Monday, November 29, 2010

How It Works: Bank Bailouts

The British kept Ireland enslaved for over 400 years on the pretext the Irish could not rule themselves, in essence, the Irish are only fit for slavery.  AS I watch the Irish government arrange to enslave the Irish people with government bailouts of private foreign banks, for the foolish loans made by private foreign banks, I am very glad I am more Scot than Irish (or course both are Celtic.)  The Irish have self-ruled for less than 100 years, and already they have given up their freedom.  They have agreed to spend the next hundred years working for foreign private companies.

Special note: Irish pensions have to be given up to finance this deal.  In Ireland, that mostly means govt pensions.  Word to USA govt pensioners:  when the money dries up, or more likely comes in but is worthless, you will have no options, since your government work was to kill off the small businesses that would have been providing the options in the future.  Condign punishment.

Here is the salient paragraph on the deal:

However, in a surprise accounting move, European and IMF experts decided that Ireland first must run down its own cash stockpile and deploy its previously off-limits pension reserves in the bailout. Until now Irish and EU law had made it illegal for Ireland to use its pension fund to cover current expenditures. This move means Ireland will contribute euro17.5 billion to its own salvation.


Of course most Irish are against this deal, but it does not matter.  They agreed to government, therefore they agreed to slavery.  Once they agreed to slavery, they have no say in who wields the whip, or what work they will be obliged to perform.

The Irish secured their independence with violence, as the movie Michael Collins outlines.  I think that is always a bad idea...  better to use nonviolent means, the freedom lasts longer.  Perhaps in 400 years or so, the Irish will be ready again for freedom, and they'll do it nonviolently this time.

Iceland declined to pay back private foreign banks for making bad loans.  Iceland remains free.  The irony is although Iceland is touted to be Nordic, the vast majority of the blood stock is celts who were captured as slaves and taken to Iceland.  So there is hope for the Irish.  Just not now.


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