Robert Peston published on his BBC blog, "Person's Picks"" an article "The unbelievable truth about Ireland and its banks". It is somewhat disconcerting that major media business commentators are surprised with the obvious. (At least to anyone who was bothered to read "The largest heist in history" published over two years ago.)
Indeed the current hit is no end to the Irish predicaments. The same fate is awaiting other countries that have been a part of the global pyramid scheme. UK and the US will not be immune so let us not be surprised with yet another liquidity crunch when it is sparked off by the financial instituions in the UK in order to extract yet more money from the taxpayers. In fact the British government has effectively invited the financial institutions to come for more money by making spending cuts thereby creating a room to borrow more to "help" the banks when they "need" it.
The very first and most spectacular victim of the pyramid collapse in 2008, Iceland, handled the crisis in the best way: took the loses, defaulted on their financial obligations, now negotiates with the creditors in a pretty tough way and pursues on criminal charges all those who engineered the crisis in the first instance. The governments of Ireland and the rest of Europe should take this as an example as otherwise the taxpayers will keep being exposed to the loan sharks' tactics currently pursued by the financial industry.
Indeed the current hit is no end to the Irish predicaments. The same fate is awaiting other countries that have been a part of the global pyramid scheme. UK and the US will not be immune so let us not be surprised with yet another liquidity crunch when it is sparked off by the financial instituions in the UK in order to extract yet more money from the taxpayers. In fact the British government has effectively invited the financial institutions to come for more money by making spending cuts thereby creating a room to borrow more to "help" the banks when they "need" it.
The very first and most spectacular victim of the pyramid collapse in 2008, Iceland, handled the crisis in the best way: took the loses, defaulted on their financial obligations, now negotiates with the creditors in a pretty tough way and pursues on criminal charges all those who engineered the crisis in the first instance. The governments of Ireland and the rest of Europe should take this as an example as otherwise the taxpayers will keep being exposed to the loan sharks' tactics currently pursued by the financial industry.
No comments:
Post a Comment