Categories
NAMA

NAMA Is Criminal, Says Joseph Stiglitz, Nobel-Winning Economist

A corrupt political party says NAMA is a good thing. A Nobel Laureate says it’s a disaster. Who should I believe? Tough call.

Categories
Economy Favourites

Burning the Bank Bondholders. ECB Changes Position.

Hands up all those who said you can’t burn senior bondholders. Anyone?  No?  You’re all very quiet over there. When even the Financial Times was saying Ireland should impose burden-sharing on the failed banks’ bondholders by insisting on a debt-for-equity swap, there was a clamour, not only from European politicians and from the European Central […]

Categories
Economy Favourites Politics war

What If Ireland Defaults?

What indeed if Ireland defaults?  Would it be the end of the world?  And even more to the point, what precisely would Ireland be defaulting on? Nobody has yet provided me with a convincing reason to accept that the debt accumulated by the banks had anything whatever to do with Ireland as a state.  Private […]

Categories
Economy

New Book — “What If Ireland Defaults?”

If you’re a regular visitor here, you’ll know what I think of the 2008 bank guarantee issued by the two Brians in the middle of the night, with a metaphorical gun pointed at their heads by the bank bosses.  In my view, it was the most monumental act of stupidity ever committed, an act so […]