When Turbo Tax Timmy speaks, well I'm not sure anyone listens. We know the central bank water he carries. This is the same shit every banker spews. The same shit that allowed Hank Paulson to funnel our money thru AIG to his pals at Goldman Sachs and every other TBTF bank. I am truly beginning to hate bankers. Here's what Timmy said about the latest bank hostages.
In Washington, U.S. Treasury Secretary Timothy Geithner said Europe was capable of dealing with the debt crisis but needed to act "very, very quickly", combining temporary financial support with reforms that resolve underlying problems.
So here's the Irish scenario. Same as ours. Ireland will have to give up it's sovereign rights, face the same austerity measures, and ask the criminals who engineered their banking collapse for help and more payoffs. Oh sure, we have yet to feel this pain but we will. So far the Irish are refusing. The other side is now playing the doom and gloom card. The European Union will collapse if Ireland doesn't take the bait. The crooked bankers are offering them a hit on the crack pipe. Greece cooked their books and low balled losses. So will Irish banks. The EU bank stress tests were a complete farce...even more so than the ones performed here. But Ireland nationalized their banks, bought them essentially, guaranteeing they could manage the losses. Oops. This is what happens when you have a garbage in, garbage out, info gathering system. Fraudulent really. They did this to keep Irish depositors from running on their banks. Those depositors have snatched 10 billion during the last month. Who's problem is this?
The cold hard truth is that Ireland has to cave. All this EU collapse rhetoric is just bullshit to enable Ireland's government to carve out a sweeter deal and save face. That's all. Watch the market leg up again once it's over. Still...
I'd love it if my Irish brothers would stand up and give the bankers and EU a long finger wave. Create your own currency. Let the banks collapse and screw the EU. It was probably a shitty idea anyway. We'll see if the world stops turning. Heres Mad Max's spin.