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By Pete Moore On March 31st, 2011 at 9:00 pm

Patrick Honohan, governor of Ireland’s central bank, on Thursday unveiled the results of “stress tests” on the banks, a condition of the country’s international bail-out last November […]

Under the stressed scenario, which requires the banks to remain above a minimum core Tier 1 capital ratio of 6pc, Allied Irish Banks needs an additional €13.3bn, Bank of Ireland needs €5.2bn, EBS building society needs €1.5bn and Irish Life & Permanent needs €4bn. The new figure will take the final bill for bailing out Ireland’s banks to €70bn.

In other words, it’s gone from “grim” to “so-grim-it’s-comical”. Where there was once an economy with banks, there are now banks with no economy, and the banks are gone. If the central bankster needs a side-line to help meet the bills, stand-up beckons:

Central Bank chief Patrick Honohan today revealed another €24bn is needed to keep lenders afloat and avoid a catastrophic crash of the entire system.

“Catastrophic” meaning “the unavoidable and necessary remedy” of course. Having tipped a load of capital resources into a property bubble, we’re supposed to believe that tipping another load of capital resources into the black holes which are the banks and their lenders would be to avoid catastrophe. In the meantime, the property bubble is on course to remain popped and a Western world in depression remains desperate for capital investment to fuel production in productive enterprises, a process that would happen if only markets would be allowed to bury the dead. Standby then for the drones to prattle on about how yet more mega-bazillion bailouts are needed.


By Pete Moore On March 31st, 2011 at 8:34 pm

We live in such a cynical age that lies and deceits are the standard means of government communication and all are met with a knowing nod and smile. This is why William Hague can pretend that the Libyan Foreign Minister “defected” (as opposed to encouraged, tempted and spirited away) and we are supposed to believe that MI6, with it’s close and long-standing links with this thug, was completely surprised when he just happened to arrive by private jet at Farnborough airfield.

Imagine the register on the faces of those MI6 chaps, out for a jolly afternoon’s plane spotting, when a small jet just happened to land and spit out one of Gadaffi’s closest men – quelle surprise! – right into their lap. Gosh, what a coincidence. Or did he get a cab to Spook Central? Either way, let’s hope it’s the first of many (and one of’em manages to grab the gold on the way out).

And how wondrous that he – one of Libya’s most infamous and notorious monsters – managed to drive from Tripoli to Tunisia without incident, through a country in uproar and rebellion, with refugees and bandits all about and across a defended frontier. What with the surprise of it all, let’s hope the security services had some of his favourite tea in the cupboard because clearly his arrival was most unexpected.

The Only Commodity that matters

By Patrick Van Roy On March 31st, 2011 at 12:43 pm

Pork Bellies, we all need our Bacon. Right? Right…..

Of course I mean OIL, Black Gold, Texas Tea. The vital Blood of the planet. The one Natural Product found on earth that man can NOT live without.  This is the first year 2011 that OPEC will pass the $1 TRILLION dollars mark in sales. The price of a Barrel of Oil is $105 .  Why?

I’ll tell you why, because the current Ideological Idiots holding the reigns of our nation are Professors, people who believed they can teach others the way the world should work, but they have no clue how it does work.  The President said in his speech the other day that the price of oil was starting to come down because the recession had brought the price down due to the fact that our economy wasn’t purchasing it at a high rate, and the Price is going up now  because our economy is on the rebound creating a greater demand, and the 3 wars in the Middle East of course. Both statements were out and out lies.

First off our economy is not on the rebound, we are at 15-17% Unemployment, housing prices have declined nationwide 43%, underlying inflation on Milk, Eggs, Bread, and cheese is at 19%. As for the world supply of oil on the market lets be honest, it hasn’t been reduced one barrel over the last two years thanks to the Saudis. They have increased production to almost double their normal sales. They are producing at a rate that the only nation producing oil for the world market Libya that has been stopped due to any war, it’s 1 million barrels a day have not been missed. That is the levels that OPEC is producing, thus the Trillion Dollar intake.

The cause for the price of Gas in the U.S. is directly the responsibility of President Barry Obama. 2 years ago there were 48 deepwater rigs producing oil in the Gulf of Mexico, today there are ZERO. There are 120,000 platform workers on unemployment along the Gulf Coast. In his speech he had the nerve to say” his administration has issued more permits than any other, and any tale saying otherwise is a lie.” What’s that? Come again? The Obama administration has issued only 7 permits and all of those since January of this year. The second of these permits went to Petrobras the Brazilian Oil company that we gave 2 Billion of American Taxpayer dollars to so that they can drill, a company mind you who’s principal stock holder is George Soros. and those seven won’t come on line for 18mths.

This is the list of Area’s that the Obama administration has put “off limits” for oil production.  The East Coast, the West Coast, the Gulf of Mexico, Outer Continental Shelf exploration, Shale Oil fields entire nation, Tar Sands in the Rockies, Alaska, and all Federal Lands.

At the end of the 70s Carter had brought our nation to it’s knees the same way, you had to wait in line for 2 hrs on your odd or even day to fill your tank. President Barry never waited in those lines, he was 13 at the time.  

Reagan faced these same conditions, what did he do? he cut taxes, cut regulations, and the” excess profit tax”, and permitted the oil companies to go back to work. Reagan stated honestly, “the answer to shortages and long lines is a greater supply.” The price of a barrel of oil after 5 years of Reagan in 1986 was $10 a barrel. If adjusted for inflation it would be $23 a barrel. Instead a barrel of oil is 4 times as great at $105, as it would be if the U.S. was producing.

Once again I ask why?

The answer is simple the idiotlogues that have been running things for the last two years believe they can force a change of our nations energy consumption from oil and coal to anything but, simply by cutting of domestic supply, forcing a change. The problem is there is no product that replaces those two natural resources, and ideas can’t grow for new directions by choking a nation out of production. Although, that is this administrations philosophy. GOD HELP US ALL …. oh yeah in his speech he said “cutesy sayings like Drill here, Drill now aren’t answer. Well just for your Barry.

Who watches the watchers?

By Mike Cunningham On March 31st, 2011 at 9:17 am

I have written, briefly but openly, upon my own site, on the absurdity of super-injunctions, and their continued presence even after they have been ‘outed’ within the confines of Parliament. Too many of our MPs are silent and subservient to the Judges, so when such admirable an example as MP John Hemmings, speaking in a debate upon ‘Freedom of Speech’ warns that he is about to speak openly about matters under such a secret ban, he is ‘warned’ by fellow MP Peter Bone! How dare this trumped-up excuse for a democrat warn a fellow MP that he must be careful. It is a fine line between caution and the Stasi, and our Government must be careful themselves that they weigh too heavily upon the rights of judges to decide what will, and what will not become common knowledge in Great Britain.

It is only some eighty-odd years ago that the man who would be king, Edward the Eighth, renounced his throne in order to marry a twice-divorced American, Wallis Simpson. But the first that the ordinary British public learned of the liaison between a future King and an American fortune hunter was on the day that news of the King’s Abdication was broadcast after the new King had ascended the Throne. Foreign newspapers had of course printed acres of newsprint about the ongoing romance between the Heir to the Throne and a double-divorcee, but not a word was printed or broadcast within the confines of Great Britain. By an unwritten but firmly-ordered news blackout, organised by a combination of newspaper proprietors, high Royal courtiers, a compliant and complaisant Government ensured that the man who was our next constitutional Monarch could do what he liked, in the knowledge that no publicity was given to his besotted arrangement with the woman whom no-one in Britain, apart from a select few, knew even existed.

It is true that most of the super-injunctions are given to protect the sleazy secrets of ‘celebrities’ or football and sporting ‘stars’, presumably on the grounds of Human Rights’ Article Eight of ‘Privacy’, but what about Article Ten, which discusses Freedom of Expression? Frankly, I could care less about whether English footballer John Terry screwed his best friend’s girlfriend or not, and similarly whether Max Mosley conducted sado-masochistic orgies with whores; but I do care passionately whether a ‘Public Servant’ is granted complete anonymity before trial on charges of paeadophile behaviour, solely on the grounds that he is a ‘Public Servant’. Stephen Glover has it about right when he states that with things going the way they are, it is hard not to be profoundly depressed.

The only real grounds for secrecy in a trial are those which relate to National Security, and this should and must only be claimed after scrupulous discussion, by independent Judges, of the evidence under review. There must and can be no alternatives. The truth must be seen, and to be heard, otherwise we exist upon the short and slippery road to the same ideas which kept our grandfathers from even reading that their future King was disporting himself with a woman ‘not acceptable within polite circles’. True, that  was the theme of the times, but our politicians were shrewd, and a woman who in later life met and was welcomed by Adolf Hitler couldn’t be said to be ‘suitable as the next Queen’.


By David Vance On March 31st, 2011 at 9:00 am

As you know, Gaza is the Hamas redoubt in the Middle East which is characterised by its vicious Jihad war on Israel. So, who in their RIGHT mind would seek to be twinned with such a place? Step forward Nationalist controlled Moyle Council.

They may be thousands of miles apart and as different as chalk and cheese, but the Causeway coast and Gaza City took a giant step closer this week. But a vote by Moyle District Council councillors to link their picturesque area with the troubled Middle East region sparked a major fallout with the DUP, after it accused nationalists of taking advantage of a low unionist turnout to force the controversial twinning motion through. An area of outstanding natural beauty, the stunning coastal landscape of Moyle stands in stark contrast to the war-torn streets of Gaza City.Independent Moyle councillor Padraig McShane says he tabled the motion on purely “humanitarian grounds”.

I doubt Mr McShane’s precious “humanitarian” instincts extend the length of those Israelis at the receiving end of random rockets fired their way care of those peace-loving Gazans . Moyle Council should be ashamed of itself but I suppose it raises the bar for other Irish Nationalist controlled Councils. How about Tehran as a twinning opportunity?


By David Vance On March 31st, 2011 at 8:53 am

Here he is speaking in 2002.

President Barack Obama, as an Illinois state senator in 2002, said that using military force to topple a murderous dictator amounted to a “dumb war” and should be opposed.

And now, in 2011, Obama uses military force to to topple a murderous dictator in Libya.

Was he dumb back then or is he dumb now?


By David Vance On March 31st, 2011 at 8:32 am

About time. Extra  state benefits paid to additional wives in polygamous marriages are to stop under the Government’s welfare crackdown.

Taxpayers will be astonished by the revelation that spouses in such marriages are entitled to payments under special rules agreed by Labour – and that one estimate puts the total bill at around £10million a year. Polygamy is thought to be most prevalent among Muslims as some interpretations of Islamic law allow a man to have a “harem” of up to four wives. The benefits potentially available to him under current rules include Income Support, Jobseekers’ Allowance, Employment and Support Allowance, Pension Credit, Housing Benefit and Council Tax Benefit. A Muslim man with four wives could receive £10,000 a year in income support alone.

The iniquities of Labour become more apparent by the day. It is little wonder that Welfarism ballooned under their diktat and it is very timely that these cuts are made to the polygamous “community”.


By David Vance On March 31st, 2011 at 8:19 am

I read that the British contribution to the EU budget increased from £5.3billion in 2009 to £9.2 billion last year, according to the Office for National Statistics.

The increase is equivalent to the extra money being raised from the increase in National Insurance for higher-rate taxpayers, or the new 50p top rate of income tax. Taxpayers are being forced to contribute more following Tony Blair’s decision to reduce the size of this country’s rebate. The pound has also fallen in value compared with the euro, which means Britain has to pay more. The Treasury has also had to support EU bail-outs for Ireland and Greece. Last night, Treasury sources reacted with dismay to the increase in payments and said they were working to restrict further rises.

The UK will not be able to “restrict” further increases until it finds the courage to ask the people of the UK if they want to exit EU-land.


By David Vance On March 31st, 2011 at 8:09 am

The staggering mess that is Ireland’s banking system comes under the spotlight again today as the news emerges that another €30bn will have to be pumped into the melted down banks. In essence Ireland will end up with just two banks and the State owns them. However the State itself is now propped up by IMF/EU loans so in essence Ireland really IS a wholly owned subsidiary of EU plc. It is literally bankrupt so the question is this; WHY on earth would Northern Ireland EVER want to be financially integrated into such a disaster zone? To be clear; I wish the Republic well and hope that it can recover for the PEOPLE of Ireland however I also believe that it cannot remain in the EU and expect this outcome. Furthermore, Ireland’s political elite have been rabid Europhiles, demanding the Lisbon treaty goes through, for example. Now the country is consumed by EU demands and the only hope is provided by LEAVING it. Can this happen or will we have paper tigers in the Dail roaring about what the EU must do when in truth the EU will do nothing. It owns Ireland, lock stock and two smoking barrels.

Continuing Revolution

By Patty On March 31st, 2011 at 2:45 am

Tea Party Patriots gather in Washington DC. tomorrow:

“Patriots across the nation spoke loudly last November.  You voted for change.  You voted for real fiscal leadership.

Unfortunately Washington doesn’t get it.  President Obama and the Reid Senate continue to ignore the fiscal crisis while the House dithers around the edges of spending cuts.  We need bold leadership and we need it now.  IT’S TIME TO ACT.  Join us on the National Mall this week to turn up the heat on entrenched Washington politicians.

Tell them:
·         You want the full $100 billion in cuts they promised
·         You want the $105 billion for Obamacare implementation cut now.
·         You expect the courage to lead us out of the financial hole Washington has dug.
Join the Tea Party Patriots Continuing Revolution Rally on the National Mall this Thursday.

While American families have been forced to pair back their budgets President Obama doubles down on costly programs like Obamacare and high speed trains we can’t afford.  This week Harry Reid will participate in a rally to protect entitlements.  That’s not leadership.  That’s just plain irresponsible governing. “

HT: instapundit