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?

RANT: Greece for Sale

My rant for today has been brewing inside me for days, even weeks. I've touched on this issue in another post, with the Icelandic vote on March 6th being my touchstone for this rant as well (again, hurrah for Iceland for saying NO to the financial and political terrorists!).

In short, it's all about Greece.

It's well-known that Greece is in a huge 'debt crisis'. Meaning that it owes billions of Euros by the end of May, money that it simply does not have. As quoted from James Jubak in the Huffington Post: "Greece needs to refinance about $27 billion in debt that matures in May, according to calculations by Bloomberg. Already investors are demanding a 3.48 percentage point premium over the benchmark German bonds before they'll buy Greek 10-year debt. That premium is four times the average premium of the last five years."

Which means Greece is in deep trouble. Hence the recent attempts by the Greek parliament to introduce austerity measures (read: slash public spending on civil servant salaries and other social benefit-related slashing). These measures have been met with mass strikes and protests in Athens and other Greek cities and towns.

The people of the Hellenic Republic are not pleased. It has been well recorded in various news media that the Greek people feel victimised and angry as a result. And why shouldn't they be bloody upset and bloody angry?

Consider the following:

1. Why did this Greek crisis occur so suddenly? Because it was a carefully orchestrated assassination of the Greek economy, and in particular Greek treasury bonds, by the financial and economic speculators (read: terrorists) from Wall Street and across Europe, especially that poster child for speculative terrorism on the world economy, JP Morgan. Greece was targeted, simple as that. Iceland, anyone?

2. Why must the Greek government be so ridiculed by other countries for its large public spending bill? As if countries like Germany, France and the UK don't have huge public spending bills themselves. Isn't the UK currently sitting with the biggest ratio of public (sovereign) debt to GDP in all of the EU? And why should the Greek people should be accused, as if they were petulant little brats, of wanting nothing more than decent health care, education for all and their pensions paid out after all their years of work and service? How totally unreasonable of the Greeks to expect the very same of their government that the French, the Germans and the other hypocrites in Europe expect of their governments.

3. Why shouldn't Germany and the rest of the Eurozone bail out Greece? Why not? What is the purpose of having a monetary zone like the Eurozone, one which was supposed to be for the benefit of all Europeans, and which was to unite all of Europe, when stronger partners are not willing to assist a partner in trouble? With friends like this, who the bloody hell needs enemies?

4. And, speaking of Herr Deutschland, Germany is the richest EU country with the biggest national surplus, largely thanks to the power of the Euro over the past decade. Why must Greece be made to pay for the fact that Germany is holding elections later this year, and that German voters may hold helping out Greece against that Grosse Deutsche Hausfrau, aka Angela Merkel? Why must Greece pay for the fact that Germany's reunification cost so much money? You Germans went all mushy and wanted to unify, that's your bloody problem. Now you're a member of a monetary zone that has been of most benefit to your economy, and you think you have the right to be damn stingy to help out a fellow European country in need?

5. And, by the way, Germany, don't you think it's time that you gave Greece back all those billions of dollars of gold bullion that your Nazi ancestors plundered from Greece during World War 2? I think that's overdue, you ungrateful and patronising prigs.

6. And if I see one more television footage of some pasty-faced, ugly German in some grey German city crinkling up their little Teutonic nose at the suggestion of helping out Greece, I'll scream! Or I'll get on a bloody flight (not on Lufthansa, by the way), land in Germany and just start slapping faces left and right! But let the German economy be in as much trouble as that of Greece, and that German begging bowl would be casting a huge shadow over all of Europe, no questions about it. You hypocrites.

7. I need to say it here: this Greek crisis has really brought out the ever-simmering contempt which many Northern Europeans have for their Southern European neighbours. It's there - always just below that very thin patina of northern European 'respect' for their fellow Europeans to the south. One can literally sense it when northern Europeans, smug and patronizing to the hilt, are asked their opinions on TV news and shows about the crisis. It's palpable.

Comments are made about the 'Club Med country' crisis, thereby reducing Greece, Spain and Portugal to nothing more than what many northern Europeans believe them to be - that is, nothing more than holiday destinations where the weather is better and the locals a darn sight cuter and more fun.

I wonder how Ireland feels, being that it's in the same crappy sovereign debt position, yet hardly a sunny Club Med destination...?

Endless commentaries are made about the 'recklessness' of how these countries have governed their finances, always with that undertone that southerners are somehow less 'restrained', less 'responsible'. Even the acronym 'PIGS' (which stands for Portugal Ireland Greece Spain) says it all. Italy is now out of that spotlight, even if only for now. The main subtext is simple: the southerners just can't get it right, even if one of those countries (Ireland) is not a so-called 'Club Med economy'.

As if the likes of the UK have done any better. It makes me bristle with anger, given my southern European ancestry.

Which is why I so appreciated this cartoon from the UK's Independent newspaper lampooning the musical 'Grease'. Says it all.

And the poor Greeks are now at the mercy of their northern partners. I pity them for that. Greece and citizens of Greece deserved better than to be held responsible for the devious and destructive machinations of the global financial system that saw fit to wreak havoc on their economy.

Do you get my point?

RANT: Sovereign Debt - the UK 'Slide' Show

Sovereign Debt - ah yes, my pet economic issue of the day. Here comes another rant on this issue, scant days after my first one on it.

The big talk this past week was about how now it was not only Portugal or Ireland or Greece or Italy or Spain or (the infamous 'PIGIS' group of European countries) that may be in danger of default on their sovereign debt but...nay, wait for it...

the United Kingdom.

Oh, how that particular news filled me with a delicious sense of irony. I did get a big kick out of hearing that the UK's budget deficit could very soon balloon to even larger than that of the much-maligned Greece.

Don't get me wrong: this is not some anti-British tirade on my part. I lived in England for five years, got an excellent degree at a respected English university and made some truly wonderful friends of whom I care about to this very day. My love of British music, cinema, humour and much beside, years and years in the making, know no bounds.

No, this is not some childish tirade against the English, the British or anything Anglo. Rather, it is an all-out assault on that mother of all centres for global financial markets and, therefore, economic terrorism, namely 'The City', as London's financial district is pedantically referred to by many.



And throw in that appalling British government for good measure.

London is, along with Wall Street in New York City, the most important centre for global finance. Much is said and ranted about regarding the obscene bonuses and stock option payouts, etc, being paid in this economic recession to corporate America and, in particular, on Wall Street. However, the City of London and all its British banks, investment banks and financiers are not doing too shabbily either.

The levels of cynical gorging by these 'City' financial rogues at the trough, much of it with the help of billions of pounds in taxpayer money by the British government, are plain S-I-C-K-E-N-I-N-G.

And all of this has been done with the full blessing and collusion of the Gordon Brown government.

Hence, my being tickled pink at hearing that the UK may soon join the likes of Spain or Ireland or even...gasp...Greece as yet another example of a government that is simply too much in debt to pay all of its creditors and domestic obligations.

I snicker at the news because turns out that having the 'financial epicentre' of the global financial scene in your own back garden is no guarantee against having an economy as up to pawpaws as that of Greece. Delicious.

I snicker at the news because that's what you get for racking up billions and billions of pounds for fighting wars that you had no rhyme or reason to get involved in. Yes, Britain, what the hell are you doing having been part of the illegal Iraq war and still stuck in the morass that is Afghanistan?

And I think I'll puke from here all the way to Buckingham Palace if I hear any of that 'our brave men in uniform fighting for our freedom' crap on faux-news stations like Sky News or even the BBC one more time. Your brave men in uniform are tragically losing their lives for nothing. That's tragic. And stop all that patriotic chest-thumping. You lost your empire ages ago. Get over it.

And I snicker hardest because the UK recently tried to bully Iceland into bailing out British investors over the collapse of Icesave, an Icelandic investment fund (this along with those other bullies, the Netherlands). Gordon Brown invoked anti-terrorism legislation against Iceland in late 2008 because of the threat of Iceland defaulting on payments to the UK. Yes, anti-terrorism laws! Iceland was understandably outraged at being considered a 'terrorist state'. Diplomatic relations between the two countries, centuries-long allies, plummeted to all-time lows. All over money.

Even worse, it has even been alleged in some media that Gordon Brown himself is said to have made the OUTRAGEOUS statement that, if need be, the UK would be willing to invade Iceland because of their 'terrorist-like activities' in not paying up. What the hell is going on here?!!

And all of this by Brown with the full-blown pressure and constant braying of and by the 'City of London'. Not to mention that it is those pompous twats in their pinstripe suits and driving their Jaguars and Bentleys to their Home Counties weekend homes that will benefit most if Iceland capitulates and pays out the UK. That is, pays for what was the result of the 'financial shenanigans' (read: economic terrorist activities) of a few Icelandic investment bankers in full cohorts with a whole bunch of 'City' bankers and the like.

The Icelandic President refused to sign the law that would beholden Iceland to 'honour' those debts (all power to him for that) and a referendum on that issue yet awaits the Icelandic people in March. More on that very soon.

So, let's recap:

We have a country's government that has seen fit to terrorize another sovereign European country over a few billion pounds that was largely caused by the badly regulated financial mechanisms and market in its own country.

We have two successive governments that have ensnared a country and its soldiers in immoral and illegal wars that are only strengthening terrorism, not weakening it.

And we have a financial heartland that is at the very heart of what has been and continues to be so horrendously wrong with world economics and financial systems.

And now the warmongering bully that genuflects to 'the City' at every given moment has an economy that is tanking quicker and worse than most others.

Talk about karma.

So, yes, that's why I get a mischievous thrill out of seeing the UK's economy slip-sliding even further down as it rides on the coattails of those City bastards.

I don't wish unemployment or hard times on any of my friends or the people that I love and care about in the UK. Of course I don't. The British people deserve so much better than the corrupt financial masters and their government puppets that they currently have. In fact, the rest of the world deserves and needs better than that, so inflated is the financial clout that the City of London exerts in the world's economy.

What I do wish is for more sanity in British politics - highly unlikely given New Labour's track record to date, not to mention that the slimy David Cameron and his creepy Tories will be even more in the pocket of the City of London. The Tories and the City have been best buddies for ages. Conservatives and fat cat financiers, like really ugly, decrepit birds, always flock together.

Even more importantly, I can only hope that the ongoing economic crisis will somehow metamorphose into a significant and meaningful overhaul of the current capitalism-out-of-control that currently plagues the world.

Uber-capitalism and its equally demented side-kick, globalized finance, must be stopped once and for all and a more rational, equitable and sustainable system of capitalism (or something even better of the ilk) evolve in its place.

The likes of the City of London and Wall Street need to be relegated to nothing more than a sideshow in global economics. If that's at all possible. They've been the Ringmasters of this Three-Ring Circus from Hell for long enough.

For now, the UK economy gets everything it deserves.

Do you get my point?