Sunday, February 27, 2011

EU - Eurozone is dead

The Irish have voted and its funny how one little wrinkle in a ponzi scheme can bring it down even if the wrinkle comes from a little heretofore non-descript and fairly insignificant participant. The Irish have voted and, in my opinion, they should and they will pull an "Iceland". The EURO zone has no right to their future, their constitution or their assets and I doubt that the Irish will willingly give those things to them.

The side effects of Ireland will be Portugal, Spain, Greece, Turkey and a host of bankrupt (or nearly so) eastern block countries deciding that not to throw good money after bad...they will default on the invasive, corrupt and manipulative machinations of the EU. A debt money system run by power and greed and watched over closely by the many quasi official institutions that support the EU's efforts to homoginze and hold beholden its member states including and rather interestingly the Fed.

Good luck attempting to override this referendum Mr. Barosso and Van Rompuy. Now what?

David McWilliams, an economist and former official at the Ireland's Central Bank, has led calls for a popular vote under Article 27 of the Irish constitution, which requires on a matter of "such national importance that the will of the people ought to be ascertained".
"We have to re-negotiate everything," he said. "Obviously, the first way to do this is to make them aware that if they force us to pay everything, we will default and they will get nothing. So they had better get a little bit of something, than all of nothing. To make this financial pill easier to swallow, we must take the initiative politically. We can do this via a referendum.

"If the Irish people hold a referendum on the bank debts now, we can go to the EU with a mandate from the people which says No. This will allow our politicians to play hard-ball, because to do otherwise would be an anti-democratic endgame."

Declan Ganley, the Irish businessman who led the 2008 No vote to the Lisbon Treaty, said Ireland must "have the balls" to threaten debt default and withdrawal from the single currency.

"We have a hostage, it is called the euro," he said. "The euro is insolvent. The only question is whether Ireland should be sacrificed to keep the Ponzi scheme going. We have to have a Plan B to the misnamed bailout, which is to go back to the Irish Punt."
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