If Ireland Asserts Sovereignty, Bye-Bye Empire

[daithi]

i was listening about one of these investors on the radio a few weeks ago and the exact words used were "couldnt believe his luck" that the government acted the way they did (words stuck in my head it boiled me so much).brb....


....just did a search and think this guy must be who they were talking about,

There is a story in Michael Lewis's Vanity Fair article on the fall of Ireland of a former senior bond trader in Merrill Lynch who got caught with a pile of bonds in Irish banks on September 29, 2008. He had been trying to sell these bonds back to the bank at 50c on the dollar. That is, he was willing to take a 50 per cent haircut just to get out of it. That guy woke up the next morning to find his bonds were worth 100 cents on the dollar. He couldn't believe his luck that our government had guaranteed them.
The point Lewis is making is that no one in the world of the private sector expected 100c back in the dollar on debts that went disastrously wrong. And then along we come like alter boys and insisted on crippling ourselves to pay back everything. By the way, if you haven't read Lewis' article you should. Putting aside a tendency toward Paddywhackery and slight errors, it is the most embarrassing thing you will ever read about yourself. Like someone writing a blow-by-blow dispassionate account of everything you did the night before, read while you have a hangover and the fear. But worth reading.

from irish independent.

Would that make you sick or what.

not controdicting ya grizz
my mam has two old pics from vanity fair which was an important publisher back in the day
cant think of his name

[Snowy79]

I like the idea behind this but sadly it's been thought up by a politician. Banks don't just lend on mortgages. They employ local people, pay taxes, invest in pensions, some of which could be for local businesses. They lend money to keep companies afloat and thousands of other things that affect everyone. Now let those banks fail and see how far the ripples go before the majority of the Country suffers. Add to this who in their right mind is going to invest in a Country that is happy to take their business but not the risk. Maybe all the Chinese and Indian takeaways should stop paying taxes etc as after all they're not Irish. A bit tongue in cheek but hopefully you see where I'm coming from.

[Meat-Head]

damm can't find it is this simular to that post about the german tourist goes to greece, clearsa load of debt and everybody is happy?

[GastonJ]

damm can't find it is this simular to that post about the german tourist goes to greece, clearsa load of debt and everybody is happy?

They no longer need to go to Greece, as they did in the 1940's, they own it already. It's amazing the good that banks did some countries, and not for others. All on the back of no real money changing hands, just banks refusing to lend to each other - and we paid them money for doing it!!! amazing coincidence or what?

[Meat-Head]

Missunderstanding

there is a post on here general chat or comedy section

german tourist goes to greece puts ***8364;100 on tabke goes upstairs, bar owner takes money to brewrey, brewery take money to farmer, then ends up on desk in pub, german leaves everybody has paud their debt thanks to the inwutting german

kalipo mate dk swrver hates euro as well. That said 100 euro