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Run on the banks

Posted Sunday, December 12, 2010

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David McWilliams

Writing in today's Sunday Business Post, David McWilliams writes "Last Friday the Central Bank confirmed what many of us had suspected for some time now.

"There is an ongoing relentless run on the Irish banks.

"It hasn't manifested itself in queues at the ATM yet, but that's the way it is going".

Wow!

Leaving

He continues, "In November, the Central Bank said it injected 10 billion Euros into the Irish banking system.

"This is to replace the money going the other way: leaving the country.

"This brings total Central Bank support of the Irish banks to €44.76bn (or 28,000 Euros per Irish houshold).

"But that is not all because when added to the support of the European Central Bank, a total of 181 billion Euros is being lent to the Irish banks by the ECB and its vassal on Dame Street".

Predicted

David McWilliams predicted many years ago that this was a construction boom and bust and was told by Bertie Ahern that if he was him he would commit suicide.

He predicted that the Irish stock market would fall by 80% and it fell by 79% at its bottom.

He has predicted the problems of the Irish banks all the way along the line and that they would be nationalised.

Everything he has said has come true - and around the time that he has predicted.

Default

He has now predicted that Ireland would be bust and have to default by Paddy's Day.

However, this fresh prediction of a run on the banks (which has already started it seems, by the bigger depositors) is a new one.

We shall see.