Jim Rogers "For the good of the Irish People, Ireland should go Bankrupt"

Cassandra Syndrome

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Austrian School economist, Jim Rogers, reiterates to the world what we all know, that this bailout is for Bankers and Politicians only and will enslave the population for generations. Video Clip of interview on Russia Today.

In this interview with the RT, Jim Rogers says what everyone except a few bankers and corrupt (soon to be unemployed) politicians grasp: namely, that Ireland should go bankrupt. Instead, the government is forcing the country into a tough spot, where social tensions are flaring, and could erupt into an all out social conflict, confirming that the interests of its people is the last thing the Irish government cares about, and is only concerned about preserving what is now virtually proven to be a failed model (with even JPM saying so tongue in cheekly), and prevent losses at all major German and English banks. Quote Rogers: "It would teach everybody a good lesson, and in the end Europe would be stronger for it, and the EUR would be stronger... You can not spend staggering amounts of money that you don't have of other people's money that you don't have because somebody has to pay the piper. This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money"... So simple, yet so irrelevant when dealing with a dying economic model.
Jim Rogers: "Ireland Should Go Bankrupt" | zero hedge
 


Asparagus

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Jim Rogers for Taoiseach!!!!!!!!!!!!!!!!!!!!!

Screw the debt. I didn't spend it.
 

WTTR

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Mr Rogers!

Yes, you are right, declaring the country Bankrupt would be in the interest of Irish Citizens.

But you see we are where we are because Irish Politicians thought that the way to prosperity was loading their own citizens with jumbo mortgages (I kid you not); despite the fact that we have untold hydrocarbon riches off our coastline. They decided to give these hydrocarbons away because as they mentioned in the Dail, they were not prepared to risk €20 MILLION of taxpayers funds per exploration hole at only a 30/1 chance of striking oil or gas (I kid you not).

So the fact that they decide to save foreign bondholders of the mainly previously foreign shareholder owned Irish banks while imposing on the Irish Citizens a Haiti style repayment schedule http://www.politics.ie/current-affairs/142574-le-monde-readers-castigate-ireland-comments-18.html#post3166008, agreed by foreigners over the next one to two hundred years, is in no way surprising.

Yes Mr Rogers! Our politicians should regard the current problem as a people's one, not a banking one!

The bondholders financed the 100% mortgages in accordance with recently created foreign and Irish negotiated EU law; without an iota of concern or awareness to the very real future catastrophe for law abiding and big party supporting Irish citizens from Ministers, other politicians and Irish MEPs. You see the parties in opposition had no extra foresight either into realising that jumbo mortgages were a bad thing for young people; in fact as recently as 2007, they canvassed to make it easier for young people to draw them down (I kid you not)

The new IMF/EU/GB borrowing is to be used to bail out these same Bond Holders. So now, we have a position where the Irish citizens have to pay off jumbo mortgages and the massive bond holder debt which the banks should be paying; thereby doubling an unbearable burden at a stroke. You see, our politicians do not see it this way (I kid you not).

You see our politicians, along with their foreign politicians in the EU, do not give tuppence halfpenny on what burden is imposed on the Irish citizen; or give a thought on what the Irish Citizen is trying to say in Referenda etc when it does not fit with an International Banking influenced EU Parliament and Leinster House.

You see, Mr Rogers, it is all about perception. It is how the country is seen on the International Financial Market Stage; so that out politicians can continue getting claps in the back by foreign politicians as they strut along the corridors of power, way out of eyesight of the plight that we are going through in paying off these massive bank mortgages and International Banking Debt.http://www.politics.ie/current-affairs/139523-lennys-big-fat-lie-4.html#post3049974

WTTR
 
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Aindriu

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He is dead right in what he says. Trouble is. It is only the shinners who agree with him and not enough people will vote for them. Given their performance over the last couple of weeks they will be getting my vote.
 

Simon.D

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Yea.. That Russian Trinity Finance guy really properly scared me just there on Sky News.. . Assuming I took him up properly, he's saying that with this bailout, debt is running toward 314,000 euro per head of the population (or per taxpayer?? not sure if I heard right) .. That's bloody madness and some load of taxation, especially in the recessionary times ahead, essentially meaning that our current fiscal deficit that we may get a handle on will essentially be replaced by interest repayments on our newly acquired debt.. i.e. we will still have a massive deficit regardless... It makes absolutely no sense... ... Cutting loose seems to be the only sane option...
 

Expatriot

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If we have an election it delays everything for a month, the crisis in the banks will not last that long and the banks etc will fail and not just here. I say lets vote. Screw the banks, screw everyone, this is about your kids having a future. Dont make them slaves.
 

morse

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Surely we can talk our way out of it or sell of some state assets.
I do wish cow anne and lenny had got their act together rather than bury thier heads in the bog.
What about declaring war on someone?
Becoming a dodgy tax haven like switzerland, cayman islands, Letchinstein ?
Even start taxing companies with corporation tax rather than the 3 % ave that is collected at present.
 

hammer

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Read Constantines articles in Business & Finance. I think you can get them online. They are enlightening as to level of debt per individual, household, worker.

My belief is that the National Debt is currently €91 billion. Add to that Anglo promissory notes & INBS circa €35 billion. On top of that the budget deficit for the next 4 years will add up to €38 billion minimum. Total €164 billion.

I will conveniently exclude NAMA and penion timebomb of €120 billion and further need for recapitalisation etc at AIB/BOI.

€164,000,000,000 / 1.6 million workers = €100,000 per worker National Debt.

Add to that personal debt.................
 

MPB

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Read Constantines articles in Business & Finance. I think you can get them online. They are enlightening as to level of debt per individual, household, worker.

My belief is that the National Debt is currently €91 billion. Add to that Anglo promissory notes & INBS circa €35 billion. On top of that the budget deficit for the next 4 years will add up to €38 billion minimum. Total €164 billion.

I will conveniently exclude NAMA and penion timebomb of €120 billion and further need for recapitalisation etc at AIB/BOI.

€164,000,000,000 / 1.6 million workers = €100,000 per worker National Debt.

Add to that personal debt.................
I think I will declare myself a non worker.

Does less workers mean less debt?
 

CookieMonster

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Austrian School economist, Jim Rogers, reiterates to the world what we all know, that this bailout is for Bankers and Politicians only and will enslave the population for generations. Video Clip of interview on Russia Today.



Jim Rogers: "Ireland Should Go Bankrupt" | zero hedge
The number of people, free from vested interests and slavish attachments to powers outside the state, who have been making a similar call is starting to grow and grow.

http://www.politics.ie/current-affairs/143672-bust-better-than-bailout-irish-patient-matthew-lynn-bloomberg.html#post3200585
 

Squire Allworthy

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If we have an election it delays everything for a month, the crisis in the banks will not last that long and the banks etc will fail and not just here. I say lets vote. Screw the banks, screw everyone, this is about your kids having a future. Dont make them slaves.

I agree.

When people are clambering at your door trying to pressurise you to do something it is usually a time to sit back, have a cup of Earl Grey and think. My thoughts go like this.

The budget can wait a month. A change of government is more important.

A dying administration is never the time to make such fundamental decisions. Thinking will be muddled with elections.


There is absolutely nothing wrong with bankruptcy. It happens to individuals and it allows the slate to be wiped clean, so why not countries?

I disagree with large parts of the bailout simply because they are costs incurred in relation to banking. That is not the proper use of taxpayer's money.

If the banks run out of money and close their doors so what? There will be a bit of confusion for a few months, but measures could be taken to ensure that no one starves. An emergency could unite the country if it thinks everyone is in it together.

If the government runs out of money its bills don't get paid including TD's salaries. Again so what, if you have no Euros you simply print your own currency and pay in that. I would set about designing the currency and start upting the stakes in the ongoing negotiations.

There really is no hurry or need for haste, if you are willing to have a rocky 2011 you will come out of this a lot quicker than you may think.

Do the above and see who blinks first!!
 

Expatriot

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Read Constantines articles in Business & Finance. I think you can get them online. They are enlightening as to level of debt per individual, household, worker.

My belief is that the National Debt is currently €91 billion. Add to that Anglo promissory notes & INBS circa €35 billion. On top of that the budget deficit for the next 4 years will add up to €38 billion minimum. Total €164 billion.

I will conveniently exclude NAMA and penion timebomb of €120 billion and further need for recapitalisation etc at AIB/BOI.

€164,000,000,000 / 1.6 million workers = €100,000 per worker National Debt.

Add to that personal debt.................

So basically if we go along with this plan we are giving your average 35 year old graduate a choce.

Live in Ireland on the same net income as any other EU country with worse services and a debt of 200k or go abroad to a much better life.

That is not a choice for any educated person. We need to get real here about what we are signing up for. It may be shameful that our banks and State have economically failed and will do untold damage to the EU, but pretending they have not failed does not make things any better.

All this talk of hard decisions is a load of horse poo. A hard decision would be to get a few EU leaders on the phone and tell them you are not covering the banks from midnight and you are calling an election. Hit he ball back to them. We have nothing to lose here, they have everything to lose. Everyones pension below the age of about 50 here is gone, that is state and private pensions. We dont need the banks or the euro, we need to survive, we are bankrupt and need to declare it loud and clear. Offering us a debt of 250 billion euro to save "banks" that are really only even going to be debt repayment veichles is not help. The EU is either part of the solution or part of the problem. If we are on our own so be it, if they are taking the side of bond holders over tax payers so be it, we have been alone before.
 

Expatriot

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I agree.

When people are clambering at your door trying to pressurise you to do something it is usually a time to sit back, have a cup of Earl Grey and think. My thoughts go like this.

The budget can wait a month. A change of government is more important.

A dying administration is never the time to make such fundamental decisions. Thinking will be muddled with elections.


There is absolutely nothing wrong with bankruptcy. It happens to individuals and it allows the slate to be wiped clean, so why not countries?

I disagree with large parts of the bailout simply because they are costs incurred in relation to banking. That is not the proper use of taxpayer's money.

If the banks run out of money and close their doors so what? There will be a bit of confusion for a few months, but measures could be taken to ensure that no one starves. An emergency could unite the country if it thinks everyone is in it together.

If the government runs out of money its bills don't get paid including TD's salaries. Again so what, if you have no Euros you simply print your own currency and pay in that. I would set about designing the currency and start upting the stakes in the ongoing negotiations.

There really is no hurry or need for haste, if you are willing to have a rocky 2011 you will come out of this a lot quicker than you may think.

Do the above and see who blinks first!!
Have a look at your personal circumstances.

Would you and your family be better or worse off with a national debt of 250 billion euro and two "saved banks" in Irish hands, or would you be better to let them go?

I think most of us are in the latter group and that is why they wont let us vote to decide. Nobody is going to vote to borrow to save these banks. We know we are screwed anyway, lets not screw people 40 or 50 years down the line. As you say declare bankruptcy and move on in a few years.

Nobody in 10 or even 5 years time will care about it. Russia defaulted no that long ago. I have never heard anyone refuse to buy into a country that went belly up 40 years ago. But if that country still have a legacy debt it would be an issue.

Hard decision. Sure, tell the IMF to go home. If they want to save German banks, go ahead, but I am not paying for it. I am not repaying any IMF loan and I will vote for any loony that says as much.
 

polarbear

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Oct 15, 2010
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I agree.

When people are clambering at your door trying to pressurise you to do something it is usually a time to sit back, have a cup of Earl Grey and think. My thoughts go like this.

The budget can wait a month. A change of government is more important.

A dying administration is never the time to make such fundamental decisions. Thinking will be muddled with elections.


There is absolutely nothing wrong with bankruptcy. It happens to individuals and it allows the slate to be wiped clean, so why not countries?

I disagree with large parts of the bailout simply because they are costs incurred in relation to banking. That is not the proper use of taxpayer's money.

If the banks run out of money and close their doors so what? There will be a bit of confusion for a few months, but measures could be taken to ensure that no one starves. An emergency could unite the country if it thinks everyone is in it together.

If the government runs out of money its bills don't get paid including TD's salaries. Again so what, if you have no Euros you simply print your own currency and pay in that. I would set about designing the currency and start upting the stakes in the ongoing negotiations.

There really is no hurry or need for haste, if you are willing to have a rocky 2011 you will come out of this a lot quicker than you may think.

Do the above and see who blinks first!!
+1. What can they do? Invade us?
 

orlab

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Oct 3, 2009
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Yes they can.We signed up for the Lisbon Treaty,in it it says if need be,all the countries, who signed,will be asked to give armed support to any country in the EU, who needs to send troups in to any country they are in conflict with.
 


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