Monday, 5 November 2012

THE DIRTY DOZEN w/e Nov 11th 2012

Over and over again, ad nauseum even for myself, I've made the point in this blog that what this government is continuing to do in bailing out our banks isn't just morally wrong, it's lunacy, national financial suicide.

We know we're already in trouble, far bigger trouble than is officially admitted. Forget the 108% Gross Government Debt/Gross National Product number; the true ratio of Gross Government Debt (fast approaching €200bn when the exposure to NAMA and Anglo/INBS is factored in) to the far more relevant Gross National Product  (€129bn in 2011) is already off the scale.

Now, I beg you, have a look at TABLE 1 below, the amount of debt coming down the track over the next three years, and tell me this economy is going anywhere but to hell, without even the luxury of a basket.

We don't need Germany or France to tell us we're a 'special case' - patronising, shallow, hollow bullshit. We don't need 'improved' terms and conditions, this odious debt passed on to several future generations, annual reparations for a private war between private banks. We need debt write-off and we need it now, starting with the Promissory Notes but covering all so-called 'legacy' debt. Then, and only then, can we even begin to consider recovery.

88 weeks we've been marching in Ballyhea and in Charleville in protest at this organised madness; we'll continue marching til everyone else catches up with us.

3 YEAR DEBT SUMMARY (including bank bonds)
Examine the figures, apply to the existing national debt, tell me it's sustainable.

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