Little Iceland whacks the banksters

Back in 2008 the Irish Government caved in to ECB pressure and agreed to bail out in full (including - incredibly - unsecured bondholders) the creditors of Ireland's troubled banks, putting the Irish taxpayer on the hook for potentially €65 billion. This was equivalent to nearly 40% of Irish GDP or €16,000 for every Irish man woman and child and represented, per capita, the single worst banking crisis in financial history.

It wasn't ECB pressure alone that induced our Government to accept such a catastrophic arrangement. It was partly due to a disastrously optimistic assessment of the banks' solvency. Everyone, top bankers, the ECB, the Irish banking regulators and statutory auditors emphasised that the problem was just a matter of short-term liquidity and with minimal ultimate exposure. Just to be sure the Dept. of Finance got top "independent" advisers Merrill Lynch (for a fee of several million dollars) to pop over to verify this rosy scenario. Which they duly did. And by the way we also had that NWO paragon, 'proud Irishman' Peter Sutherland, reassure us along similar lines.

The rest as they say is history. And Ireland now labours under an onerous burden and will do so for many years to come. And what of the criminally incompetent (at best) bankers, regulators, statutory auditors and advisers who walked the country into this disaster? Well apart from some senior officers of one bank (Anglo Irish) they all lived to fight another day or else retired with massive pay-offs and index-linked pensions. A bit like in the USA - indeed the rest of the "free" world - where the banksters just get fined for their crimes. With said fines getting paid out of shareholder funds. Jon Corzine, who five years ago literally ransacked his clients' accounts ('the money is just gone') and who now leads a free and wealthy lifestyle in New Jersey represents a fine example of the species I have in mind.


But they do things differently in Iceland, where Nordic standards of accountability still live on. (For now anyway). Recently the country jailed its 26th culprit for the crisis - similar to Ireland's - that engulfed the country in 2008. (One question: What's Mikhail Gorbachev doing behind bars in Iceland?). They also let their banks go bust and inflicted severe and fully justified haircuts on the irresponsible lenders to those banks. Cue squeals of outrage from their 'partners' in the EU, the IMF and the 'international community' who issued dire warnings of impending doom. But lo and behold, according to a new IMF report Iceland has done better than any other country in recovering from the 2008 crash. It will be the first such country to exceed pre-crash output levels while the Krona's exchange rate versus the Euro has improved from 290 (in 2008) to 142 now. Arguably they're better off now than they were pre-crash.

My main objective in this post is to pose the question: How did Iceland get away with it? They have told the 'international bankers' and their political lackeys to get stuffed, put their own people first, and refused to sell off national assets. And to round it off they've withdrawn their application for EU membership. Any one of these offences would normally be enough to ensure bombs for democracy or at a minimum Iran-style sanctions to bring them to heel.  Which prompts me to question whether we have over-estimated the powers and cohesion of the NWO globalist financiers. Because be in no doubt that Iceland has publicly poked them in the eye and gotten clean away with it.

Heretical thoughts on economics

You know, I was sitting down today when this this crazy idea crossed my mind. I thought....maybe, just maybe, economists aren't wrong about everything after all.  Now I admit that when it comes to economic forecasting you'd be better off going by Mystic Meg at the fairground. But what about measuring Gross National Product?

We know for example that when a burned-down house gets rebuilt the cost of rebuilding will be added to GNP figures even though all that's been done is to restore the status quo ante. All the work done by the builders and the materials they used are added to the production figures. Then there's the recent practice of including the services of prostitutes and the sale of illegal drugs. And why not? After all, how is this any different to including the services of psychiatrists  (who have never cured a patient in all recorded history) or the sale of cigarettes?

So maybe economists are correct again when they extol - as they endlessly do - the economic benefits of mass immigration. And the more I thought about this the more I began to realise that, by Jove, they had a point. An excellent point. Here are just a few examples:

() Building all those extra jail places

() Hiring additional police, judges and prison staff to capture and incarcerate criminal enrichers

() Gynaecologists treating female genital mutilation victims and birthing all those little turdlers we see running around every day

() Lawyers endlessly working asylum tourist appeals through the court system

() The velocity of money (M1 or M2) contribution to GDP resulting from injecting billions of Euros in enricher welfare payments into the economy every year

Now I am not, a la Oscar Wilde, lightly playing lightly with ideas here. My musings have highly practical implications for every Eurozone country. Why? Because budget deficits are supposed not to exceed 3% of GDP. Hence the bigger a country's GDP figure the bigger the deficit allowed in absolute terms. And the bigger the deficit the more money politicians have available to buy votes. Why else do you think the Italians, Irish and Greeks...and in fact almost all EZ countries are so keen to boost nominal GDP?

That's the reason.  Seriously

So, in the spirit of magnanimity for which I'm renowned I freely offer these thought to the world. Or at least the EZ world.

The Beast consumes itself.

AFP, one of the few somewhat credible news services remaining, has its head reporter for Johannesburg tell us that retailers in Zimbabwe, yes Zimbabwe, 'concerned about the rapid devaluation of the currency of their southern neighbor, South Africa's Rand, have now stopped accepting it entirely.'

This from a local Zimbabwean news outlet: “I told them that I was willing to top up on the 200 rand but the cashier said they did not accept the rand. I think it is not fair because we all know that the rand is a currency that is in use in the country.”

While not exactly a powerhouse of financial rectitude, Zimbabwe knows better than most how to identify a currency going down the tube. 

Ah, the mighty Rand.  The once-mighty Rand, what has become of thee?

Watch sloth and Heathen folly,
Bring all your hopes to naught

Of straws and camels' backs

In the early days of this blog I used to have long email discussions with Uncle Nasty (not his real name) on the issue of mass immigration. My beef was with the Africans and Muslims who were flooding into our lands and ruining them.  UN had a different view, seeing them as mere front line troops in a deep and ongoing Jewish plan for the demise of Western/Christian society.  Initially I disagreed, seeing Jews as highly intelligent and capable, and yes, while they might be 'liberal' and internationalist, I found it easy to understand why. And some of the earliest and most trenchant critics of mass immigration were the Jewish people I knew.

That was then of course, this is now.  As I dug deeper and deeper, peeled back layer after layer of the onion I came around to fully accepting his take. I still found it hard to understand why they continued to do what they do, given that they're in no danger at all in the West, au contraire, they're thriving.  It seemed so counter-productive. His explanation? That's just what they do.  They can't help it.

I've by now almost fully accepted his position on this as well, even though I still can't really get my head around it.  It's just so....perverse. And finally I came to an even more outlandish conclusion in that it seemed they use their power to  actually provoke and humiliate us.  And as I warned here, this was a very risky way to behave, irrespective of  your control and power.

UN pointed out that, always and ever Jews kept pushing and pushing, never learning, until at some point the host population exploded in anger, with predictably dire consequences.  Until very recently the  possibility of this happening today seemed, to my mind at last least, remote to the point of being non-existent.  Well,  I'm no longer sure of that either. You see, the nomination of Stanley Fischer, Governor of the Central Bank of Israel as the 'Deputy' Chairman of the US Federal Reserve has elicited a torrent of outrage. Before I go on to that let me say that I'm just staggered at the chutzpah here, which borders on the reckless. 

The Federal Reserve (of course it's not 'Federal' at all. It's privately opwned by the major American banks and has been a Jewish preserve since God was a boy) has, over the last few decades, roundly screwed up the US economy and further enriched the infamous 1%.  Now were I a member of the tribe in question, especially when you consider that tribe's existing stranglehold on the MSM, Hollywierd, the law, politics and academia I'd be saying - and I really would -  Jesus lads, take it easy will yez? We'll have everyone else down on top of us like a ton of bricks. This is totally over the top. Stop it, for the love of God or we're all fucked.

But they've gone ahead and done it.  And here's the rub.  There has - at last - been that explosion of outrage. Not of course from the editorial writers and columnists in the MSM, almost all of whom seem to have names like Cohen, Fleischer, Applebaum, Kravitz etc.  No, it's coming from the readers.  The ordinary Joes.  I have never seen anything like it either in terms of volume or vehemence. And look, I'm talking about the MSM, and middle-of-the-road economic and political blogs here, not the Alternative Right. All this despite what clearly has been a massive culling operation. For example up to late last night the LA Times printed a mere three comments (two of which were highly critical) whereas such a subject would normally attracts dozens of comments within hours.

Let me repeat: I have never seen anything like it. I've displayed below a representative selection. 

Why do the terms 'straws' and 'camels' backs' spring to mind?

PS:  If you do your own checking look out for an hasbara in the classical mould, riding under the avatar of Anthony Alfidi.  He's everywhere!


Reader comments

It's a living nightmare. How did it come to this?  How can a tiny little racial group run the entire world's economy?


This should be enough to catapult "Mein Kampf" to #1 not just in the Politics section.
American now is in the same position Germany was ca. 1914-1929. Soon Americans will realize why Hitler (and most Germans, Austrians and Poles) hated the jews so much.


Their contempt for non-zionists, even other jewish people,  extreme hate - ironically you have never met a nazi until you've heard a zionist, greed, exploitation of anyone perceived as weak, and their superiority complex that stem from a mixture of propaganda and innate inferiority at the heart of their religion which cast them as wandering slaves. All of these heady brew of ideas form an extreme group of exceptionalists who believe themselves to be immune from criticism, with a deep victim complex that is used to justify hatred and harm to others who have never done them wrong.


Can you imagine Obama nominating Mahammad El Erian who maybe is more qualified than Mr. Stanley. An politicalquake of magnitude 9 will shake Washington


What the real history revisionist are saying is that "anti-semites" and "jew-haters" where a small minority, the real truth is that they where the overwhelming majority and for very good reasons.


American now is in the same position Germany was ca. 1914-1929. Soon Americans will realize why Hitler (and most Germans, Austrians and Poles) hated the jews so much


"They"  ain't just joobankers, "They" are joolawyers, joodoctors, joomovieexecs, joomediamoguls, joomercantilists, etc. And they all seem to subscribe to gentiles=cattle meme, in my experience. So yeah, lumping a group is as lumping a group does.


 It's a jew system, they devised it.  As it goes off the cliff and gets dashed to bits on the jagged rocks below, it is only fitting that jews are in the driver's seat.


Okay that's it. I am going to read Mein Kampf this weekend.


This is a complete outrage. The man is an Israeli, not an American. He has been structuring US aid to Israel for decades, doing vast damage to the US in a massive giveaway. In 1985 he rescued Israel with a US grant that comes to $1650/person in Israel, plus all the other aid. We can't know what he'll do, but we can be sure it will be a massive benefit to Israel at our expense, as is everything else this guy has done for decades. He is also a big player in the Israeli effort to turn the sanctions into a war. He is their leader in that effort.  Outrage!!!


Beggars belief!   Why not move the Fed over to Tel Aviv altogether?


As the old saying goes "Know a Jew, Hate a Jew"


Let the Goyim eat cake,    Enemy at the gate


The guy is a card carrying dual loyalist. He use to be a governor of Israel's central bank. Just imagine the advanced investment tips he can give the Israeli bankers. It is really a shame there isn't anyone with only American citizenship who can do the job. If he is confirmed confirmed it is an unbelievable outrage. My guess is if the American public learn of this there will be such a hue and cry he will not be confirmed. The audacity, the hubris. America, take Stanley Fischer down a peg!!!!!!!!!!!!!!!!!!!!

America: More like Mad Max every day

Well, here I'm at it again.  Bye Bye America.  The latest is occasioned by Larry Summers emerging as favourite for the position as Chairman of the Federal Reserve.  Just to be clear, Summers is incompetent, corrupt, a notorious bully, personally loathsome and played a central role in just about everything that contributed to the catastrophic financial situation America finds itself in today.

Here's just a brief summary:

Lead the charge to gut the Glass-Steagall Act, thereby opening the floodgates of 'deregulation' and the catastrophes that ensued

 

Bullied and threatened CFTC Chairman Brooksley Born so that the derivatives time bomb, now hanging over the world like the Sword of Damocles, could explode in size, free of supervision.

 

Gave advice (and also harried and bullied to get his way) that directly lead to the housing crash and that subsequently landed the cost - $200 billion and climbing - onto the US taxpayer.

 

Suggested transferring dangerous industries to less developed countries, basically because the lives of the people there don't matter

 

Was a central figure in the looting of Russia in the Yeltsin years, which stripped that country of $400 billion worth of assets, established the oligarchs and the notorious Russian Mafia (a clever feint here in implying an Italian dimension when in fact most of the gangsters are Jewish)

 

Used his 'genius' to interfere in the Harvard Trust activities, ending up costing it $1.5 billion in losses.   (I've written about some of the other Wall Street 'geniuses' here)

There's plenty more if you want to check it out. But essentially this guy is a psychopathic financial terrorist, with a record of almost unrelieved failure, except when it comes to looking after his cronies in banking and academic circles. (Said cronies by the way are almost always Jewish. I'm starting to see them in my cornflakes now).  In this he reminds me of Henry Kissinger, a political terrorist and war criminal.

We'll know America is on the way back when their likes are swinging from lamp-posts.

And now he's the leading candidate to run the organisation that runs America. And why, or is this a silly question, does the Chairman always seem to be Jewish?  You know, they make up only 2% of the population.

I have a good idea. Why not save all the messing and give it to Loyd Blankfein or Jamie Dimond?  After all, they'll be the ones making the real decisions for the Fed.

PS, if you do check up further on this degenerate psychopath, you'll frequently come across plaintive questions on the lines of 'why did Obama give him such a prestigious job?'    Just in case you're wondering, Obama did not give him a job.  The Real Government did, and duly informed Obama along the way.

Draghi. They have him by the balls

In this post I speculated that the Real Government allowed only corrupt incompetents to run for US President as that way they could exercise control over them.  Did something similar happen with sinister-looking Mario Draghi and the ECB?  I mean, this guy is so mired in corruption and scandal (he is Italian after all) and so compromised by being a top Goldman Sachs capo, in a normal environment he'd have been run out of town long ago, let along be appointed President of the ECB.

Now in an interesting post over at Zero Hedge I see that more scandal is coming back to haunt him, this time from his time at the Italian Central Bank. In summary here's his record:

Mario Draghi, complicit and aware of the Greek currency swap arrangement, as a member of Goldman Sachs in the mid-2000s.

Mario Draghi, complicit and aware of various Monte Paschi derivative deals, as head of the Bank of Italy.

Mario Draghi, complicit and aware in rejecting Bloomberg's FOIA requests that would have blown all of these scandals wide into the open, as current head of the ECB.

And now, Mario Draghi, complicit and aware of at least one (and likely many) Italian window dressing derivative deals with one or more US investment banks, as Director-General of the Italian Treasury.

Yet no meaningful investigation has taken place. In fact he was promoted to head the ECB while most of this was in the public domain.  Seems to me that should he ever step out of line, or harbour an independent thought, the Real Government will end the cover-up and unleash the hounds of hell.  Pity poor Draghi if that happens..... 

Why?

It seems inescapable to me that the Obama administration is doing everything in its power to bankrupt the USA.  Obamacare in itself would do the job, as well as crippling small and medium enterprises in the process.  And it seems, unbelievably, that illegal immigrants may qualify for this boondoggle.  But there's a lot more.

Even with rapidly escalating food prices several states are actually seeking out food stamp recipients. Seems insane but it's true. “Three states in the Midwest throw food-stamp parties where new recipients sign up en masse” says the Washington Post.  Even illegal immigrants get them. “Illegals would come in by the vanload and we were told to give them their stuff. When people protest at being signed up for food stamps, the recruiters in Florida encourage them to get over their shame."

In fact every possible effort is being made to have illegals qualify for a whole host of 'entitlements' while at the same time border protection is being emasculated. And there's an overall general policy - anyone can see this - to increase the numbers drawing welfare and the level of their entitlements.

What can the reason be? Obama himself need never stand for election again so he has no need to propitiate the welfarists. He has to know, detached and all as he is, that these developments will rapidly bring forward the inevitable economic collapse.

Beats me......

Hungary gives the finger

Whenever you get the US, the EU, that fucking monstrosity the European Court of Human Rights and the MSM everywhere uniting in faux outrage, as they did following recent  developments in Hungary, well you know the target must be doing something right.  What do these worthies object to?  'It's an attack on democracy' they trill. Presumably the Obama administration was able to keep a straight face when making that claim. 'They're undermining the independence (sic) of the media'.  I swear, they actually said that. And it seems the government is also unilaterally changing the country's constitution and forcing foreign power companies to lower their prices.

So how was Hungarian democracy destroyed this time?  Tanks moving through the streets? Assassination of leading politicians?  A violent national strike?  None of those things, of course. The government was democratically elected with a massive majority in excess of two thirds, which incidentally provides them with a constitutional right to amend said constitution. Clearly a case which calls for the election of a new people.

Needless to say the worthies mentioned don't give two figs for democracy, human rights or judicial and media independence. The problem is that the Hungarians are rounding up a huge herd of sacred cows and leading them to the slaughterhouse.  For this reason some latter-day Oscar Wilde has dubbed that country The Goulash Gulag. Which is a bit ironic in that, as I see it, the memory of actual gulags in the not too distant past is a powerful contributor to the electorate's actions today.

Which directly leads me to another connect. I think it was the Wall Street Journal that thundered along the lines of 'any government that keeps Jews out of its upper ranks can not and will not succeed'.  Well, maybe, maybe not.  But you see Hungarians have still very clear memories of Jews 'in the upper reaches of government'.  These forces seized power in the immediate aftermath of both World Wars and not alone did they  allow Jews into their upper ranks, the upper ranks were in fact overwhelmingly Jewish.  Both governments immediately lapsed into tyranny and were overthrown amid great violence by an enraged people among conditions of great social upheaval.

So you can see why Hungarians might not enthusiastically endorse the WSJ.

My working assumption is that all of these forces, both openly and surreptitiously, will combine to crush this small, weak and terribly indebted country. So cue my amazement when I saw that they recently sold bonds worth more than $3 billion on the open market at reasonable rates.  How far this takes them remains to be seen. I for one wish them well.  More than that actually, I pray for their success.

"All that glisters is not gold...."

A very small humble cargo ship could do it, all in one go. As could about 100 trucks. Assuming the appropriate level of militarised security.  I'm talking here about the 1,500 tons of German gold stored, or allegedly stored, at the Fed in New York. As every schoolboy knows, the Germans now want it back.

And they'll get it.

But over a period of seven years!

What the hell's going on here?  Give any self-respecting gang of criminals the keys and they'd have the place cleaned out over a weekend. But this exercise will take seven years?  I've been reading all about it everywhere I can for the last few weeks and I can tell you this: I have found nothing that even approaches a logical explanation for the delay.

Unless of course the gold isn't there!  But what about the annual inventory audits conducted by the Budesbank?, you cry. Oh dear. There hasn't been one for a long long time. Well actually, reading between the lines it seems there never was a physical audit or stock check by the efficient Germans.

Here's the knee-slapping, eye-watering funny bit: They trusted the Fed!  Hilarious, isn't it?

So now yet another lunatic theory - that there's no gold in Fort Knox - has been lent respectability.

Interesting times indeed.

Where's the Apocalypse when you need it?

Literally for years now I've been hearing how the whole financial system will soon collapse into total meltdown, apocalyptically, in a way never seen before. A kind of apocalypse porn is the order of the day in the blogosphere. Max Keiser, Alex Jones and half his guests, Gerald Celente, Mac Slovo.....you name it, they've warned us. The latest Mayan Prophesy, from Keiser, tells us that next April is the time.Based on evidence to date I'm not heading for the hills or stocking up on ammo.

If I sound a wee bit peeved, well I am. I was kinda looking forward to it in a certain way. Newly impoverished Whites will finally start asking why they're picking up the cost for the dangerous and degenerate rabble of useless parasites from the Turd World, lazing about here like sated ticks, while the traitors who brought them in may, God willing, get strung up. The EBT cards will stop working, the banksters will be driven out with pitchforks, Obama's teleprompter will go blank, The phony black middle class will revert to poverty, as nature ordained. The trough in which the equality, diversity and immigration industries noses were sunk will be defunded.

In short the Matrix, that fantasy universe, that giant cocoon of lies, that Potemkin Village of Diversity Wonderfulness, will collapse because of, well, The Collapse.

So will we finally witness it next April.? I don't think so, nor will we see it the April after that, for that matter. You see, I do believe that the current financial 'system' is unsustainable. Of course it is. But the eye-watering debts that have been incurred, and the entitlements that have been accrued, can be very easily met by any country that can print its own currency. So for example the Chinese tell America they want their thousand trillion, or whatever it is, to be repaid now. All the US has to do is fire up the printing presses and print out a crisp one thousand trillion dollar note. Problem solved!

Sure, the value of the currency will instantly collapse and it is a de facto if not de jure sovereign default. But so what? Same with Social Security or other pensions. You're entitled to half your finishing salary? Fine, here it is. In freshly devalued dollars. Or Euros, or Yen or whatever.

I'm not being facetious here. Of course massive inflation will result and that in turn has major ramifications. But done slowly over time you'll apply the boiling the frog solution. Just as they do now, people will simply be aware that they're getting gradually poorer despite the bromide of rapidly increasing pay. But there's been no rebellion yet. And the pets, the minorities, immigrants and sexual deviants of all sorts will continue to be looked after.

So no, I don't see a single cataclysmic event. Just a slow destruction of wealth through the debasing of currencies. I see the big losers being the middle classes. The super-wealthy will as always have their exit well prepared while the 'victim class' must also be appeased less they burn down our cities if their gibsmedats are taken away.

Not good. Not good at all.

Entrepreneuricus Hibernicus turns toes up

A titan of Irish business passed away this week. Alex Spain, for it was he, headed up many of Ireland’s top companies in a long and richly-rewarded career. He was famous for his decisiveness and didn’t tolerate fools gladly. He drummed his fingers impatiently on the boardroom table as his quaking underlings, fixed by his cold gimlet eye, delivered their spiels.

The ensuing instructions were invariably rapid, decisive, clearcut. And catastrophically wrong. His first major task was to take over Irish Shipping in the eighties. His fees for this were so enormous that a special ‘vehicle’ (Zeus Management) was set up to get around awkward pay restrictions. His impact on Irish Shipping was like that of a fleet of German submarines, and soon the company had gone to a watery grave.

Fresh from this accomplishment he was snapped up to take over Xtravision, Ireland’s largest video rental company (which also had a huge property portfolio). Same result, company down the tubes within a few years. And so it went, Alex headhunted to take over company after company, as one after another they bit the dust and/or or ended up in all sorts of legal trouble.

But it never held the bold Alex back. He retired, a wealthy man, feted by all and sundry for his ‘services’ to Irish business. And the mourners at his funeral represented the great and good of Irish business, the people who ran the banks into the ground, financial regulators and all the rest. I bet they took time out to congratulate one another on their ‘contributions’ over the years.


Entrepreneuricus Hibernicus: We fail, you pay .

Schloouuurp......

That, my friends, with due acknowledgement to Matt Taibbi, is the sound of the great vampire squid sucking the life and blood out of its human victims. Yes, the Goldman Sachs blood funnel will be busy for a while. It seems nothing can stop them.

After all, you'd think that their man in Athens, having helped falsify the Greek books and thereby bring on the present crisis, would be just about the last of the seven billion people on the planet to be made head of the ECB. And he an Italian (ipso facto = corrupt) and all. Despite that, Mario Draghi now heads that institution and soon it'll be payback time baby.

And then another GS 'advisor' has just been appointed President of Italy, just as they're about to go down the tube. Mario Monti has been drawing handsome 'consultancy fees' from the vampires since he finished his stint at the EU Commission. GS expressed 'support for his nomination'. Boy, I'll bet they did. Soon again it'll be payback time baby.

And how will that payback manifest itself? Well, at a modest level by the looting of Greece and Italy, and the other dominoes as they duly fall. But the real prize, I believe, is that with Don Mario at the helm of the ECB it will now become the European equivalent of the US Federal Reserve. In other words the lender of last resort, in other words the picker upper of all future gambling losses by the vampire squids of this world.

Schloouuurp......

Stunning

Several hundred demonstrators descend on Wall St. to protest the outrages being visited by the banksters and their bought politicians on the general public. Hundreds of cops (their coffers supplemented by a 'donation' from Goldman Sachs) face off against them. A mini riot ensues. Similar riots begin to take place all over the US. Looks like the people have risen.

Stop Press! Front page news!

Right?

No. Unbelievably, virtually all of the Lamestream Media outlets have either completely ignored these events, or they've relegated them to some remote corner, dwarfed by Lady Gaga or similar trivia. I've checked CNN, MSNBC, ABC, NY Times, Chicago Tribune - not a mention. Check it out for yourself.

I see this development, or more accurately lack of development, as far more important than the demos/riots themselves. The banksters, their bought politicians and their media whores are running scared. They must be. There's been a concerted effort to do a Pravda on these events, just like they tried to blank the 'mahogany mobs' during the Summmer. I can just imagine the frantic phone calls orchestrating the covere-up.

But I believe they'll have to give way very soon for the same reason they were forced to cover the mobs. The Internet and blogs will blow their cover. God grant that this will segue into a movement of white Americans, the backbone of the country, rising up to reclaim their pre-eminent position and throw down the traitors who have betrayed them.

Questions for you

A couple of questions for you.

1: Are you a complete fuckwit at your job?

2: Have you left a trail of devastation in your wake, driving corporations and whole countries to bankruptcy?

If so then you’re indeed a lucky man. Because untold riches and a luxurious trouble-free retirement beckon when your time comes. One of the first of a long line of such luminaries was Richard Burroughs. Having carefully guided Bank of Ireland over the cliff, Dickie, brandishing a massive severance package, and encomiums to his years of ‘service’, immediately landed a plum job as Chairman of BAT (British American Tobacco). If you’ve shares in BAT, sell ‘em now.

The latest is Dermot McCarthy, erstwhile top civil servant, Ireland’s own Sir Humphrey. As one ex-colleague bitterly recounted, McCarthy ‘was the grand architect of everything that went wrong in this country’. Indeed he was. Mind you he wasn’t short of company, and some things he did very well. Like in 2005 when, after a series of tense negotiations with himself, he awarded himself and his fellow mandarins an eye-watering 25% pay increase for that one year alone.

And a very special retirement deal as well, which means that he walks out, at the ripe old age of 57, with a severance package of €700,000 and a lifetime index-linked pension of €150,000. Not bad, huh? And the rest of the nation-wreckers have received, and will continue to receive, similar ‘compensation’ packages’. A deeply religious and charitable man, nicknamed The Cardinal, he undoubtedly subscribes to the old aphorism that charity begins at home. And maybe ends there as well, who knows?

As the Lone Ranger would say to Tonto, before riding off into the sunset having cleaned up another town ‘our work here is done’. In the case of our other heroes, we can only hope that their work is, in fact, done, and that they'll disappear, as rapidly as possible, into the fading sun, clutching their ill-gotten gains.


Incidentally, have you ever wondered, as I have frequently, about the Lone Ranger’s mask? About as effective as a pair of sunglasses. Whatever about his other qualities, he was no master of disguise.

The curious case of Mad Maxdolf’s sudden prosperity

A short while ago I asked regular correspondent Franz to explain something about the German economic miracle during the thirties. For very obvious reasons we don't hear too much about that these days!

Anyway, here's his report (I don't think he gives his countrymen of the time due credit, but I'll let you be the judge of that).

A couple of days ago the Savant suggested that I write a piece about the interwar period in Germany. Specifically the astonishing growth that took place between 1933 and 1939. "Dang", I thought. Couldn't my writing debut be about a more inherently crowd-pleasing subject? Puppies? Chicks? Or more in tune with the Savant's site: Chimps? Anyhow, I'll try do deal with it as gracefully as I can.

Ladies and gentlemen: I give you the Interceptor!

Now what has Mel's car from Road Warrior to do with anything? Bear with me. That beat up looking thing is actually the best analogy for the German economy of 1933. Because under the shabby looking exterior the Interceptor had a 300 hp turbocharged engine complete with nitrous oxide injection. (For mr a: I believe Mel was driving a souped up Ford Falcon XB)
Similarly, the German economy looked terrible when Hitler took power. But under its hood was an almost debt free society. Why? Because the hyperinflation of '23 and the depression a couple of years later had purged most debts from the system. Even the reparation payments stipulated in the Versailles treaty had been abandoned in 1932. A clean slate for everybody.

More importantly, there were millions of superbly educated young men willing to work for pennies. People like the young Wernherr von Braun or Albert Speer came by the dozen and quite cheaply so.

How about that for stimulus?

Yes, there were nuisances. Particularly Jewish organizations calling for boycotts of German goods. But on the other hand Germany was THE place to be, much like China in our time. And no anglo-saxon businessman worth his salt wanted to sit still while everybody else was dancing. So the same businessmen who publicly disapproved of Hitler's anti-semitism were glad to do business him in a not so public fashion. IBM, General Motors, Standard Oil. They all had their Zweigstellen in Germany, and all were making buckets full of cash (http://www.thehiddenevil.com/nazis.asp).

Back to Hitler at the Interceptor's wheel: It didn't take him long to realize what a superb vehicle it was. Ever the gambler he launched huge rearmament and public work programs, incurred huge debts and wagered that Germany would win the next war and make the rest of Europe pay for the privilege of being conquered. When Hjalmar Schacht - chief of the central Reichsbank and slayer of the '23 hyperinflation - finally realized what was going on, he quit his job in disgust.

That was in 1937.

For two more years accounting shams like the famous Mefo-bills (http://en.wikipedia.org/wiki/Mefo_bill) afforded Hitler the chance to stoke arms manufacturing to his heart's content. Two years later, the cylinders of the Interceptor's engine were close to galling. For Germany in 1939, it was literally: "To Warsaw, Paris and Moscow or bust!" Afterwards, a centrally planned war economy helped to camouflage the catastrophic economic situation of the Reich until the red army auditors moved into Berlin with T-34s.

Any lessons in all that?

During his last days in the bunker Mad Maxdolf probably realized that you may own an Interceptor, but that in itself doesn't guarantee you to leave the thunderdome in one piece.
What else? Maybe the realization how little impact the outside world and its various boycotts had on Germany's economy. Our country was following its own triumpahnt-tragic-trajectory and the shrieks of the World Jewish Congress didn't dent that trajectory one bit.

Despite the rethoric there were legions of money cockroaches that competed for Adolf's business. Iceland learned a similar lesson since 2008. Granted, they didn't commit the ultimate sin of overt anti-semitism. They only stiffed some bankstas, which only amounts to second degree anti-semitism. Anyhow: When they kicked the bankers in the shin, all establishment economists predicted that Iceland would become a pariah state, perenially on the brink of starvation, the North Korea of - well - the north.

It appears however that rumors of their demise were somewhat exaggerated. Quite to the contrary: Their little island seems to contain a healthy, strong-willed and productive people. While no heavy Interceptor, this tiny nation can definitly boast of Porsche-Boxter status. Short of invading Norway, there seems to be little chance of derailing their success story at this point. (http://blogs.telegraph.co.uk/news/danielhannan/100083764/iceland-was-right-not-to-bail-out-its-banks-if-only-we-had-done-the-same/)

Within the European Union a similar thing will probably occur fairly quickly. A country like Austria (http://www.wsws.org/articles/2011/jun2011/aust-j09.shtml) or Finnland will elect a right wing government and our overlords will proclaim that the world is coming to an end and demand the heftiest sanctions. But then the sun will rise and shine over Austria and Finnland as it had before. On a populace both more prosperous and free for escaping the commissariat of Brussels. I for one will consume several bottles of champagne that day and marvel at our overlords exposed for the paper tigers they are and have been for a long time.

One more thing: The following clip is from “Road Warrior”. When it was made, the film was intended to portray an dystopian end-of-days scenario. But doesn’t it look rather idyllic compared to the footage coming out of London not so long ago? Just a thought.
http://www.youtube.com/watch?v=0hUrcGCQV1g&feature=related

Will September see the volcano blow?

Will September be the month when the wheels finally come off the European economy? I'm not an expert or a ‘professional’ – which means my take is likely to be highly accurate. As it has been in the past.

So here’s my scenario:

(1) Greece defaults, having resolutely refused to mend its spendthrift tax-dodging ways

(2) The only people with money, the productive Northern European Protestants, refuse, due to voter revolt, to bail them out again

(3) The banks exposed to Greek sovereign debt will now in turn become insolvent – obviously not all at the same time.

(4) As soon as one does they all stop lending to one another, precipitating a freezing up of liquidity in the real economy

(5) Enter the Northern Prods again. They’re now faced with a decision similar to, but not the same as, that faced earlier. This time the question is: Will they allow the ECB to send the printing presses into overdrive, and/or will they agree to pick up the tab for Eurobonds?

(6a) If they do, and assuming their citizens don’t reach for the pitchforks and torches, the death spiral will be countered, but at huge and grossly unfair cost to these countries. An unwelcome byproduct will be a huge surge in Eurozone inflation and eventually massively tighter political and fiscal centralisation.

(6b) If they don’t agree to pony up, then the whole banking system freezes up, literally leading to the ATMs not producing. At which stage we’re all fucked, at least for a while.

A few possible peripheral outcomes:

1: The ensuing disaster might lead to the end of fractional reserve banking, and, assuming there's a just God, with central bankers all over the world swinging from lamp-posts

2: The Chinese, with their oceans of foreign reserves, might decide to get involved to save their biggest market. Or they might take the opportunity to kick us while we’re down and get up to some of those nefarious things so beloved of Johnny Foreigner

Is my take correct?

Hang cool

Don’t know if you ever look up these doomsday scenario websites that proliferate on the web. Don’t get me wrong, I think their basic premise is correct, that we, well the USA specifically, is/are headed for an economic apocalypse.

However I feel they’re wrong in relation to its suddenness. ‘The day the EBT cards don’t work’, ‘the day Social Security cheques don’t arrive’, ‘the day the dollar ceases to be a reserve currency’. It’s all about ‘the day’. But I can’t see that happening, not in America anyway. For the simple reason that the Fed can just keep printing dollars to pay the cheques and keep the EBT cards delivering. Needless to say, this will lead to an accelerated and ever-increasing decline in the dollar’s value.

This in turn will almost certainly lead eventually to the dollar losing its reserve currency status. But even here it’s not going to be an overnight thing. In my opinion, and maybe some of the finance wizards who adorn the comments section of this blog will correct me, but the status is not a binary on/off thing, rather something that will fall into disuse as the underlying currency is debased.

So maybe those of you stacking your cave in Montana with dried foods and gunpowder can take some time out for a bit of R&R.

Our Central Bank proves its worth

The Irish Central Bank (CBI) isn't everyone’s cup of tea. Could be something to do with the fact that they dozed through the build-up to our current economic crisis. Or that our commercial banks had plunged into bankruptcy just months after the CBI assessed them as being in rude financial health. In fact many observers, myself among them, used to ask why we needed a central bank at all seeing as we don't have our own currency any more.

Well, a stunning new report silences the begrudgers in a single stroke and demonstrates conclusively the value of this excellent (if highly expensive) organisation.

For example, in a shocking discovery, the authors tell us that “the rise in unemployment, wage cuts, and increases in interest rates have acute implications for people at a personal level”

Well, who could have guessed?

And then there’s this finding which, honestly, left me stunned: “The severe decline in the performance of the Irish property sector allied to the post-2007 global economic down-turn has had a distinctly harsh impact on the Irish economy”

Crikey! Did you know that? An Irish property bust? Well, it’s news to me.

And, based on these dramatic findings, the report concludes with an ominous forecast which will bring the country’s current celebratory mood to a jarring halt. “This suggests that many Irish households will soon experience difficulties with their mortgage repayments”

You know, I hate to say it, but they could be right. Just maybe.

Anyway, with such original research, dramatic findings, and innovative conclusions, I think the CBI has fully demonstrated its value, once and for all.

Indeed.

Ok, sarcasm off. The CBI, like the rating agencies, excels at arriving at a wake and pronouncing the corpse to be dead. They are totally useless for anything else. Armies of economists, at enormous cost, labour to come up with useless rubbish like this while the country flounders. I despair.

Scary

Watched a programme on CNN last week. It promised a no holds barred investigation of the US deficits and broader problems with the dollar. Various banking and political bigwigs appeared, together with high-profile MSM talking heads. They talked as if resolving these issues was a simple matter of reducing spending a bit and increasing taxes a teeny weeny bit. They all seemed agreed on this.

I found it scary.

You may like to refer to the post I wrote a few months ago ‘Thoughts on collapse’ in which I traced out the – to me – inevitable collapse in the dollar’s value, and with it its demise as a reserve currency. I outlined the horrific consequences of that for Americans. Worse than the Great Depression of the thirties.

Yet all the pols, journalists and bankers on the show seemed unaware. A bit like the German Finance Minister in mid-2008 who blithely dismissed the US banking collapse as not affecting Europe. In this post (Help! Nobody knows anything!) at the time I wrote “it was thus with a distinct chill I heard their Finance Minister a week ago smugly say that the financial markets meltdown was a US problem and wouldn’t affect Europe. This foreboding was reinforced as I listened to Angela Merkel yesterday on TV, when it became clear that she hadn’t a bulls notion about what was going on. Unless something was, as the man said, lost in translation, she didn’t understand not even the basic concept of derivatives.”

We now know of course, all too horribly well, that my fears were well justified.

Which brings me to the point of this post: Surely be to God the people on the show I referred to, and their peers, surely they must realize that the game is up, that the USA is at the edge of the precipice? If the situation is blindingly obvious to me, and commentators on this and many other blogs - and in fact to anyone who takes the trouble to look - why isn't it being reported round the clock on every MSM channel? Why doesn’t the President declare a State Of Emergency? He does it if a bloody storm blows up in the Gulf, for Chrissake, but not for a potential societal breakdown.

Are the powers-that-be secretly looking after their own affairs, stocking up the lifeboats and preparing to jump ship at the appropriate time? Or, like the German ‘leaders’ three years ago, are they hopelessly deluded? Are they as ignorant of basic realities as GW Bush was in relation to the Iraq adventure, when three months after the invasion Condi Rice explained to him there were such things as Sunni, Shia and Kurds?

I don't know the answer to that question, but I do know I find it scary. Honestly.

Thoughts on collapse

There’s been a lot of comment on this blog, and some great links to other blogs, on the likelihood and impact of a collapse of western, particularly American, society. In March 2007 – 18 months before anyone else even began to get worried, I forecast that Ireland was headed for economic Armageddon. Boy, was I right on that one. I have now dusted down my magic ball again and, through the vapours, I foresee catastrophic collapse in the USA. The timing of which I'm as yet uncertain. I believe that this collapse will rival the Great Depression and will have major but unpredictable consequences for the issue that keeps most of us awake at night, that of the destiny of western civilization and the white race.

In fact it doesn’t take much ingenuity to envisage a collapse in the dollar, even though it’s denied in official quarters and most of the MSM. The greatest impact will derive from the loss, or serious diminution of, its role as a reserve currency. For more than fifty years this has enabled American citizens to buy what they wanted, especially oil, at knockdown prices, and to borrow at knockdown interest rates.

But it can't and won't continue. The various deficits, at internal, external, municipality, state and national levels have been largely met up to now simply by running the printing presses at levels inconceivable in earlier times. No reserve currency can survive as such under these conditions. And far from improving, the deficits are widening. Former Treasury Department economist Bruce Bartlett calculated in 2009 that “federal income taxes for every taxpayer would have to rise by roughly 81% to pay all of the benefits promised by these programs under current law over and above the payroll tax.”

Of course it’s not in the interests of the main holders of US bonds to suddenly collapse the dollar. But already many holders are getting out of the currency, and there’s no telling when this could turn into a stampede. A meeting that attracted surprisingly (?) little comment in the MSM took place last year between China, Japan, Russia, France and the Gulf Arabs with the stated intention of moving from sole dependencies on the dollar to a ‘basket of currencies’. The IMF has plans underway for a World Currency, and there are places now where dollars aren’t being accepted - parts of Europe, China and Japan.

To add to the brew, the vital ingredient of public confidence in US markets has steadily eroded as one scandal follows the other and the people involved are never held accountable. So far, not one CEO or CFO of a major investment bank or financial institution has been charged, arrested, prosecuted, or convicted in what amounts to the largest incidence of securities fraud in history. In the much-smaller Savings and Loan investigation, more than 1,000 people were charged and convicted.

What will happen in the event of such a severe decline? Well, mainly a rapid increase in the things that are happening at present.

() Inflation will soar, destroying savings

() Prices of imported goods (America doesn’t manufacture much any more) will soar even more dramatically

() Cities and states will cut back drastically on entitlements and services and/or sell off their assets to gain short-term liquidity.

() Private citizens’ savings, assuming anything survives the Wall Street plunder, will also be continually raided to fund to more short-term liquidity

() For the vast majority of Americans, wages and their standard of living will plummet to unimagined levels.

These trends are already there. Stripping out the tricks used to deflate unemployment figures indicate the real rate to be over 20% John Williams (shadowstats.com)

() Food stamp use has shown an almost uninterrupted growth for the last two years

() Shanty towns are growing up around many cities

() While all but four states run significant budget deficits, the real problem is going to come at the municipality level. Warren Buffet says that this will set off the next depression.

() Drastic, and in some cases illegal, cutbacks have been made in Detroit, Camden, Newark and several other cities, while Hamtramck (near Detroit) has actually run out of services to cut, and expects to spend its last dollar early this year. Needless to say, these are all black “controlled” cities.

Which brings me to the big question: How are whites going to react? Will the sheeple, lobotomised by Hollywood and the rest of the MSM, finally awake and realise that they’ve been sold down the river? That not alone have they been traduced, ridiculed and dispossessed, but the very taxes they pay out have been used to fund various forms of ‘reparations’ to blacks and other ‘vulnerable minorities’. Will they realise that they – and only they - have been systematically disadvantage at every hands turn?

Let’s hope so.

And now look at the other side. Blacks are going to be affected even more drastically. Apart from a small minority, their (legal) income is comprised of welfare and gub’mint employment. But these sources will collapse as the public sector, at all levels, runs out of money. Waiting in the wings we have the Aztlan Movement, and MeChA calling for ‘their lands’ to be returned to them. They have important support; Mexican President Ernesto Zedillo has warned Washington that his country "is ready to fight" if the United States enforces immigration laws and deports illegal Mexicans. "We will not tolerate foreign forces dictating and enacting laws on Mexicans."

Looking at possible non-apocalyptic outcomes, there has to be a massive reaction against illegal immigration. There’s only so much Americans, black and white, will take once the situation gets desperate along the lines I predict. A second casualty surely must be Affirmative Action. I cannot imagine whites in these circumstances continuing to accept being passed over for work in favour of less suitable candidates. But it will take a white uprising of some sort before the elites will concede on these issues. But concede they will, I believe.

What about a more apocalyptic scenario? Is it fanciful to suggest that there could be race riots, food riots, squatter rebellions, tax revolts and job marches? As every schoolboy knows, in fact even a sociology professor knows, blacks riot and burn down their neighbourhoods when their free shit becomes unavailable. Once nothing’s left to burn will they turn their attention to white and other neighbourhoods? It’s happened before. But this time would be worse with a whole generation of blacks reared with a sense of entitlement to all sorts of reparations, and on a non-stop diet of anti-white propaganda.

Remember this is also a generation whose family and social structures (never very strong, admittedly) have been devastated by over-dependence on misdirected and counter-productive welfare. So you may have newly impoverished whites, livid at facing an unprecedented decline in standards, face off against mobs of ‘disadvantaged minorities’ outraged at the termination of their free shit or claiming back their ‘ancestral lands’.

This would be a powder keg that could be set off even by rumour of an opposing tribe’s malfeasance. There’s only so much that the MSM can cover up and I believe that their credibility, already in sharp decline, will plummet after the collapse. Remember that multi-ethnic societies are not the natural order and almost everywhere they have eventually broken down, usually with horrific consequences.

Certainly the crisis will destroy what’s left of Americans’ faith in their government. So what will the elite do? Assuming there’s not a New World Order (NOW) conspiracy to foment the scenario I describe (I can't see there is) there’s always the venerable tradition of conjuring up and going to war with a new external enemy to distract the masses and redirect their anger. I imagine Joe Lieberman and the Neocons are rubbing their hands at the thought and are already drawing up a suitable list after consulting with Netenyahu . Another 9/11? Don't rule it out.

We are staring into the abyss. But it could be for the long-term good.