Monday 30 September 2013

THE DIRTY DOZEN - w/e Oct 6th 2013

I was going back through a series of newspaper headlines from the past couple of months. This is what I found:

Jun 17th 2013               Irish Times               PROVISIONAL FIGURES SHOW 20% INCREASE IN RECORDED SUICIDE

 Aug 24th 2013             Irish Examiner        100,000 MORTGAGES OVER 3 MONTHS IN ARREARS

Aut 28th 2013               New Statesman    THINK OF BOSTON, NOT BERLIN - Ireland is second only to Greece in terms of the scale and speed of health cutbacks undertaken by “developed” countries

Sep 8th 2013                 Sunday Times          IRISH OUTLOOK: WAVING FAREWELL TO OUR SMART FUTURE

Sep 24th 2013               Irish Examiner        POLL: 85% OF WORKERS EXPERIENCE FINANCIAL STRESS

Sep 27th 2013               The Irish Time          EMIGRATION RISES TO RECORD HIGH – ‘GENERATION EMIGRATION’

Sep 28th 2013               Irish Independent   WE ARE NOW €1.64 TRILLION IN THE RED, SAYS CSO

Coming in the midst of all the above, the announcement that Ireland is now out of recession:

Sep 19th 2013               Irish Times                NOONAN WARNS OF TOUGH BUDGET DESPITE UPBEAT DATA - The recession is over but budget will still bite

I like to get my news also though from independent sources – here are two.

Sep 23rd 2013               Irish Left Review    SINCE THE GOVERNMENT TOOK OFFICE

Sep 26th 2013               C Gurdgiev blog     EVEN WITH HOPIUM INJECTIONS WE’RE NOT THAT FAR FROM GREECE

Read down through the above – suicide on the increase, mortgage distress, cuts in health and education services, emigration at record levels, stress and distress everywhere, a combined national debt with so many zeroes that even the Irish Independent is confused.  
And still Finance Minister Michael Noonan will introduce another Budget of more cuts and more taxes.
Through all of this increasing misery we have a Taoiseach who goes around the country and around the world sporting a permanent inane grin, impervious to any blame, to any shame, feigning fellowship with those who are suffering, pretending all is well and about to get even better.
Those of us living here know the truth; not all the truth but enough to know our way through the tissue of lies being presented to the world.
Here is another dose of truth, the next 12 bank bonds due for redemption. This Wednesday AIB has a billion-euro bond maturing - thank God it's 'Covered'! By whom though? Why, by the shareholders of course! And the shareholders are???

Monday 23 September 2013

THE DIRTY DOZEN - w/e Sep 29th 2013

Just so you know - today, EBS (we own it by the way) pays yet another unsecured bond, a mere €50,000,000 but sure what would you buy for a mere fifty mil these days eh?

Go to the '3-yr debt summary' tab in the table below and check out the combined projected debt payments of our banks and our government for the three years 2013/14/15, then tell me how a banking system already up to its tonsils in mortgage problems, how a government up to its tonsils in debt (€192.5bn at the end of 2012, and growing rapidly), can survive - either one of them.

Our government and its media cheerleaders are living in lu-lu land, whistling past the graveyard as they continue to try to convince the world that Ireland is thriving, recession over. As our friend - Ireland's friend - Constantin Gurdgiev puts it, however, we are not a patient in recovery, we're a patient in an induced coma. Europe has helped put us in that coma, Europe is helping keep us there, but not in the way they would have it portrayed, the way they do have it portrayed.

The incomplete launch of an incomplete currency is at the root of this Europe-wide crisis; in Ireland it was the subsequent influx of cheap European hundreds of billions to this tiny economy, fuelling a property bubble that subsequently and inevitably exploded. To save the euro, to save the big European banks, the EU/EC/ECB ordained that Ireland would have to bail out every one of its banks and every one of the bondholders in those banks, thus the continuing bond payments above.

In Ballyhea we've been campaigning for 134 weeks against that bank-debt imposition, marching every week. In our efforts to get that bank-debt written off we have developed our own proposals, we have walked the corridors of the highest powers in Europe, sat face-to-face with senior people from the EU Parliament, the European Commission, the ECB, the European Council.

Saturday 7 September 2013

THE DIRTY DOZEN w/e Sep 8th 2013

It's been a while and apologies for that, busy on other duties. I see it's being widely reported that we're almost out of our 'bailout, that Ireland will be all free and clear in a few months, Europe even providing a new multi-billion-euro backstop for us to help us regain our economic independence.

That's it then, mission accomplished by the Troika.

Man, how we've been rolled over, how we've been sliced and diced and neatly packaged. How much debt write-off did we get in this 'bailout'? By how much has our national debt been reduced? Not a cent you say, in answer to the first? Not a cent you say again, in a reply to the second? What, the national debt has increased to the tune of tens of billions? And that's a bailout? 

I saw a clip during the week showing Richie Boucher again doing his thing at the Oireachtas Finance Committee meeting. In explaining how it is that at least 90% of the Bank Of Ireland's renegotiated mortgages will end up paying the bank more than what had been agreed in the original mortgage deal, the bould Boucher put it very bluntly to Stephen Donnelly TD -"Unless there is a writedown, the total repayment by the customer increases."

Doesn't exactly the same principle apply on a national level - if Ireland didn't get debt writedown (and we didn't), doesn't our total repayment increase? Extend and pretend, that's the policy of Bank Of Ireland, that's the policy of the EU/EC/ECB in dealing with Ireland. We are debt slaves, our children are debt slaves, their children likewise.

Nearly €70bn we've been forced to plough into our banks, to rescue the euro, to rescue the big investment banks in Europe and elsewhere, to rescue those Irish banks themselves. We know the projected cost of the €25bn Promissory Note Bonds currently held by the Central Bank, €25bn which will be burned in its entirety as it's taken in by the Central Bank but €25bn that will cost several generations €47bn in interest, plus the €25bn itself - that's €72bn. So how much will the remaining €45bn that we've ploughed into the banks cost us? It won't stop at €200bn, be sure of that.

But the con-job is complete. Just as Irish people nowadays speak of the Great Famine of the 1840s, now we speak of the 'bailout for Ireland' - the propaganda has worked. There was no famine of course; there was failure of the staple crop of the people but there was still food a-plenty, denied to the starving millions. There was no bailout for Ireland here either - bailout for the banks, the euro, the banks bondholders, the EU/EC/ECB, but for us? Debt piled on debt.

Ye know of course that we're still bailing out the banks and their bondholders (see the tables below), ye know they'll soon be back to us again, begging bowl in hand?

Ye know too ye can put an end to this. If ye just take a stand.