many such as yours truly in the heat of opposition and criticism by Lenihan and FF and now with this revelation from Europe, Lenihan once again is forced to eat humble pie.

But the drop jaw aspect of Lenihan’s comments above are nothing compared to these comments by our erstwhile ‘soldier of destiny’ John Bruton Chairman IFSC.

“..given that we fought a war of independence to get the right to borrow, I think we are a country that is going to be insistent that we accompany that right by exercising the responsibility of repaying every penny we owe on time.”

Did you know that the brave men and who fought and gave their lives in 1916 were fighting for the right to pay back the casino €50 bn debts of Seanie Fitzpatrick and the Irish banxters whose greed and incompetence compounded by lack of regulatory, fiscal and competence in governance, was a right to act in moral hazard and take debt reparations from an innocent citizenry while allowing qualifications/exceptions to this along the lines of 20% of the country owning 80% of the wealth?

Now you know! What a horrendous, twisting of our national heritage. What a disgusting, abomination of the truth? Heroes of 1916 would turn in their graves if they know the depth and breadth of betrayal of Irish citizenry by this disgusting, self serving, citizen serfing, betrayer.

Word is leaking out there will be a foreced debt restructuring involving Portugal, Ireland and Greece.

It would appear there may be an amendment to the European Treaty to establish the risk for bondholders regarding sovereign default, that the tab won’t be born by taxpayers but will be shared by bond holders. This is driving up the spreads at the moment.

Seems to me EC is perfectly placed to negotiate a default bailout to bondholders by dangling the promise of European Rescue Fund monies, current and future, only upon condition bond holders agree to get partially burned.

Otherwise, why give rescue bonds to peripherals that will only be used to pay creditors bondholders when they will be defaulting anyway@? Taking Rescue funds down with them?

Hopefully some decent proposals based on realistic and achieveable terms and goals will be gained for Ireland to allow a structured default and reignition of the Irish economy.

If these proposals arrive, we’ll have Merkel to thank, not Trichet or the hapless dudes from TeeShock’s Office, Clown Row, or Cloud Nine Merrion Street. One thing for sure, judging by the hapless comments by Lenihan above on these matters, we’ll get no insight, or clarity from him on these important revelations re ‘restructuring deal’ for Ireland on the cards.

This matter should be headlined on every newspaper and news outlet in Ireland today. Instead, its buried in the news. Hopefully, reporters of the calibre of Gene Kerrigan and Shane Ross can use their sources to get a stronger lead on this important and emerging story.

Ironic isn’t it, Trichet/Merkel would appear now to be advancing towards the position of the Irish critics of DoF and Lenihan policy?

Before this game is fully played out there will be more surprises!

Rather OT but this will provoke your gag reflex: £380 ml will go unspent this year, money allocated in last years budget for Education this year.

Last year there was an underspend and they spent some of it on free IT equipment eg laptops for schools. Arguably, these are a lot less needy and generate a poorer return than school buildings.

Consider one million spend in school building generates 9 jobs…..


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