What I said – Ireland, default!

Save the Euro (even if that’s not really possible).

Ireland would save the world from much misery by defaulting now and driving the vampire banks into liquidation.

The alternative title for today’s entry is: Ireland, please drive a stake through the heart of the vampire banks which have the world by the throat. The entire controlled demolition of the Eurozone’s finances can be summed up in one phrase: privatize leverage and profits, socialize losses and risk.

The basic deal is this: protect the bank’s managers, shareholders and bondholders from any losses, while heaping the socialized losses and risks on the taxpayers and citizens.

While there are murmurings of “forcing bondholders to share the pain,” any future haircut will undoubtedly be just for show, while the Irish pension funds are gutted to bail out the banks.

 

4 Comments

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4 responses to “What I said – Ireland, default!

  1. Demmerkrat Patriot

    Sadly CF, you and I are not rich enough to “persuade” (bribe) the appropriate officials. I agree with you on this … the bank (or whomever) took the risk, they should pay the price.

  2. Retired IB'er

    Totally out of control. This is going to go in the history books as a period of unprecedented greed and manipulation by the ultra-haves against the haves and have-nots. Even I, as a former capitalist pig, can’t fathom it…

  3. Out Looking In

    Even I, a current capitalist (but not pig) am sick of it….Stan O’Neill was Irish, right? (LOL) he can save Ireland like he did Mother Merrill

  4. XyzZy

    Have a guy at work who I’ve always thought was one step away from wearing a tin foil hat. He has been saying the bankers are running the world for a few years now. I’m starting to think he isn’t as crazy as I thought he was.