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Posted by on Nov 29, 2010 in Economy, Markets, TG Roundup

Another Bank Rescue: Disguised this time as Ireland’s Rescue

Europen Union announced the 85 billion Euro ‘rescue package for Ireland.’ Like in the case of AIG bailout – which only helped the likes of Goldman to recover 100 cents on the dollar, the real intent of this Ireland package is to give the banks 100 cents on the dollar on all the sovereign loans they doled out. Government and private pension funds have to ‘chip-in’ multi-billion dollars in to the pool.

The way capitalism works is like this: You risk your capital in expectation of returns. When your bets go bad, you take the loss. If you go under, you go under. In a true capitalistic society you don’t get to blackmail the governments into submitting to a banker-friendly deal that utterly destroys the very fabric of  capitalism. Not to mention that Irish essentially lost their sovereignty to EU over this deal. Oh, yes it is happening. Now EU commissioner is dictating terms in the democratic country of Ireland. If I were an Irish citizen, I would be mighty pissed at the Irish government, the EU and the banksters.

If you are a bankster in this day in age, I guess you lose nothing – not your capital, not your bonuses, not your lifestyle – nary a thing.

Damn it.. ‘Anti-socialism’ is a fancy slogan for the banksters of today. The real socialism practiced now a days is the version in which the poor gets robbed to feed the rich.

We have to rid the system of some of these parasites and leeches.

Where are the pitch-forks and torches?

Where is the ire in Ireland?