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ralphmalph

End Game Close For Ireland

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http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html

In summary the ECB lent 55billion to Ireland in Sept so that the Irish Banks could repay the UK, French and German bondholders. Good for us, v bad for Irish taxpayer.

Next stage to be mass residential mortgage defaults, just as expensive to Ireland as the commercial developer bailout (and they can not afford that first one)

Far right nationalist party to emerge and avocate defaulting on the loans from the ECB and getting out of the Eurozone.

Ireland is no longer a soverign country that can make it's own decisons, the ECB decides Irelands future and already has the team in place in Dublin making the decisions.

Very telling comment on the arogance of Irish politians strutting around the EU telling Germany that they need to emulate Ireland and become high growth, now is payback time.

How much more bear food can one take on a monday morning.

Edited by ralphmalph

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http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html

In summary the ECB lent 55billion to Ireland in Sept so that the Irish Banks could repay the UK, French and German bondholders. Good for us, v bad for Irish taxpayer.

Next stage to be mass residential mortgage defaults, just as expensive to Ireland as the commercial developer bailout (and they can not afford that first one)

Far right nationalist party to emerge and avocate defaulting on the loans from the ECB and getting out of the Eurozone.

Ireland is no longer a soverign country that can make it's own decisons, the ECB decides Irelands future and already has the team in place in Dublin making the decisions.

Very telling comment on the arogance of Irish politians strutting around the EU telling Germany that they need to emulate Ireland and become high growth, now is payback time.

How much more bear food can one take on a monday morning.

Dose anyone else find it strange that when the Dollar starts to come under pressure, almost immediately the soveriegn dept crisis comes into view again

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The gathering mortgage crisis puts Ireland on the cusp of a social conflict on the scale of the Land War, but with one crucial difference. Whereas the Land War faced tenant farmers against a relative handful of mostly foreign landlords, the looming Mortgage War will pit recent house buyers against the majority of families who feel they worked hard and made sacrifices to pay off their mortgages, or else decided not to buy during the bubble, and who think those with mortgages should be made to pay them off. Any relief to struggling mortgage-holders will come not out of bank profits – there is no longer any such thing – but from the pockets of other taxpayers.

[\Quote]

Interesting point.

I'd certainly feel hard done by if someone like me, who bought a small house on a small salary multiple and has paid almost all of it off, were to watch people with 10x their income mortgages being able to walk away and leave the tax payer with the bill (before then buying back the same house for the same price as mine).

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Dose anyone else find it strange that when the Dollar starts to come under pressure, almost immediately the soveriegn dept crisis comes into view again

Very well spotted! Since the ECB now completely controls the level or periphery interest rates you have to assume the ECB _wants_ Irish rates to go up. At least long enough to give those euro longs a bit of a fright :)

I've been keeping an eye on those currency shenanigans myself, and that 1.4 level seems to be a strange attractor for eurusd these days.

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http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html

In summary the ECB lent 55billion to Ireland in Sept so that the Irish Banks could repay the UK, French and German bondholders. Good for us, v bad for Irish taxpayer.

Next stage to be mass residential mortgage defaults, just as expensive to Ireland as the commercial developer bailout (and they can not afford that first one)

Far right nationalist party to emerge and avocate defaulting on the loans from the ECB and getting out of the Eurozone.

Ireland is no longer a soverign country that can make it's own decisons, the ECB decides Irelands future and already has the team in place in Dublin making the decisions.

Very telling comment on the arogance of Irish politians strutting around the EU telling Germany that they need to emulate Ireland and become high growth, now is payback time.

How much more bear food can one take on a monday morning.

Absolutely bloody disgusting but of course nary a peep from the Irish sheeple who are even dumber than the closely related UK breed. You get the politicians you deserve I suppose and by voting like absolute morons for decades, Ireland has now been ruined by a bunch of inept and crooked politicians covering up for their powerful mates in banking and the EU.

They also didn't bat an eyelid when the government carried out an Argentinian style raid on the state pension fund the other week in order to bail yet another of Irelands failed banks out:

Why is Brian Lenihan about to take €1.8bn from pensioners to bail out AIB shareholders and junior bondholders?

The short answer is “I don’t know” but this is precisely what this modern day inverse of Robin Hood is about to do – take €5.4bn from our National Pension Reserve Fund (NPRF) to buy shares in Allied Irish Banks (AIB and for our international friends again has nothing whatsoever to do with Anglo Irish Bank which is known here domestically simply as “Anglo”), and he is making the NPRF buy the shares at €0.50 each when two days ago, on Friday last they closed at €0.337 per share meaning that the NPRF will incur a loss of €1,760m from the start. The NPRF was set up to fund future pensions of ordinary citizens from 2025.

I'm sure the likes of Lenihan and his fellow Fianna Fáilure puppets will secure lucrative jobs in the banking sector and/or EU when they are finally booted from office. Meanwhile the rest of Ireland will be paying for their looting of the public purse for decades.

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This is a really good article. I like the following, it shows the length governments will go to...

The other crumbling dam against mass mortgage default is house prices. House prices are driven by the size of mortgages that banks give out. That is why, even though Irish banks face long-run funding costs of at least 8 per cent (if they could find anyone to lend to them), they are still giving out mortgages at 5 per cent, to maintain an artificial floor on house prices. Without this trickle of new mortgages, prices would collapse and mass defaults ensue.

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Dose anyone else find it strange that when the Dollar starts to come under pressure, almost immediately the soveriegn dept crisis comes into view again

Low dollar = high Euro = bad for the Eurozone (less exports, higher risk for their bonds).

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I wouldn't quite say that:

protest_TB_729984s.jpg

Student protest turns ugly

Er, yeah - a student protest against higher fees and education cuts.

Good for them but the entire country is being looted and thrown into penury to bail out bankers and foreign investors and aside from griping about it, the man in the street is doing sweet F.A. as his future is sold down the river. Most don't even seem to be aware of the core issues.

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Er, yeah - a student protest against higher fees and education cuts.

Good for them but the entire country is being looted and thrown into penury to bail out bankers and foreign investors and aside from griping about it, the man in the street is doing sweet F.A. as his future is sold down the river. Most don't even seem to be aware of the core issues.

Yes thats correct. Most people do not understand what is going on.

The government is very effectively distracting people by keeping the focus on benefit scroungers and lazy public sector workers.

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Low dollar = high Euro = bad for the Eurozone (less exports, higher risk for their bonds).

But that's okay, manufacturers and exporters can just drop their prices to maintain the number of units exported.

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The gathering mortgage crisis puts Ireland on the cusp of a social conflict on the scale of the Land War, but with one crucial difference. Whereas the Land War faced tenant farmers against a relative handful of mostly foreign landlords, the looming Mortgage War will pit recent house buyers against the majority of families who feel they worked hard and made sacrifices to pay off their mortgages, or else decided not to buy during the bubble, and who think those with mortgages should be made to pay them off. Any relief to struggling mortgage-holders will come not out of bank profits – there is no longer any such thing – but from the pockets of other taxpayers.

Interesting point.

I'd certainly feel hard done by if someone like me, who bought a small house on a small salary multiple and has paid almost all of it off, were to watch people with 10x their income mortgages being able to walk away and leave the tax payer with the bill (before then buying back the same house for the same price as mine).

An unpayable debt is an unpayable debt and no amount of moralising (by people who probably would have done exactly the same had they been born 10 years later) can change that. Bankruptcy is not at easy option, on the other side of it will be 40somethings starting out again in life with nothing but a shattered ego.

Nobody is forcing the government to make good the losses on mortgage defaults, they have chosen to do that. The bills are only landing on the government's doormat because they offered to pay.

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An unpayable debt is an unpayable debt and no amount of moralising (by people who probably would have done exactly the same had they been born 10 years later) can change that. Bankruptcy is not at easy option, on the other side of it will be 40somethings starting out again in life with nothing but a shattered ego.

Nobody is forcing the government to make good the losses on mortgage defaults, they have chosen to do that. The bills are only landing on the government's doormat because they offered to pay.

Don't get me wrong, I completely agree that people should be able to get out of unpayable debts, it is just that the ruling elite have decided that rather than the "risk taking entreprenuers and investors" being responsible it is the savers and sensible who have to stump up.

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Er, yeah - a student protest against higher fees and education cuts.

Good for them but the entire country is being looted and thrown into penury to bail out bankers and foreign investors and aside from griping about it, the man in the street is doing sweet F.A. as his future is sold down the river. Most don't even seem to be aware of the core issues.

Oh go on then. I can't wait. What do you think that the people should be doing?

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Er, yeah - a student protest against higher fees and education cuts.

Good for them but the entire country is being looted and thrown into penury to bail out bankers and foreign investors and aside from griping about it, the man in the street is doing sweet F.A. as his future is sold down the river. Most don't even seem to be aware of the core issues.

Fair enough! But what do you suggest that the man in the street does about it? demos? :blink:

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Fair enough! But what do you suggest that the man in the street does about it? demos? :blink:

Withhold taxes, work/pay for things cash in hand, spend less money on vat-able goods, withdraw their money from domestic financial institutions and move it abroad etc.

Obviously. less fun than smashing things up.

Edited by Soon Not a Chain Retailer

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  • 200 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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