The Luck Of The Irish. Politicians And Bankers That Is, Not The People.

The taxpayer funded Guinness will be going down with abandon in the bars of Dublin this week as Irish politicians congratulate themselves for resolving a debt crisis that their incompetence created in the first place.

According to the Wall Street Journal, Irish politicians are congratulating each other over a resolution to their $41 billion + debt overhang which dates back to 2010.

Other indebted EU countries should take notice because this is nothing other than a power grab by EUSSR totalitarians, aided and abetted by the political class.

As with everything involving devious politicians, the devil is in the detail and its the same old story.

With encouragement from the European Union power grabbers, successive Irish politicians, in line with socialist politicians the world over, spent more on bribing voters with entitlements than was earned in revenue, thus racking up unsustainable deficits and debts that eventually bankrupted the economy.

Simultaneously, these incompetents failed to regulate the banks effectively and stood by as their banker friends spent and lent their institutions into oblivion necessitating the government to step in and bail them out.

Its a little complicated for a Friday but its worth hanging in there to see how the political class have stitched up their own people for generations, destroyed democracy in the process and then carry on their life of Riley as if everything in the garden is rosy.

Irish politicians spent an all night session, bless them, liquidating the Irish Bank Resolution Corporation, a state owned entity that had taken on the assets of the failed Anglo-Irish bank and which was responsible for repaying their debts to the Irish Central Bank.

In a classic piece of deceit, under the terms of the liquidation, the government will exchange the promissory note it issued to Anglo-Irish for long term government bonds which will not have to be fully repaid until 2053.

Roughly translated that means that the Irish government has taken on the responsibility on behalf of the people for the repayment of the Anglo-Irish debt over the next 40 years.

The Irish taxpayer will be paying for the debts of a private sector bank for the next two decades!

At this point I am not aware that any banker or politician has been held accountable for this disaster.

If that's not bad enough, lurking in the background like a thief in the night was European Central Bank (ECB) President and effective Gauleiter, Mario Draghi.

It was Draghi who insisted that the Irish Finance Minister put the banks guarantee in place in the first instance, knowing full well it would commit the Irish taxpayer to paying off the bankers debts in the long run.

He also knew that this would result in the end of Irish independence and direct rule from Brussels.

So what of the architects of this disaster?

Primarily the blame lies with the entire Irish political class and the bankers but the puck must stop somewhere. (excuse the pun)

There is former Irish Prime Minister (Taoiseach) Brian 'Biffo' Cowan who is immune from the consequences of his incompetence and is retired. He is spending more time with his family enjoying his taxpayer funded, gold plated pension of $215,000 per year.

Bertie Ahern, Biffo's predecessor and Finance Minister is the real villain of this disaster. He is now feted around the world as an elder statesman and making a fortune out of directorships and speaking engagements. Ahern is a classic example of the political class looking after its own.

Ahern had to resign under the weight of corruption allegations but while in office he came under fire for his remuneration increase to $400,000+. Which, at the time, was higher than the President of the USA.

Ahern, like Biffo Cowan, enjoys his taxpayer funded pension but also racks up expenses for VIP travel, chauffeur driven limos and all the other indulgences that these crooks think they are entitled to even though they are no longer in office.

Bertie Ahern is best summed up by Ryanair CEO Michael O'Leary; "Bertie squandered the wealth of a generation and I think in time it will be proven he was a useless wastrel".

While the Irish people will be mired in poverty for generations to come their overpaid representatives will be living the life of Riley despite the fact that they have handed over effective power to the bureaucrats of the EUSSR.

There is no pot of gold at the end of the rainbow or anywhere else for the Irish people and it appears that the luck of the Irish now only applies to the political class and their banker friends.