Ireland and the curious case of the 40 billion Euro Dollars

DOT 1 There was a story earlier this month of the Irish Central Bank "printing" 51 Billion Euros.
"But, but, but I thought only the European Central Bank was allowed to print euros?"
Well yes and no. Every country in the EU can print Euros but ONLY with permission of the European Central Bank. It's on the European central Bank charter if anyone cares to look.

DOT 2 So today we hear that there was almost a run on the Irish banks today with 40 Billion withdrawn supposedly by the general public.

Bullshit. Absolute bullshit.
DOT 3 First of all deposits are secured much the same way as deposits are secured in the USA. It was the first thing Ireland did once people started figuring out how deep a hole the bankers had dug for themselves in Ireland was to reassure the depositors. The few people in Ireland with a couple of bucks didn't decide to hit the banks up for their cash.

Nope. The answer isn't the general public pulling money. It's the foreign banks pulling money out.

There is another 10 Billion or so left over to make the banks look "solvent".

I could add more but you get the idea. Ireland is screwed unless they vote out every politician that would support the current finance bill to bail out the Irish Banks and thereby bailing out the French, Germans and British banks etc.

No comments: