Riots in the UK about tuition fee increases - an observation

[NJ5]

FreeTalkLive said:

Mr Khan said:

Good to see some socialist anger coming back on scene. The Left in the developed world hasn't really shown this kind of productive, proletarian rage in a while, and it helps keep things grounded in reality (especially in the face of all this anti-Keynesian nonsense)

 

I really want to see it happen in Ireland, though. Show the big banks that their slavery rates aren't welcome by anyone.

The banks in Ireland have already been bailed out by the US Federal Reserve.  Now the EU and/or IMF/WB are looking at bailing them out.  I mean, really how poorly can those banks be run?  Maybe it would be better if all of the banks in Ireland were owned by companies from other nations or even national banks from other nations?  The world can only bail out the Irelend banks so many times...

They were badly run for sure. But let's make one thing clear, the IMF / EU is not bailing out the Irish banks. They're bailing out Ireland (which in turn bails out the banks) in order to make sure that their own banks don't go bankrupt. In other words, the IMF / EU lends money to Ireland, then Ireland lends the money to Irish banks so that they have money to pay foreign banks.

Follow the money and you realize that the foreign countries are bailing out their own banks, with the bill falling solely on Irish taxpayers. The foreign banks don't pay for their mistake of lending money to badly run Irish banks.

The bankers ALWAYS win, that's been a constant since Lehman Brothers collapsed.