organized bank default. Only a matter of time."

Greece and Ireland — thought to be “saved” by the European Union and the International Monetary Fund (IMF) — are likely to ultimately default on their debts anyhow, according to a majority of economists surveyed by Bloomberg last week. Meanwhile, Portugal, Spain, Belgium, Italy, and other weak links in Europe are still reeling toward disasters of their own.
http://swingtradingdaily.com/2011/0...as/?utm_source=twitterfeed&utm_medium=twitter
 
Leo Varadkar, on the Week in Politics, reckoned that Ireland would default. I wonder is that the official view of the soon-to-be new government?
As things stand, it seems that depositors will be hit, unless there is a change in legislation. The situation, apropos deposits in Foreign banks based in Ireland, is less clear, or at least nobody is spelling it out.
 
Roubini on CNBC : Orderly restructuring of Iriish bank debt is not question of If but when - ref: Paul Sommerville Twitter
 
kdoc said:
Leo Varadkar, on the Week in Politics, reckoned that Ireland would default. I wonder is that the official view of the soon-to-be new government?
As things stand, it seems that depositors will be hit, unless there is a change in legislation. The situation, apropos deposits in Foreign banks based in Ireland, is less clear, or at least nobody is spelling it out.
Click to expand...

I thought Veruka was a doctor of medicine, not finance.

Another layperson offering opinions...

ONQ.
 
Happy to shine my gunmetal in public Complainer.

Veruka is a climber and nothing sells like bad news.
We need some encouragement to climb out of this mess.
Not one of the deputies who say they will lead us out of it telling us we'll umtimately not succeed in the endeavour in the way we hope to.

BTW I am not a staunch defender or NOT restructuring our debt - this is common practice in business, but it needs to be presented as such, not as a negative.
Veruka sounds like nothing more than a doomsayer, and remember - he and hsi ilk were suppsoedly the watchdpgs when all this went on.

Personally I hope to see a 10% Tobin tax on the derivatives market to recapitalise the banks.
That market is estimated to be worth $14 Quadrillion - not one person in any forum to which I have posted it- not one TD, and I have made this suggestion to all of them - has run with this idea.
Perhaps you can help - is this laypersons missing something here?
Because the legalised gambling that is the futures and derivatives markets are sucking money out of an impoverished world economy still, and I think they need to be made pay at least a nominal smount back to support us in our hour of need.

I'd value your comment, even if it needs a separate thread.

ONQ.
 
onq said:
I thought Veruka was a doctor of medicine, not finance.

Another layperson offering opinions...

ONQ.
Click to expand...

In fairness, Vardakar is stating considered opinions by some of the world's top economists who correctly called the crisis (Roubini , Krugman et al). There is also a wide divergence of opinion among other so-called experts. Knowledge is power, and experts often like to preserve this power by telling us ordinary folk that it is beyond our ability to understand. Trust in these so called experts is misplaced. Recall that some actuarial experts suggested that the chances of an economic meltdown were billions to one. A good scepticism about "experts" selling snake-oil is neccessary.


There is a tendency to believe economics is magically mysterious, & beyond the ken of mere mortals. This is a fallacy. Basic economics is well-within the grasp of anyone with a rudimentary understanding & capacity for mathematics and markets. Mrs Merkel relies on the economic common-sense of the German housewife. She hasn't gone far wrong.
 
onq said:
Personally I hope to see a 10% Tobin tax on the derivatives market to recapitalise the banks.
That market is estimated to be worth $14 Quadrillion - not one person in any forum to which I have posted it- not one TD, and I have made this suggestion to all of them - has run with this idea.
ONQ.
Click to expand...

People have responded to you on other threads when you brought this idea up but and you ignore it. I am sure if you go back through your posts on the subejct you will see why no sensible person in the world is going with it.
 
onq said:
Personally I hope to see a 10% Tobin tax on the derivatives market to recapitalise the banks.
That market is estimated to be worth $14 Quadrillion - not one person in any forum to which I have posted it- not one TD, and I have made this suggestion to all of them - has run with this idea.
Perhaps you can help - is this laypersons missing something here?
Because the legalised gambling that is the futures and derivatives markets are sucking money out of an impoverished world economy still, and I think they need to be made pay at least a nominal smount back to support us in our hour of need.
Click to expand...

Yes, you are missing something, and it it is something that has been repeatedly pointed out to you:
http://www.askaboutmoney.com/showpost.php?p=1122011&postcount=6
http://www.askaboutmoney.com/showpost.php?p=1109023&postcount=18
http://www.askaboutmoney.com/showpost.php?p=1019310&postcount=3
http://www.askaboutmoney.com/showpost.php?p=1091081&postcount=51

But let me repeat it: there is no untaxed pot of gold and certainly not one worth $14 Quadrillion!!!! To claim so is blatantly ignorant of economics and the way derivatives work.
 
Onq's claims regarding derivatives on this forum pretty much fit the definition of trolling. Repeated verbatim on regular basis - presumably knowing that it will provoke some sort of response - but always without the slightest attempt to actually engage in discussion about the validity of the claims. I've made the mistake in the past of responding - attempting to gently explain a little about derivatives - but the effort was wasted (and ignored).
 
Why don't I believe two such learned posters as you guys?

Possibly because I found your rapid fire denials to pat.

Something doesn't smell right in all of this.

ONQ.
 
onq said:
Why don't I believe two such learned posters as you guys?

Possibly because I found your rapid fire denials to pat.

Something doesn't smell right in all of this.

ONQ.
Click to expand...

A very valid argument, but in that case I assume that you went and found ways to refute our explanations and claims, in which case it would would have been to our, and other posters', benefit to share that information.
 
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