A Citizens Bank or Vassal State?

December 27, 2010

There is the general  belief that the bailout was a failure from a negotiation point of view. Bailout for us is like more alcohol for an alcoholic is a failure. There is the view that the bailout is merely a bailout of bondholders. Combine the two together with bailout paying interest to bondholders and being spent on the doomed NAMA project, Croke Park Agreement and we’re sunk.

But if renegotiation of the bailout is the message to go out, what is the message and can renegotiation succeed? Both LP and FG seem to signal they will renegotiate. If they do, it must include the burning of Anglo senior bondholders. It must include a reduction in the interest rate from 5.8% by at least 3%.

Realistically, I agree with FF, there can be no bailout renegotiation especially on new terms above. Trichet’s main concern is that his bondholders get their money back, rather than Irish citizens.

This means we have to bite the bullet and leave the euro to ‘PuntNua’.

So perhaps our message can be as simple as, we need to burn senior bondholders, return to PuntNua and a floating exchange rate.

But, I believe a majority  want to go further than that, principally because of our ‘insider knowledge’ of how global debt backed finance works and the amount of havoc this is causing particularly to Ireland.

There is opportunity to send out a further message, that is, that we use the banking collapse here to install a new and safer banking model, that is, one not built on debt, more loans, more borrowing, more bond debt issuing.

Let’s take the power away from the ‘Seanie’ and ‘Fingers’ model of casino gambling with our money supply and return the money supply to those who earn the money, the citizens.

Lets install a safe banking system at the cutting edge of banking based on the model of the Bank of North Dakota:

http://www.stateline.org/live/details/story?contentId=476951 :

For more on how a banking ‘greenback’ non debt financed banking system in favour of the people can operate,see video links below, or read

Ellen Brown, J.D.,’Web of Debt’


NBNBNB monetary proposal here ideally suited to cleaning up Ireland’s broken banking system because of many similarities we have to the economy of North Dakota


The Wizard of Oz  khttp://www.youtube.com/watch?v=U71-KsDArFM

Bank of North Dakota also supported by Michael Moore


Bill Anger moratorium on debt


Ellen Hodgson Brown Web of Debt


We’ve got choice:

Failed banking system threatens to reduce us to third world, banana republic status that puts democracy in Ireland is at risk. We can follow Lenny on his decentralisation path to ECB/IMF default, a vassal state debt procurement agency, Debt Agency for Irish Lending (DAIL)? Or we can institute a safe banking model such as the greenback banking system of North Dakota.

The choice is ours.


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