This reply was given by me, under the user name WTTR on 30th September 2009, in a thread opened by Dreaded Estate on how we should cover in the "€22billion hole" i.e. the yearly government deficit.

A yearly levy of 0.147% (i.e. less than a fifth of one per cent) on the GDP of the EU will bring in the required €22billion.


This can be justified because the funding for wage and salary increases in the CS and massive profits in the private sector came from over €60billion Securitisation of mortgage products. The legislation that allowed the International Financial Buccaneers (IFB) rip-off the Irish was initially passed as a result of IFSC lobbying of Irish MEPs, DOF, The Financial Regulator to change restrictions in the Capital Requirements Directive in the EU, and merrily adopted by fooled up to the earlobes TDs in Leinster House. All this was done with the carrot of increased employment in the IFSC. All the above collaborated together to represent an “Irish position” to getting the restrictions lifted.


Who was missing from the so-called “Irish position”? The poor auld youthful mortgage holder, who placed his full faith in the integrity of politicians and bankers, was left to carry the baby! Who are these mortgage holders, but those who had safe jobs i.e. Civil Servants etc. Cut the salaries of the CS, then the banks don’t get mortgages paid; but the Asset Covered Securities (another word for Securitisation) owned by Pension Funds from the Aging EU have to be paid. These are indirectly covered by the Government Guarantee. So, knock 10% of CS salaries; this will not be saved, but will have to be provided for by the rest of us in increased taxation to further bail out the banks.


The International Bankers, our MEPs, DOF and Irish politicians, and the EU created the problem. Let them bloody solve it? The Irish people can’t. We could solve it if we had better politicians with some foresight e.g. exploited our hydrocarbons for the benefit of the whole community. But, I have always doubted that our politicians could have been so dim-witted to let this massive resource so easily go; I think that their arms must have been twisted by the EU. So the Irish problem is an EU problem, let them boldly solve it, or it is goodbye to the Euro and the great European dream!


Remember if you own the bank a $100, it is your problem; if you owe them $1billion, it is theirs!