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Ireland’s Sinn Fein Leaders Say, Screw ‘EU’…and the IMF and ECB as Well

Posted by Larry Doyle on November 23, 2010 7:03 AM |

Is there any greater motivation for man than the sense of being disenfranchised?

Throughout history, those who have been disenfranchised have used that reality as the motivation to move mountains…..if not governments. What stokes the fire of those who would take up their cause and speak out on behalf of their people? Not only a sense of injustice but often merely a lack of representation. We witness a growing sense of all these realities in the Republic of Ireland. Why’s that?

The Irish citizenry are increasingly aware that the Irish “bailout” brokered yesterday by the IMF, the European Commission, and European Central Bank is truly a backdoor bailout of international banking institutions on the continent with the costs to be borne by the Irish people. While Ireland’s sitting government may have balked at this bailout, ultimately they caved to the pressure from the powers within the EU. Sinn Fein, the opposition party in Ireland, is speaking out aggressively on behalf of the Irish people who are bearing the cost of bailing out international banks.

The Euro and other related markets overnight are very much aware of the growing opposition within Ireland to the ‘backdoor bank bailout’. Risk premiums are rising across many market segments as a result. Let’s navigate ‘across the pond’ to the Emerald Isle and listen to the leaders of Sinn Fein, including its ‘tough as nails’ President Gerry Adams (the second to speak in this video clip), rail on the sitting Irish government, Fianna Fail, and those within the EU who orchestrated this ‘backdoor bank bailout.’

Navigate accordingly.

Larry Doyle

  • Paddy

    Thank you for bringing further attention to this travesty.

    Let these ‘fookin’ banks take care of themselves.

  • fred

    Once again the mistakes made by creditors are being piled onto the backs of the citizenry resulting in another attempt by pencil pushing bureacrats to implement yet another planned global world order based upon the current “in vogue” (faulty) economic model.

    I guess the logic is that even though creditors made bad loans/investments, citizens made the asset purchase decision therefore citizens should bear the consequences. Power hungry bureacrats have no problem supporting this logic and jamming it down the throats of everyone else.

    But I have two problems with this logic 1) not all citizens made bad purchase decisions, 2)when are creditors going to be held accountible? Only those involved should bear the consequences!

    Another point that must be addressed; when are analysts going to get it, portfolio diversification theory does not work in times of crisis. Capital ratios should be adjusted to reflect the riskiest asset in a portfolio to negate the possiblity of a liquidity induced crisis.

    Using recent “bubble based” monetary policy as a guide, there is a high probability of a liquidity crisis occurring at least once every ten years, if not sooner.

    “fool me once shame on you, fool me twice shame on me”.

  • coe

    Perhaps what also is at stake here is the very essence of the Euro zone confederacy – clearly, as we have witnessed in these times of crisis, it is readily apparent that the differences in cultures, economies, risk management, and (here’s that word again) leadership are crystallized and accentuated at the expense of the cooperation and collaboration necessary to make the union work. The parallels to the US condition are also readily apparent…taxpayers are bearing the brunt of the financial follies, and clueless policy makers with misguided agendas deserve their just rewards – i.e. to be thrown out of office …and let the people have their say and try to get it right. An interesting article in this past weekend’s business columns highlighted the real estate bubble in Ireland – how it came to be and the damage it has caused…all part of the morality tale of how quickly a country’s economy can turn on a dime – it is very much a global travesty, people worldwide are seriously pissed, and the prospects for liquidity crises are indeed likely to accelerate. There is a huge difference between sound banking and speculation. I cannot say that folks would always agree with Sinn Fein, but in this effort they are making a good point for sure.

  • GP

    These debts were incurred, not to pay for public programs, but by private wheeler-dealers seeking nothing but their own profit.

    Yet ordinary Irish citizens are now bearing the burden of those debts.

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