That stupid blank look on Careys face said it all
the lot of them.
p.ie
Joe....
Some bedtime reading for you...............................
Brits demand end of sovereignty—for Ireland and the world
Ireland’s financial crisis is a battle for national sovereignty. The City
of London and its Inter-Alpha Group of Banks is
strangling Ireland, to force the Irish government to take over the debts of
the private banks, including Inter-Alpha’s own
Allied Irish Banks. British and Inter-Alpha Group banks have massive
investments in the Irish banking system; Britain in
fact uses Ireland as its “offshore base” in the Eurozone. Until today, the
Irish government has refused to bail out these
private banks, but the pressure is crushing.
What’s at stake?
The entire global financial system: The illusion of a “recovery” since
September/October 2008 has depended entirely upon
governments taking over the banking system’s gambling losses, and pushing
the burden of those losses on to the public. The
people of Europe and the U.S. have suffered under brutal austerity cut-
backs, so the banks could keep trading their
derivatives and chalking up paper profits. If governments didn’t bear this
burden, the private banking system would vaporise.
Ireland’s refusal—until now—to toe the line, threatens this entire global
bailout arrangement.
London’s 15th November The Telegraph reported, “The veteran Conservative MP
Peter Tapsell warned that the ‘potential knock-on
effect’ of the Irish crisis ‘could pose as great a threat to the world
economy as did Lehman Brothers, AIG and Goldman Sachs
in September 2008’.” Thus, a “financial hit squad”—as the London Guardian
put it—of the European Central Bank, the International
Monetary Fund, and the EU Commission, has flown to Dublin to scrutinise the
banks’ books and eventually cram a bailout down the
throat of Irish government leaders. The British government has agreed to
participate in the bailout, and a figure of 100 billion
euros is being discussed. However, this might not be enough, given the
ongoing run on Irish banks by corporate investors.
Furthermore, the Greek crisis is sharpening again. Austria has just
suspended aid contributions to the Greek bailout financial
packet agreed to last May, because Greece has failed to meet the tax
revenue targets agreed to under the EU Memorandum. Credit
default swaps (CDSs) on Greek debt yesterday rocketed 97 basis points to
950; a Greek default would trigger $300 billion worth
of CDS contracts.
British imperial outlets have been clear about their intentions in the
“Irish crisis”: use Ireland as a guinea pig to destroy
national sovereignty, in order to impose fascist looting to bail out their
Inter-Alpha system. ECB head Jean-Claude Trichet
earlier this week called it the end of the “Westphalian system” (of
international law based on national sovereignty); today, the
same line comes straight from London:
“A full EU-IMF bail-out would mean Ireland losing key areas of political
and economic sovereignty”, The Telegraph wrote on 17th
November. “This would be deeply controversial,” they admit, but it must be
done. The flagship London Economist similarly says that
the purpose of the bailout of the Irish banking sector is to “make it
sturdy enough for some of Ireland’s banks to be bought up by
foreign ones.” This can be disguised with different names to allow Ireland
“to claim that it has not (yet) abandoned Ireland’s
hard-won sovereignty,” the Economist proposes, only to rub salt in the
wound: This “may highlight the involvement of a country that
is in the EU, but outside the euro zone: Britain, the old coloniser.”
This week, Lyndon LaRouche urged Ireland to stand firm, and let the Inter-
Alpha Group go bankrupt: “What the British have done, is
they’ve set up a big gamble, under which the Inter-Alpha banks are to be
bailed out. The Inter-Alpha Group is now potentially bankrupt.
If they don’t get this ‘Irish’ bailout through the EU, they’re in trouble.
That’s the reality … They took the big gamble; it’s their
responsibility… So therefore they are really desperate. That’s why British
PM David Cameron is on the line all the time with Ireland,
trying to hound them into submission.
