Nobel Economics Prize winner Paul Krugman, the New York Times columnist is the latest U.S. commentator to say Ireland has made a major mistake in agreeing to underwrite bank losses

According to Krugman, the Irish story began with what he describes as "a genuine economic miracle".

He says the speculative frenzy that followed was "driven by runaway banks and real estate developers, all in a cozy relationship with leading politicians".

When the property bubble burst the Irish banks were faced with huge losses resulting from the reckless loaning.

He describes the Irish Governments bank guarantee in plain terms: "The Irish government stepped in to guarantee the banks' debt, turning private losses into public obligations".........

There is the whole Irish crisis succinctly summed up,

So who are the rest of these Anglo Irish Bondholders that the taxpayers are expected to bail out ? Here is some of the list leaked in the recent past. http://www.irishcentral.com/news/List-of-bondholders-in-Anglo-Irish-Bank-leaked-110903209.html 

Once the list is examined and a few of the bond holders investment vehicles googled, the full extent of the conspiracy to discredit Ireland is realized. Like the Russian, these bond holders are part of a vast interrelated, interfacing global financial web involving, trusts, hedge funds, financial investment cartels and goodness knows what else.

It is not about Ireland! It's not about the small change here. Ireland, much to the chagrin of their EU partners guaranteed the primary bondholders full payment two years ago and set a precedent. The European Central Bank and IFM are now de facto also guaranteeing Portugal and Spain as well as Ireland.

International capitalism now has a new set of rules as formulated by the European Community. Invest in a bank and take your profits. Irrespective of how stupid or reckless a bank behaves, the taxpayers are made to pick up the losses.

Part four : The revolt has started

The independent newspaper group publish a daily, evening and weekly newspaper. These papers were the bible and cheerleaders for the rampant, unaccountable, light touch regulation capitalism that got us into this mess.

To-days main headline 'Default! say the people. The sub head 'Irish negotiators raised defaulting but " Europe went completely mad'  

The Indo group not only support the establishment, they are one of its principal pillars. When they come out with a headline such as given, it is a case of 'there goes the mob, I am it's leader, I must follow' If they are changing tack, it is not out of principle, it is but an acknowledgement of something that can no longer be ignored. If they want to keep market media share they must reflect the mood of the people.

I saw another indication on Friday afternoon when the Sinn Fein candidate standing for an election romped home. Sinn Fein, a radical left party with less than 10% in National opinion polls to the fairly recent past, got close to 40% of the vote..... . http://www.irishcentral.com/news/-Sinn-Fein-expected-to-take-the-seat-in-Donegal-byelection-result-110798574.html

Small parties do not win by-elections as in multi seat constituencies to fill one seat the candidate must overcome the main parties FF or FG who have enough votes for two quotas. This time Sinn Fein romped home without a final count, with the bottom two candidates eliminated and their votes distributed, the two conservative party votes combined was in low 30% while Sinn Fein had close to 40%. 

That said it all !  This had been one of the safest government seats in the country 

The Sinn Fein candidate had a simple message. 

1)     the government must vacate office now and allow an election for the people to decide what is to be done......

    burn the bondholders, they took the risk and should pay the price,........

    tax from the top down not the bottom up to pay for the austerity budget. Make what is referred to here as the builders, bankers and wankers pay for their excesses and blunders, not the ordinary tax payers. 

For those out of work the situation is simply appalling. .....http://www.irishcentral.com/news/Ordinary-voices-from-Ireland-The-pain-and-frustration-of-the-financial-freefall--110796104.html  .......   Many of these young householders came straight from college to a job, a car and within a year or two, a house.  A few prominent figures, economists, politicians and other public figures did warn of the looming banking crisis and coming crash but they were not listened to.

In 2006 our Banks got a full examination from the European Central Bank and all was passed without qualification. Our then Prime Minister, Bertie Ahern TD, speculated in a formal address at a State Function as to why those sounding warnings.... "did not just commit suicide instead of depressing everybody".... Days before the general collapse the banking authorities were still saying publicly that all was well and that they had enough liquidity.

We went to bed one night with everything as normal. The Minister of finance was told after close of business that Anglo Irish was about to experience a run. In the darkness of the night and without consultation of full government or parliament, the foul deed was done and we awoke to find that the Government had bailed out the Banks.

It was crony capitalism at its worst; public servants had been intimated into silence, dissident voices like mine were shouted down. The government had only one policy, lie to the people, lie and lie again. The Minister of Finance was a leading lawyer, well used to taking a dodgy client and presenting a glowing case before the courts for his brief.

The emperor has been shown not to have any clothes, but by the time that was realized he had left the the public without any clothes either ! 

The fight back has started, in my next blog I will go into detail of the bail out deal and the institutional corruption running through the system. In this we in the Western World are all in the same situation because the same faceless unaccountable financially corrupt powers are the hidden hand. They do not want solutions to peoples misery. They want to maximum return on their Capital and the conditions of chaos, fear and unrest to achieve that. 

The ordinary working Irish taxpayer should not have to guarantee the  Irish investment wealth of the fourth richest man in Russia at the expense of their jobs, their families, their schools teacher staff, their hospital services, and the very fabric of everything that makes for civilization. 

No we cannot and we will not !

The fight back is on. When European civilization floundered with the collapse of the Roman Empire it was this little Island in the fringe of Europe that took the light of learning and Christianity back into mainland Europe. We gave a lost  Europe leadership before and  we can do so again.

Ireland was one of the few countries that was given a choice to vote on the last European Union Treaty....... it rejected it on the first referendum and send shock-waves through Europe. Europe demanded a second referendum and all the stops were pulled out. It was passed in all regions save one Donegal. This was the same constituency that Sinn Fein won. 

Riverdance set the feet of Europe dancing......... now we must light the spark that will set the feet of Europe protest marching !