No More Loans!

November 17, 2010

Folks, Lenny The Liar on Pravda Morning Ireland with Aine Lawlor this am. She asked ‘if CT was safe’. Typical loaded propaganda q, but earlier thread has gone into a balanced look at issues involving CT. Obviously, we won’t get them from Aine.

So, ‘Catch Me If YOu Can Lenny Bréagadóir’ has been caught out on another of his fibs to the Irish people. There will not be a bailout for Ireland but the IMF and EFSF are here to discover ‘the best way to provide any necessary support for the banks’. He mentioned in the interview that recently ‘Europe asked them to extend the guarantee’ Asked re sovereignty why the IMF were involved, he replied, “We share our sovereignty with Europe in currency matters”.

Dáil =_= Debt Agency for Irish Lenders

Anyways, they are on their way and Van Rompuy and the Euro lads are rightly worrying we could bring down the Euro. Sofar, Lenny, worst Finance Minister in the history of Europe, only contender for his crown being his Clown predecessor, would appear to have his sights set on bringing down the whole of the rest of the eurozone.

With his silver tongued chameleon talent to sell out Irish citizens, they should worry about the possibility, if not the probability.

So there’s speculation of a €70 bn bailout fund for Ireland? Our problem is crippling debt from the banks, so give us more debt to solve the previous debt. Like someone playing blackjack at the casino table, up to their necks in crippling debt, give them some more lines of credit. Once they can provide an austerity budget over 4 years to prove they can pay back the interest.

Its not possible. We can’t bear any more interest coupons on erroneously misnomered ‘rescue bailout’. IT is no rescue to cripple us with more debt. Doing so at this point could in fact ensure the end of the eurozone and guarantee default.

We need to look at debt restructure that involves debt write down. Debt is not the solution, it is the problem. Its not complicated, for example, subject to technical adjustments that would allow the ECB to do this, lets consider closing the open wounds of zombie banks such as Anglo and INBS. Let the ECB buy each one for €1 each, then do some quantitative easing, which would help our export trade with the dollar market, job done.

I’ve decided to take a leaf out of Drumm’s book and to consider following his example. I’m wondering if the Irish Government refuse to kill off the Serpent monster, Grendel Anglo, and use further bailout money from Europe to feed its molten black hole, should I take a case against the Irish Government on the basis of conspiracy to defraud me as a taxpayer?

http://www.rte.ie/news/2010/1117/drummd.html

“The independent court officer says Anglo acted improperly and she says there is also grounds for Mr Drumm to receive compensation from the bank for loss of earnings and for other claims which Mr Drumm has made.”

No MORE LOANS!!!

More posts similar to above as cbweb  on http://bit.ly/95K3d8

More posts on CT at above also irisheconomy.ie http://bit.ly/bESG2a

Twitter: @mmugdublin

 

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