Ireland Set To Go Bust, Claims Economic Historian!

First it was mortgage lenders...Bear Steans, and Lehman. Large banks toppling, now, entire countries. Icland went, currently Ukraine and Pakistan, are facing financial ruin. Argentina is shakey, and now Ireland!

A dire warning that the Republic is a prime candidate to go bust has come from one of the world's leading economic historians.

The idea that countries don't go bust is a joke," said Niall Ferguson, Harvard professor and author of The Ascent of Money.

"The debt trap may be about to spring" he said, "for countries that have created large stimulus packages in order to stimulate their economies."

His chosen prime candidate to go bust is "Ireland, followed by Italy and Belgium, and UK is not too far behind"....

....."We have the fiscal policy of a world war without a war."
Referring to the clash between inflation and deflation he added: "I don't know who is going to win but we know that while the struggle goes on ordinary people will get trampled. There will be more economic volatility and ordinary people will pay."
He has also warned that in Britain he expects "more riots in major cities this year"

www.independent.co.uk...

More information about bankrupt countries:

“I wouldn’t invest any more money in Great Britain,” says American investor Jim Rogers. And economist Willem Buiter, a former consultant to the Bank of England, warns of the “risk that Great Britain will become a second Iceland.”

www.sanfranciscosentinel.com...

Yeah it's going to happen soon, you can tell by all the idiots in the papers saying 'the economoy is almost better' and 'this is the bottom of the dip' - to be honest i really hope it happens soon because the more they put it off the harder its going to be.

i hear rumours ireland never destroyed its old currancy the punt, its locked away somwhere secure,
they probaly say thanks to brussells for the money an revert back to their old currancy, good luck to them..

They voted no against the lisabon treaty so i would not be suprised they get some kind of punishment to scare them 'right' this time.

reply to post by burntheships

Ireland Set To Go Bust?

But they're sat on lots of lovely oil.

IRELAND: SITTING ON A FORTUNE; EXCLUSIVE EUR5trillion Oil Field Could Defeat Recession but Gloom Grows

IRELAND has EUR5.4trillion of oil lying off the west coast, it was revealed yesterday.

The oil reserve is enough to pay off our national debt of EUR60billion almost a hundred times over and banish our recession woes for decades to come.

But contracts with foreign companies are preventing us from selling it and transforming us into the Saudi Arabia of Europe.

royaldutchshellplc.com...

reply to post by karl 12


Nice find! Hummm....maybe someone wants to take that from them...and if they file BK all the assets can be siezed and given to the creditors. That would be the IMF.

I can see some greedy plans there lurking already! Afterall we know how TPTB have to control the oil! It is like gold!



[edit on 2-6-2009 by burntheships]

Originally posted by burntheships

Nice find! Hummm....maybe someone wants to take that from them...and if they file BK all the assets can be siezed and given to the creditors. That would be the IMF.

Thats a pretty darn good point

I can't see it being beyond the realms of possiblity as we are talking about
5.4 trillion Euros.

Although I'm American, I have roots in Ireland and i do have a Irish name. The more I read about these great people, the more I respect them and realize that Ireland might be my first choice of country that I'd escape to if need be. Though to be honest, with that irish blood running through my veins, I know I wouldn't be running anywhere. I'd fight for what I know is right to the death. Keep up the good fight brothers!



[edit on 2-6-2009 by Tyr Sog]

reply to post by Tyr Sog


I'd be right there with you!

It's a wild and beautiful country,steeped in tragedy,tradtion,and the more I learn about my ancestors and the historythe more I also respect where I "come from" as well.

Hoping they can fight yet another battle,God knows they've had their share of opression and battles internally and from outside.

Hello from Ireland, the country in question.

"The debt trap may be about to spring" he said, "for countries that have created large stimulus packages in order to stimulate their economies."

Whatever I think of Ferguson as an economist (or political writer), in this case I fear that he may be right. The stimulus packages, bailouts and guarantees were a huge risk and while they are supposed to save the economies of the West, they are going to increase our debt to exceedingly high levels.

I do not doubt whatsoever that this threat of bankruptcy will be a used as a tool in the run up to the second Lisbon referendum. They will say that "only Europe can save us". They will lie, but that is nothing new.

I found this intrigued by the idea of the oil, the Lisbon Treaty. Interresting...

That this AGM instructs the incoming executive to formulate and publicise a policy in relation to
the negative effects of the EU on the Irish economy and in particular how the adoption of the
Lisbon Treaty would compound such negative effects.
2. Conference condemns the provision in the Lisbon Treaty that would allow the EU to impose a tax
regime on the Irish people through both direct and indirect methods and instructs the incoming
Committee to lay particular emphasis on this aspect of the Treaty during the forthcoming
referendum campaign.

www.people.ie...

I did a bit of reading of Niall Ferguson's other studies and theories.. He is suggesting that Belgium will collapse economically because it has had no government for the best part of three years.. even though this is not justified by many other facts to do with the current global recession... which has not had that much of an impact on Belgium.
Italy has been in trouble for quite a while also but it is very hard to see it going broke.. Its a massive economy.


He is right about Ireland though - It is pretty touch and go for the Government at the moment, they recently agreed on ANOTHER bank bailout and are after part nationalizing a lot of other companies and institutions. All of whom are on the brink of completely collapsing under debt... If things work out, these can all be sold in the future to repay debts but things are still looking very shaky... Even though stock markets are up daily which is adding to revenue and completely going against what he is saying.. this could easily be a fools rush.

Then again, this could also be ANOTHER over the top report on a British newspaper in order to make themselves look better and go against adopting the EURO.



I have heard a lot about the Oil off the coast of the country and have always wondered why there was very little drilling.. It looks as usual like the large Oilers are at it in this neck of the woods as well. B@stards There is a lot of environmental protesting stopping it being developed as well which is a bit annoying in this economic climate.. Tree huggers dont need money
Pity really, the tax revenue is sorely sorely missed right now.



So what we get out of all of this is.. Don't invest in Ireland, USA, UK, Italy, Belgium or Eastern bloc in Europe... Go to China/India

i hear rumours ireland never destroyed its old currancy the punt, its locked away somwhere secure, they probaly say thanks to brussells for the money an revert back to their old currancy, good luck to them

I very much doubt it.. having an nonsecure currency like the old PUNT now would be the decimation of this country. The EURO is one of the only things keeping us afloat. Its hard to find what to believe on foreign new agencies.. the US/UK have an agenda against the EURO so they are always slating it while Germany/France/ECB etc are always exaggerating how good it is.

I have actually just stopped listening to any of them at this stage.

Originally posted by Harman
They voted no against the lisabon treaty so i would not be suprised they get some kind of punishment to scare them 'right' this time.

those were my thoughts exactly..........even more so .....the lisbon treaty is important to strengthen the euro's power over the soverign member states govt's......perhaps under an "emergency" situation.......the Vote would not be up to the public...........there would be mass riots in ireland...they are not so dumb there

Originally posted by cpdaman
those were my thoughts exactly..........even more so .....the lisbon treaty is important to strengthen the euro's power over the soverign member states govt's......perhaps under an "emergency" situation.......the Vote would not be up to the public

You are correct, we have been told straight out by the EU that because of the no vote for the Lisbon treaty referendum, we will be getting absolutely no help from the EU unless we go bankrupt... then the IMF will step in under the watchful eye of the EU to screw us.

Most people are already talking about voting yes already and the vote is not for another 3-4 months so they dont need to force it upon us.. they have already coersed us into this through allowing us to slip deeper into recession.

Im not voting this time:

Vote No for the complete economic collapse of my country...
OR
Vote Yes for a power hungry, non democratic tolalitarian superstate based on new age fascism..

Its 50:50 in my books tbh

is bankrupsy such a bad option, with out being funny, or even dare i say it rejoing the rest of the UK, serious question mate hope im not winding you up (ihope):

The Global Financial Crisis and its impact on Ireland
"Transformation and a values-basis economic system are necessary
to move us back from the brink"
Thid article is from The Intercom June 2009 magazine

www.kandle.ie...

Originally posted by foxhoundone
is bankrupsy such a bad option, with out being funny, or even dare i say it rejoing the rest of the UK, serious question mate hope im not winding you up (ihope):

Thats probably the very very very last thing that would happen. I doubt the UK would want us back anyway

I am afraid we can kiss Irish sovereignty good bye.. Ireland can consider it's self owned.

By the IMF

By the European Union

By it's creditors

Irish Debt to GDP nears 1,000%

I only hope the Irish people dispose of those who brought on this mess before they are truly ruined.

Originally posted by Rockpuck
I am afraid we can kiss Irish sovereignty good bye.. Ireland can consider it's self owned.

By the IMF

By the European Union

By it's creditors

Irish Debt to GDP nears 1,000%

I only hope the Irish people dispose of those who brought on this mess before they are truly ruined.

Couldn't agree more my friend

Don't know if you've seen it before but theres a wondefull interview here with John Perkins - former chief economist and author of
'Confessions of an economic hitman'.

How its done:

Part One - interview begins at 3:44
www.youtube.com...

Part Two:
www.youtube.com...
Cheers.


[edit on 02/10/08 by karl 12]

UK may be next after Irish downgrade...

Britain and Austria could be the European countries whose sovereign credit ratings are most likely to be cut next after Standard & Poor's lowered Ireland's rating on Monday for the second time in only three months.

Of those two, Britain is the only one with its sovereign credit rating on "negative" watch, suggesting if S&P is to cut another sovereign it's the UK triple-A rating that could go.

uk.reuters.com...