• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    Ga6thDem on Brief observations, Hillary Cl…
    Ivory Bill Woodpecke… on Brief observations, Hillary Cl…
    bellecat on Brief observations, Hillary Cl…
    HerstoryRepeating on Brief observations, Hillary Cl…
    HerstoryRepeating on Brief observations, Hillary Cl…
    Seagrl on Brief observations, Hillary Cl…
    bellecat on Brief observations, Hillary Cl…
    Seagrl on Brief observations, Hillary Cl…
    Seagrl on Brief observations, Hillary Cl…
    Ivory Bill Woodpecke… on Brief observations, Hillary Cl…
    Catscatscats on Brief observations, Hillary Cl…
    Catscatscats on Brief observations, Hillary Cl…
    William on Brief observations, Hillary Cl…
    William on Brief observations, Hillary Cl…
    riverdaughter on Brief observations, Hillary Cl…
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama Bernie Sanders big pharma Bill Clinton cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donald Trump Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean John Edwards John McCain Jon Corzine Karl Rove Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare OccupyWallStreet occupy wall street Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans research Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    October 2019
    S M T W T F S
    « Sep    
     12345
    6789101112
    13141516171819
    20212223242526
    2728293031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • Week-end Wrap – Political Economy – October 20, 2019
      by Tony Wikrent North Carolina Democratic Party Progressive Caucus Strategic Political Economy Economist Mariana Mazzucato has demonstrated that the real driver of innovation isn’t lone geniuses but state investment. [Wired, via The Big Picture 10-19-19] ….Mazzucato, an Italian-American economist who had spent decades researching the economics of innovation […]
  • Top Posts

  • Advertisements

Bank Wankers bear down on Ireland

A half dozen years ago, Ireland was the Celtic Tiger.  Remember the infamous Irish Sandwich? Corporations loved to do business in Ireland because the country had a ridiculously low corporate tax rate.  You know, that thing the “jahb creators” are always screaming about?  If we only let them pay next to nothing in taxes there would be jobs for everyone and we would all be rich beyond our wildest dreams, more prosperous than our father’s father’s father and able to support ourselves fully without any assistance from the government.

Compared to America, with its harsh and punitive corporate tax rate {{rolling eyes}}, Ireland must be heaven.  The rivers flow with milk and Jamisons, the economy flowers and ripens with boundless enthusiasm for the free market and children are all above average and women are handsome and it is bliss and, uh, what?

The International Monetary Fund has ordered the Irish government to slash dole payments, cut child benefit, and take the automatic right to a medical card away from old age pensioners.

The IMF also wants the government to introduce a hard hitting property tax as it seeks a return on its investment in Ireland.

The proposals have come from the IMF in a hard hitting directive ahead of the government’s December budget.

The IMF is currently bank rolling Ireland’s economic bail-out along with the European Union and their latest orders have been met with harsh criticism from opposition groups and trade unions.

IMF bosses, in Dublin for their regular review of the Irish economy, ordered the Government to cut high social welfare benefits to encourage people back to work.

They warned: “Dole payments are high by international standards and responsible for low exit rates from the Live Register.

“With the Irish economy to grow by just 0.5pc this year, certain welfare payments should be means-tested to avoid long-term unemployment.”

If you have any doubts about where the money men are headed here in America, look no further than the IMF asking old aged pensioners in Ireland to give up their Medicare.  It’s the IMF’s modern update of A Modest Proposal where if the old are going to die anyway, it would be decent of them to do it quickly.

I love the IMF.  It’s so full of optimism.  Like, an unemployed person in Ireland is just collecting money because the government is generous and if only the government would turn off the spigot, people would go back to work. I’m not sure how that’s supposed to work when there aren’t any jobs.  I suppose they will just have to figure something out or starve.

Oh, wait, they did that back in the 1840’s.  And how did that turn out?

You know, given Ireland’s history of mistreatment from the ruling class and its negligence of the people’s incalculable suffering, you’ve got to wonder why it is that the Irish don’t grow a spine and tell the IMF to take a hike.  Depressing Ireland’s economy is likely to make the situation worse. It’s not doing the country any favors.

So, to recap: banks make a lot of stupid bets, corporations get everything they wanted, ordinary people were encouraged to invest everything they had in a party they were assured would never end and a bunch wankers in London fixed interest rates that affected loans, pensions, municipalities and mortgages all around the world.  THEN when the bankers blew it all up, they got to the front of the line to get a gigantic handout from the rest of us.  This gift was bigger than the world had ever seen.  It pretty much wiped us all out.

Now, those same idiots would like for all of us who have lost our jobs, houses, pensions and everything else to stop whining, go get some non-existent job or starve (it doesn’t really matter which as long as we keep the noise down).  In the meantime, they will sit on the gigantic wads of cash we gave them and complain that the corporate interest rates are too high and too many people want them to get off some of that mountain of cash for the pensions they were promised.

Ireland is not Greece.  Greece acted like a spoiled heiress with all of the money it borrowed.  It spent lavishly and didn’t collect taxes.  Sure, it’s not fair to take it out on average Greeks, who now are facing a collapsing public and medical infrastructure, but you can kind of see why they’re in the mess they’re in.  But Ireland has been operating by the west’s free market playbook.  It wasn’t supposed to turn out like this.  The idea of bailing out out the banks and letting everyone else go under is the social welfare for the criminals who caused the problem in the first place. What Ireland needs is an infusion of good Viking women from Iceland to tell the wankers to go take a hike.

Why the ^*(% are we putting up with this s^(% from the assholes who blew up the world??  Why do we willingly starve ourselves so that the wealthy and well connected   experience no deprivation?  Why are we supposed to settle for vastly reduced wages and benefits while the people who stole our money are just sitting on it? Why is it more important to impost a rigid morality on the working person while allowing a more fungible morality for the rich? Answer me that Mr. Brooks.  We’re talking about Ireland here, a Catholic nation that doesn’t allow abortion and frowns on the types of behavior that you find irresponsible. What did the Irish do to deserve this? They let business have everything it ever wanted and this is how they are treated.  The airwaves are full of a constant stream of harsh, mean-spirited, punitive, selfish and religious propaganda that has turned us all into nations full of whip kissers.

Any politician who continues to shelter these immoral, dangerous, out of control bankers deserves to lose and that goes for the donkey party he rode in to town on as well.

I keep thinking that I can’t be surprised anymore by the way these people operate and yet, they confound me.  What will it take for us to pull the plug on the whole damn scheme?  What we need now is a hard reset.  Wipe it out.  Wipe it all out and start from scratch. We all start on a level playing field and the bankers get sent to the Cayman Islands where they can spend the rest of their lives worshipping their worthless money.

********************

If you haven’t had a chance to see it yet, check out Jon Stewart’s run down of the LIBOR scandal from The Daily Show last night.  There’s no way to make this look good.

Ong namo guru dev namo (repeat)

Advertisements