| Bankster Poker: It's He Who Makes The Poker Chips That Wins 11-15-10 mpg Austerity fails to save Ireland - Of course it "failed"!! - mpg Special Note - A quote...."Troubled European governments are discovering that fasting is no cure for a giant debt hangover. -- Just ask Ireland, which is on the verge of signing up for a big bailout from Europe – despite the fact that by belt-tightening standards Ireland has been one of Europe's rare success stories. -- "Ireland has been doing 'all the right things' policy-wise," says Jan Randolph of IHS Global Insight. -- The country has stopped spending beyond its means, recently bringing its trade account into balance. A double-digit contraction since the 2008 financial meltdown has boosted business competitiveness. The government has slashed spending and socked away enough that it won't need to borrow in the markets till the spring of 2011. -- And yet, what does Ireland have to show for it? Even after two years' worth of sacrifices to the financial markets, the long-feared confrontation with bond investors is at hand." Think of it this way folks, you and your five buddies are sitting at a game of poker with some other guys you just met whose names are Gangster, Bankster and Ponzi. By the end of the day you and your buddies are completely tapped out. In fact you're so deeply in debt you can't even afford dinner (what's commonly known as austerity) and while you and your buddies sit at the table watching Gangster, Bankster and Ponzi chow down on a delicious and highly expensive meal, they make you an offer. "Tell you what "gents"" they say "How's about we produce a whole new bunch of additional poker chips so we can keep playing the game." Surprised by their generous offer you and your buddies instantly agree. And so an hour latter Bankster, Gangster and Ponzi have produced a whole stack of bright shiny new poker chips, good not only for the table you're playing at, but also accepted at the three casinos down the street. Whereupon Gangster, Bankster and Ponzi scoop the new poker chips right off the table and into their pockets while they tell you "sorry mates, but there's more exciting games of chance being played down the street, better luck next time" And as they walk out the door with smiles on their faces they hand you the bill for the new poker chips. - mpg |