Monday 23 July 2012

THE DIRTY DOZEN w/e July 29th 2012

For many months now we've been hearing that the bank bonds are a dead issue, all paid, no longer relevant. Today, along with publishing the next 12 bonds due, I'm adding a number of extra smaller tables, summary tables and I'm asking any economist out there to look at the numbers then please explain to me, to all of us, how in heaven's name this economy is going to grow its way out of this mess.

Even as the Irish economy is on its deathbed, comatose, our lifeblood is still being sucked from us. Do ye know that our banks paid out over €1bn in bonds last week? They did. Do ye know that in the next 12 bonds there's a total of over €1bn in unsecured unguaranteed bonds? There is. 

Ye DO know that all of that money is generated in this economy? Ye DO know that our banks (and they are our banks - we own outright five of the six banks, have a 15.1% share in Bank of Ireland) are selling off property assets at the moment to meet their growing commitments?

Paired with the money being stolen from our economy in this way is the growing national debt and the growing interest thereon. Partnered with it also, the annual Promissory Notes, plus the government's own sovereign bonds maturing in the coming years, plus the repayments of the EU/ECB 'bailout' funds which starts in 2015.

Downstairs from here I have all the relevant tables; don't be put off, they're simple, straightforward, very easy to follow and to understand. Read especially the final table, the final totals for the coming three years. Every year, before a single Minister, Judge or Consultant (my answer to their teacher/nurse/guard trio) collects their inflated salary, our ailing economy will have to produce that money - €41bn in 2013, €28bn in 2014, €32bn in 2015. How? Growth, on a land where the topsoil is being stripped?

Dammit my friends, we must fight back; as a nation we must stand up and fight for ourselves. 73 weeks we've been marching in Ballyhea and Charleville; week 75 is on Aug 5th and we want to make it a national event. Please, join us.

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