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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 414.48

+0.7%

Jan 9 4:00 PM EST

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To: carranza2 who wrote (70511)	1/23/2011 2:39:36 AM
From: elmatador	Read Replies (1) of 219180

German and Austrian banks are among the main beneficiaries of the revenues flowing from Greece and Ireland under the pretext of the need to pay interest on the staggering mountain of national debt. A drop in these revenues could leave the overleveraged banks facing liquidity problems. That's what I call fleecing... New Irish government will renege the debt. Population is already being prepared for that... Higgins gave Barroso a proper dose of reality independent.ie In case you missed it, which you might have, what with the shenanigans in our own irrelevant chamber, it went something like this: Joe said that the emergency support fund that gave us to the so-called bailout was "nothing more than another tool to cushion major European banks from the consequences of their reckless speculation on the financial markets". He said it was a mechanism to make "working class people throughout Europe pay for the crisis of a broken financial system and a crisis-ridden European capitalism". He said that far from being a bailout, the IMF/EU intervention is "a mechanism to make vassals of Irish taxpayers to the European banks". He said that the EU had basically moved billions of private debt on to the shoulder of Irish people. He accused them of destroying our services and the living standards of our people. And then Barroso freaked. The respectable Euro mask slipped and he finally -- and stupidly, really -- showed us what they really think of us. He roared at Joe that the problems of Ireland were created by the irresponsible behaviour of some Irish institutions and by the lack of supervision in the Irish market. He shouted that it was not Europe that created our fiscally irresponsible situation and this financially irresponsible behaviour. As a few others dared question Europe's handling on the bailout, Barroso went on to say that he was not used to hearing such nationalistic and prejudiced comments in the European Parliament. But really, I am not doing Barroso full justice. You need to see it. When you're finished reading the paper go and look at it on Youtube or something (ask your kids if you don't know how). Barroso really lost the rag. He was out of control and in his lack of control, this man, one of the highest paid toilers in the Euro gravy train, from Portugal to boot, unveiled the truth about EU fatcat disdain for Ireland. We are the architect of our own downfall. ... We were told no one would ever lend to us again if we reneged on the bank debt that wasn't ours. But then no one wanted to lend to us anyway. So in short, we didn't really get anything out of socialising bondholder debt except diminished pay packets this month and more of that to come for years.

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