I'm just throwing this one out there to see what the reaction is like. Today we had DMCW telling us about his german friend laughing up her sleeve at our spinelessness and declaring that any election we might care to have as irrelevant as we would simply do as our betters ordered from now on. In light of this should we not simply declare that all normal financial market rules are suspended. And that the government from here on will be concentrating solely on reducing unemployment. We have €45 billion banked between already sold bonds and the pension reserve fund reduce the defecit to €12billion and we have enough cash to fund ourselves for 4 years. Allow the banks to pay no more than 50% of what they take in in loan repayments off shore. I estimate mortgage payments alone come to around €1billion per month. We are hemorrhaging cash as a nation and it is all going off shore and is of no benefit to Ireland inc. If this cash remained here at worst it could do no harm.
If any other group other than the financial services industry was running around causing the type of damage that these wretches are the army would have been called long ago. I am simply saying we need to do the equivalent. I don't think we can or should get out of paying all of our debts. But some of them were raised in the direst of circumstances and are at excessive rates of interest. We are a sovereign nation and no financial institution can hold a gun to our heads because as a sovereign nation we are in fact the ones with the guns both actual and legal. All off shore creditors need to be told that once a reasonable target in terms of employment numbers and GDP/GNP growth are achieved we will start to re-pay our debts but in the meantime the door is over there.