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ITíS TIME FOR THE IRISH PEOPLE TO RISE
http://pragcap.com/ Pragmatic Capitalism Blog ^ | 11 November 2010 | Pragmatic Capitalism Blogger

Posted on 11/12/2010 5:02:07 PM PST by JerseyHighlander

Ireland is teetering on the edge as their budget woes appear insurmountable and bond yields and credit spreads blowout to new highs. It looks increasingly likely that Ireland will have to tap into the EFSF. Angela Merkel, however, is not prepared for taxpayers to take all of the losses:

It’s a sad state of affairs when a foreign central bank and German Chancellor decide the fate of the Irish people, but this is the mess that single currency systems create. Quite honestly, it’s shameful that Irish politicians would even allow such a thing to occur. They have ceded their monetary sovereignty and destroyed their ability to protect their people. The ultimate role of any state should be to protect its citizenry at all costs. That is not the case in Europe and it is nothing short of inhumane.

As I’ve repeatedly stated, there is a moral hazard here that is beyond absurd.

There is a famous statue of James Larkin on O’Connell Street in Dublin. Inscribed on it are the famous words he once spoke:

“Ní uasal aon uasal ach sinne bheith íseal: Éirímis.

In english it reads:

“The great appear great because we are on our knees: Let us rise.”

The Irish people are on their knees. And for now, bankers and politicians are keeping them there. Let’s hope they rise.

(Excerpt) Read more at pragcap.com ...


TOPICS: Business/Economy; Editorial; Germany
KEYWORDS: ecb; ireland; sourcetitlenoturl
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http://www.marketoracle.co.uk/Article24222.html Ireland Goes Bust, Irish Bank Run Economics / Credit Crisis 2010 Nov 12, 2010 - 02:35 AM

By: Mike_Whitney

There was a bank run in Ireland on Wednesday. LCH Clearnet, a London based clearinghouse, surprised the markets by announcing it would increase margin requirements on Irish debt by 15 percent. That's all it took to send investors fleeing for the exits. Yields on Irish bonds spiked sharply as banks tried to close positions or raise the capital needed to meet the new requirements. The Irish 10-year bond soared to 8.9 percent by day's end, more than 6 percentage points higher than "risk free" German sovereign debt. The ECB will have to intervene. Ireland is on its way to default.

This is what a 21st century bank run looks like.

1 posted on 11/12/2010 5:02:13 PM PST by JerseyHighlander
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To: JerseyHighlander

Default is inevitable. The only issue is how long the dreadful day can be postponed.....


2 posted on 11/12/2010 5:05:52 PM PST by sinsofsolarempirefan
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To: JerseyHighlander

What I find amazing is they fought the British for years yet gave up their country to the EU without a shot being fired.


3 posted on 11/12/2010 5:08:16 PM PST by rocksblues (Obama, the biggest liar in the history of American politics!)
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To: JerseyHighlander

Pity the Irish, welcomed in every land on earth-except Ireland.


4 posted on 11/12/2010 5:12:08 PM PST by pappyone
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To: JerseyHighlander

“The Irish people are on their knees. And for now, bankers and politicians are keeping them there. Let’s hope they rise.”

MMMmmmmmmmm...sounds like a similar situation in a country farther to the west as well.


5 posted on 11/12/2010 5:15:39 PM PST by MichaelCorleone
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To: JerseyHighlander

Ha...higher taxes for the rich! Wait, Bono and U2 already moved their revenue generating enterprise out of Ireland to the Netherlands. Progressivism for thee, not to me!

http://www.slate.com/id/2152580/


6 posted on 11/12/2010 5:15:54 PM PST by Hotlanta Mike (TeaNami)
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To: JerseyHighlander

Does S0r0$ have anything to do with this?


7 posted on 11/12/2010 5:26:47 PM PST by Paladin2
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To: JerseyHighlander

http://sn135w.snt135.mail.live.com/default.aspx?wa=wsignin1.0


8 posted on 11/12/2010 5:28:55 PM PST by 353FMG (In the end, it will be either ISLAM or America -- it cannot be both.)
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To: rocksblues
...gave up their country to the EU without a shot being fired.

Exactly. As the updated rebel song goes

A province once again
A province once again
Ireland long a nation be
A province once again.

And the Brits are just as bad. What Napoleon and Hitler could not accomplish by force of arms, British politicians accomplished by diplomacy.

9 posted on 11/12/2010 5:35:40 PM PST by omega4412
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To: JerseyHighlander

Having great grandparents that immigrated from Ireland, and my mother 100% Irish, I can say this.....you first have to get the irish out of the pub...


10 posted on 11/12/2010 5:38:27 PM PST by goat granny
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To: JerseyHighlander

I’m rooting for Ireland. They increased their national IQ decades ago when they got rid of the Kennedys (to our chagrin).

But I love them anyway.

Go, Ireland. Tell the EU to shove it up their Obama. (American for butthole).


11 posted on 11/12/2010 5:43:02 PM PST by Da Coyote
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To: rocksblues

The EU got’em drunk!


12 posted on 11/12/2010 6:00:04 PM PST by Anti-Bubba182
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To: rocksblues

“What I find amazing is they fought the British for years yet gave up their country to the EU without a shot being fired.”

Very astute. Yours is the best one sentence remark I think I’ve ever read. It is both a statement on what has happened in Ireland and a warning to the rest of us. I’m glad your on my side. In honor of your screen name I’m gonna crank up my Telecaster and pound out some rocking blues.


13 posted on 11/12/2010 6:04:44 PM PST by Graneros
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To: Graneros

Rise Ireland and dump all the unions, welfare and English Junk you have. Go back to a gold standard—grow your own food and let the rest of Europe go hang itself.


14 posted on 11/12/2010 6:09:35 PM PST by Forward the Light Brigade (Into the Jaws of H*ll)
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To: Da Coyote

(American for butthole).
____________________________________

Needless. I understood your inyourendo. LOL.


15 posted on 11/12/2010 6:31:14 PM PST by o-n-money
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To: JerseyHighlander
They must have heard about the proposed potato ban.
16 posted on 11/12/2010 6:36:20 PM PST by Question Liberal Authority (Worst. Post-Racial. And Post-Partisan. Agent Of Hope And Change. EVER.)
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To: Tax-chick

Where have the fighting Irish gone?


17 posted on 11/12/2010 7:48:34 PM PST by Incorrigible (If I lead, follow me; If I pause, push me; If I retreat, kill me.)
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To: JerseyHighlander

Just secede and declare all foreign debts void.

Problem solved.


18 posted on 11/12/2010 7:50:24 PM PST by Vendome (Don't take life so seriously... You'll never live through it.)
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To: JerseyHighlander
Ireland's problems are all her own.

Debt.

They didn't HAVE to borrow the money.

There was a time when Ireland, and not very long ago, was seen as an island of truly free enterprise in an ocean of socialism.

Today, only Germany and Britain in all of Europe even have a clue.

When one of France, Italy or Spain falls...know that hard-core fascism will again engulf Europe.

Fiat money combined with fiscal il discipline always results in disaster.

19 posted on 11/12/2010 8:24:41 PM PST by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
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To: Tijeras_Slim

But we don't want the Irish!

20 posted on 11/12/2010 8:33:33 PM PST by Constitution Day
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