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Bailout will sink Ireland

Posted Sunday, December 5, 2010

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David McWilliams

David McWilliams has been predicting for years that Ireland was facing a Construction boom and bust.

He predicted that the Irish Stock Exchange would fall by 80%.

Bertie Ahern said that if he was David McWilliams he would commit suicide.

The Irish Stock Market fell by 79%.

Here is what McWilliams is saying about the bailout

Bailout Article

Foreign banks and creditors should lose everything they gambled on the likes of Anglo, but instead, they have been saved by the taxpayer.

Make no mistake about it, this ‘bailout’ will sink Ireland.

We are witnessing a monumental struggle between the innocent average Irish person and the guilty creditors of the bust Irish banks.

Bust

Interestingly, the financial markets have seen through what the Government and the elite are trying to do and have reacted with ferocious negativity to the Irish deal.

The markets realise that the Irish State is not bust; rather the Irish banking system is bust.

Therefore, rational people can see that any deal which is framed to give Ireland a chance has to sever the link between the bust banks and the solvent State.

Solders Song

However, far from severing the link, the deal solders the link between State and banks, making the Irish Republic itself little more than a bust bank.

The rest of the world has twigged that what the elites are trying to do is preserve their system by giving the bill to the people, and this will not work.

This is why, far from calming the financial markets, the IMF deal with Ireland has enraged them.

Debt Collectors

Extraordinarily, the people who were supposed to negotiate for the Irish people not only negotiated against us, but couldn’t see the backlash coming. Perhaps this is because few of them have any real financial market qualifications.

So, rather than force the ECB to account for its own monumental culpability in allowing out-of-control German and French banks to lend recklessly to Irish banks, the Irish negotiators turned sides and acted as debt collecting agents of foreign banks.

Read the rest of the article here Bailout will sink Ireland before we can even swim