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Nigel Farage calls for end of Euro; criticizes destruction of democracy

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    #32
    Fuhrer
    Registered Users Posts: 4,661 ✭✭✭Fuhrer


    With multilateral netting, we could reduce all these big unmanageable loans into one enourmous unmanageable load.


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    #33
    hinault
    Registered Users Posts: 5,932 ✭✭✭hinault


    Dannyboy83 wrote: »

    Why didn't the ECB in Frankfurt control lending?
    Why didn't they have limits?
    Why didn't they reprimand the Irish Cental Bank?
    Did they think it was a good investment lending to Fingleton/FitzPatrick?
    Sorry, but they may aswell have lent to Bernie Madoff.

    They made mistakes, they can at the least share the blame and the burden.
    They made a bad investment and they should also accept losses.

    Why is the Irish taxpayer supposed to bail out German/French/British banks?
    Everyone else must abide by the rules - why are they excused?

    To the best of my knowledge the ECB doesn't have power to impose controlling lending policies in each Eurozone country.
    I would suspect that the ECB took the view that the central banks and financial services authorities in respective eurozone country's would monitor the policies and capital bases/reserves of the banks operating in each respective jurisdiction.

    It's odd though.
    People are moaning that Europe has too much control when times are bad while at the same time remonstrating that Europe did not exercise enough control when times were "good".


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    #34
    h2pogo
    Closed Accounts Posts: 53 ✭✭h2pogo


    meglome wrote: »
    Pretty please can people stop bringing the Lisbon treaty into this. It has nothing to do with where we're at. The seeds of what has happened here were sown years before the Lisbon treaty.

    It's showing anti-EU bias and little else.

    May be may be not the treaty itself but that is highly debatable..
    But..
    The EU its self and the euro has every thing to do where we are at..just like all the other EU countries the fractional reserve banking system that the Eu has can only benefit the big corporate bankers that created the EU..

    Excellent speech all true and needed to be said..


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    #35
    h2pogo
    Closed Accounts Posts: 53 ✭✭h2pogo


    hinault wrote: »
    To the best of my knowledge the ECB doesn't have power to impose controlling lending policies in each Eurozone country.
    I would suspect that the ECB took the view that the central banks and financial services authorities in respective eurozone country's would monitor the policies and capital bases/reserves of the banks operating in each respective jurisdiction.

    It's odd though.
    People are moaning that Europe has too much control when times are bad while at the same time remonstrating that Europe did not exercise enough control when times were "good".

    When we are in debt to the banking corporations that created the EU/ECB then they can impose all kinds of measures..


    I am no economist but this guy is and explains it well..
    http://www.youtube.com/watch?v=37VBTzo1Llk


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    #36
    raymann
    Registered Users Posts: 312 ✭✭raymann


    nesf wrote: »
    It's extremely easy to be those things if your party has no hope of being in Power within 10 years (if ever). He can rant and rave to his heart's content and doesn't need to worry about upsetting people.

    He is well spoken though, I'll give him that.

    he is ballsy. hes been 'involved' in a light aircraft crash and he still goes after the people he sees as wrong.

    i dont know where i stand anymore. i very aware thought that a good confident speaker can present an argument in such a way that makes you want to believe it. at the moment as well its easy to look negatively on te european project as the medicine taste bad and its not an irish hand thats feeding to us. however, that quite possibly could be 100% our own fault.


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    #37
    Scofflaw
    Registered Users Posts: 23,283 ✭✭✭✭Scofflaw


    Dannyboy83 wrote: »
    I am not saying they are entirely responsible.
    I am well aware that this problem has been mostly created by the Irish government.
    What I am saying is - they are not innocent.

    Why didn't the ECB in Frankfurt control lending?
    Why didn't they have limits?
    Why didn't they reprimand the Irish Cental Bank?
    Did they think it was a good investment lending to Fingleton/FitzPatrick?
    Sorry, but they may aswell have lent to Bernie Madoff.

    They made mistakes, they can at the least share the blame and the burden.
    They made a bad investment and they should also accept losses.

    Why is the Irish taxpayer supposed to bail out German/French/British banks?
    Everyone else must abide by the rules - why are they excused?

    In very brief response:
    The problem is that the ECB cannot react to problems in individual countries unless they affect the euro zone as a whole. So while the ECB is obviously keeping a close eye on developments and is eager to prevent a further buildup of a credit-fueled house price bubble, it will also have to rely on national governments to deal with the issue at the country level.

    As far as I know, the ECB can't directly control lending in any of the member states. They certainly issued bubble warnings, and wrote to the ICB - and the ICB wrote to the banks. And the banks ignored them.

    The report on Ireland's banking crisis issued earlier this year contains a lot about poor bank regulation, and virtually nothing about the ECB.

    cordially,
    Scofflaw


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    #38
    sollar
    Closed Accounts Posts: 2,007 ✭✭✭sollar


    IMO the beginning of rip of republic can be traced to the day we first started using the euro. If we could safely leave it it would be a good thing.

    I remember simple things like bread went from about 60p in my local shop to 2 euro in a very short time.


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    #39
    Dannyboy83
    Registered Users Posts: 4,236 ✭✭✭Dannyboy83


    sollar wrote: »
    IMO the beginning of rip of republic can be traced to the day we first started using the euro. If we could safely leave it it would be a good thing.

    I remember simple things like bread went from about 60p in my local shop to 2 euro in a very short time.

    That was more directly reflated to policies pursued than the Euro.
    The Germans managed to control wage inflation, our government chose not to.

    I am not deluded enough to think our government weren't 90% responsible for this mess. Simply I am not prepared to ignore the 10% for which the ECB appear to be responsible. Regardless, a punitive strategy is simply going to sink Ireland and the EZ with it.

    This video briefly proves how our government ignored all decent advice and inflated our competitiveness away:
    http://www.youtube.com/watch?v=THWbrFy5NWM


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    #40
    feicim
    Closed Accounts Posts: 289 ✭✭feicim


    hinault wrote: »
    It's odd though.
    People are moaning that Europe has too much control when times are bad while at the same time remonstrating that Europe did not exercise enough control when times were "good".

    It is odd/ironic but it is a valid point.

    When europe should have been exercing their influence they weren't - and the chain of events has led to now, where they have a disproportionate amount of control over Irelands economic policy.

    The EU/ECB basically gave us a rope to hang ourselves with and the treasonous failures i.e. Fianna Fail / greedy bankers / developers gladly obliged.


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    #41
    h2pogo
    Closed Accounts Posts: 53 ✭✭h2pogo


    sollar wrote: »
    IMO the beginning of rip of republic can be traced to the day we first started using the euro. If we could safely leave it it would be a good thing.

    I remember simple things like bread went from about 60p in my local shop to 2 euro in a very short time.

    The same thing happened all over Europe and now look at whats happened..

    The inevitable result of using fiat money..


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    #42
    Lockstep
    Registered Users Posts: 9,029 ✭✭✭Lockstep


    Dannyboy83 wrote: »
    Thanks KickOutTheJams for fixing my OP
    No worries man, least I could do.


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    #43
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    I knew that the Italian economy was leveraged heavily on the French, but half a trillion?!?

    That may prove to be a dumb move on the part of the French.


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    #44
    PeterIanStaker
    Closed Accounts Posts: 4,072 ✭✭✭PeterIanStaker


    Just looking at the digram there, didn't know Spain & Italy were also up a certain creek without a paddle.


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    #45
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    PeterIanStaker wrote: »
    Just looking at the digram there, didn't know Spain & Italy were also up a certain creek without a paddle.

    Italy has been an almost perennial basket-case, I cannot remember ever seeing their debt/GDP below 120%.

    Spain has always been another heavily indebted country, but its problems, like ours, have been exasperated by their construction bubble.


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    #46
    Foreverdelayed
    Registered Users Posts: 63 ✭✭Foreverdelayed


    Leaving the E.U would be a horrible idea; at least we have a somewhat stable currency compared to what it would be like if we still used the Irish Punt. It would the Weirmar Republic all over again, hyper inflation and bags of worthless notes.


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    #47
    h2pogo
    Closed Accounts Posts: 53 ✭✭h2pogo


    Foreverdelayed wrote: »
    Leaving the E.U would be a horrible idea; at least we have a somewhat stable currency compared to what it would be like if we still used the Irish Punt. It would the Weirmar Republic all over again, hyper inflation and bags of worthless notes.

    That could be the way we are going..hyper inflation and bags of worthless notes.
    Time will tell..


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    #48
    HivemindXX
    Registered Users Posts: 1,208 ✭✭✭HivemindXX


    Anyone who thinks Nigel Farage is doing this for Ireland is a sucker. This is just fuel for his party's anti-Euro, nationalist, xenophobic platform.

    There are people on here and all through the country who think the problems can be fixed with some simple solution that only they have been smart enough to think of. There are people who conveniently accuse the thing they've been against all along of being to blame and demand it is removed. Nigel Farage is either one of those people who's managed to climb on a really big soap box, or more likely, is someone who thinks appealing to those people is an excellent path to power.


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