Tax Havens and Denial !

September 28, 2012

According to Marie Woolf and Jack Grimston reporting for the Sunday Times p19 23/09/12 “The UK business secretary has signaled a new assault on tax havens and non-domiciled millionaires in a move that will put further distance between the coalition partners and appeal directly to Liberal Democrat activists”

No such concern in Ireland for the DennisOBrien/Bono act of salting away assets in such manner to escape the Irish tax net. The rich list pay little or no tax in Ireland and it would appear this pattern is replicated across the world in the new economic model based on alarming gambling through financialisation, derivative speculation and  murky schenanigans.

Meanwhile Ireland had an embarrassing reality/check moment during the week. It came in the wake of the possible leveraging of the ESM €500m to €2 trillion some commentators believe will be used to cover the purchase of risky Spanish bonds.

Spain casts a big shadow. France wants all 6000 euro banks to be properly inspected and regulated. Germany wants only the major European banks brought to boot. One can only surmise Germany doesn’t want the transparency for its banks the rest of Europe requires. Perhaps they are embarrassed by the huge inflows of funding arising from bailouts coming into the coffers of their banks.

Want a laugh?

Shane Harrison BBC NI correspondent reported:

“The Irish Prime Minister Enda Kenny has downplayed the significance of a statement by the finance ministers of Germany, the Netherlands and Finland that could threaten an EU deal on the Republic’s bank debt.”

This was an embarrassing reality check running counter to the propaganda a deal for Ireland was in the bag and not a usual pig in a poke.

Basically the finance ministers inspired by the diplomatic heave of Michael Noonan across Europe in support of Ireland’s cause for a deal on its debt, have come out and said, No Way!

In its bubble of negotiation with the EU commission, the commission hasn’t even agreement from the above ministers to any deal with Ireland. One can only conclude that Ireland’s deal on its debt flagged as a big relief from its odious Promissory note obligation over coming decades at approx €3 bn/annually us serfs pay to German banks bleeding our already dying economy, is set to continue.

ESM will not be used to pay off legacy banking debt acquired by Irish politicians.

But Irish politicians have a method to deal with bad news of this kind, deny and ignore. According to them a deal is still on track with the commission. I’d rather believe the finance ministers of Germany, Finland and Netherlands  intention to scupper any such deal, than the commissions intention or power to pull such a deal off that would favour us.

Its long past the time to state the terms that Irish taxpayers will not be coddled by european leaders to pay the odious debt of IBRC to the delinquent ECB that allowed delinquent banks like Anglo to trade in such  malfeasance fashion.

Ólafur Ragnar Grímsson of Iceland
stood up against such forces.

Ireland’s glove puppets like the orchestra on the Titanic plead mercy to continue its system of tax exiles, little tax for the rich, purposeless negotiation, haphazard reform, banking cover-up.

With our next budget we will see lightning bolts of reality throw light on the above issues. Meanwhile the finest young people from our universities emigrate along with the rest of the unemployed.



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: