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The Saker
A bird's eye view of the vineyard

offsite link Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
Alternative site: https://thesaker.si/saker-a... Site was created using the downloads provided Regards Herb

offsite link The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
Dear friends As I have previously announced, we are now “freezing” the blog.  We are also making archives of the blog available for free download in various formats (see below). 

offsite link What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
by Mr. Allen for the Saker blog Over the last few years, we hear leaders from both Russia and China pronouncing that they have formed a relationship where there are

offsite link Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
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offsite link The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
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Public Inquiry
Interested in maladministration. Estd. 2005

offsite link RTEs Sarah McInerney ? Fianna Fail supporter? Anthony

offsite link Joe Duffy is dishonest and untrustworthy Anthony

offsite link Robert Watt complaint: Time for decision by SIPO Anthony

offsite link RTE in breach of its own editorial principles Anthony

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Human Rights in Ireland
A Blog About Human Rights

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Lockdown Skeptics

The Daily Sceptic

offsite link Rishi Sunak Vows to Bring Back National Service Sun May 26, 2024 11:00 | Toby Young
In a landgrab for Reform voters, the Prime Minister has announced that if re-elected the Conservatives would bring back National Service ? although the policy isn?t as bold as it seems at first glance.
The post Rishi Sunak Vows to Bring Back National Service appeared first on The Daily Sceptic.

offsite link European Governments Should Stop Telling Africans How To Manage Their Elephants Sun May 26, 2024 09:00 | Steven Tucker
We don't like it when Africans and Asians come to Europe and tell us how to run our affairs. So we should stop telling them how to manage theirs ? particularly when it comes to wildlife conservation.
The post European Governments Should Stop Telling Africans How To Manage Their Elephants appeared first on The Daily Sceptic.

offsite link The Government?s Noilerplate Reply to Net Zero Criticism Sun May 26, 2024 07:00 | Ben Pile
Ben Pile is rallying sceptics to action, urging them to wield democratic tools like petitions and direct engagement with MPs to challenge the Net Zero agenda. The Government must know there's a debate to be had.
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offsite link News Round-Up Sun May 26, 2024 01:21 | Richard Eldred
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the ?climate emergency?, public health ?crises? and the supposed moral defects of Western civilisation.
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offsite link Outcry As Muslim Children in Italy Exempted From Studying Dante Sat May 25, 2024 19:00 | Richard Eldred
A fierce debate over cancel culture has erupted in Italy over a school's decision to exempt Muslim pupils from studying Dante's The Divine Comedy due to its portrayal of Mohammed in hell.
The post Outcry As Muslim Children in Italy Exempted From Studying Dante appeared first on The Daily Sceptic.

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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

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