The ESM Changes - Why Ireland May Never Have Needed the Bail Out in the First Place - Namawinelake

[C. Flower]

The knowing talk from Noonan yesterday about the changes to the European Stability Mechanism left me cold - I was inclined to assume that this was another fragment of mutton dressed up as lamb.

Not so, apparently.

Namawinelake speculates that the fact that the ESM placed private investors in Irish bonds down the queue in the event of default drove up the cost of Irish borrowings / bonds and was a key factor in driving us out of the markets. If the French and Germans hadn't insisted on this in the first place, we might never have needed the very costly and restrictive EU/IMF bail out.

http://namawinelake.wordpress.com/20...oll-in-europe/

[C. Flower]

Another view - this is yet another step in socialising debt and saving private capital.

I see her point, but still am struggling to identify myself with the IMF and ECB.

Must try harder.

http://www.politico.ie/irish-politic...s-bankers.html

[morticia]

I have a horrible feeling both views may be partially correct... yes, losing the preferred creditor thing means private lenders may climb back on board. But I can also understand why the taxpayer should be a preferred creditor, and she may well be right in saying that this perpetuates the casino capitalism

You can't win, you can't break even, and you can't opt out of the game...or at least, not without banjaxing the payments system. I'm not sure I fancy trying to live without food for as long as it takes to get the lawyers to work our who gets paid in the absence of our current electronic wizardry.

The Bible and the Koran may have some very valid points on the evils of usury, I'm beginning to think.

[sinsin]

Scary.

[ame="http://www.youtube.com/watch?v=5CZr17HLH5U"]http://www.youtube.com/watch?v=5CZr17HLH5U[/ame]

[C. Flower]

I'm seeing some people saying that we didn't need the bailout and others saying we will need a second one pretty soon.

Which is it ?

[The Moth]

The end of the E.U. is the only logical outcome.

[sinsin]

The end of the E.U. is the only logical outcome.

No...The collapse of the nation states and their economies that is the plan.
Then complete surrender of our rights and liberties to be rescued.
Look at the video.
Even our Nazi Pope is calling for a world bank.(Privately owned of course)