Total and Utter Madness

The total, utter culpable madness of the Ponzi bankers who broke the world economy in 2007 and left the euro in our pockets jittering in collapse, is starkly illustrated in two reports on the ruination of the Irish Republic.

The most recent is by Theodore Dalrymple a British writer and journalist. Dalrymple (real name: Anthony (A.M.) Daniels) suggests conditions that led to the destruction of Ireland — (the elected enablers of the Irish mania have just been booted out by voters) — are a microcosm of the global economic crisis.

The weeping of the Irish harp

Even more telling, and depressing, is this earlier report by Michael Lewis in Vanity Fair – When Irish Eyes Are Crying.

The financial difficulties of Ireland, a member of the eurozone, are decades away from resolution and as Ireland goes (or doesn’t) so will follow the rest of Euroland. (See other reporting in our Money section)

The struggling ordinary citizens of the EU and their US cousins, who have been handed the bill for the Madoffesque excesses of a North Atlantic financial cabal, are left gaping in gloom at a black hole of government-incurred debt that will take many generations to pay off.

And the tsunami is not yet over.

The Eurozone and even the EU may not survive the impact of this juggernaut, yet too many of those responsible (see Times black list here) have so far escaped with little or no retribution.

Some wonder why this newspaper continues to bang on about the largely unpunished North Atlantic highwaymen and their part in an ongoing crisis that grimly affects us all.

Well, read the Dalrymple and Lewis pieces for just another reminder of why these people must be tamed, their industry properly regulated, their greed contained, before the next wave of the disaster strikes.

We in Europe are not out of the woods yet but bonus-drugged bankers happily reward themselves with billions, wilfully forgetting that none would have a job if taxpayers in the western world had not been dragooned into bailing them out with trillions of pounds/dollars/euros.

In our view the obscenity of their irresponsibility deserves the greatest possible public opprobrium. We are not alone in this: The Ten Reasons The Banksters Get Away With It; Why Isn’t Wall Street in Jail?

How the Irish Bubble Burst
The Emerald Isle’s story is a microcosm of the global economic crisis.

THE ECONOMIC CRISIS – When Irish Eyes Are Crying

UPDATE: Kickback? Now the Greeks have started an “I Won’t Pay movement”

UPDATE We stand corrected! Tiny Iceland (pop 300,000) , at one stage of the crisis threatened under the UK’s draconian anti-terror laws by a by-then ludicrous Labour government, has set about jailing its banker class for losing the country $100 billion in the 2007-2009 crisis.
…and with reason … watch this clip from 2010.

UPDATE: In-depth reporting on the meglomaniacs who ran RBS bank into the ground over ABN-Amro and got away scot free.

UPDATE: Keen to see at least one financier jailed for their outrageous Ponzi crimes? Read on: ” The ways of the Raj come back to haunt Goldman”

The fallout from the crash of 2008 has only just begun. Indeed and while some of the analysis in this article is, we believe, wrong, the headline is absolutely spot on.
So when might we expect to see gangster bankers in court? Well not anytime soon it would seem. Thanks to piles of taxpayer money they live to fight on and stay out. One of the worst offenders in the crash has even won, what is called in the UK, a super-injunction to stop the media referring to him as a ‘banker’. Its hardly surprising that Fred Goodwin, the disgraced banker who took the Royal Bank of Scotland to the brink of collapse, appears to be ashamed of the label. Bailing out RBS cost the public purse £20billion. He left with a lump sum of nearly £3million and a pension of £700,000 a year, later reduced. We’re left with squabbling Euroland politicians divided over how to save the euro, and the spectre of total financial collapse in Greece, Spain, Portugal, Ireland and a few others, or even of Germany pulling out of euro altogether. Thanks bankers.

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