2 Banxters

November 19, 2011

Why wouldn’t we be the pets of Europe?

Our government after all, instead of saying to ECB, ‘Our banks lost it and burned all the money you lent them’, we said, ‘the Irish people will pay for it!’

Now when we plead for a bit of leeway, our pleas fall on deaf ears. We are the scarecrow of Europe but we are paraded as the European success story of default, as if our vibrant economy bursting at the growth starter gates, is ready to burst free of its constraints into growth.

But most of us on the island know this is deception and it is a lie.

However, it appears we are consumed by lies. Around us we see the growing mayhem of 150,000 or 1 in 5 mortgages already in arrears and pleading for default and this problem is only beginning to grow.

Our government on an economy teetering on deflation, default and a tumbleweed of failing response to our fiscal meltdown is about to embark on another misadventure, our ¢3.8 bn slasher budget.

Some elements of the budget have already been revealed, such as a 2% increase in our vat rate. We found this out courtesy of documents released to a German Finance committee operating under the aegis of the German Bundesbank.

Retailers and business groups point to the fact that this will drive buyers across the border to towns like Newry and beyond.

A more critical response to the vat increase points to the hypocrisy of the Irish Labour Party and the disproportionate effect of a vat increase on the lower percentile earning groups in our society, the poor, with higher income groups protected against a more fairer increase in tax rates based on ability to pay.

Meanwhile in Europe An Taoiseach, Enda Kenny, has rolled out to the German Chancellor, Angela Merkel, Irelands resistance to significant changes in the European Treaty; in  preference for any changes in relation to the current challenges facing Europe being carried out within the present framework of the European project.

Kenny has also lobbied Merkel with the view the ECB should become more proactive in the fiscal crisis facing the euro. Euro bonds, Quantitive Easing (QE), printing money would all be favoured courses of action Kenny would prefer to greater political union.


Meanwhile Cameron is urging the ECB to print money to solve the crisis.

“But in a sign of growing nervousness about the crisis, the ECB yesterday intervened to buy up Spanish and Italian government bonds to prevent market speculation driving interest rates to unsustainable levels.”

Time is running out. The finance industry of both London and Dublin will get severely burnt if the euro FIRE (Finance Insurance Real Estate) bubble is popped by the deepening debt crisis facing Europe.

Both UK and Ireland are on the side of the banxters pleading for more leeway in Europe to help distressed banks, to avoid default, that would bring the whole financial edifice of the euro tumbling down.

Irelands vat tax rate increase is another tax levied by the banks and their proxy government representatives to help pay their debts and avoid inevitable default. The only question is, how long will the people sleep before waking up to the realisation those who sold debt in unregulated frenzy in breach of conservative fiscal rules flaunted by irresponsible and incompetent politicians, are picking their pockets once again.

OWS, Ballyhea, represent the slow dawning that something rotten is in the state of Denmark, the banks represent an unweeded garden growing out of control.

Merkel and Schauble will not commit the German Bundesbank and the German economy to pay for the mess by QE; it could spiral out of control in ways reminiscent of the hyperinflation in the German Weimar Republic.

No one wants to be seen to be the one who will pull the plug on the euro.

The  EMU is turning into a debt hole colander with hitherto solutions that make the situation worse instead of better.

The current standoff  will be decided by the markets. One solution that would involve Euro Bonds or QE or closer fiscal union, would inevitably mean Germany becoming a new Super State with powers to dictate to parliaments in member states their will and way.

Its clear democracy as we know it is under threat as banxters control our government and impose a budget that is decided for us by the German Bundesbank and passed by the German parliament, before we get to see !it!


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