I normally try and preface obvious questions with i know this is probably obvious but...Originally Posted by goosebump
I just want clarification in case I am badly missing a point. In my defnece I'm out of the contry and follow Irish news intermittantly.
I know this is probably obvious too but was there any way the government could have evaded its obligations if anglo had failed?
As the great warrior poet Ice Cube once said, 'if the day does not require an AK, it is good.'
Guarantee or no Guarantee, if any bank fails, the country goes down the tubes. That's why no bank anywhere has been allowed to fail since Lehman Brothers was allowed to fail in Nov 08.
The Guarantee exists as a sort of psychological bulwark.
Everybody knows that there is no way we can possibly deliver on it, but the fact that we were willing to make it sends out a signal that we will do everything we possibly can to prevent bank failures, which is enough to establish sufficient confidence in the system to allow the system survive.
In all of these discussions, you have to remember that banks live or die according to the trust we place in them, not according to their financial position at a fixed point in time.
A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.
its the correct move to stabilise an institution that finds itself in need of support due to difficulty in raising capital on the international markets. . .
in order to fight the power - one could contact reporters in the german press - i bet even the receptionists speak english -get through to finance reporters - send them links to McWilliams Latest stuff and the link to Pin anglogate forum - that should do the trick (and maybe get you arrested for treason)
Zombie Banker Blues
Why do you think this happened?
And please, don't give us the usual b*s about Lehman Bros, international factors, etc. You (even one of you immature years) know that it's just PR spin and lies.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
email sent. I just wonder though will those emails get lost in some bureaucratic quagmire. I hope not, but if it is anything like this country where you often have to jump through hoops before you get to someone who can do something,then I think there is a real danger of this.
Banks were allowed to fold in Sweden. Are you not just repeating Lenihan's mantra here? Yes, you are.
http://en.wikipedia.org/wiki/Default_(finance)
Argentina only defaulted on a billion dollars.
We're going to break the world.
Started with bear sterns in fact. . . .
Joseph Stiglitz: Nationalized Banks are the "Only Answer"
Stiglitz says a lot of the zombie banks in the US and elsewhere are effectively bankrupt and should be brought under full public control.
LinkBack URL
About LinkBacks
Reply With Quote