Posts Tagged ‘Ireland’

Another Check In The Mail

Thursday, November 18th, 2010

In Euroland, austerity (surprise!) means always having to bail out your bankers…

Ireland will get a nice chunk of change, to be followed shortly by Portugal, Spain, Greece, and (wait for the surprise after the umpeenth election) Italy…

And there’s no growth, well, outside Germany, which continues its beggar thy neighbor policy.

Much better for Angela Merkel to feel morally superior: Germany will still have to pony up, but denial is what passes for religious experience these days in the halls of Brussels and Frankfurt…

Gorilla says: “Extend and pretend doesn’t work in the end!”

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Ireland Done And Undone

Tuesday, September 21st, 2010

A successful bond sale by Ireland, albeit at record high prices, cheers sovereign debt investors!

Of course, anyone who believes that a country owing hundreds of billions of euros, with a contracting economy, and devastating spending cuts to come, is over the hump might want to pick up some Irish real estate on the cheap…

Where will future growth come from? Not from the housing market! Not from the overseas tax dodges!

Considering that these bubbles were roughly 60% of GDP prior to the collapse, it’s a fantasy to think the Irish are now out of trouble.

Gorilla says: “Irish investors eyes will be weeping again soon!”

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Not To Worry, Simon

Thursday, September 2nd, 2010

Unlike our so-called leaders, I haven’t forgotten you, the Irish, the banksters, and the Eurozone, but but thanks again for the reminder!

And of course this isn’t being discussed anywhere at all, nor are the trillions in bad debts of our very own banksters, now offloaded to the Fed!!!

It’s a giant game of extend and pretend, and it may very well end in tears…

Gorilla says: “The hurricane that will actually hit the financial system is well beyond Category 5 (and its progenitors will all be taking the fifth)!!!”

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Irish Eyes Aren’t Smiling

Monday, July 19th, 2010

You undertake austerity, you’ve got a massive supply of empty houses, and no prospects of a banking/real estate recovery.

And your reward?

Another credit downgrade and higher borrowing costs, accompanied by a decade of crippling deflation.

Gorilla says: “The fleecing of the green goes on!”

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Quote Of The Day

Monday, March 15th, 2010

This time from Ireland’s senior Catholic, Cardinal Sean Brady, who apparently helped the Church to cover up several decades of crimes by priests against children:

”Yes, I knew that these were crimes,” Brady said. ”But I did not feel that it was my responsibility to denounce the actions of Brendan Smyth to the police. Now I know with hindsight that I should have done more, but I thought at the time I was doing what I was required to do.”

Gorilla says: “Orders is orders, and the German Shepherd’s orders increasingly seem totally amoral!”

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TGIF And Predictions

Friday, October 2nd, 2009

These were the events that mattered in Gorilla’s world this week:

*Health care reform went nowhere in the US Senate. There’ll be a bill of some kind passed, but it won’t be much more than window dressing. Most people will continue being satisfied with their health insurance until they lose their jobs or get sick. Gorilla thinks a golden opportunity has been blown, but remains confident we’ll eventually do something serious when the bill really comes due in 10-15 years.

*The US economy remains dead in the water. In Goingbackwardville, the banks still haven’t come clean and unemployment is approaching 10%. The stimulus is the only thing keeping Movingforwardville slightly upright. There’s a desperate need for more stimulus, but there’s also a total lack of political leadership. Short of the unemployed retraining to become Olympic athletes or bank regulators, Gorilla believes the economy will not begin to come off a non-inventory building bottom until 2011 or 2012. Unemployment will stay high for a decade.

*A new fossil was found that pushes human evolution even further back than originally thought. Gorilla suggests that the evolution away from religion may take a bit longer.

*The US and Iran finally engaged in bilateral negotiations. President Obama played his hand very well. Gorilla thinks the deals will be coming thick and fast over the next 12-18 months, and foresees a time when we will treat the Middle East filling station like we now treat Africa.

*The Chinese celebrated 60 years of the East being Red. Gorilla doubts there will be such a ceremony in 2049.

*Honduras continues the dance of the idiot politicians. These were joined on Friday by a delegation of our idiot politicians, who seem to think that military coups and the suspension of civil liberties are ok. Gorilla believes this will be resolved at the next election, when Honduras will choose a new idiot and Senator DeMint will remain an old idiot.

*General McChrystal submitted his new plan for Afghanistan, which is essentially the old plan with a few more troops and trainers. Gorilla believes we’ll be on the way out within 12 months.

*The Irish voted on the EU Treaty and the 2016 Olympics were awarded to Brazil. Gorilla thinks this would not make any more difference if it was the other way round.

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Rooting For?

Friday, October 2nd, 2009

Ireland to ratify the EU Treaty or Tony Blair to become President of the EU?

The Irish, large beneficiaries of EU largess but currently languishing in a housing and banking bust, have voted no before. If they vote no this time, then the EU is probably dead in the water as an international policymaking body for Europe.

On the other hand, getting Tony Blair to be President of Europe is almost as bad as an incoherent European power structure. A man who condoned torture, bribery, and deception throughout his premiership is not a figure of unification.

Gorilla thinks: “In the peals of EU laughter, we’ll see if the Irish sing!”

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