Bishop Kirby and Prof Honahan.

September 9, 2012

Interviewed on RTE News At One, Sunday 09/09/12, Professor Honahan was less than enthusiastic regarding the need for an Oireachtas led inquiry investigating further into the banks. Indeed he seemed he wanted to park any further investigation into the ‘modality’ of historians stating he was satisfied with his own enquiry (which told us nothing we didn’t know and wanted to know. But, you know, diplomatically, he said he wasn’t for or against the idea. He’s in favour of centralised banking supervision to avoid local infection of banking supervision. Presumably there would be no interference from the Bundestag, cough, cough, in the administration of such a role. Of course Honahan is in favour of the Draghi announced ECB bond buying programme 2 and generally throughout last week was spreading confidence ECB had lanced the Spanish boil that threatened to burst and end the euro.

But who could be confident when the ECB is the only ‘friend’ of Spain and other peripheral economies in the euro, willing to lend money into those economies, the finance to be spent on paying back previous loans in combination with austerity moves. Added debt and further austerity is a no win situation and ECB is in desperation putting its finger in the dyke. Pressure is mounting. But some time is bought.

Bishop Kirby of Clonfert was in the news last week (3). I heard him on News At One RTE last Monday and couldn’t believe what I heard. It wasn’t so much “I saw it as a friendship that crossed a boundary line.” This was his excuse for sending/hiding two paedophile priests in different parishes, it was the dates involved in 1990 and 1994. At the time I was already parent of two children. Kirby drew attention to the fact this was so long ago and that ‘no guidelines existed for dealing with the situation at the time and he was unaware of the recidivous nature of paedophilia.

There must be some amnesia on his part. Firstly, he was following guidelines followed across the world in hiding such priests. Kirby should feel lucky he is not in jail for some years guilty of the crime of conspiracy to conceal a crime. In the US I believe there is also the legal term for the crime, ‘accessory after the fact’. It packs a heavy sentence. If a few clerics including bishops and cardinals were not sent to jail earlier in the 1950’s we would not have had the level of abuse covered up by clergy worldwide in one of the crimes of the century.

But I’m straying from my point. Every parent in the 1990’s knew paedophilia was a crime and the crimes committed by the priests in question broke the law. Kirby is guilty of a crime and should face the consequences. Instead, there is one law for the rich and powerful in Irish society and another law for the rest of us.

In the IT article below “Prof Honohan was responding to an article by UCD economics professor Morgan Kelly in The Irish Times which accused him of making the “costliest mistake ever made by an Irish person” . Honahan is still in position as many of those are who got us to where we are. In leading the Irish negotiation team to get us our bailout from the Troika, he got what must rank as one of the most unconscionable and disgraceful terms of bailout ever negotiated by a country with the IMF.

He committed an own goal. We were in a position to leverage a good deal by using our role as domino effect if we refused bailout, to get a good deal. But the guy was subservient and enraptured under the influence of Jean-Claude Trichet head of the ECB at the time, Honahan craved approval and wished to cave in search of such approval to any terms, and did so. Unconscionable terms of 5.8% without debt write-down and penal demands that all senior bondholders be protected were taken as part of Trichet’s scalping of Honahan. Trichet was scalping and shearing an Irish sheep wanting to please its master and remain in the euro fold at any cost to Irish taxpayers.

Now time is running out for a deal on Irish debt. Supposedly by the end of October there will be a new deal. It’s not helped by having Honahan involved in those negotiations. Truly our greatest deficit at the moment is a problem of leadership. We are led by leaders clearly out of their debt as well as out of their depth.

The jails await Irish white-collar crime which led to our current debacle. But we’ve yet to have a banking inquiry to tell us who pulled the money where, politicians, developers, public officials like Honahan are beneath the radar. This is no bother to Honahan whose constantly aiming to please his masters at the ECB and giving the message of confidence he’s enjoined to give. According to him, the ECB has through its new bond buying programme, a new QE that will further inflate and erode the value of the earnings/savings of eu taxpayers, fixed itself.

Nope, it hasn’t. Currently Ireland is up the Swanee:

Irelands public debt is $227 bn

Public debt as a percentage of GDP 112%

Per person $54000

Our family here if I calculate 6 * $54000 are calculated by the above figures to owe $324000 imposed on us by confidence tricksters embedded in Irish public life protected and at the highest levels of the ECB. Meanwhile
our schools and hospitals and public services deteriorate while taxpayers are asked to pay the above bill to european banks in debt reparations. No thanks!

Nigeria and Ghana, public debt as % of GDP 14%, were once considered poor by European standards. Nigeria has a debt profile of $265/person or 18.1% of GDP. Perhaps if someone other than the ECB will buy our bonds we could approach them for some help?

In the upside down world of economic stagnation brought about by financialization, casino Central Banks, debt leverage assisted by squandering of public finances and no questions asked derivatives and bond trading, perhaps the poorest in this upside down world is the one who has no debt at all, the richest are those most in debt. Yeah, I get it finally, that’s why Honahan is so confident re the euro and the state of Irish finances.

Who is taking bets Bishop Kirby’s abnegation of responsibility, that there were no guidelines, regarding ‘our guarantee’, will not be the most popular defence by those guilty of the white-collar crimes perpetrated against Irish taxpayers ? Ah well, the sky is free and there’s a waning moon over Dublin with Venus looking down on it at present.





Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: