What is really happening out there.

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Hooray,ECB Saves Eurozone 2nd Time;Allied Irish Bonds Bid at 45% of Face Value, Anglo Irish SubDebt has 99.99% Default Odds;Irish Citizens "Namatized"

Market participants are giddy today on the great news that Ireland will go deeper in debt in a foolish attempt to bail out the German and UK bondholders who were in turn foolish enough to lend ridiculous amounts of money to Irish banks in various real estate schemes.

The Irish government was of course foolish enough to guarantee all of this foolishness which means that Irish citizens many of whom were sucked into buying property at foolish prices are now on the hook to bail out the bondholders, rubbing salt into the wounds of Irish taxpayers, not all of whom were foolish enough to freely participate in the general foolishness.

Got that?

Here is a short video from the Wall Street Journal that explains why the bailout will not work.

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Well, no html vid links here (for obvious reasons likely) - whatever - the above link has the quick vid.

reply to post by leo123


I'd like to think the Irish wouldn't stand for this, like the Icelanders .. but something tells me the last few decades of economic expansion has only made them soft and weak..

Looted by their saviors, sovereignty that didn't last more than a few decades, now the slaves of the IMF..