Champagne Corks Popped After The Budget - In The British Banks

onlyasking

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Fianna Fail and the Greens have done the British banks proud, by doing the Irish taxpayer over.

The lunatic Thatcherite approach which led to our calamity is now being made manifest in the other barrel of the Thatcherite shotgun being blasted at the less well off, all for the good of wealthy people here and abroad.

No wonder the writer describes both the Irish and British governments as "Thatcherite to their fingertips".

Slash and burn, and widen the deficit as you go, spiralling insanely down to the bottom of the pit. Way-to-go.

For those right wingnuts here who developed a sudden interest in the Guardian over the past couple of days, here's a blog from an altogether more expert observer at that newspaper.

How one large part of the UK economy may avoid an Irish fate | Michael Burke | Comment is free | guardian.co.uk
 


Green eyed monster

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It's sickening isn't it?

The leaders of Germany, France and Britain deserve academy awards each... For pretending to be annoyed at Ireland over the whole bailout usurious loan to bail out their own banks - business... They have played that act well to allow Lenihan and co present it like it is a gift to Ireland from a begrudging Europe.
 

He3

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His phrase 'a flow of tribute' sounds about right

The Irish bailout, like Greece before it, is a form of international loan-sharking, where Europe's banks demand repayment in full of existing debt by means of loading Irish taxpayers with ever-greater debts. These banks are headed by British ones, which hold £140bn in bonds issued by Irish borrowers, the biggest national exposure to Irish debt. Almost unremarked here, but not in Ireland, is that the interest rate on these new EU loans will be approximately 7%, compared with just 3% on IMF loans.


Therefore, the key difference between Ireland and Britain is that a flow of tribute will continue to benefit Britain's banks at the expense of Irish taxpayers.


How one large part of the UK economy may avoid an Irish fate | Michael Burke | Comment is free | guardian.co.uk

Not just taxpayers of course.
 

CarnivalOfAction

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Fianna Fail and the Greens have done the British banks proud, by doing the Irish taxpayer over.

The lunatic Thatcherite approach which led to our calamity is now being made manifest in the other barrel of the Thatcherite shotgun being blasted at the less well off, all for the good of wealthy people here and abroad.

No wonder the writer describes both the Irish and British governments as "Thatcherite to their fingertips".

Slash and burn, and widen the deficit as you go, spiralling insanely down to the bottom of the pit. Way-to-go.

For those right wingnuts here who developed a sudden interest in the Guardian over the past couple of days, here's a blog from an altogether more expert observer at that newspaper.

How one large part of the UK economy may avoid an Irish fate | Michael Burke | Comment is free | guardian.co.uk
Well said; this guy might agree:
YouTube - Irish ************************ing Bankers!
 

onlyasking

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The Irish bailout, like Greece before it, is a form of international loan-sharking, where Europe's banks demand repayment in full of existing debt by means of loading Irish taxpayers with ever-greater debts. These banks are headed by British ones, which hold £140bn in bonds issued by Irish borrowers, the biggest national exposure to Irish debt. Almost unremarked here, but not in Ireland, is that the interest rate on these new EU loans will be approximately 7%, compared with just 3% on IMF loans.

Therefore, the key difference between Ireland and Britain is that a flow of tribute will continue to benefit Britain's banks at the expense of Irish taxpayers.


How one large part of the UK economy may avoid an Irish fate | Michael Burke | Comment is free | guardian.co.uk

Not just taxpayers of course.
That's an important point to be made. Almost everyone at the bottom of our economic pyramid is going to be hit hard.
 

onlyasking

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It's interesting how suddenly silent are the neo-Thatcherite hyenas who over the past couple of days descended in a frenzy onto a thread here, a thread which was based on an erroroneous anti-public sector Guardian blog.

Perhaps they've satisfied for the moment their need to savage public sector workers.

On second thoughts, it's obviously because they don't like the damning verdict on their approach which is contained in the Guardian piece to which this thread refers.
 

He3

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That's an important point to be made. Almost everyone at the bottom of our economic pyramid is going to be hit hard.
Like denial, pyramids should be confined to Egypt.
 

onlyasking

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Like denial, pyramids should be confined to Egypt.
Well, we've had references on P.ie by neo-Thatcherites to the likelihood of "a semi-fascist party" taking the reins here, and the likelihood wasn't exactly a source of any fear for some, suggested as it was as a way to bring public sector workers to heel.

The Egyptian secret police could provide such a party with training.

I shouldn't be putting ideas into some people's heads.
 


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