Monday, 12 March 2012

The Dirty Dozen w/e Mar 18th 2012

There is much hype about the Promissory Note that's coming due on Mar 31st, and rightly so - there was never any moral basis for the ECB-dictated issuance of those notes in the first place, over €40bn in Anglo and IL&P which was/is used to pay the failed private bank bonds. Those notes, and not the annual payments, should be torn up, burned, destroyed in their entirety; a reduction in the interest rate/extension of the payment period doesn't even begin to constitute a 'victory'.

Meanwhile though we should not overlook all the other bonds being paid on an ongoing basis - €3.2bn this month alone. That's €3.2bn sucked from the Irish banking system in a month, another €3.1bn removed from the exchequer, €6.3bn this month to pay bank bonds. When will the penny finally drop with the Irish media? This bank debt burden is the biggest single threat we as a nation have faced since the foundation of the state, and it's an IMPOSED burden. The focus of all questioning should be on the ECB and what they're doing to us, not on whether or not we have alternatives (we have), not on the possible consequences if we don't agree to the blackmail terms.

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