• 306 days Will The ECB Continue To Hike Rates?
  • 306 days Forbes: Aramco Remains Largest Company In The Middle East
  • 308 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 707 days Could Crypto Overtake Traditional Investment?
  • 712 days Americans Still Quitting Jobs At Record Pace
  • 714 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 717 days Is The Dollar Too Strong?
  • 718 days Big Tech Disappoints Investors on Earnings Calls
  • 718 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 720 days China Is Quietly Trying To Distance Itself From Russia
  • 720 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 724 days Crypto Investors Won Big In 2021
  • 725 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 725 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 728 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 728 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 731 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 732 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 732 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 734 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

  1. Home
  2. Markets
  3. Other

To Ireland With Love

IMF's Trojan Horse Gift to Ireland

IMF's Trojan Horse Gift to Ireland

I believe we have all heard the story and know how it ends.

Iceland is No Ireland

Inquiring Irish minds just might be interested to see how Iceland fared after they told EU bankers to go to hell. For the answer, please consider Iceland Is No Ireland as State Kept Free of Bank Debt

Iceland's President Olafur R. Grimsson said his country is better off than Ireland thanks to the government's decision to allow the banks to fail two years ago and because the krona could be devalued.

"The difference is that in Iceland we allowed the banks to fail," Grimsson said in an interview with Bloomberg Television's Mark Barton today. "These were private banks and we didn't pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks."

"How far can we ask ordinary people -- farmers and fishermen and teachers and doctors and nurses -- to shoulder the responsibility of failed private banks," said Grimsson. "That question, which has been at the core of the Icesave issue, will now be the burning issue in many European countries."

Vote the Bums Out and Tell the EU and IMF to Go to Hell

Unfortunately, the idiots running Ireland's government, especially Minister Brian Cowen, don't see it the way Iceland's president does.

However, Iceland's government did not see it that way either, but the citizens of Iceland took matters into their own hands and voted the bums out, rejecting "Icesave".

Regardless of what deal Cowen signs, I see no reason it need be binding on the next Irish Parliament. Indeed, I recommend to to citizens of Ireland that they firmly tell their representatives that if they vote for Cowen's proposed budget, they will be voted out of office.

That may be all it will take to stop this nonsense right here right now. Should I be wrong, the remedy is simple: Vote the bums out and vote in a Prime Minister and Parliament who will tell the IMF and EU to go to hell.

Just Who The Hell Do You Think You Are?

Nigel Farage in a speech before European Parliament says "The Euro Game Is Up... Just Who The Hell Do You Think You Are?"

Words alone cannot describe that video. Please play it.

ANY Rate is Onerous

In case you missed it, please consider In Rare Agreement with Krugman; Onerous "Bailout" Rates of 6.7% Denied; Don't do Stupid Things; "Tell the EU and IMF to Shove It!"

All these questions "Is the rate 4.7%, 5.2%, or 6.7% and if so for who long and on what portion?" are complete silliness.

ANY Rate is Onerous.

Except for those who participated in the property bubble (and they will be adequately punished), the people of Ireland are not at fault, at least in general.

Should Irish Prime Minister Brian Cowen manage to hang on long enough to get the votes for an onerous bailout, I would encourage Irish voter to elect someone who campaigns on a promise to renege on the deal and default.

Irish citizens cannot afford to rescue German, UK, and French banks stupid enough to bet on bubbles in Ireland. It should be the creditors' problem not the problem of Irish citizens.

There is much more in the article so please give it a look if you haven't done so already.

Structural Reforms Needed

Bear in mind Ireland does need structural reforms. Those reforms must include some sacrifices such as lower minimum wages and reduced public sector employment.

However, it would be foolish for Ireland to raise corporate income taxes or pay one penny to bail out UK, German, French, or US banks.

Iceland told its creditors to go to hell and is better off for it. Ireland can do the same.


Back to homepage

Leave a comment

Leave a comment