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The Unfolding Crisis and Ireland's Economic Ruin
national | anti-capitalism
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Friday November 26, 2010 16:38
by IMC Collective  The Financial Coup is almost complete Around the world countries have been betrayed by their politicians who have worked hand in glove with their capitalist partners to systematically destory each economy and then to hand them over to a private financial elite composed of bankers, investors and speculators and other parasites. The current crisis is the cumlination of a fairly long process starting in the late 1970s when the leading capitalist powers decided to go on the offensive and launched the Neo Liberal era which saw an claw back against all the rights gained by workers in the previous 70 years. At that time they also lent huge quantities of money to corrupt governments in the developing world and this ushered in the era of mega slums and third world debt bringing in the era of financial imperalism allowing the resources of these countries to be hauled away for almost free. continues below  Reactions and Events (on Indy): In the past decade or so, the Class War has once again returned home to the 'Western Hemisphere' and the process of bringing the third world home was well under way. This is the situation where all the countries assets are owned by a few, the vast majority are very poor, violence is rife and at the top rules a ruthless rich elite. In parallel around the world, we saw increasing militarization of police forces and the simulteanous propaganda war to glorify this. Argentina in 2001 was the first casualty in this phase, where overnight the banks froze all accounts and millions of people lost their life savings. Almost instantly over 50% of the people were thrown into poverty. In the Argentina case, it later turned out that those who got their money out in time, were the very top few hundred wealthy families, who then used their fortunes to speculate against their own currency from outside and billions were made from it. Could the same be true today? Are Ireland's very wealthy speculating against our country and driving up interest rates and helping impose the drastic cuts about to fall? As we write, this past week we can see something very similar to above unfolding before our eyes. One thing is clear throughout the full spectrum of political opinion is that we have lost our sovereignity and from now on we will be controlled by the dictates of some unaccountable private group. We know that big cuts have already happened and bigger ones are on the way. We also notice that the rich remain largely unaffected. We know that the poor and less well off have been affected most through cuts to the very services that form the working fabric of our society and that the very small amounts that had been spent on numerous well deserved causes and groups, is almost gone. Yes, the third world is truly on its way to Ireland. It was reported during the week that thousands of people have had their electricty (ESB) cut off because they couldn't pay. In both the US and UK, houses that were cut off, burnt to the ground because of the occuptants switched to just candles and subsequent accidental fires. How long before the same thing happens to people's water supply when they start collecting the water charges. How about bin charges? If people can't pay their mortgages they will probably not pay their bins. Will the streets begin to fill with trash? Prof Morgan Kelly last week estimated that at least 100,000 people are in severe difficulty with their mortgages. Where is the bailout for these people most of whom were very successfully duped into paying for massively overpriced houses with the help of the relentless propaganda during the bubble from the media, the govt, the banks, developers and estate agents all singing to the same hymn sheet. We also know most of the debts racked up were for commercial property (data here) and NOT greedy house buyers as the media has so cleverly managed to keep as the party line for the past two years Make no mistake, the next move will be to try and sell off what remains of our state assets as suggested by the foot soldiers of big capital. The health budget will be severly cut, but more private hospitals will be built, but if you don't have the money it will be a case of 'please drop dead' from the capitalists. They don't care. For them, education must and will be cut too. Educated people are a threat to reining in the super wealthy and they may even try to estasblish something as subversive as democracy. The War of Terror is the propaganda instrument to deter the masses. This is a united effort by all capitalists across the world to stamp out equality, justice and democracy. They talk of justice yet a million+ have died in Iraq which most European govts including ours supports. Where is the justice in that? Civil liberties have been stripped everywhere. In our case, witness the completely over the top Garda violence at the Student march (here) or the violence yesterday at the Dail over a simple protest (here). Witness also the relentless violence against Shell to Sea campaign done out of the public eye over the last few years. Anyone who objects or protests is quite clearly a subversive and terrorist in today's post 9/11 world. Depending on the situation, its batons, tasers, tear gas, rendition and water boarding or predator drone hellfire missles for you. This is really just the Class War but the powers that be and not the gombeen ministers in our govt or the pending ones in Fine Gael, but the very powerful shadowdy people in the banking, financial and corporate world are the real power brokers, -these people dare not alert the masses to the fact that there is a class war hence the War of Terror, because their propaganda is so successful and they do not want the stark reality to sink in and instead have the masses cowering in fear at various bogey men. The extreme form of their public manipulation success is the moronic and clueless Tea Party in the US, which is behind the scenes backed and funded by big wealth.
These are the people you and your children will be paying the gambling debts of if we take on IMF loans guaranteed by the taxpayer to bail out the banks further. Also IMF loans to bail out the banks come with "conditions" as mentioned above which will result in lucrative privatisation of our utilities. So the idea is we pay their debts, give them our stuff, live in poverty without healthcare while we work for their companies for peanuts. Note: both Goldman Sachs and Rothschild amongst others were advising government AND were bondholders in Anglo. ?!?!?! Don't take this lying down. GENERAL ELECTION NOW! before it's too late and the deals are done.  printable
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Jump To Comment: 1 2 3 4 5 6 7 8 9 10VIDEO ..>>
Collapse of Irish Zombie Banks, Provoked Korean Crisis Escalate World Financial Breakdown Crisis.
http://garizo.blogspot.com/2010/11/collapse-of-irish-zombie-banks-provoked.html
Collapse of Irish Zombie Banks, Provoked Korean Crisis Escalate World Financial Breakdown Crisis
Download the PDF of this excellent report into how the Golden Circle of Banking, Business and Political elite managed to line their own pockets in the course of causing our current financial crisis - http://hubriticanomaly.blogspot.com/2010/11/mapping-golden-circle-of-irish-banking.html
Fianna Fáil represents the Bankers and the property developing classes etc - they were the ones corrupting the political process. Fianna Fáil are scum - I'll grant that - but they're a servant of even bigger scum - scum you never get to hear about because they manage to keep their names out of the papers and use the likes of Harney, Bertie, McDowell (remember him?) Cowen and Lenihan to do their dirty work.
The Irish people are soon going to find out the hard way that we don't live in a democracy - we live in something that calls itself a democracy but what sort of democracy is it when no matter who you vote for it always ends up the same - there's enough evidence of that right now - every Major political party in this country is lining up to pass that economy-destroying budget. The treacherous Green Party are trying to pull a fast one by pretending they are doing the country some good by 'demanding' an election - a useless election AFTER everyone of the political scumbags votes to pass that budget. That way the new Gov't gets to pretend it gives a damn but it's hands are tied - they will turn around at every opportunity and say 'Not our fault - It wasn't our budget'
Mapping the golden Circle of the Irish Banking, Business and Political elite
The interconnected Web of European Debt
According to the Irish Times 'up to 50,000' took part in today's demonstrarion; according to the Guardian 'over 100,000' took part - why don't I believe the IT?
BTW does anybody take the story of the 19 year old in Oregon who tried to blow up an Xmas tree with 'explosives' supplied by the FBI seriously? More distraction, more fake crises to hide the real story.
Question: Where are the Irish people?
https://www.indymedia.ie/article/98293
Anger as the eurozone tries to stand firm
http://www.euronews.net/2010/11/25/anger-as-the-euro-zone-tries-to-stand-firm/
Ireland in crisis: the stories they're not telling you
http://uk.news.yahoo.com/blogs/ireland/ireland-in-crisis-the-stories-theyre-not-telling-you-p184.html?subpage=10#ept-article-comments
Scale of the catastrophe has not hit us yet
http://politico.ie/index.php?option=com_content&view=article&id=6927:scale-of-the-catastrophe-has-not-hit-us-yet&catid=40:politics&Itemid=877
vid - Portugal Goes Pop? 'Euro burning, people pay, bankers get away' (russia today)
http://www.youtube.com/watch?v=2noi0ukU9co
Rise like lions!
http://riselikelions1.wordpress.com/
Answer: Where are the Irish, heres a few kicking up a fuss
Céad míle fáilte - To the IMF
Céad Mile Fáilte to the IMF (by Soundmigration)
http://www.youtube.com/watch?v=qNEoOvMd8-Q
Ógra Shinn Féin activist Injured by State car at IMF protest
http://www.indymedia.ie/article/98240
+ http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/sitdown-sinn-fein-activist-hit-by-irish-ministers-car-15010108.html
+ http://www.osf.ie/home/component/content/article/4-general-news/231-ogra-activist-injured-by-state-car-at-imf-protest
+ vid - Ógra Shinn Féin member hit by Ministerial car - Vincent Browne
http://www.youtube.com/watch?v=SQeZJuPAvnk
Cork City Ireland: IMF Vigil turned March
http://www.indymedia.ie/article/98261
photos - http://www.hqphotostudio.ie/blog/imf-vigil-turned-march-cork-city-ireland
Protest in Government Building grounds
http://www.irishtimes.com/newspaper/breaking/2010/1122/breaking34.html
+ http://www.irishtimes.com/newspaper/ireland/2010/1123/1224283932606.html
+ VID - Sinn Féin protest outside government buildings - IMF cuts (guardian) - http://www.youtube.com/watch?v=Ps0V6giIezg
Department of the Taoiseach, 21-11-10 (The black day)
http://www.indymedia.ie/article/98237
N23: Fianna Fail office redecorated in Meath
http://riselikelions1.wordpress.com/2010/11/23/n23-fianna-fail-office-redecorated-in-meath/
+ http://www.irishtimes.com/newspaper/breaking/2010/1123/breaking18.html
'Silent' protesters demand FF step down
http://www.irishtimes.com/newspaper/breaking/2010/1125/breaking38.html
Revolution audio file
https://www.indymedia.ie/attachments/nov2010/revolution.mp3
Where are the Irish people? - The Euronews "WAKE UP IRELAND" protester
Phoblacht na hÉireann - NULL AND VOID
TRAITORS - Minister for Transport Noel Dempsey's constituency office in Trim, Co Meath, was vandalised
Gardai push protesters, including Sinn Fein TD Aengus O Snodaigh (right), back after they pushed through the gates of Government Buildings
The Rebels of Cork, angry and taking action
Embedded Video Description: Céad Mile Fáilte to the IMF (by Soundmigration)
Embedded Video Description: Sinn Féin protest outside government buildings - IMF cuts (guardian)
Revolution
Applause to the "New York Times" for thinking that up.
They certainly outdid "The Onion" this week...............http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html
& it so interesting to see how Italy owes more to both the Eire state and the Spanish state than either of those owe Mr Berlusconi's parlour................ isn't it? And nobody ought miss how much Italy owes France.
But does it really work that way?
Is it like Mr B (& perhaps his holiness Ratzinger on the side) cuddled up to Cowen, the Bourbon King of Spain & Sarkozy and tapped them / milked them / felched them for all he could get????
No it isn't so simple.
Correct me if I'm wrong, please do for thus may I learn
The arrows in the diagram are misleading because they represent both the stakes of sovreign debt in other PIIGS states as much as they give an indication of banking debts and credits.
It is certainly true that Spain (the state where I live) is acutely aware that it has a massive stake in Portugal's economy which is sadly even more than that suggested by the diagram above. That stake is not only inter-governmental but also the result of Spanish banks prowling. Let's not forget that most Spanish banks passed the "stress tests" with ease & just a little bit before "Newsweek" magazine named our beloved Taoiseach as one of the top ten leaders of our planet (for his handling of the crises) both the FT and Wall Street journal were felching up the "Spanish" Bank Santander's ass. [yep that felching word again - look the financial term up on the internet if it puzzles you.]
Accordingly in the last few days Spain's Zapatero & his opposition rightwing foe Rajoy sat down together with the 37 principle bosses of Hispanic capitalism & banking (whose invisible flags stretch the diagram to Latin America & indeed the UK) to discuss how they could :-
* contain Portugal catching the Eire state disease
* persuade everyone that Spain is different (been saying that since Franco discovered the appeal of topless beaches for tourism
& this is my conspiratorial bit.......................................
not mention the fking huge bunga bunga felching monster in the livingroom.................
ITALY.
= it really puzzles me especially when people can look at simple diagrams like the one on this page, how the global capitalist media refuses to lump Italy into the PIIGS scenario. There are no scare stories. No investors are being startled away (like the starlings they are) from trusting Italy. We are not treated to global capitalist media analysis of Italy. The loathesome credit agencies, one of which is so ironically called "Standard & Poor" aren't trumpeted as considering a degradation of Italy's status.
yet another oversimplistic diagram which makes only certain Piigies (& the brits) look debt fat & massages Italy's true poison.
#dubmarch
Just back from the protest march in Dublin city centre. There seems to be a fairly enthusiastic buzz about it on Twitter but I found the whole thing vaguely dispiriting. I think perhaps the fact that it was organised by the unions and alot of people don’t seem very engaged with their take on things probably dampened the general enthusiasm. The mood was somber, alot of frustrated anger. It was good that there was such a big crowd, 50,000 is what people are saying. Maybe all the cold weather has numbed my brain like it has my feet. Perhaps I was actually in the midst of a significant groundswell of public sentiment that will in fact affect a revision of governmental policy but to me at the time it didn’t feel like like much was being changed. Personally, I think we need better cheerleaders.
Blog Report from http://www.euphiodesign.com/blog/?p=814#1
Some updates from the big demo of 100,000...
Mainstream
Elsewhere
A FEW SELECT TWEETS @ #dubmarch
- #dubmarch on TWITTER
http://twitter.com/#search?q=%23dubmarch
VIDS
50-100,000 take to the streets in Dublin
Fianna Fail: putting the N in CUTS
Fringe of demo cuts from main march, approaches Dáil, burns poster of Cowen, plenty of cops about
Embedded Video Description: Dublin protest
Embedded Video Description: CHRISTY MOORE SINGS AT PROTEST MARCH AGAINST AUSTERITY BAILOUT PLAN IMF DUBLIN 27 NOV 2010
In the Anglo Irish Bank interim report on page 46 section 16, titled 'Derivative Financial Instruments' you will see in the table that Anglo had a derivatives instruments on their books and they come to a notional value of €167 in 2009 and €184 billion in 2010 which shows that they were still ramping up these reckless instruments to the value of €17 billion in just one year whilst they were in the midst of the crisis.
The official story so far seems to be that the ECB had been keeping the Irish banks solvent since Sept of this year as speculated by Prof. Morgan Kelly, and stepped in to call a halt to this because there was no end in sight. But now it turns out that they have stepped into to try and deal with these derviatives and goes so way to explaining why all 27 members of the ECB rushed off to the meeting today in Europe.
Who exactly are the 'senior bond holders'???
the big boys.They'd look on D Desmond and d O'Reilly and the likes as peasants.Serious wonga.I'd imagine there is more than a shekel of weapons industry and oil cash.Plus the usual Goldman Sachs(hello Peter)Rotschild, Mellon heir bullionaires. By now I'm sure the coke and smack mafias are linked in for laundry duties.
In short, the decendants of the dynasties that have been carving the planet into stake(sic) pie for accumulated centuries.Lots of it would be tied in knots of diversionary false identity shell companies.These people dont want the fame, just the fortune.And they manufacture their own 'god fortune' as surely as they manufacture the compliance and abetting of 'our' watchdog(ha ha ha)media.
Each individual TD (elected representative) needs to be informed ASAP and in no uncertain terms by the voters -- i.e. well in advance of December 7th -- that any of them who votes in a way which supports the multi-billion, interest-carrying (and crippling) IMF loans that are to be used to bail out the bankers, in connection with their massive, self-inflicted gambling debts, which nobody anywhere seems to know the full size of, will most definitely be "shown the door" at the next general election: which is now only a matter of weeks away apparently.
And, that this will happen regardless of which party (or no party) that they belong to, and regardless of what position they hold (or do not hold) in the present government.
It needs to be "principles before parties" regarding this extremely important issue, and the "political parties" need to stick their "party whips" where the money stuck his nuts, and hopefully leave them there for the rest of time.
And, if needs be when the time comes, it would be infinitely better (in my view) not to vote for anybody at all at the next general election, than to vote for a spineless traitor who proves their treachery and treason by their own hand on December 7th: assuming that is in fact the day our "elected representatives" will be voting on this particularly threatening social issue.