April 30, 2010

From the Good Guys for the Bad Guys

An unprecedented theft from the Irish people by a small elite of less than 100 patriots with their global network of property and other speculative investments culminated in the 2009 legalization, absolution or amnesty by a complicit Fianna Fáil government. This masked illegal financial speculation behind four little capital letters: N.A.M.A. Unfortunately the "euro-crisis" means the ugly face behind this little mask is morphing; it is taking on other monstrous guises.

Using the imminent collapse of the banking sector as an excuse, NAMA was an enormous rescue, a transfer of private debt rich-to-poor equivalent, in worst case scenarios, to maybe ten years of Irish government tax revenues —not current revenues but the revenues of the surplus tears of 2007. Now it seems the banks will collapse anyway and the rescue will now most likely bankrupt the current as well as future generations. The generosity is mind-boggling.

NAMA was a clumsy reaction; an ultra-orthodox rescue attempt trying to reverse a decade of speculative excess —too much, too late. NAMA is a debt gamble gone sour. It is also an extremely regressive tax transferring an exaggerated quantity of Irish money (that never really existed) from the future tax-payer to an already rich elite with a fondness for stashing funds in offshore accounts. This state welfare has saved the same souls who have run the chilly banana republic since they muddled their treacherous way through the civil war less than a century ago. Now the thugs wear suits and discuss their property deals in the Shelbourne bar with a nod and a wink. No more for them the virgins on the crossroads dancing to diddly-idle music. Gobbling back a few twenty euro cocktails in a business chat with your friend in the Dáil works wonders. Then pour oneself into the beamer to sleep soundly in the sound knowledge that your personal financial nightmares will be sorted out by those same councillors (now member of the Dáil) who you paid off in brown paper bags for Malahide land concession back in the good ole' days of Haughey.

The unwinding of Ireland's debt gamble has just begun. NAMA shifted the bankrupt private financial suicide of property investments to the public coffers. The problem is that these coffers that are not only empty, they are in the red and now interest rates will rise, the lenders taking advantage of borrower risk. Now the citizenry of a small Euro-nation that for just over a decade thought that they could do no wrong need to "tighten their belts." The unwinding of this generous giveaway to a scurrilous Irish private sector will mean more than tightening belts, it might merit an Athens style revolution.

The global speculative attack on Euro government debt has already made this situation exponentially worse and might well have brought forward the date of a possible Irish default. Not to worry though, you won't see any rise in corporate taxation levels. The government will save at any and all costs those precious jobs in the "manufacturing/assembly/value-added tax dodge" sector (or what is left of it). Taxes on the rich and the transnational corporate sector will be protected even if my mother's pension needs to be shaved to do so.

Ireland; You are very welcome to the beyond PIGS club! Please stand in line. To your right you will find Argentina and Turkey, on your left Greece, Iceland, Spain and Portugal. Smile for the cameras everybody!

The NAMA plan may have made the Irish government one of the largest owner of golf courses on the planet but at the cost of taking on a public debt that is becoming more unsustainable ever day. While the rich take budget flights to relax in their hidden apartments on the Riviera. Not to worry lads the government didn't take everything I still have the properties I hid behind the trust investments with my offshore partners.Thank God I still have enough cash on hand to pay the crew of my yacht.

The discourse in International media continues to be whether the euro will stand but this is a non-discussion; the Euro is here to stay. The Germans need it to devalue to regain first place in the export league above China. Does one really wish to return to the 'punt' or maybe it might be more fun to go back to the pound sterling collapsing nicely alongside? Euro-dangers is a discourse is used to hide the rude facts that Ireland is one of the leading nations on the planet in the index of thievery from its own people.

Oh wait they haven't invented that index yet!

Take a look at some of the numbers and decide for yourself. The poor UK is close to financial collapse but at least one other country can feel the pain worse than Britain. Yes you guessed it good ole' Ireland is playing the role as incompetent west brit!

Notes on the worst case scenario:
1. Check this out, Ouch! FT Britain second only to Ireland in size of cuts required (11.2% of GDP)
2. Irealnd-good-guy-bad-guy.JPG

Posted by Tony Phillips at 01:29 AM | Comments (0)

April 02, 2010

When value does not equal price

Posted by Tony Phillips at 03:53 PM | Comments (0)

April 01, 2010

Direct action against Climate Change before it is too late

Reclaim Power [ www.cinerebelde.org ]

I'm off Climate camp movement in Britain. I know what you are saying: "Has it really come to this? A bunch of kids in the forest trying to shut down a power station? Well I can assure you it has, and this kind of action may already be too late. You should be there too. This shit is serious!

Posted by Tony Phillips at 04:25 PM | Comments (0)