Monday, 13 June 2011

Pat Cox for President?

Pat Cox is one of the elite steering group of the Spinelli Group.

They state as their aim; ‘We want to make a network of those who choose the European interest above their national interest, those who want to push the federal project in their respective environment".

Now we know why Cox wants to be President! Besides being a corporate pimp, he openly declares that he places EU interests before those of Ireland.

Do you think he’s a suitable person to be President of Ireland?

Sunday, 12 June 2011

The reward for default; why don’t we just get on with it?

The credit default swap (CDS) for the Icelandic sovereign has now dropped to 200 points and has not been lower since months before the banking collapse in October 2008. The CDS has been in constant decline since January and indicates growing belief in Iceland’s economy.

Meanwhile, the CDS spread for Ireland is 683 basis points.

So it seems as if defaulting on debts run up by greedy bankers (German and French with the assistance of their Irish acolytes) and letting your currency depreciate works better — even from the point of view of investors — than socializing private-sector losses and sticking with a fixed exchange rate – the Euro?