A Moratorium On Irish Debt Repayments – Ireland’s Golden Dawn

November 16, 2012

Its time we demanded a moratorium from our creditors on Irish debt repayments. Let me call for a refusal to pay the annual sheriff of Nottingham odious debt repayment for Anglo foisted on the Irish people to the tune of €3.4 bn annually that will cripple the Irish economy forced to pay for the laisser faire largess and corruption of ECB lending practices.

Its time we imposed borrowing conditions on our banks to prevent them damaging the Irish economy in the manner they’ve done leading to their collapse in 2008 continuing to now where they’ve been allowed to economically collapse the state. Its a bit late for the EU to be calling for a banking union for this purpose now that the Irish horse has bolted, along with the Spanish horse, the Greek horse, the Cyprus horse, need I go on? They refuse to pass on the write downs to existing borrowers provided for in their bailouts. They refuse to lend into small business in Ireland. Clearly they want further bailout from state capitalism at the expense of commercial capitalism.

In the future the EU intends to fix its banking sector with a banking regulator and a banking union. Not that the banking union will ever be allowed by the Bundestag to compromise the sovereignty of its banks. Besides they will make sure such oversight will not extend to dealing with the legacy debt of foreign banks and any changes will be extended to future borrowing and future bond transactions.

The difficult task of debt extraction will be continued to cripple the periphery to the benefit of the stakeholders in Germany, Netherlands, Belgium, France et al inner core. whipped along by Lord Haw Haw‘s of the banking and financial sectors, such as Bruton.

We’ve made the mistake of calling our major banks pillar banks when their brokenness instead threatened and continues to threaten to engulf us.

Senior management in those banks and in the public service needs replacement. Senior figures at the helm in the central bank and in our department of Finance need to be jettisoned in favour of a new crew based on professional competence and expertise. Nothing adds to this argument more than recent revelations re the unconscionable salary levels currently being paid  in the banking and political systemic mess we still currently endure.

Now John Bruton is one of those Irish sheep gatherers, he’s currently president of the IFSC hired by the financial services industry to do a PR job on politicians and keep them in the fold. As an ex leading figure in Fine Gael with senior government posts behind him he was an ideal candidate to hire for after dinner speeches to get reported in the media and have his speeches resonate with present members of government. In the past he’s cajoled us and warned us on reneging on our bonds to make sure the financial services industry at the IFSC doesn’t take a hit for the losses incurred by our guarantee.

In general he speaks with a slow, lugubrious, recondite, slothful,  rather morose balefulness as he lectures the Irish nation on its errant misdeeds. Yes, misdeeds, not for him accountability, individual responsibility, Entwistle buck-stops-here go and resign of other jurisdictions. No, he’s of the ‘ we’re all responsible ‘ brigade.

Expect to read of the difficulty of finding candidates of the right calibre as we go through the bullshit pretence of delusional nonsense that our pillar banks should rank salary and perks wise with Goldman Sachs or Lloydes of London.

We need to pull down these pillars before they topple on us again, reconstruct what is recoverable and get rid of what is not. Instead we find these banks are hiding high rollers who brought the economy to its knees in the boom, fooled ye!

http://www.independent.ie/national-news/extaoiseach-warns-against-scapegoating-individuals-3290669.html

We need most of all a banking inquiry to forensically follow the money in the top 100 loans given out by our banks to examine in minute detail the actions, methods, behaviour of the decision makers leading those decisions. Such microscopic analysis of our banks is not seen to be in the public interest by failed politicians because it would reveal a pandoro’s box of corruption in Ireland.

To be fair John Bruton

http://www.johnbruton.com/2012/10/the-european-union-needs-to-become-more.html

has contributed somewhat to the need for focus on the need for further democratisation of Europe, the inverse of which is focus on the Orwellian Big Brother nature of the euro behemoth that has become the Godzilla of a troika led EU. No doubt he’s aware of the EU’s lurching towards a new USSR with Ireland being turned into its District 9.

I don’t envy his blinkers or narrow vision or lack of penetrative wisdom or intelligence. Bruton is a latter-day Captain Bounderby who could talk his own hair off perfectly matched to the purveyance of feel-good propaganda intoxicating and dulling the soul and securing it from any moral intrusion.

John Bruton warnings against scapegoating individuals would not have gone down well during the Nuremberg trials, nor do such calls rest easy with the essence of capitalism’s conferring of free choice and responsibility on the individual.

Other jurisdictions where capitalism still exists fire people who’ve failed in their duty cf current examples at the BBC, cf

http://www.ft.com/cms/s/0/c1c11d00-21f0-11e2-9cb4-00144feabdc0.html#ixzz2CNg2uhRO

” Inquiry into collapse of HBOS to begin

By Brooke Masters

Parliament’s commission on banking standards has opened an inquiry into the 2008 collapse of HBOS and plans for the first time to use legal counsel to cross examine witnesses at a public hearing on Tuesday.

The move by the committee, which was appointed amid the public furore sparked by Barclays’ admission that its traders sought to manipulate Libor, is the most aggressive move yet by Parliament to hold bankers and regulators responsible for the bank failures during the financial crisis. ……”

On most matters, one can do a litmus test on John’s views and be safely assured the right thing for Ireland as a society to do is to reject outright such views for they corrupt and infect from within any possibility of redemption and new beginning for Ireland. He protects those who’ve brought this country and continue to bring it to its knees.

Extraordinary revelation on Radio One news this am by Shane Ross TD that there has been no ministerial contact with any of the public interest directors sitting on the Irish banks put there to safeguard and protect the interests of the Irish taxpayer. Apparently over the past two years you have to reach back 12 months to note one meeting, another being logged 18 months back.

Following in the wake of the extraordinary revelations on bankers pay and golden glove pensions in the past week combined with our knowledge of the high salaries paid to top management at the debt collection agency of the IBRC, this comes as no great surprise.

Examining the payment of salaries to these officials one can but note that far from being a public interest issue. the appointments of these individuals is an example of political cronyism at its worst, political insiders rewarded with soft cushion pensions and a cosy appointment to jobs they have no skill set for nor appetite due to their intent to pursue their own interest at expense of the public interest.

Lets take an inverse of John Bruton’s advice above and hold each one of these public service officials to account. You got it, each one should be immediately fired. They’ve each approved their own and fellow directors inflated, golden glove salaries ripping off the Irish taxpayer once again.

Lets not stop here, the minister found wanting in discharging his responsibilities on the matter of reform of the banking sector through the management of these individuals, surely he should go to?

And what of all the property developers who’ve brought the country to its knees, surely the courts should have taken care of them? Nope, a huge cohort of these guys are employed by NAMA. On the other hand, taking the inverse of their advice could be useful as a flag on what to do launder their property portfolios on behalf of citizens of this state.

In every instance of state bankruptcy across the world for recovery to happen in a capitalist economy there must be profit and loss. Losers must lose and winners must profit. Losers usually represent the former elite stakeholders who were keystones in the collapse of the old economy.

They are political representatives of the old order that has collapsed. They are bureaucrats who’ve mismanaged an economy. They are oligarchs in business and property who’ve suffered large-scale loss and bankruptcy. They are bondholders who through shared loss and write-down of their stakeholding in the economic collapse suffer loss.

In Ireland to a large extent none of the above has happened. The old order that has brought about economic collapse in the banking, public and political sectors are still running the show. They continue to make a mess. Politicians protect their pensions and protect the elite losers in the public sector who’ve created the shambles.

In the next budget they will be coming after you to pay for the mess they’ve made along with their massive salaries and inflated pensions. They will cut services and jobs to protect their salaries and force the young people to emigrate.

As Europe increasingly drifts towards a mirror image of the previous USSR state capitalism and refuses to allow the capitalism of the free world to burn bondholders, share in state losses and continue to protect the failed elites entrenching them in a Faustian bargain with the Devil to dump austerity on their populations as gombeen stooges of austerity, one wonders when the Berlin wall of such miserable economics will finally collapse.

A doomed and failed economic system deserves to collapse sooner rather than later.

Unfortunately, here in Ireland, those who brought the mess upon us are still making the mess worse, they’ve merely changed labels from FF to FG/LB.

End

 

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