One of the issues facing the Irish Government is that Government Bonds are being purchased by international institutions and they will ultimately draw capital from the Irish economy.
An alternative solution would be the introduction of a new SSIA scheme via the issue of Private Government Bonds Scheme only open to privateindividuals and managed through PPS numbers.
What is required is something sufficiently attractive to draw down 'old money' from blue-chip stock investments - much of which will be invested in FTSE or NYSE companies.
€100,000 x 200k people would go some way to resolving our borrowing requirements.
The benefit of this type of scheme is after the 5 or 10 year maturity period, the capital released would remain in the Irish economy.
Another concept could be to open a scheme for retirees, whereby a guaranteed percentage is paid out each year over say a 10 -15 year "locked in" period, at which point the original principle is returned.
All ideas welcome......
Picasso
Monday, July 19, 2010
Sunday, July 18, 2010
Debt Transfer
Nama top shelf contributor Paddy Kelly (€350m+) has asked the question - "why should ordinary people have to pay for my mistakes".
At this juncture these are merely words and an attempt by Kelly to reduce the public outrage towards him and his family - but a valid question nonetheless.
Who gave Brian Cowan and Brian Lenihan the authority to pass someone elses private debt onto us.
One could say that the eletoral process gives such authority, but then one is accepting that the electoral process is a carte blanche for the Government of the day to do anything they choose - this is clearly not the case and I would challenge the actual legality of this Government decision.
If we are liable for their debts, then we shoudl be entitled to their profits also. The principle of only acknowledging the debt for the actual value of ones property would seem justified, considering the over-valued portion the bank was only too willing to lend was the profit Mr Kelly lived the 'high-life' on and the bank paid it's bonusses on.
What Government has the right to force it's citizens to accept the private debt of his neighbours and to fund the private business down the street because it is in difficulties.
The developers robbed us once and now Cowan & Co want to rob us again on their behalf.
Enough is enough.
Picasso
At this juncture these are merely words and an attempt by Kelly to reduce the public outrage towards him and his family - but a valid question nonetheless.
Who gave Brian Cowan and Brian Lenihan the authority to pass someone elses private debt onto us.
One could say that the eletoral process gives such authority, but then one is accepting that the electoral process is a carte blanche for the Government of the day to do anything they choose - this is clearly not the case and I would challenge the actual legality of this Government decision.
If we are liable for their debts, then we shoudl be entitled to their profits also. The principle of only acknowledging the debt for the actual value of ones property would seem justified, considering the over-valued portion the bank was only too willing to lend was the profit Mr Kelly lived the 'high-life' on and the bank paid it's bonusses on.
What Government has the right to force it's citizens to accept the private debt of his neighbours and to fund the private business down the street because it is in difficulties.
The developers robbed us once and now Cowan & Co want to rob us again on their behalf.
Enough is enough.
Picasso
Fine Gael & the rotten club continues.
The rot continues with reports in The Irish Independent http://www.independent.ie/ of a Fine Gael event at The K-Club on 14th July 2010 at which the Party Leader (Enda Kenny) and prominent Fine Gael politicians attended - rubbing shoulders with the 'elite' of Irish society.
The event was partly sponsored by O'Flynn Construction and attended by Michael O'Flynn. O'Flynn paid an undisclosed sum to sponsor the 18th hole at the event. O'Flynn is one of the NAMA 'top 10' and alone has cost each and every citizen of Ireland hundreds of euros.
EBS Chief Fergus Murphy was also in attendance at the event - the same Mr Murphy dismissed any thoughts of a NAMA for the public recently when asked. EBS is due to require between 700m and 800m euros from the public. Thats 200 euros for every man woman and child in the country (1000 euros from every average family to keep Mr Murphys business afloat.
The K Club is incidentally part owned by Gerry Gannon a top NAMA contributor.
Forgive me for thinking aloud - however the thoughts that Kenny & Co are already willing to be courted by those who have near bankrupted a nation is frightening and no amount of pre-election platitudes can dilute the impact from events such as the above.
Picasso
The event was partly sponsored by O'Flynn Construction and attended by Michael O'Flynn. O'Flynn paid an undisclosed sum to sponsor the 18th hole at the event. O'Flynn is one of the NAMA 'top 10' and alone has cost each and every citizen of Ireland hundreds of euros.
EBS Chief Fergus Murphy was also in attendance at the event - the same Mr Murphy dismissed any thoughts of a NAMA for the public recently when asked. EBS is due to require between 700m and 800m euros from the public. Thats 200 euros for every man woman and child in the country (1000 euros from every average family to keep Mr Murphys business afloat.
The K Club is incidentally part owned by Gerry Gannon a top NAMA contributor.
Forgive me for thinking aloud - however the thoughts that Kenny & Co are already willing to be courted by those who have near bankrupted a nation is frightening and no amount of pre-election platitudes can dilute the impact from events such as the above.
Picasso
Irish Bankers, Developers and Politicians
Confusion within the 'thinking classes' is high.
The primary question above all others which we cannot answer are:
1. BANK GUARANTEE: Why 'Private Banks' have been bailed out by the Irish Taxpayer - if Government loans had been offered to the banks based on the 'health' of each bank in no different a way to the criteria applied by banks to businesses seeking loans, Anglo Irish Bank would have failed, bondholders would have been burned and life would have gone on. Instead the Irish Government introduced the concept of a 'sure bet' for bond holders and ignored the very risk they would have calculated prior to investing in Anglo.
2. NAMA: A vehicle to take all property developers bad debts and have the Irish Taxpayer make good. The concept that NAMA will pursue all developers loans is laughable, as they one by one file for bankrupcy.
3. COMPANY LAW: How nobody has been brought to task for clear breaches in company and banking law - evren those not familiar with banking laws know that overnight loans from one bank to another for the purposes of covering up directors loans prior to year end results must break a multitude of laws.
4. POLITICAL CLASS: Why for the ordinary person there is a cour case and a penal system yet for Irish politicians there is a public enquiry (tribunal) with a report and merely 'loss of face'.
Questions need to be answered and action needs to be taken to understand how the elite class through their political friends have managed to have an entire nation initially 'line their pockets' by purchasing overpriced property (houses), then pick up the tab for the 'range rover class' when they overextended themselves.
Picasso
The primary question above all others which we cannot answer are:
1. BANK GUARANTEE: Why 'Private Banks' have been bailed out by the Irish Taxpayer - if Government loans had been offered to the banks based on the 'health' of each bank in no different a way to the criteria applied by banks to businesses seeking loans, Anglo Irish Bank would have failed, bondholders would have been burned and life would have gone on. Instead the Irish Government introduced the concept of a 'sure bet' for bond holders and ignored the very risk they would have calculated prior to investing in Anglo.
2. NAMA: A vehicle to take all property developers bad debts and have the Irish Taxpayer make good. The concept that NAMA will pursue all developers loans is laughable, as they one by one file for bankrupcy.
3. COMPANY LAW: How nobody has been brought to task for clear breaches in company and banking law - evren those not familiar with banking laws know that overnight loans from one bank to another for the purposes of covering up directors loans prior to year end results must break a multitude of laws.
4. POLITICAL CLASS: Why for the ordinary person there is a cour case and a penal system yet for Irish politicians there is a public enquiry (tribunal) with a report and merely 'loss of face'.
Questions need to be answered and action needs to be taken to understand how the elite class through their political friends have managed to have an entire nation initially 'line their pockets' by purchasing overpriced property (houses), then pick up the tab for the 'range rover class' when they overextended themselves.
Picasso
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