Minister for Finance says inquiry cannot circumvent Garda functions
Minister for Finance Michael Noonan has again ruled out a commission of inquiry into the National Asset Management Agency (Nama) for the moment.
Nama is a body created by the government in late 2009 in response to the Irish financial crisis and the deflation of the Irish property bubble. Continue reading »
H/t reader squodgy:
“Just visited Dublin, and was astounded at the number of beggars, many from eastern Europe. Literally one every 10 paces around the big shops where construction work was being carried out laying new tram tracks. It seems from the attached blog that professional begging gangs have moved in.
So I started asking individuals about their thoughts on the E.U., recalling that Ireland had a referendum & voted OUT, but EU told them to have another vote until they voted “IN”. So they voted “IN”.
The general theme now is that since the second vote, the EU have funded many big infrastructure projects, to the extent that the employment level (excluding the beggars) …see…
is massaged by EU funded work, none of which is anything but papering over the cracks.
One person’s response was a gem, “We don’t really want the federalism or remote bureaucracy, but now, we’re so fucked, we need the EU more than ever.”
Have stayed a night or two in Dublin some weeks for past while…but have to sat begging is getting out of control
Have stayed in camden court, walk from there down camden street theres a beggar every 50 yards, if you pass by they throw a smart..you have a nice day bud as if its your fault there begging…went into carmelite church on Aungier street and see beggars terrorising old ladies leaving the church forcing them to give them money…
light a cigarette and you have bums from all corners looking for a smoke & 2 Euro for the bus??
Turning the place into a kip as this carry on.
“By means that could be termed dishonest, deceitful and corrupt, they manufactured 7.2 billion euros in deposits by obvious sham transactions,” Judge Martin Nolan of Ireland said as he convicted three top bankers on Friday for their role in the 2008 financial crisis. They are among the first in the world to be sent to prison for their involvement in the global meltdown eight years ago.
The longest-ever criminal trial in Ireland lasted 74 days and led to convictions for former Irish Life and Permanent Bank Chief Executive Denis Casey; former finance director at the failed Anglo Irish Bank, Willie McAteer; and former head of capital markets at the Anglo Irish Bank, John Bowe. They received sentences ranging between two-and-a-half to three-and-a-half years. Continue reading »
Three senior Irish bankers were jailed on Friday for up to three-and-a-half years for conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis that crippled the country’s economy.
The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis.
The lack of convictions until now has angered Irish taxpayers, who had to stump up 64 billion euros – almost 40 percent of annual economic output – after a property collapse forced the biggest state bank rescue in the euro zone.
“DISHONEST, DECEITFUL AND CORRUPT”
All three were convicted of conspiring together and with others to mislead investors, depositors and lenders by setting up a 7.2-billion-euro circular transaction scheme between March and September 2008 to bolster Anglo’s balance sheet.
* * *
A radio DJ from Canada’s Cape Breton Island first introduced the idea of havens for Americans seeking escape from a Donald Trump presidency – but now Ireland is joining in with its own offer for possible future expats.
Inishturk, a remote Irish Isle situated nine miles off County Mayo, has decided to court the potentially disillusioned segment of the United States populace with an open-armed offer to provide a safe place to live if the idea of a Trump presidency is too much to bear. Continue reading »
If your place has been fumigated with sulfuryl fluoride or its other toxic friends …
Methyl bromide was among the most widely used fumigants until its production and use was restricted by the Montreal Protocol due to its role in ozone depletion.
Widely used fumigants include:
- methyl isocyanate
- hydrogen cyanide
- sulfuryl fluoride
… you better consider moving to another place, or you and your family will get sick, which sometimes takes a while, but it’s not worth waiting for it to happen.
Oh, and these bastards are not spraying to prevent the Zika virus from spreading, they are spraying you, the people, like bugs!
Maybe they want to spray and force vaccinate the entire world, who knows?
– The Zika Virus Hoax Exposed, “Thanks” To The Associated Press (AP): Of The 4,180 Suspected Microcephaly Cases Only 270 Could Be Confirmed And Of Those 270 Cases Only 6 Cases Were Confirmed To Have The Zika Virus. SIX CASES!!!
“Okay, boys, here’s what we do. We’ve got this old virus called Zika. It’s been around for 60 years that we know of. It never caused anything serious. A real dud. But we’ve got to explain all these babies born with small heads and brain damage. We’ve got to protect some important people and shield them from heavy blame. So let’s bring back Zika. Even though very few mothers who give birth to babies with defects have the dud-virus, we can finesse that. People are idiots. So let’s build up Zika into a terrifying killer. Get our PR folks moving. Spread some money around. You know, the usual. And we make out on the back-end with a Zika vaccine.”
And somebody just unleashed the corporate media … (See all those articles down below.)
Massive cleaning operation at landmark Sambadrome comes as health minister admits country is “badly losing” war against the virus
Concerns over the Zika virus reached new heights on Tuesday after Brazil sent fumigators into Rio de Janeiro’s world-famous carnival venue that will help host the Olympic games amid intensified efforts to control the mosquito-borne infection. Continue reading »
As central planners the world over grapple with the effective “lower bound” that’s imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash.
Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates.
After all, if people can’t withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to “encourage” consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend that money rather than see the bank collect a double-digit fee just for holding on to your paycheck. Continue reading »
– Ireland Refuses To Extradite Man To US Because Prison System Is Too Inhumane (The Anti Media, Aug 11, 2015):
Throughout the world, the U.S. prison system is often seen as inhumane and excessively large.
The American prison system is so reviled, in fact, that Irish officials recently refused to extradite an alleged terrorist to the U.S. The court cited concerns that if he were sent to the U.S., he would probably be placed in Colorado’s “Supermax” prison, ADX Florence (Administrative Maximum Facility). The prison is nicknamed Colorado’s “Alcatraz of the Rockies.”
Irish High Court Justice Aileen Donnelly went as far as to write a 333-page report about why the suspect shouldn’t be extradited. One highlight from the court’s ruling was that incarceration at ADX Florence prison would amount to “cruel and unusual punishment.” Continue reading »
– Ireland gay marriage: The Church’s decision not to lead the No campaign marks a new reality (Independent, May 24, 2015):
– Irish Finance Minister Dumps Stocks – Buys Gold (ZeroHedge, March 16, 2015):
– Ireland’s Minister of Finance shifted personal wealth out of stocks and into gold
– Minister invested in SPDR Gold Shares ETF, Portuguese government bonds and other ETFs
– Maintained holdings in bank and agricultural commodities ETFs
– Gold ETF not a safe haven asset – much unappreciated counterparty risk
The Minister for Finance in Ireland, Michael Noonan, sold his shares in funds that track European and US stocks and diversified his portfolio including allocating some of his personal wealth into a gold exchange traded fund (ETF) in 2014. Continue reading »
– ‘Unprecedented mobilization’: Hundred-thousand rise against Irish water tax (Common Dreams, Nov 1, 2014):
Over 100 demonstrations held across Ireland protesting austerity scheme to tax, privatize water supply
Update 2:20 EST:
Protest organizers Right 2 Water estimate that over 150,000 people came out to protest the water charge scheme. In a statement released Saturday afternoon, they wrote: “Despite torrential rain, our expectations have been massively exceeded, with well over 150,000 people coming out in every neighbourhood, town and village to send a clear message to the Government: water is a human right, and we demand the abolition of domestic water charges.”
Earlier: Continue reading »
– Revealed – the Troika threats to bankrupt Ireland (The Irish Independent, Sep 28, 2014):
Honohan: ECB officials agreed to threaten Ireland with bankruptcy if the government tried to burn bondholders
The threat was made at a high-level teleconference meeting, details of which have been revealed for the first time by the Central Bank governor, Dr Patrick Honohan.
Mr Honohan, who famously told the nation Ireland would be entering the Troika bailout programme live on radio as government ministers were publicly denying it, also revealed he was kept out of loop about the meeting. Continue reading »
– Wall Street banks ‘may desert UK for Ireland’ if Britain leaves EU (RT, Aug 19, 2014):
Wall Street banks could abandon Britain for the Republic of Ireland if the UK decides to leave the EU, senior figures in the industry have reportedly said. This is despite a Forbes report that names London the world’s ‘most influential city’.
Changes to EU banking rules could see London stripped of its financial preeminence. Some major institutions including Bank of America, Citigroup and Morgan Stanley are believed to be drawing up plans to desert the City amid concerns the UK is drifting further from the EU.
This is despite a Forbes list of “The World’s Most Influential Cities 2014” which ranked London as the most influential city in the world, because it attracts more than double the amount of foreign direct investment deals than New York, which came in second. Continue reading »
– Rathlin Island family plan to export Irish seaweed to Japan (Sunday World, June 8, 2014):
A small island off the north coast has emerged as an unlikely potential supplier of edible seaweed to Japan – a country whose own stocks have been hit by the Fukushima nuclear disaster.
– Europe’s Peak Youth Unemployment Gets Peak-er (ZeroHedge, Nov 29, 2013):
Despite a ratings ‘upgrade’ Spain’s youth unemployment rate has re-surged to a record 57.4% (just below that of Greece which still tops the scary chart list at 58%). Italy and Portugal also saw notable rises (despite the former’s record low short-dated bond yields) at 41.2% and 36.5% respectively. Ireland and France saw modest improvements but overall the Euro-zone’s youth unemployment just keeps rising. In spite of all the rhetoric from Merkel, Van Rompuy, and Barroso, 24.4% of Europe’s under-25 population is unemployed…
– 1,000 Irish people emigrate a week (Irish Examiner, Aug 30, 2013):
Almost 1,000 Irish people left Ireland each week last year to find work abroad — the highest figure since the recession began in 2008.
According to the latest CSO figures, 50,900 Irish people emigrated in the 12 months to April. Overall, 89,000 people left the country in this period — an increase of 2.2% on the 87,100 in 2012.
The exodus has primarily affected young people, with more than 40,000 of those leaving the country under the age of 24. Around the same number were aged between 25 and 44.
Almost a quarter (21,900) of all people leaving the country went to Britain, while 17.3% (15,400) went to Australia.
– Euro Area Government Debt Rises To New Record High (ZeroHedge, July 22, 2013):
While the European economy may be moving in a straight line from upper left to lower right, the same can not be said for the level of debt in Europe, which has taken on the inverse trajectory. As per the just released quarterly update of Euro area government debt, in Q1 2013, total government debt in Europe as a % of GDP just hit a new all time high of 92.2%. This compares to 90.6% in the previous quarter, and up from 88.2% in Q1 2012.
The proud Q1 debt-to-GDP outliers, where the local economies are expected to continue plunging and thus send the stock markets (if mostly that in the US) surging, are the following: Continue reading »
And rightfully so.
Traitor Bush was beyond horrible, Obama is even worse.
YouTube Added. 21.06.2013
Liar in Chief (Barack Obama Campaign Promise – October 27, 2007):
– Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’ (Video)
I ask you how many of our soldiers and how many civilians have died because of this lie?
– Anglo-Irish Picked Bailout Number “Out Of My Arse” To Force Shared Taxpayer Sacrifice (ZeroHedge, June 24, 2013):
The Irish people, who sacrificed their sovereignty and billions of Euros, are waking this morning to a stunning revelation that the bailout to save Anglo-Irish was engineered by the Bank’s leadership to game as much money as possible from the central bank. The Irish Independent has secret recordings from the period in 2008 – below – that show senior management luring the State into giving it billions as they admit the EUR 7 billion number was “picked out of my arse.”
The bottom-line is that the bank knew they were in trouble and so decided to game the Central Bank and their regulators knowing that once the State began the flow of money, it would be unable to stop: “If they (Central Bank) saw the enormity of it up front, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high . . . if it doesn’t look too big at the outset… if it looks big, big enough to be important, but not too big that it kind of spoils everything, then, then I think you have a chance. So I think it can creep up… [once] they have skin in the game.” Will there be an Irish Spring as the conspiracy theory of the banking bailout now become conspiracy fact?
Taped telephone recordings (from the bank’s own systems) from inside doomed Anglo Irish Bank reveal for the first time how the bank’s top executives lied to the Government about the true extent of losses at the institution.
Anglo itself was within days of complete meltdown – and in the years ahead would eat up €30bn of taxpayer money. Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo’s negotiators knew all along this was not enough to save the bank.
The plan was that once the State began the flow of money, it would be unable to stop.
Mr Bowe is asked by Mr Fitzgerald how they had come up with the figure of €7bn. He laughs as he is taped saying: “Just, as Drummer (then-CEO David Drumm) would say, ‘picked it out of my arse’.”
– Europe’s EUR500 Billion Quasi-Quantitative Easing (ZeroHedge, June 12, 2013):
Submitted by Mark J. Grant, author of Out of the Box, Five Eurozone countries now have loans for half a trillion Euros.
These members of the Euro currency union are receiving loans from the one of two bailout funds which are financed by the other 12 Eurozone members. On top of that are the emergency loans from the International Monetary fund (IMF) and bilateral loans from the solvent countries to the bankrupt nations. Continue reading »
– Bank Of Ireland Doubles Mortgage Rates, Homeowners Fear More To Come (ZeroHedge, May 2, 2013):
With the Bank of England cutting its wholesale interest (bank) rate to historic lows and now the ECB slashing 50bps off its key rate (as well as remonstrating on the reduction in fragmentation across European nations), it is perhaps perplexing (or simply too obvious) that a bank would raise its mortgage rates. As the Daily Mail reports, government-owned Bank of Ireland (BOI) doubled mortgage rates for 13,500 customers in the UK leaving homeowners with huge increases in their monthly payments. The bank, exploiting small print in the legacy mortgage contracts, will hike the interest cost for 1-in-14 homeowners from 2.25% to 4.99% (raising the spread over the bank rate on these loans from 1.75% to 4.49%). Anger is rife as customers complain “it’s all very frustrating,” adding that they thought this was a ‘tracker’ mortgage but BOI defends their massive rate hike on increased funding costs and the need to maintain higher levels of capital. The disconnect between wholesale gorging provided by the Central Bank and wholesale gouging of the real economy grows ever wider it seems.
Thousands of homeowners are facing a huge increase in their mortgage repayments after the Bank of Ireland doubled rates overnight.
… will affect some 13,500 UK customers,
YouTube Added: 03.05.2013
Tags: Banking, Barack Obama, Ben Bernanke, Bonds, Central Bank, Collapse, Debt, Dollar, ECB, Economy, EU, Europe, Fed, Federal Reserve, Gerald Celente, Global News, Government, Inflation, Ireland, Jean-Claude Trichet, Mario Draghi, Obama administration, Politics, Quantitative Easing, Retailers, Society, U.S., Unemployment
– Carmen Reinhart: “No Doubt. Our Pensions Are Screwed.” (ZeroHedge, April 11, 2013):
“The crisis isn’t over yet,” warns Carmen Reinhart, “not in the US and not in Europe.” Known for her deep understanding that ‘it’s never different this time’, the Harvard economist drops the truth grenade a number of times in this excellent Der Spiegel interview. Sweeping away the sound and fury of a self-serving Federal Reserve or BoJ, she chides, “no central bank will admit it is keeping rates low to help governments out of their debt crises. But in fact they are bending over backwards to help governments to finance their deficits,” and guess what, “this is nothing new in history.”
After World War II, all countries that had a big debt overhang relied on financial repression to avoid an explicit default. After the war, governments imposed interest rate ceilings for government bonds; but, nowadays, she explains, “monetary policy is doing the job. And with high unemployment and low inflation that doesn’t even look suspicious. Only when inflation picks up, which is ultimately going to happen, will it become obvious that central banks have become subservient to governments.”
Nations “seldom just grow themselves out of debt,” as so many believe is possible, “you need a combination of austerity, so that you don’t add further to the pile of debt, and higher inflation, which is effectively a subtle form of taxation,” with the consequence that people are going to lose their savings. Reinhart succinctly summarizes, “no doubt, our pensions are screwed.”
This will take 3 minutes to read – read it. Understand what she is saying. Continue reading »
– Betray Your Bank Before Your Bank Betrays You (Bloomberg, March 28, 2013):
What’s a Slovenian with several hundred thousand euros in the bank supposed to do? Spread it out among at least a few different banks, that’s what. Or move the money out of the country, while it’s still possible.
Imagine what must be on the minds of any savvy depositors still left at Nova Kreditna Banka Maribor d.d., now 79 percent- owned by Slovenia’s government. It was one of only four lenders in October that failed the European Banking Authority’s latest capital-adequacy test, a ritual best known for how lax its standards are. One that flunked was Bank of Cyprus Pcl, where uninsured depositors face 40 percent losses as part of the country’s bailout terms. Another was Cyprus Popular Bank Pcl, also known as Laiki Bank, where uninsured deposits will fare far worse and the bank is being shut.
Cypriot banks’ customers were complacent after uninsured deposits went unscathed in Ireland, Greece, Spain and Portugal, the first euro-area countries to seek international rescues. Slovenians won’t have that excuse should their country be next.
– “China Accounts For Nearly Half Of World’s New Money Supply” (ZeroHedge, Feb 8, 2013):
When it comes to the creation of money in China, and specifically the asset side of the ledger, or loans, there is much more confusion than consensus, primarily because nobody knows who it is that is creating the money: private or public entities, SOEs, the PBOC, regional banks, shadow banks, or your next door neighbor.Another thing that is largely misreported: what the actual assets pledged as collateral to new loans are. Because while it is well-known that corporate debt in China is now greater as a percentage of GDP than in any other country, the comprehensive picture is still confusing (albeit GMO did a fantastic summary recently of what is known) as reporting standards are still non-existent, and the government flat out lies about its balance sheet.
Yet one very simple shortcut to get a sense of what is truly happening in monetary China is to peek at the liability side of the consolidated balance sheet, and one line in particular, namely deposits. Because unlike in the US, where the vibrant equity Ponzi scheme has rarely been stronger, in China it is still all about the cash and as a result the bulk of the newly created money once again return back to the banking sector in the form of a deposit. Ironically, that is what banking should be about (instead of the entire industry being a glorified hedge fund) although in China even this practice has gone on way too far, and like in Europe, has long passed the point where there is real collateral value backing up the new money created (which explains the emergence of various letters of credit collateralized by copper still not dug out of the ground which reappear every time Chinese inflation spikes above 5%).
So how do deposits look when comparing the US and China? Well, after having less than half the total US deposits back in 2005, China has pumped enough cash into the economy using various public and private conduits to make even Ben Bernanke blush: between January 2005 and January 2013, Chinese bank deposits have soared by a whopping $11 trillion, rising from $4 trillion to $15 trillion! We have no idea what the real Chinese GDP number is but this expansion alone is anywhere between 200 and 300% of the real GDP as it stands now. Continue reading »
Tags: Austria, Banking, Ben Bernanke, Central Bank, China, ECB, Economy, EU, Europe, Fed, Federal Reserve, France, GDP, Germany, Global News, Greece, Ireland, money supply, Politics, Portugal, Spain, World Bank, Yuan
– Labor Minister Says France Is “Totally Bankrupt” (ZeroHedge, Jan 28, 2013):
Things in France must not be very serious, because the French labor minister accidentally let the truth come out a little earlier today. As the Telegraph reports, France’s labour minister sent the country into a state of shock on Monday after he described the nation as “totally bankrupt.”
Remember: France is one of the supposedly stable countries in Europe.
“Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande battling to undo the potential reputational damage. “There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.” It appears that once one wipes out the propaganda and the smooth politico talk, things are bad and getting worse at Europe’s core. “Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses. The actor Gérard Depardieu has renounced his French citizenship and decamped to Russia in protest, while David Cameron said Britain will “roll out the red carpet” to attract wealthy individuals. Pierre Moscovici, the finance minister, said the comments by Mr Sapin were “inappropriate”.”
At least France can hike the tax on the millionaires to 75% to generate more money. Oh wait, no it can’t.
– As Euro Banks Return €137 Billion In Cash, Moody’s Warns “European Banks Need More Cash” (ZeroHedge, Jan 25, 2013):
Europe has now officially become the Schrodinger continent, demanding both sides of the economic coin so to speak, and is stuck between the proverbial rock and hard place (or “a cake and eating it”). On one hand it wants to telegraph its financial system is getting stronger, and doesn’t need trillions in implicit and explicit ECB backstops, on the other it needs a liquidity buffer against an economy that, especially in the periphary, is rapidly deteriorating (Spanish bad debt just hit a new all time high while Italian bad loans rose by 16.7% in one year as more and more assets become impaired). On one hand it wants a strong currency to avoid any doubt that there is redenomination risk, on the other it desperately needs a weak currency to spur exports out of the Eurozone (as Spain showed when the EUR plunged in 2012, however that weak currency is now a distant memory and it is now seriously weighing on exports). On the one hand Europe wants to show its banks have solidarity with one another and will support each other, on the other those banks that are in a stronger position can’t wait to shed the stigma of being associated with the weak banks (in this case by accepting LTRO bailouts).
It is the latest that is the most glaring dichotomy because as reported earlier, while some 278 banks, or about half of the original LTRO participants, voluntarily paid back some €137 billion to the ECB, it is none other than Moody’s warning that European banks, especially those in the periphery, will need much more cash. Continue reading »
– The Sovereign Debt Bubble Will Continue To Expand Until – BANG – The System Implodes (Economic Collapse, Jan 20, 2013):
Why are so many politicians around the world declaring that the debt crisis is “over” when debt to GDP ratios all over the planet continue to skyrocket? The global economy has never seen anything like the sovereign debt bubble that we are experiencing today. The United States, Japan, and nearly every major nation in Europe are absolutely drowning in debt. We have heard a lot about “austerity” over in Europe in recent years, but debt to GDP ratios continue to rise in Greece, Spain, Italy, Ireland and Portugal. In general, most economists consider a debt to GDP ratio of 100% to be a “danger level”, and most of the economies of the western world have either already surpassed that level or are rapidly approaching it. Of course the biggest debt offender of all in many ways is the United States. The U.S. debt to GDP ratio has risen from 66.6 percent to 103 percent since 2007, and the U.S. government accumulated more new debt during Barack Obama’s first term than it did under the first 42 U.S. presidents combined. This insane sovereign debt bubble will continue to expand until a day of reckoning arrives and the system implodes. Nobody knows exactly when that moment will be reached, but without a doubt it is coming. Continue reading »
– Irish plant shuts over new horsemeat in burgers (Businessweek, Jan 18, 2013)
– Tesco withdraws over 10 million beef burgers in UK, Ireland after horsemeat discovery (allvoices, Jan 18, 2013)
– Horse meat supplier still operating in the Netherlands with authorities refusing to name and shame the Dutch company (Daily Mail, Jan 18, 2013)
– Horse meat in supermarket burgers linked to Dutch suppliers (Telegraph, Jan 18, 2013)
– Horse Meat Found in Irish Beef Burgers (TIME, Jan 17, 2013)
– Ireland copyright battle: Newspapers demand $400 for sharing links (RT, Jan 7, 2013):
The body representing Ireland’s main newspapers is demanding a minimum of $400 for third parties to directly link their articles, sparking an unprecedented copyright row which strikes at the very heart of sharing content on the World Wide Web.
– The economic return of Iceland has proved that the joke was on us (Irish Independent, Dec 16, 2012):
WAY back in the autumn of 2008, the joke in financial circles was that the only difference between Ireland and Iceland was a letter and six months. Now, with the Icelandic banks preparing to issue foreign currency bonds once again, it turns out that the joke was on us.
Remember when the Icelandics did the unthinkable and, unlike Ireland, told bank creditors to take a hike? They also imposed capital controls and allowed the value of their currency to fall – the Icelandic krona has lost almost half of its value against the euro over the past five years.
The “experts” queued up to assure us that these latter-day Vikings would be severely punished for their impertinence. While no one forecast that a hole would open up in the North Atlantic and swallow Iceland whole, some of the predictions came pretty darned close.
Meanwhile, we in Ireland did what we were told and repaid over €70bn of bank bonds at par. By doing so, even at the cost of bankrupting the State, the “experts” assured us that we would retain the confidence of the markets. Now, four years later, it is clear that, not for the first time, the “experts” have got it wrong. Catastrophically and utterly wrong.
Gerald Celente, the founder of the Trends Research Institute, at the Marriott Hotel in Munich, Germany, on November 3rd, 2012. Celente was holding a presentation later on on the Internationale Edelmetall- und Rohstoffmesse, the largest precious metals conference in Europe. You can find Gerald Celente at trendsresearch.com and trendsjournal.com.
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