Jim Corr of the Corrs talks more economic sense than 99.9% of all Politicians and Economists in Europe.
Corr proclaims what Ireland needs to do now: quit bailing out the bondholders and private shareholders of the Too Big To Fail Banks in his country. He states Ireland needs to follow Iceland's lead and feed the failure of the big banks to the people who supported the banks by purchasing bonds and failed derivatives. He advocates not forcing the failures of the banks onto the taxpayers who did not support the banks in the first place.
He says it is massive fraud in banking which privatized gains while socializing losses.
What Corr doesn't use are the words "Moral Hazard", but Jim Corr does introduce one free mention of "The Money Masters", a film which The Watchworld recently brought to light on this very blog.
If you have never watched "The Money Masters", click here now and educate yourself as to who controls the central banks of the most powerful nations on the planet.
Meanwhile . . . why does it take a musician from an Irish band to pose hardball questions which few elected politicians dare whisper?
p.s. And for those of you who have never heard The Corrs, here's one of my favorites by them, "When The Stars Go Blue" with some guy named Bono doing a stand in, LIVE:
21 December 2010
20 December 2010
60 Minutes Looks At "Day Of Reckoning" For Our Insolvent States
60 Minutes ran an alarming, short segment last night about states which are broke and which can no longer meet their promises.
One state, Arizona, has sold off the State Capitol building (along with several other buildings) to investors. Arizona then leases back the buildings.
Insolvent states are one of the biggest near-future cataclysms facing US taxpayers which gets little notice. As Governor Christie of New Jersey states, government workers employed by states and municipalities have got to realize their pensions are at risk, that if they don't sit down and try to renegotiate their pension deals, they might all wake up ten years from now without any pensions at all.
If you think the USA is well on the road to recovery, take a few minutes out of your busy day to watch this short segment from last night's 60 Minutes:19 December 2010
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