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Thread: Is it time to declare a form of financial martial law

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    Default Is it time to declare a form of financial martial law

    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.

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    Red face

    Quote Originally Posted by deiseguy View Post
    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.
    And how do you propose to fill the 20 billion deficit without borrowing from these "off shore creditors"? And are you happy for the country to exist without banks?

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    Quote Originally Posted by hmmm View Post
    And how do you propose to fill the 20 billion deficit without borrowing from these "off shore creditors"? And are you happy for the country to exist without banks?
    But, sure, we can't sustain that deficit anyway.

    Its as simple as those Eddie Hobbs shows where he'd patiently explain to some confused woman "you're spending 60,000 a year, but you're only earning 40,000, so you have to reduce your expenditure by 20,000". If default meant that we had to suddenly adjust public spending, it would actually be a good thing. Because the political will just isn't there to do what's needed.

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    Quote Originally Posted by hmmm View Post
    And how do you propose to fill the 20 billion deficit without borrowing from these "off shore creditors"? And are you happy for the country to exist without banks?
    We have 45 billion banked between the pension reserve fund and the approx 20 billion of bonds we have forward sold(we are supposed to be covered into the middle of next year). I proposed cutting the defecit to 12 billion immediately we are supposed to do 4 this year and another 4 next year to bring it to 12 by then anyway so we would simply be front loading pain we have already signed up to and then we use the 45 billion to tide us over for the next 4 years. If we haven't turned it around by then we're f**ked and far from home anyway.

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    And when do you suppose we will be rejoining the real world?
    I am Kilrain of the 20th Maine and I damn all gentlemen
    Whose only worth is their father's name and the sweat of a workin' man

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    Quote Originally Posted by pujols View Post
    And when do you suppose we will be rejoining the real world?
    The one where "investors" are protected by the poorest taxpayers when their investments go curly in true capitalist style. If the bondholders can have their neverneverland why can't we?
    Last edited by deiseguy; 7th October 2010 at 09:58 AM.

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    Quote Originally Posted by deiseguy View Post
    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.
    Small problem: We're running a GDP deficit of over 30%, and are borrowing €20b a year to fund day-to-day spending. If we were to do this then noone would lend us any more money. But hey, we could get by without ambulances, guards, schools, etc.
    "The war against drugs is unique in all conflict: we can win it, simply by ceasing to fight it."

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    Quote Originally Posted by rubensni View Post
    Small problem: We're running a GDP deficit of over 30%, and are borrowing 20b a year to fund day-to-day spending. If we were to do this then noone would lend us any more money. But hey, we could get by without ambulances, guards, schools, etc.
    How long do you think we can pay for ambulances, guards and schools by borrowing 20 billion? When would you envisage we start repaying that borrowing, and what impact do you think repayment will have on our ability to pay for ambulances, guards and schools in future years?

    It is simply unavoidable that we'll have to find a cheaper way of paying for ambulances, guards and schools. The only variable is how much debt we'll have chalked up before we do so. Because the cost of ambulances, guards and schools are not fixed. A high proportion of the cost is people, and paying less for people will enable us to have more ambulances, guards and schools than if we don't.

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    Quote Originally Posted by deiseguy View Post
    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.
    Your crazier than the fella's that 40 something per cent elected to balls things up

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    Quote Originally Posted by Nemi_ View Post
    How long do you think we can pay for ambulances, guards and schools by borrowing €20 billion? When would you envisage we start repaying that borrowing, and what impact do you think repayment will have on our ability to pay for ambulances, guards and schools in future years?

    It is simply unavoidable that we'll have to find a cheaper way of paying for ambulances, guards and schools. The only variable is how much debt we'll have chalked up before we do so. Because the cost of ambulances, guards and schools are not fixed. A high proportion of the cost is people, and paying less for people will enable us to have more ambulances, guards and schools than if we don't.
    Do you think people won't go on strike?
    "The war against drugs is unique in all conflict: we can win it, simply by ceasing to fight it."

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