A casual conversation between two robots sheds light on the Irish economic crisis

national | anti-capitalism | other press

Friday November 26, 2010 15:37

by Anti EU/IMF Asset Stripping Citizen - miles123 @ XtraNormal

No Way Should We Allow The Coutry To Be Asset Stripped By The IMF For Us To Pay Back The Bonkers Speculative Debt Of The Gobshite Irish Banks

WATCH: only 2.36 minutes: http://www.xtranormal.com/watch/7806291/

After watching the humorous, but accurate little video, check out the nasty figures provided in this New York Times article:

"Will Ireland Default? Ask Belgium", By SIMON JOHNSON:
http://economix.blogs.nytimes.com/2010/11/25/will-irela...gium/

Extract: "But look at loans outstanding relative to the size of their domestic economies (using the data from the Bank for International Settlements on what it calls “ultimate risk basis”).

German banks are owed $139 billion, which is 4.2 percent of German G.D.P. British banks are owed $131 billion, or about 5 percent of Great Britain’s G.D.P. French banks are owed $43.5 billion, which is approaching 2 percent of French G.D.P."

They want us to learn what capitalism is!

Hah!

Let them German and French EU-approved deregulated nut job banks take the auld capitalism on the chin: you invested, you took a gamble, you lost, now you are not going to get your money back.

But OMG ... capitalism actually is: big banks take "gambles", take profits, and then WE clean up their debts by living shorter more brutal lives. Lovely!