Thursday, March 31, 2011


'The cheapest bailout in history' Lenihan said. Today we found out the latest truth. The banks need another €24billion, taking the total up to €70 billion, not including the Anglo paw, which is still stretched out. So give or take a billion here and there, the total actually stands close to €100 billion. None of that includes our disastrous fiscal position. Which means only one thing. If you stay and you're out of the loop, you're screwed.

It's just the latest bad day in recent Ireland history and one feels there are plenty more of them to come. The tax payer continues to be saddled with the debt of the bank guarantee and to add insult to injury, all the bondholders not covered by the greatest stroke in Irish history will get their just rewards as well. It's simple. It's robbery, gamblers lose and they get their money back from the people who suffer most from the calamity we have allowed to unfold before our eyes since 2008.

Tonight, I'm stunned, because Ireland has sold herself out to banksters, backed up by governance at the expense of people's lives. It simply defies belief. Those with a few quid in any Irish bank should be worried. The Euro is a mess and Ireland is a pawn. The numbers are mind numbing, the consequence written daily but documented only by other numbers which are also slowly becoming mind numbing in social consequence stats buried at the bottom of pages dedicated to the latest gossip on Jedfu*kinedward.

Merkel is under political pressure in Germany over bailing out countries who's banks ran them into the ground and in all fairness, who could blame people for not wanting to help out those who allowed this country be run like an out of control casino for nearly a decade. Portugal looks doomed. Could the Euro fall? Where does that leave Irish deposits then? I guess sometimes it's good to be broke. No need to worry about that one, not around here anyway.
Ireland signed a warrant when we passed Lisbon the second time round. The nature of that warrant will only become apparent in the years to come. It's hard to make sense of it all, tonight anyway. The markets respond tomorrow, but it's safe to say any positive reaction will be soon be swept aside at this stage.
We've come to expect a slow leaking of bad news over the past 30 months and who's to say with our new right leaning, austerity-driving ECB-IMF puppet government things won't be any different. Prepare yourself society, there are bad days ahead.

We need a leader to stand with the people and against these gambling sharks.

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