Sunday, 31 July 2011

Around the Irish cabinet table

A few weeks ago I posed a genuine question: Why do advertisers use black actors to sell their products/services when their customer demographic is 90% white? In some cases this seems wildly counter-productive, as in the example of the hotel chain. (Would you check into a hotel whose guests are primarily black?). Why would they shoot themselves in the foot like this?

Anyway, here's another case, this time involving that much reviled species, the Irish politician. Irish TDs (equivalent of MPs), being elected from small multi-seat constituencies, are probably the most locally focused of anywhere in the world. A TD who takes a strategic internationalist position will be consigned to political oblivion in short order. Cutbacks in social welfare, or even worse, the closure of part of a local hospital, will have them storming the barricades and very often voting against, and being expelled by, their parties.

Ireland knows all about such things at the moment. Measures that might raise say €20 million annually can cause real pain. An example being the termination of special needs assistants for autistic kids. But still they do this, and an awful lot more. Resulting in Ministers almost fleeing for their lives from local protestors and large numbers of TDs knowing that they for sure won't survive the next election.

So here's my question. As they sit around the cabinet table, looking for a few million here and there, they will eventually come to 'Foreign Aid'. How much does bankrupt Ireland dish out every year on this farce ('poor people in rich countries paying rich people in poor countries')? €700 million! That's right, €700 million, all of which is borrowed.

Yet this expenditure is sacrosanct. Nobody speaks out against it. This amount would avoid a host of small hospital closures, pay dozens of special needs teachers, and so on. But all of those narrowly-focused, not-look-beyond-the-next-election TDs are as silent as lambs.

Amazing, no?


Franz said...

Just a wild guess, but could it be that TDs who don't get with the program will be shut out from lucrative speaking enagements, consultancy work for assorted quangos and no-bid contracts for their spouses' shell-companies?

Just a thoght.

Bemused stare said...

Amazing? No. Absolutely astounding might fit the hole a bit better.

Ireland however is by no means alone in this lunacy. When I think of how many humans could benefit from this expenditure, my hair damn near catches fire.

Clogheen said...

Franz could be right but I'd say it's more likely that they're afraid of the MSM tearing into the.m

Anonymous said...

Why do advertisers use black actors to sell their products/services when their customer demographic is 90% white?

In regards to this question, in America every major TV network is owned by a Jew, the major newspapers are owned by Jews, the movie industry is not only owned by Jews but most of the actors and actresses are Jews, (Jews take care of their own)the sports networks are owned by Jews, the cable networks are owned by Jews, Disney and ESPN are owned by Jews, I could go on. So blacks and other minorities are put into commercials in order to cram these people down the racial majorities' throats in this country.
You are sitting watching TV and all of a sudden 5 or 6 times an hour you have this lizard head looking black male selling you Allstate insurance. It's all part of the overall Jewish plan for the multicult diversity shit.

Anonymous said...

They're just afraid of the PC multikult reaction. It's veruy simple. I know a TD in Dublin and he says he'd be 'jumped on' if he made an issue of it.

Bemused stare said...

They're just afraid of the PC multikult reaction. It's very simple. I know a TD in Dublin and he says he'd be 'jumped on' if he made an issue of it.

Time they were replaced with folks who aren't afraid of being 'jumped on" then?

Anonymous said...

700 million is not the full story Savant.
You must also include the amount of money,voluntarily donated by misguided idiots.But this their money and they are free to waste it as they wish(unlike us and our tax money).

Of far more importance though is the amount of money sent to Africa by our African Enrichers.Being kind,I will estimate conservatively,that 99% of enrichers receive Social Welfare in one form or another.Mostly "one".

I refuse to call this money "remitted",as remittance implies that the money,in the first case,was earned by honest labour.Quite clearly not the case as far as Africans go.

This amount of money,and I have no idea how vast it must be,but it must add up to several hundred millions more.

This money enables the recipients to breed even more,to prolong their worthless lives.To be able to buy airtickets and thus to add to the invasion and destruction of our countries.In short,it enables many of them to live:a disaster for the rest of us.

When you think about,how easy it would be to solve many of our economic problems overnight.

I won't be waiting in expectancy.


Corkonian said...

If they do that they wont get elected in the 1st place. That's the problem.

Bemused stare said...

I think it was Franz who mentioned the cost of AK ammo recently.

Now, by my snap calculation, that could purchase well over 450 million rounds of ammo.

Would I be totally off the mark if I said it might be more beneficial in terms of solving the crises of all these poor starving Africans, if you gave the money to the Russians and arranged for them to produce the aid and deliver it to its destination.

Now before you shout me down, saying that it still doesn't help your debt problem. The spinoffs are almost endless throughout Europe. Think of all those Russian kids whose Dad's own arms factories, buying BMW's, fine Irish whiskey and holidaying endlessly in places like Greece and Spain.

I think you folks in Europe ought to quit rioting, produce loads more whisky, BMW's etc and donate to a healthy Russian industry.

The millions of starving little Somalians that will not be born into this world to suffer in the next fifty or so years, will be eternally grateful.

Motoboy said...

@anon 16.49. I accept what you're saying of course. However, why would the actual HOTEL OPERATOR go for this? He must know that he's shooting himselfin the foot.

Kevin R. said...

Bemused: Excellent idea! Everyone's a winner.....

Franz said...

@ Bemused Stare

Wonderful! Knowing that our globalist overlords love outsourcing more than anything else in the world, they might just go for that. I'll call David and ask him to propose your plan at the next meeting with his Bilderberg chums!

You are aware though that such an infusion of cash into the already thriving Russian economy would drive the fees for hookers to the moon? Next thing you know the boys on Wall Street will demand higher bonuses so they may continue to enjoy their accustomed luscious recreation activities after the closing bell...

@ Mr a

I shake my head at the "misguided idiots", as you describe them. To voluntarily donate to Africa is the ultimate admission that one's life is empty and isolated. I mean: Who DOESN'T know somebody who has fallen on hard times and could use a leg up? Especially now.

A couple of weeks ago, I paid a young man €150 for a €50 job on my air condition. I did so because I know his family to be honest folk and that this young man is running low on cash as he is attending a full-time trade school.

Felt good about that, I must say.

Which brings me to the ultimate irony that is the European welfare state. Idle, tatooed fornicators who breed like rats lack for nothing, but those who study or depend on manual labor for a living often don't know how to make it to the end of the month. But I disgress...

On the other hand, there those who have money to throw away but are so lacking in empathy that they can't see the need right next door. Instead these chumps throw it away in the hope that it will reach that starving black darling from the ad in people magazine so that he may grow up to be another AK wielding HIV dispenser.

Good job, chump!

Rob said...

For one thing, Bono would give them a telling-off if they cut that aid. And the amazing thing is, not one of them would have the balls to point out that the hypocritical creep moved his business operations to the Netherlands in order to pay less tax.

B Boru said...

So true about Bono the bollocks. And he'd have the chutzpa to do exactly that.

Anonymous said...


Once again with the Slavic Hookers!!.

Do you know something I don't?.

@Bemused Stare.
| don't wish to sound pedantic,so please forgive me,but we distill the only drinkable whiskeys in the world and we spell Whiskey with an E.


Krokodil said...

I remember how some starry-eyed feminist lesbians (no, I'm not making it up) went on about how generous Irish state welfare was (as opposed to the UK), back in the early 90's.

I'm no expert on the matter, but I suspected back then, even, that Ireland could not possibly have afforded this generous welfare but for belonging to the EU (Ireland being a net beneficiary).

Am I right in my presumption? If not, let me know.

As for giving to the third world, well, what you don't have, you surely can't give away! I don't look down upon charitable giving - surely it is a noble human quality - but borrowing from the bank to give to charity is utter nonsense.

All this is quite apart from the often detrimental effect of giving constant aid to third-world countries - and breeding a culture of dependency.

Anonymous said...

Many people, myself included, have a fuzzy notion of what happens to that portion of their taxes that does not buy politicians a lifestyle beyond all dreams of avarice.

Please go here to watch a couple of niggers who do not get it now, have never gotten it ... and will never get it.

-- and scroll down to:- "Judge Judy Versus the Welfare State

There’s no excuse for anyone not to be aware of what socialism is doing to our society. You can learn it anywhere — even from watching Judge Judy ...

I would like to point out that the male is almost bright by jigaboo standards ... Even though Judy (towards the end) mutters to herself: "Moron."

Enjoy ... you really will.

Uncle Nasty

Anonymous said...


He must know that he's shooting himselfin the foot.

Is he?

It's not like the customers see much diversity in the adverts, he he. The competitors pretty much do the same. It's pervasive.

And how pissed off would you be if they advertised lilly-white, but when you went to check in the place was crawling with muds? That would be false advertising! It's like being an American tourist in Dublin. And the muds would complain the commercials are too white.

They just can't win.

Unless we lose.

Anonymous said...

For Monty Python fans:

Hungarian phrasebook, PC update:

"I will not buy this medicine, the packaging displays a negroid child."

Anonymous said...

Ireland was a net EU financial beneficiaries back then but it's about 50/50 now.

Anonymous said...

I have to agree with a lot of what anonymous 16.49 says about the chosen ones ramming all this multiculti down our throats while their race remains broadly "pure". I don't won't to get into a choo bashing session, but there seems to be some pretty convincing evidence that they are behind much of the shit that is going down in the world at the moment.(thank God for the WWW)

Anyway - that said - I still do not get why the British and Irish governments send so much BORROWED money to Africa in the form of financial aid. It does not make sense and history shows it never has done. In fact it makes matters far worse. We must be missing something? Who over here stands to benefit? I do not believe our current batch of Politians are that loving and benevolent. We all know that they are a bunch of "what's in it for me" scroungers. The expenses scandal proved that beyond doubt.

So what's it all about Alfie? Why do they want to make the tax payer even poorer? Then to add insult to injury, they put pictures on every news item and some TV advertisements to show poor African children with flies crawling up their noses and ask us to donate in our private capacity as well!!!

Could it be that we are to become so skint ourselves after giving so much away that we go to the banks ( owned by guess who? ) and ask for a bigger loan and become more indebted to them.

And the needle returns to the start of the song and we all go around like before.............

Shaunantijihad said...

Perhaps because the priority above all others is to keep the 3rd world baby machine in full swing to ensure the mass immigration into the West and subsequent demographic genocide of Caucasians continues unabated.

This policy is "ringfenced". The no.1 priority.


Corkonian said...

Shaunantijihad and krokodil. All of this is true and also the jewish influence on the media. But I'm taken with the substance of the post also. By this I mean why would these short-sighted what's in it for me pols decide to ringfence this wasted expenditure when raiding a bit of it would make their lives - and their re-elections- so much easier?

Rob said...

The fact is Ireland doesn't have any real choice in this.

Look into the matter and you'll see that these levels of spending are dictated by "guidelines" and "targets" fixed by supranational bodies such as the EU and UN.

If any country were to cut off Third World aid completely it would find itself spurned by the "international community", and this would ultimately have economic repercussions for the country showing a bit of renegade sanity.

Bemused stare said...

This policy is "ringfenced". The no.1 priority.


Bang on the mark.

To answer your question Corkonian, you don't get to choose your leadership. Your leadership in turn know that if they buck the line they wont make it to the bathroom.

Corkonian said...

Rob and Bemused Stare - I think you're both right. But wht I'd like to know is why the ordinary ministers, who are dependent on their jobs on the TDs, don't kick up. Just a little.

Anonymous said...

Money can be used to buy food, ammunition, or 21" rims and Somalis choose ammunition.

I cannot think why.

rebel said...

Let's just hope the Somalis continue to favor bullets over food. and use the bullets on one another!

Anonymous said...

no its not "ringfenced",though it may as well be.

Only 3 years ago,our aid was a truly eye-watering 960 million Euros.

I don't believe in giving a single penny,but would be content to see it reduced to say 100million.

As for the parallel thread,I NEVER buy anything or use any service in which negroes are used in advertising.
Sometimes this is pretty difficult considering the profusion.


Bemused stare said...

This illustrates the situation perfectly, showing the outrageous levels the MSM sink to. Pay attention, at first you immediately get the impression it is complete role reversal.

Then it occurs that it goes a lot further, not only are the blacks portrayed as superior in every way, but the white couple are portrayed as so fucking stupid it seems impossible they figured out how to breathe, much less breed.

Anonymous said...

@Franz the cost of living is so great in the UK that even those with professional jobs struggle to get to the end of the month ..while foreigners get free effing everything, I'd rather pay for the undermined and in some cases corrupted white working class to have kids than some bloated wog. We have to protect our kind that means trying to re-introduce to the standards of our race subjecting them to more abuse. I was bought up in the old East End and the old working class were decent and in a lot of cases 'cultured people. They knew who they were , where they came from and that included their cultural heritage as Britons.

Anonymous said...

the biggest joke of all is that irish politicians are irrelevant , a complete and utter waste of space , Dont believe me ?


AnalogMan said...

Rebel: Let's just hope the Somalis continue to favor bullets over food. and use the bullets on one another!

Quite. Then they can use one another for food.

Who says you can't have it all?

Anonymous said...

Rob said...

The fact is Ireland doesn't have any real choice in this.

Look into the matter and you'll see that these levels of spending are dictated by "guidelines" and "targets" fixed by supranational bodies such as the EU and UN.

If any country were to cut off Third World aid completely it would find itself spurned by the "international community", and this would ultimately have economic repercussions for the country showing a bit of renegade sanity.

All absolutely true, which is why I -- strange as this may seem -- look forward to the oncoming meltdown. It's going to hurt, yes, but it will be a golden opportunity to make a lot of people hurt much, much more. The "International Community" is going to be kind of ... busy putting out their own fires.

Cutting to the core of the matter, I did a search for "Why foreign aid?" Got hundreds of hits for foreign aid ... and hundreds against it but little or nothing on the history ...
It appears that, like so many good ideas gone bad it started in the USA

A quote, but with my emphasis:-

In international relations, aid (also known as international aid, overseas aid, or foreign aid) is a voluntary transfer of resources from one country to another, given at least partly with the objective of benefiting the recipient country.[2] It may have other functions as well: it may be given as a signal of diplomatic approval, or to strengthen a military ally, to reward a government for behaviour desired by the donor, to extend the donor's cultural influence, to provide infrastructure needed by the donor for resource extraction from the recipient country, or to gain other kinds of commercial access.[3] Humanitarianism and altruism are, nevertheless, significant motivations for the giving of aid ...

Once again ... politicians buying influence with other people's money. Your money.

Uncle Nasty

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Hector G. said...

Bemused stare: I find myself seething at these and similar ads. Yet the strange thing is that those I've discussed them with have had no such impression. Have no idea that the blacks were the clever ones and the whites stupid.

To me this just underlines the success of the progamming we are being subjected to. It's all subliminal - the most effective of all. We're being reprogrammed and we're not even aware of it.

occasional said...

Yes, Irish politicians are less relevant than ever. But I still cant understand why they don't kick up more about this?

Ian said...

One for Uncle Nasty -I once saw a car sticker for which it would be most fitting to include a picture of a Negro family : "Overpoulation is your baby." I have a feeling,however,that we will NOT be seeing it any time soon !

Anonymous said...

Amazing how synchronicity rears its ugly little head. Savant mentioned the Tuskegee airmen, and what do we get?

You will not believe this shit. Some Hollywood whackoes have made another film on the flying jigaboos called "Red Tails."

Red Tails

Posted on August 1, 2011 by Hunter Wallace


Now that the debt ceiling crisis has been dodged (at least for now), we can slow down the pace of recent posts, laugh at the prestige of the maniacs who run this country (it has been downgraded to junk status), and remember that this is still BRA which has yet another Tuskegee Airmen movie coming out.

Didn’t they already have a movie about the Tuskegee Airmen? The one with Laurence Fishburne that I remember watching in high school? Why do we need another one? Haven’t they already told that story?

Why can’t Hollywood make a movie about what Tuskegee looks like in 2011 after almost fifty years of the Great Society and Voting Rights Act?

This looks almost as much a barrel of laughs as watching mein Grossmutter going up the chimney in Schwindler's List

I can hardly wait.

Oh. Wait. I guess I can.

Uncle Nasty

Anonymous said...

"Why do advertisers use black actors to sell their products/services when their customer demographic is 90% white?"

The website below may help explain some of these issues:

Anonymous said...

Do NOT be fooled that is camouflage black.

Hector said...

Re the anti-white media site - useful but still does not explain why all these little politicians won't take on the foreign aid bill.

Bemused stare said...

Do NOT be fooled that is camouflage black.

2 August 2011 12:59

Leaving aside the fact that the facial features are definitely human, the ear and hair give the game away.

Rob said...

Here's another company that could certainly do with boycotting (Zazoo condoms, in case you miss it). I know we'll never see the day when they use non-Whites in a commercial.

Dave C said...

"Nobody speaks out against it."

Ireland's new batch of people's representatives turn out to be as unrepresentative as the previous shower. What's new? How do we stop this?

rebel said...

Rob - I'd like to see them use blacks in a condom commercial. Less thugs and murderer's around in the future!

Anonymous said...

@Dave C: Hard to stop it as the system is corrupt. Just like USA and UK we don't have a choice.

Anonymous said...

I think I may have the answer. Once again, misdirection.

If you want to hide your theft, you blend it into other, similar thefts.
Could this be why ungodly amounts of money are poured into third world countries? To camouflage the ungodly amount of money being poured into this third world country?

Israel’s biggest protest in decades overlooked worldwide

Protestors in Israel accuse foreign media of burying their heads in the sand over of the biggest anti-government protests the country has seen in decades. Tens of thousands of people are staging demonstrations over deteriorating living standards.

The events, however, are little known outside of Israel, because their story is not receiving the coverage which protests in Egypt and other Arab countries did.

“When it comes to Israel, a lot of the foreign media want to see an action movie. This [demonstration] hasn’t been violent,” May Flam, a protestor explained.

It is the largest demonstration in Israel in over a decade. And how did ABC, CBS and NBC cover it? Not at all! While the editors of France 24, BBC and Sky coughed up just a few meager seconds.

This must be the famous "Yehudi Spring" we keep hearing so much about.

Why is this happening? Could it be that the RSP's are running out of other people's money?

" ... Today the question of economically sustaining Israel is more urgent than ever. Israel has enjoyed generous U.S. economic and military support and German reperations for decades, but the pumping of billions of dollars into the Israeli economy has not been enough to counterbalance Israeli expendures. Israel’s economy is burdened by its defense budget which is close to 25% of GNP and its huge state-apparatus accounting for one third of the workforce."

"A look at the official figures of labor participation and education among the young Israelis, reveals some interesting facts. For nearly a decade around 25% at the age of 15-19 and 40% at the age of 20-24 are neither employed nor in education. In this light it is not suprising that it is the youth who are bound for the streets in Tel Aviv nowadays."

Think about it. The yehudis encourage everybody else to swamp themselves in tides of third-world mud people so that they (the tribe, of course) do not stick out so badly.

Soooo ... if every nignog on the planet has their tin cup out, no one notices your little bucket in the crowd ... do they?

The old story ... follow the money and keep digging until you hit rock.

What do you think?

Uncle Nasty

Anonymous said...

I think I may have left the link out of my previous post ...

If so:-

Sorry about that,


Anonymous said...

just a comment Savant, i am quite sure that you are framiliar with the Emmet Till case that happened back in the 50s down in Missippi where the kid whistled at the white woman and got murdered for it, they now want to open the store thats been closed for years and turn it into a SHRINE of sorts,where it allegedly happened at, now new info has come out that the boy victim supposedly showed the nice white lady his nigger dick and asked if she wanted some, this was never disclosed in the MSM even back then, also did you know that the boys father while in the U S army in Italy during the war was hung as a serial rapist murderer/ John old rtd chicago copper.

SAVANT said...

John - I know of the Emmet Till case. Jesus - I've had it shoved down my thoat through the MSM for as long as I can remember. Interesting about what he did (exposing himself) and about his 'father'. Amazingly, never heard about THAT!

What about the ghastly black on white multiple murders that occurred within the last few years? Swept under the carpet by the MSM.

Makes my blood boil.

Krokodil said...

Regarding disingenuous race advertising - I saw an ad in South Africa not too long ago showing a WHITE burglar in a middle-class Black home.

This would be about 100 times more ridiculous and brazenly deceitful than similar ads in either the USA or Europe, considering SA's off the chart crime rate - and those that carry it out.

Anonymous said...

Enjoy a few Harold Covington vids ... while you can.

Uncle Nasty

Anonymous said...

I'm not too sure how many took a look at this bozo.

So I re-post for your pleasure. Believe me, it's too good to miss.

Scroll to ...

Judge Judy Versus the Welfare State

... and tell me that this moron has an IQ greater than 70. His girlfriend ain't the sharpest tool in the garage either.


pdf1 said...

Yeah - and the good judge muttered 'moron' under her breath at the bastard!

Anonymous said...

Neat hand usage

Anonymous said...

As I have said once before, I am not a financial whizz.

But, even I have to assume that this is not a good thing ...

US stocks plunged this morning in the biggest sell-off since the financial crisis, driving the Dow Jones Industrial Average down more than 500 points, as investors appeared to lose faith in the ability of the world’s policy makers to revive the global economy and stave off a rolling debt crisis in Europe …

It was the measure’s biggest single-day loss since December 1, 2008, when the Dow plunged 679.95 points at the height of the financial crisis, one of the market’s worst days ever.

I await comment from Franz or Reg or any of our other financial fundi's.

Having typed the above, I realize that "Fundi" is a word that I have not used in a while.

fundi (Pr:- foondie)
noun (S. African) expert, authority, specialist, professional, master, pro (informal), ace (informal), genius, guru, pundit, buff (informal), maestro, virtuoso, boffin (Brit. informal), hotshot (informal), past master, dab hand (Brit. informal), wonk (informal), maven (U.S.) The local fundi are wonderfully adept and have created a car adapted to hunting.

Collins Thesaurus of the English Language – Complete and Unabridged 2nd Edition. 2002 © HarperCollins Publishers 1995, 2002

Uncle Nasty

Croesus said...

Uncle Nasty - these developments, IMHO, signal a growing realisation that fiat money = funny money and everyone's running scared. Interesting times indeed!

Anonymous said...

Here's something .... interesting.

Russian Village’s Self-Defense Underlines Failures of Police

SAGRA, Russia — When Sergei the Gypsy wanted to show who was boss in this tiny settlement on the edge of the Ural Mountains, he gathered a posse of armed men and drove down a narrow road through the night, illuminating the forest with his headlights.

In warding off attackers, Sagrahas won a measure of fame.

“They are coming to kill us,” one of the villagers shouted, and Viktor Gorodilov, who was in his bathhouse, threw on some clothes and joined a small group of men with shotguns, pitchforks, chains and knives to guard the road. “We just had three guns, including me,” said Mr. Gorodilov, 56. “But they didn’t expect any resistance, and we had them in our hands.”

His son Andrei threw a pine cone and shouted, “Grenade!” Women hiding behind trees screamed curses and abuse.

One of the raiders was killed, and the convoy fled, shooting to cover its retreat. “It was like ‘The Magnificent Seven’!” the younger Mr. Gorodilov said, recalling a movie in which a small band holds off an armed attack.

The encounter a month ago was the culmination of a feud between villagers in this hamlet of just 130 people and an interloper — real name: Sergei Lebedev — who they believed had taken up residence here to operate a base for the drug trade.

Since then, Sagra has become a catchword for a spate of violence around the country in which people have banded together to defend themselves in the absence of police protection. “What’s going on in this country is that the government isn’t protecting anyone,” Mr. Gorodilov said.

Coming to a country near you, perhaps?
Impossible, one might say. Really? How much faith do you have in the local bluecoats? ... and scroll to:-

A British Chief Constable and his deputy are both suspended after being arrested in corruption probe

One of Britain’s most senior police officers was arrested on suspicion of corruption yesterday. Cleveland Chief Constable Sean Price, 53, and his deputy Derek Bonnard, 45, are being quizzed by detectives investigating allegations of misconduct, abuse of position and corrupt practice.

A chief constable has not been arrested and charged with an offence since 1958.

Mr Price, who is one of the most highly paid officers in Britain thanks to a gold-plated perks package which takes his salary to £191,905, was suspended from duty along with his deputy yesterday.

The force’s former solicitor Caroline Llewellyn, who left last month after 36 years with a £213,000 redundancy payoff, was also held yesterday.

The shock arrests came after Her Majesty’s Inspectorate of Constabulary asked Warwickshire Police to investigate allegations of corruption regarding business practices at the force in May this year.

The times ... they are a-changin'
Invest in metals.

Uncle Nasty

Jeremy said...

Most interesting about that Russian town. Vigilantism is always a sign of a policing breakdown, and it's happening in the west as well. In the UK people don't report crimes to the police as they will likley become the subject of the inquiry themselves!

Anonymous said...

Hear that rumbling, crumbling sound? As the US infrastructure heads towards the perfect storm:-

S&P downgrades U.S. credit rating for first time

Source: Washington Post

Standard & Poor’s announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

And ...

Panicked Savers Now Paying for Bank Deposits

Source: CNBC

Mutual funds and financial institutions may be so concerned about the direction of financial markets that they are willing to pay to stay on the sidelines.

Ordinarily, banks pay interest on cash deposits. But Bank of New York Mellon, the largest custodial bank in the U.S., announced that it would start charging customers with balances over $50 million. This indicates that the short-term demand for cash is extremely high. Which, in turn, implies that demand for almost every other kind of longer-term investment assets is extremely low.

This will almost certainly push yields in short-term markets down, as investors attempt to flee the penalty. It also demonstrates that, at least in the short term, large financial institutions are not concerned about inflation. Or, perhaps, their inflation concerns are outweighed by risk concerns.

Bank of New York says it will charge 0.13 percent on accounts with an average monthly balance of more than $50 million. That's 0.03 percent above the 0.10 percent the bank pays to insure deposits with the FDIC. That spread indicates that Bank of New York believes that the demand for the ability to hold wealth in cash is so great clients are actually willing to lose money to stay out of other assets.

And ...

US Postal Service warns it could default

Source: AFP

The US Postal Service warned on Friday that it could default on payments it owes the federal government, just days after the US government itself narrowly averted a default.

The government's mail service said it lost $3.1 billion in the period from April to June, blaming "the anemic state of the economy" and the growing popularity of electronic communications over old-fashioned letters.

As a result of its mounting losses, the US Postal Service said it would not be able to make a legally required $5.5 billion payment in September to a health-benefits trust fund.

"Absent substantial legislative change, the Postal Service will be forced to default on payments to the federal government," it said in a statement.

Dating back to 1775, the US Postal Service was once a crucial branch of the federal government, but in recent years it has come under increasing fire from critics who consider it bureaucratic and inefficient.

In July, it unveiled plans to identify nearly 3,700 under-used post offices around the United States for possible closure. The Post Office has been hemorrhaging billions of dollars in recent years.

Need I point out that the US Postal Service is one of America's biggest minority employers?

BTW, has anyone else noticed that the First Boog is going gray at an alarming rate?

Fate can be such a heartless bitch at times.

Uncle Nasty

Anonymous said...

A quick one for the financial fundis.

Does this assessment make sense? What I mean is are the Icelanders doing the sensible thing?

Can’t pay back, won’t pay back ... Iceland’s loud No

The people of Iceland have now twice voted not to repay international debts incurred by banks, and bankers, for which the whole island is being held responsible. With the present turmoil in European capitals, could this be the way forward for other economies?

by Silla Sigurgeirsdóttir and Robert H Wade

The small island of Iceland has lessons for the world. It held a referendum in April to decide, more or less, whether ordinary people should pay for the folly of the bankers (and by extension, could governments control the corporate sector if they depended on it for finance). Sixty per cent of the population rejected an agreement negotiated between Iceland, the Netherlands and the UK to pay back the British and Dutch governments for the money they spent to recompense savers with the failed bank Icesave. That was less resistance than the first referendum last spring, when 93% voted no.

On an emotional level, I am right there with them. What do you think?

Secondly ... on a more practical note, I feel that the Icelanders are merely doing now, what a shitload of others will be doing later.

The article is pretty long.


Croesus said...

I admire the Icelanders but they're suffering a lot now. And they'll suffer more as and when they have to go to the bond markets. It's by no means a painless solution.

Anonymous said...

Yep,most of us are fucked but I long ago went "into metals".I'll do okay I reckon.

On Policing,things in Ireland are not yet too bad,though a Policeman in Wexford was,yesterday,convicted of assault on a complete and utter scumbag.

However,last year when in England,I was shocked by,I won't say hatred,but the complete contempt people have towards their Police.

England,the inventor of "policing by consent".The way my country is,for now policed,but for how much longer I wonder.


Anonymous said...

Mr A

A woman in Leicestershire I believe was been hounded by local "yoofs" so she rang the police and a policewoman who went to her house told her that it was silly thing to have done because now the "yoofs" knew that she had rung them.


If they had no intention of responding couldn't they have told her on the phone rather than going out to her house to tell her?

There are way too many storries like this or the one where the police put out a eainbow flag to welcome LGBT types and while they were doinf that their station was robbed.

Anonymous said...

Adding to the United States' Perfect Storm:-

Obama quietly preparing military for “civil unrest.”

By starting off with a core group of 20 000 US troops to be deployed within the US. Obviously in a "peacekeeping" role.

Once again, read your Covington.

The Covington books, like Orwell's Nineteen Eighty Four, begin to look less and less like cautionary tales and more and more like instruction manuals ... or prophecies.


Anonymous said...

Croesus said...

I admire the Icelanders but they're suffering a lot now. And they'll suffer more as and when they have to go to the bond markets. It's by no means a painless solution.

I think we all know that this forthcoming collapse will be the last one. The last one using the present financial model.

All it needs is for three or four badly bitten countries to come up with their own financial structure to cut the carpet right out from under the tribe. They'll get away with it too, as the rest of the world will literally not have the money to prevent them.

Don't forget, the wealth is not wealth ... it's all symbolic. Yehudi is over-reaching himself once more.
Look at the fuckup in Libya. Gaddaffi may be on his knees, yes, but the so-called allies can't even get to their knees.
Britain is mothballing its uncompleted subs and aircraft carriers and is reduced to borrowing from the French. It's been reported that Britain's military preparedness is lower than at the time of the Boer war.

Watching the circus in Libya is like watching two drunken niggers in the ring, swinging at each other and never connecting.

Russia, fucked though it may be, could probably drive through the Fulda Gap now in bloody Ladas and Trabants ... and everyone would be too busy contemplating the oncoming collapse to notice.

What do you think? Not with a bang, but a whimper?

Uncle Nasty