IMF sets up field office in Ireland to oversee their heist

[1] The current depression will continue until nations start nationalizing their banks, plus any financial institutions deemed to pose a risk to their economic stability. Simple logic demands this.

By “nationalize,” I mean take control, not simply pass the private bankers’ debt onto the masses. (More on this below.) 

[2] The Depression has caused much of the Western masses to vent their anxiety via racism and immigrant-bashing, because the masses are too stupid to see that the real villains are bankers and their puppet politicians. Politicians do their part to stoke this hatred, in order to distract from their own crimes.

And yet, the same racist clowns among the masses do not squawk when non-White bankers and their agents rape them.

Examples include this EU representative Nigel Nagarajan, plus Ajay Chopra, head of the IMF's mission to Ireland – both Indians.

Why don’t the racists focus on these creeps? 

[3] The money for all these “bailouts” goes entirely to investors (i.e. bondholders) which includes the Rothschild Bank in Zurich, Goldman Sachs, Barclays, Deutsche Bank, and so on.

In 2010 these bankers “bailed out” Ireland with 85 billion euros at 5.8% interest, 35 billion of which went straight to Irish banks to prop them up. 17.5 billion of it was contributed by the Irish government, which stole the money from the National Pension Reserve Fund. This was done so Ireland could continue to sell bonds, and go into further debt -- i.e. so Ireland could enjoy “growth” of more debt. The ever-increasing debt load is called “sustainable growth.”

Optimistic estimates say Ireland’s national debt will grow to 175 billion euros by 2014. The interest on this will be about 8.5 billion euros each year -- but those estimates are based on today’s figures, which will expand as Ireland goes into deeper debt.

Ireland will not be able to make these payments. Hence Ireland will take more and more loans (i.e. more debt), thereby sacrificing taxpayers to keep the elitist system in place. 

Quite simply, if Ireland’s economy does not grow at a pace that is greater than the interest paid on the debt, then Ireland will die. And under the monstrous debt load, there is no way that Ireland’s economy can grow. On the contrary, Ireland’s depression will continue to worsen.

Foreign banks and creditors should lose everything they gambled on the likes of Anglo-Irish Bank, but instead they are saved by taxpayers who had nothing to do with executive decisions at Anglo and the other banks.

The Irish government should force the ECB to account for its own monumental culpability in allowing out-of-control German and French banks to lend recklessly to Irish banks. Instead, the Irish government acts as debt collector for foreign banks. And the debt increases all the time.

This is not capitalism. It is theft.

I say that if we call ourselves capitalists, then let's be true capitalists. Let the insolvent banks die. Why keep sticking two-by-fours under the rickety banks to keep them running at all costs? Why take money from the masses and plow it into private banks that give giant bonuses to their managers and traders?

[4] Why bail out Anglo-Irish Bank anyway? It wasn’t a street bank like Allied Irish Bank or the Bank of Ireland. The Anglo-Irish Bank had only six branches in Ireland, no ATMs, and no organic relationship with Irish business except property developers. All it did was borrow money from foreigners, and lend that money to people to buy land and to build. Anglo-Irish Bank only became “systemic" when its losses were made everyone’s losses. If Anglo-Irish bank had been allowed to die, the only losers would have been shareholders and bondholders.

It is not capitalism when the Irish government “nationalizes” a bank that was run by crooks lending to property speculators.

“Nationalized” means the bankers remain in control, while taxpayers pay off their 34-billion-euro (and mounting) losses, plus interest.

We've become like the USSR, where politicians extolled "communism," while looting all they could. The USSR ceased being communist when Stalin took power circa 1922. Nazi Germany's war was not against Communism (since Germany was itself socialist), but against Stalinist agression.

If the West is going to be capitalist, then let's be FUCKING CAPITALISTS! 

But no, every Irish child is now saddled at birth with a huge debt to protect the interests of foreign (mainly German) bondholders. The Irish people will be looted forever. They are taking losses that should rightly be eaten by bondholders and stockholders. That is not capitalism.

Besides, if the Irish government wanted to save Irish banks, then why not guarantee just the deposits? There’s a difference between depositors and bondholders. Depositors can flee. They can pull their money out. By contrast, investors who owned roughly 80 billion euros of Irish bank bonds were stuck if they wanted to get paid. Investors couldn’t take their money out of the bank. Too bad. They had no moral right to be made whole by the Irish government, and they didn’t even expect it. Many tried to sell their bonds back to Irish banks at huge losses just to get rid of them, but the Irish government needlessly guaranteed them at taxpayer expense. 

It’s the same throughout Europe. Rich investors made private bets that went bad, and they didn’t expect to be repaid in full, but they were handed their money back (with interest) by European governments. This is suicidal.

A handful of Irish bankers incurred 100 billion euros in debt they could never repay. Therefore Irish taxpayers will pay.

Yesterday (9 Oct 2011) the Belgian government agreed to “nationalize” the local consumer-lending unit of Dexia SA. Thus, Belgian taxpayers must give 4 billion euros to private investors. (Just three months ago, Dexia got a clean bill of health in European Union “stress tests.”)

“Nationalization” does not mean control. It means that poor taxpayers bail out rich investors.

Right-wing politicians in the USA condemn protesters such as those with Occupy Wall Street, saying they are “anti-American,” and “anti-capitalist.” However -- once again -- we no longer have capitalism. We have only a GIGANTIC HEIST. Capitalism is a system of profit and loss that entails investment and risk. Today’s bankers incur no risk.

If I build a factory and employ people, and I seek a profit, that's capitalism. It is NOT capitalism if I use the banks to rob people. Capitalism is about profit. Today's West is about theft.

[5] The Irish people have tried to fight this, but they must become far more serious. In March 2011 the pro-banker Fianna Fail party (which ruled Ireland for 80 years) went from 78 seats in the Irish Parliament (the Dáil) to all but 20, securing only 1 seat out of 47 in Dublin. Their traitorous coalition partner, the Greens, lost all of their seats. Fine Gael won 76 of the 166 seats, and the Labour Party won a record 37.

The most spectacular gains, however, were made by the Sinn Féin under the leadership of Gerry Adam and his “burn the bank bondholders” banner. Sinn Féin more than tripled the number of their seats, from 4 to 14. (Pro-banker politicians call them “terrorists.”)

As for other anti-bailout parties, the Socialist Party and the People Before Profit Alliance each won 2 seats, and the independents, 15, reflecting the electorate’s growing distrust of big parties.

So the odious Fianna Fail is out, but much more progress must be made. The current prime minister Enda Kenny (leader of Fine Gael) says he wants the bankers to renegotiate the interest rates they are charging Irish taxpayers, but this is just talk.  

The “terrorist” Sinn Féin party wants to dump the bankers, period. They want whole sections of budget cuts reversed. They want Ireland to unilaterally withdraw from the IMF/EU “bailout deal” and let bondholders eat their losses. 

(What Ireland really needs to do is drop the euro.)

[6] In a 3-minute video, John Pilger comments on this socialism for the rich and capitalism for the poor. The rich get richer by running up debt, exploiting cheap labor, and paying no taxes, while the poor get poorer as their jobs and services are cut in order to pay just the interest on loans from the bankers. Pilger mentions that in the case of Indonesia, about $8 billion (a third of the World Bank’s loan money, which the bankers created out of thin air) went into the pockets of dictator Suharto and his cronies before the 1998 revolution forced Suharto to retire.

That’s how it is with all nations. Bankers buy politicians by letting them pocket a third of “bailout” money. All the debt is dumped onto the masses, impoverishing them. Again, this is not “capitalism.” It is theft. 

http://www.youtube.com/watch?feature=player_embedded&v=_xgxCf05Kmw

In a 52-minute video titled “War By Other Means,” Pilger mentions that all charity money raised for Africa by events such as ‘Live Aid’ in 1985 occurs as loans. Because of interest on these loans, the more money the West gives to Africa, the more the West impoverishes Africa. Bankers give them $10 billion out of the “goodness of their hearts,” and the poor must pay back $100 billion. Of course, few of Africa’s poor ever see any of this money. It all goes to corrupt governments.  (Gaddafi’s solution was to make Africa financially independent, which is one reason why the bankers ordered Gaddafi destroyed.)

John Pilger says that throughout modern history, the poor have financed the rich, not the other way around. He sees this as a world whose principle weapon is debt. And the casualties run in the tens of millions. In most cases today, bankers don’t need to physically occupy territory. The occupier is debt. We are seeing the greatest transfer of public wealth to private hands in human history. Debt is the largest cause of famine, misery, and ecological destruction in today’s world. This is the New World Order.

The World Bank and IMF operate in secrecy. Their agents enjoy immunity from prosecution throughout the planet.

[video:http://video.google.com/videoplay?docid=-5399796928596929639]