tag:blogger.com,1999:blog-3063599363545760991.post7971669120578892380..comments2024-03-28T00:50:18.797-07:00Comments on Bondwatch: THE DIRTY DOZEN w/e May 27th 2012Diarmuid O'Flynnhttp://www.blogger.com/profile/02014427650676137740noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3063599363545760991.post-46523548706718270272012-05-23T05:28:44.764-07:002012-05-23T05:28:44.764-07:00I'll point you to a post on my other blogsite,...I'll point you to a post on my other blogsite, hopefully it helps:<br />http://thechatteringmagpie14.blogspot.com/2012/01/oh-dem-bonds-in-laymans-language.html<br />The Promisorry Notes are different again, don't carry near the weight of a bond. In 2010 Anglo was in serious trouble with imminent bonds due; at that stage it was a zombie bank, no depositors, could have been let go to its creditors without any legal repercussions for us, but the ECB - fearing contagion if those bonds weren't paid - 'allowed' our Central Bank to print an additional €30.7bn, which was given to Anglo, in turn given to bondholders; the Irish people didn't benefit by even a cent from that money. Because the Central Bank can't just willy-nilly print money, the Irish Government gave them 'letters of comfort', the so-called Promissory Notes. At so many levels, even the legal, this could have been challenged, could still be challenged if someone had the time and money; at the most basic level, however, it's simply wrong.Diarmuid O'Flynnhttps://www.blogger.com/profile/02014427650676137740noreply@blogger.comtag:blogger.com,1999:blog-3063599363545760991.post-64272516637021002422012-05-22T07:06:17.204-07:002012-05-22T07:06:17.204-07:00Diarmuid, I've been reading your blog(s) for a...Diarmuid, I've been reading your blog(s) for a while now, and I am incensed by it all, but embarrassed to say that I don't really understand the basics of it - although I know we're being ripped off. I'm sure I represent a large proportion of people, if more people understood what a 'bond' is, what and 'unsecured' bond is, what a 'promissory note' is etc. then more people might be as incensed about what's happening and get behind the movement. With the fiscal treaty, all I can hear is shouts of "but where will the money come from?!" - presumably if people could understand that the money is already there but at the moment its being used to pay back these unsecured bonds... <br />Can you recommend a site or book that would explain the basic concepts to me in plain english??<br />And why do you think there's no media coverage of these bonds being paid out? Surely its huge in the context of what's happening here at the moment? I just can't understand it.<br />Hats off to you for the hard work, and keep it up. <br />Thanks.justmehttps://www.blogger.com/profile/10241565972204948555noreply@blogger.comtag:blogger.com,1999:blog-3063599363545760991.post-12989805974340369122012-05-22T02:48:23.021-07:002012-05-22T02:48:23.021-07:00More than welcome.More than welcome.Diarmuid O'Flynnhttps://www.blogger.com/profile/02014427650676137740noreply@blogger.com