It’s official: Bank Bail out to Cost €20 billion

Standards and Poor is an international ratings agency that has hit the Irish news because it has downgraded Ireland’s credit status.

This means that it will cost the Irish state more to borrow
as Standards and Poor (S&P) is warning the international money merchants
that there is a slightly higher chance of default than before.

S&P are the eyes and ears of the rich and send signals
where they should invest and where they should not.

The mainstream Irish media have not picked up on why Ireland was downgraded. S&P state that Ireland is in an economic mess because of three
factors:

1. The fall-off in domestic demand because  ‘nominal wages
   are being cut sharply in both the public and private sectors’. S&P
   have no problem cutting workers’ wages but they assume that it will cause
   such an economic depression that they advise the global capitalists to
   avoid lending money to Ireland.
2. Ireland is an open economy and S&P believe that any
   pick-up after the economic depression will be ‘muted’.
3. The huge debts that the government will undertake because
   of the bank bail outs. Here is what S&P predict:

‘We believe that total gross
fiscal cost to the government of supporting the Irish banking sector could
reach €15-€20 billion (as much as 11% of GDP)

Behind the cold language of economics, something
extraordinary is being suggested here. Namely, that the Irish people could have
to contribute a staggering €20 billion to bail out the economic criminals who helped
cause the economic mess

No Irish politician has admitted that we could be hit for
such a figure. But now the official agency of the global capitalist class has
told the truth.

It just shows that we need a huge movement that boldly
states: Bail out the People NOT the Banks

RTE has also issued a grovelling apology to the Great Leader.

What an amazing country!

For the past years, we have witnessed a series of crimes from the financial elite but the Gardai never looked for a trail of e- mails.

An internal auditor of AIB told a Dail Committee that the bank had systematically covered up its policy of overcharging customers and that the Financial Regulator knew about it all along.

But the Gardai did not look for a trail of e-mails.

A month earlier, it was revealed that a golden circle of ten rich people organised a scam to increase the value of Anglo-Irish Bank shares and would cover their losses through the government guarantee scheme. Their actions will cost the Irish taxpayer €300 million.

But the Gardai did not look for any e-mails.

Insulting the Great Leader is, however, an entirely different matter. It is our patriotic duty to support the great helmsman who will steer us through economic difficulties.

We do not want to see him in underpants or clutching his kittensoft toilet paper.

We want to see him staring majestically into the middle distance with a Green Flag fluttering above his wise head telling us to take wage cuts for the good of Ireland.

Let the artist-hunt begin.