More signs of unrest in Ireland.
Ireland is in the middle of a global political game. The bailouts, as they are eslewhere, are all about banks in other countries making sure they get paid back for loans that they lend fraudulantly and/or recklessly. The Irish are taking the political flack for Germany and the ECB generally.
The 'bailout' of Ireland is supposed to stop a 'contagion' inside the Eurozone. It hasn't worked. According to Zerohedge the bailout has failed and markets are moving on to gut Portugal.
How long can the Euro survive? As Britain is also bankrupt the question is also, how long can the pound survive as it prints more money to QUIETLY bail out Britain's insolvent financial sector.
With currencies being devalued to keep the banks on life-support sovereign debt crises and money printing are seeing the value of assets, savings and investments collapse. Pensions are taking a pounding and will likely be of little value when people retire.
We must stop throwing public money at private debts. Let them fail. A new system can be created, the bailouts repudiated and the money set aside for a new pension fund.
People are worried. In Ireland there are increasing flashpoints where demonstrators are being arrested. Here is another example of tensions rising to the surface in the Irish parliament -
Just saw the zerohedge piece myself, that was a quick market response to the bailout!
ReplyDeleteI couldn't agree more with your take on the whole big picture. What we use bailing out a demonstrably compromised and failed model, could just as easily be spent building a new model that works for society rather preying upon it.