RANT: (Bad) Luck of the Irish

My rant for today is a follow-on from earlier my rants on the financial crises that have afflicted Iceland and Greece of late. Now it's the turn of Ireland.

The Irish, it would seem from the actions of their government, are not that lucky after all.

Last Tuesday, March 30th, was known as 'Bailout Tuesday' in Ireland. Yet again, the Irish government saw fit to bail out the five biggest banks in that country from their 'financial predicaments', i.e. mountains of bad, bad, bad debt. So, once again, taxpayers in a country are having to bail out the bad (read: greedy and reckless) actions of private financial institutions with public (taxpayer) money. Actions that have basically sunk the Irish economy.

So, yet again, the poor and the middle classes are having to bail out the (stinking) rich. Whoever said that robber capitalism wasn't alive and well?

And to what tune is this bailout? Well, no less than an estimated 81 BILLION EUROS is what the Irish government is expected to buy back in bad debt via its own artificially created 'bad bank' known as the National Asset Management Agency (NAMA - or "VietNAMA" as Max Keiser hilariously referred to it on his most recent show!).

That is a hell of a lot of money in public expenditure that was not exactly budgeted for. Especially when one considers that Ireland's total Gross Domestic Product (GDP) was 167 billion euros in 2008. So, in effect, the Irish government is buying bad debt created by banks that is worth nearly one-half of the country's entire GDP! Where's a friendly leprechaun when you need one?

Even the man who set up NAMA, Peter Bacon, has likened the actual debt of the bank in biggest trouble, Anglo Irish Bank, to that of "an Irish Chernobyl". Such is the amount of as yet undeclared debt that some of these banks are still hiding for now. Very reassuring indeed.

As was stated in an editorial in the Irish newspaper, the Limerick Post, "No matter what spin the government ministers attempt to put on NAMA and its decision to prop up Anglo Irish Bank, the Irish economy is in tatters...Well in excess of 20 billion Euros is to be pipelined into Anglo, a bank that contributed more than its share in bringing down the Irish economy...This is the very bank that loaned monopoly money to developers, builders and speculators, with no questions asked. The very people facilitated, and the bank's hierarchy, will, unlike the ordinary Joe Soap, see little impact on their personal lives."

The Limerick Post article concludes, "How much more can the public take?"

How much indeed. Quite a lot it would seem, given that the Irish government is set to prop up these banks (yet again) using public money...and no one seems set to stop them doing just that.

Is this a system of capitalism even worth preserving? Is this robber capitalism, masquerading as 'the free market", really what the Irish and most of us in the world must be content with?

Max Keiser has made the statement that, with this latest bank bail-out, the Irish people are for all intents and purposes currently being "occupied" by investment bankers and financial robber barons. Their economy and their political system has been hijacked by the very economic terrorists who got them into this entire mess in the first place. It is indeed an occupation by a hostile force. And because of it Ireland is in the toilet, demoralized, defeated for now. Kaput, essentially.

One can only hope that the Irish will see fit to eventually overhaul their entire banking system and the financial-political Mafia that is currently strangling their economy.

There has been talk of a 'Revolution Sunday' looming in Sunday. Who knows. But change is definitely needed in Ireland. Without that, it is doubtful if their luck will turn around any time soon.

Do you get my point?