Upcoming Events

National | Anti-Capitalism

no events match your query!

Blog Feeds

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Public Services Card: Some still forced to comply

offsite link Catholic Church: Dark influence still active Anthony

offsite link Tom Parlon launches new career in comedy Anthony

offsite link Presumption of innocence does not universally apply in Ireland Anthony

offsite link The poor standard of Irish political journalism Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Moveable Feast Cafe 2019/10/15 ? Open Thread Tue Oct 15, 2019 05:00 | Herb Swanson
2019/10/15 04:00:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Kurds face stark options after US pullback Mon Oct 14, 2019 20:11 | amarynth
By Pepe Escobar : Posted with Permission Forget an independent Kurdistan: They may have to do a deal with Damascus on sharing their area with Sunni Arab refugees In the

offsite link Behind Hong Kong?s black terror Mon Oct 14, 2019 12:12 | amarynth
By Pepe Escobar – Hong Kong : Posted with permission Deciphering who?s behind the violence leads to a long list of possibilities ?If we burn, you burn with us.? ?Self-destruct

offsite link Washington abandons its Kurdish proxies as Ankara and Damascus step in Sun Oct 13, 2019 21:38 | The Saker
By Aram Mirzaei Even though I have my doubts over whether Washington will actually withdraw from Syria fully, it seems as if their Kurdish proxies in northern Syria have been

offsite link The Terrorists Among US10| The IO Echo Chamber Scott Shane Joel Harding Sun Oct 13, 2019 21:35 | The Saker
by George Eliason for The Saker Blog At the beginning of October, I was contacted by the New York Times, @ScottShane for an interview about US President Donald Trump. The

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link US Holds China To Account For Human Rights Violations Sun Oct 13, 2019 19:12 | Human Rights

offsite link UN Human Rights Council Should Address Human Rights Crisis in Cambodia Sat Aug 31, 2019 13:41 | Human Rights

offsite link Fijian women still face Human Rights violations Mon Aug 26, 2019 18:49 | Human Rights

offsite link Saudi Human Rights Violation Fri Aug 09, 2019 20:41 | Human Rights

offsite link China?s LGBT Community Mon Apr 15, 2019 19:19 | Human Rights

Human Rights in Ireland >>

Media Fuss over €280 Million While Completely Silent on €28 Billion Plus Interest

category national | anti-capitalism | other press author Friday December 05, 2014 19:33author by irate Report this post to the editors

I'm reproducing this post here because I think it needs wider circulation. I hope the original poster will forgive my boldness but It is an important message that should get out to the widest possible audience.

Basically, under instruction from the EU, we will be giving private investors the interest on 28 billion of bank debt instead of paying it back to the Irish central bank as is currently the case, all with barely a murmur from the Irish media. Meanwhile the distraction storm rages on over a piddling 280 million which MIGHT be repaid to junior bond holders some of which MAY actually be local credit unions etc who are very beneficial to our economy.

Furthermore If interest rates rise in the future we WILL be crucified by huge wasted interest repayments to greedy vulture capitalists.
Meanwhile the media have us pissing and moaning over a hypothetical 280 million which MIGHT be repaid mainly to the likes of our own credit unions which will be peanuts compared to these other interest payments most likely going to foreign vulture capitalists

€280m v €28,000m - THE MEDIA OMERTA

It’s baffling, truly baffling.

Today our media discusses the outrage over the possible (and this is still not locked in) payment of €280m to junior bondholders in the two wound-up banks – Anglo and Irish Nationwide – that were combined to form IBRC.

Meanwhile, there is absolute silence from the same media on the scheduled definite destruction over the coming years of €28bn, legacy debt from the same two banks.

That destruction begins in 2014, continues until 2032; under the schedule, €28bn in sovereign bonds that replaced the old Promissory Notes (remember Noonan’s widely hailed ‘deal’ of February 2013?) will be sold by the Central Bank, then those borrowed billions destroyed, every cent – that’s 100 times the amount causing so much outrage at the moment.

The destruction of those billions is only half the story, however; immediately each of those bonds is sold and the money thus raised destroyed, for the full lifetime of each of those bonds we pay interest to the new bondholder (rubbing salt in the wound, perhaps it will even be one of those same bondholders bailed out by us in the first place).

In 2038 the bonds start ‘maturing’, meaning the new bondholders – thanking us I'm sure for the interest we’ve paid – now come looking for the principal back.

In 2053 we have the scheduled final payment, €5bn – if we can afford it even then. The possibility exists that we won’t, that the debt will be rolled over, meaning we’re not just debt-slaves for the next 40 years, but that this could go on into perpetuity. And for what? To bail out back in 2010 the failed European big-bank bondholders and creditors of two bust Irish banks.

How much will it all eventually cost? The €28bn in sovereign bonds now about to be sold and destroyed is in the ha’penny place – between interest and principal over the next 40 years, that €28bn, along with the €3bn paid in 2011, is going to cost us at least €80bn, an average of over €2bn/yr. And that in itself is less than half the full story of the Irish bank bailout (the full figure is €69.7bn)!

I suppose when you read it like that, written down in black-and-white, the fact our media is absolutely silent on it is understandable. If the people are reacting as they are now to the water-charge attempted robbery, how would they react if they were fully aware of this?

Regards,
Diarmuid O'Flynn.

Originally posted here at the chattering magpie:
http://thechatteringmagpie14.blogspot.ie/


A SCREEN GRAB OF MINISTER NOONAN'S PARLIAMENTERY QUESTION REPLY
TO PEARSE DOHERTY (SINN FEIN) IN EARLY 2013

© 2001-2019 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy