April 15th, 2012

Irish Taxpayer Sacrificed to Prop Up Eurozone Banks
German ECB Board Member Speaks Truth
ECB Press Office Erases Remarks from Transcript

On Thursday Dublin hosted a speech by Jörg Asmussen, a member of the Executive Board of the ECB, which in monetary and fiscal terms is now effectively the ruling neo-colonial power in Ireland, with German financial ‘advisers’ having been present in the Irish treasury for four years. Herr Asmussen was until January the advisers’ boss as State Secretary at the German Finance Ministry, responsible for Fiscal and Macroeconomic Affairs, Financial Markets and European Policy. When he speaks the Irish political and financial elite listen.

What they heard him tell them in a speech to the IIEA think-tank was a technocratic “steady as she goes”. Praising first the painful in the short-term reductions in state spending (10% cut in 2011) and the consequent expansionary fiscal contraction which has seen economic growth return and the trade deficit closed. Asmussen then spent a lot of time justifying why Irish taxpayers will have to bailout Anglo-Irish Bank bondholders for decades. The need for that long-term pain is not credible. 

Guido has long argued that the bailout of Anglo-Irish Bank was done to protect the investments of German banks (see Is the ECB Forcing Ireland to Protect German Investments? October 2010, Feck Off Euro-Socialists November 2010).

In a crucial section of his speech (audio at 27 mins 30 secs) Herr Asmussen says:

“The decisions concerning the repayment of bondholders in the former Anglo Irish Bank have been a source of controversy, decisions taken by the Irish authorities such as these are not lightly taken and the consequences of subsequent actions are weighted carefully, it is true that the ECB viewed it as the least damaging cost to fully honour the outstanding senior debt of Anglo however unpopular that may now seem, the assessment was made at a time of extraordinary stress in financial markets and great uncertainty, and protecting the hard won gains and credibility from the early successes in 2011 was also a key consideration and the main reasoning was to ensure that no negative spillover effects would be created to other Irish banks or to banks in other European Countries.”

Note that last line emphasised in bold. In October 2010, days after the then Irish finance minister refused in parliament to name Anglo-Irish bondholders, Guido revealed the bondholders list in a story that was followed up worldwide. German institutions figured prominently.

It is, as Herr Asmussen says, a matter of great controversy in Ireland that future generations of taxpayers have been sacrificed on the altar of the Euro to protect German banks. Could that be why the official transcript of the speech erases his candid admission?

“… Protecting the hard-won gains and credibility from the early successes in 2011 was also a key consideration, to ensure no negative effects spilled-over to other Irish banks.”

The shameful truth is that Irish politicians of all parties have gone along with the Bundesbank / ECB’s efforts to prop up their banks and the Euro project at the expense of their own people’s interests. Another small nation on Europe’s periphery – Iceland – let its banks default and has undergone an awesome recovery. Ireland got it from the horse’s mouth on Thursday, the ongoing bailout pain is for the greater good of other banks in Europe.

Hat-tip:  SpreadBetting.com via Declan Ganley


  1. 1
    Andrew Efiong says:

    Well done Guido. You’ve flushed out more EU incompetence and deceit and have the Euro-bigwigs on the run.

  2. 2
    Mike says:

    No luck of the Irish then?

  3. 3
    Nothing to see says:

    What would have happened if we (UK) had copied Iceland? (bank bailouts)

  4. 4

    Absolutely Outrageous …

  5. 5
    onion says:

    One can only conclude Ireland has turned into a nation of pussies, much like the Greeks (who still want to remain in the Euro). Sad that it was only Sinn Fein who opposed this at the time.

    The credit boom and fear of its proper resolution (through bankruptcy and cuts) has had a toxic corroding effect on the national psyche.

  6. 6
    ffs! says:

    You should sort out your own bog-trotters before the pile of shite this side of the water.

  7. 7
    Anonymous says:

    Ach zo here ve hav ze start of ze 4th Reich ja?

  8. 8
    So what else is new(s)? says:

    Why do the news channels always insist on leading with the latest suicide bombing in arab land? Ragheads do that shit every day, it’s no longer newsworthy. Today’s Kabul bombing shouldn’t be the headline any more than the sun setting or water being wet.

  9. 9
    The British Public says:

    Because the war is costing us a lot of blood and a whole heap of treasure.

  10. 10
    Felicity Kendal Mint Fake says:

    Ah you see just when I was about to give up on Guido as nothing more than a branch of the Stop Ken campaign you post something really important

  11. 11
    screw the lot of them says:

    And will be fought in the streets of GB sooner than one might think.

  12. 12
    Tom Watson says:

    Busy week ahead. 50 Big Macs tomorrow, and a fresh consignment of hair dye and weight loss pills coming in on Tuesday. Need to look good for the cameras now that I’m famous. After all, I can’t be seen looking as I used to: http://i.telegraph.co.uk/multimedia/archive/01411/fftomwatson_1411190c.jpg

    As I like to put in my note to editors, I shot to fame on a select committee. I’m famous and part of being famous is having a makeover.

  13. 13
    tottenham chutzpah says:

    have Shin Pain any of their customary instant wisdom to apply to the problem?

  14. 14
    Anonymous says:

    Just a xenophobe really, aren’t you Guido?

  15. 15
    Felix Hemsted says:

    The first year (and maybe the second) would have been a lot harder. However, with the fall in debt on private balance sheets that you expect in a recession, than we should have emerged much healthier than we currently are, and we would probably be on our pre-recession trend rate of growth either now or next year.

  16. 16

    Stopping Ken is important.

  17. 17
    dry yer eyes says:

    Fuck the Republic of Ireland
    They lived life to the full on borrowed money, were smug as possible about their Celtic Tiger, looking down their noses at the British especially, and now refuse to accept their responsibility in paying the money they owe back.
    The party’s over, now pay the bill.

    The whinging and gurning from the Republic of Ireland has no match anywhere…except for somewhere like Liverpool.

  18. 18

    How exactly is it xenophobic to believe that it is in the national interest to be a sovereign nation with democratic accountability?

  19. 19
    iceland, standing up for their own says:

    Yeah, so is Iceland, who it so happens is having an ‘awesome recovery.’ Get stuffed btw.

  20. 20
    Anonymous says:

    Now the poor Irish are being forced to pay a tax on their septic tanks!

    Brings a whole new mmeaning to ‘bog-trotter’.

  21. 21
    Logic? says:

    Yeah, that’ll be why he lives in a foreign country.

  22. 22
    say what you see says:

    lol and +100 ;)

  23. 23
    Tachybaptus says:

    The Irish government indulged itself on borrowed money. Now that it has lost the money, the Irish people pay. I shouldn’t think that a single Irish minister has had to sell his Bentley. And so it is everywhere, not just in Treland.

  24. 24
    boris, the gaylords lickspittle says:

    I was going to advertise on the buses that there is such a thing as an ex Βillу Bunter, but it’s too controversial.

  25. 25
    Mr Helpful says:

    Because these tw@ts are the next government of Afgh@nistan.

    In attacking our embassies, we’re getting a foretaste of future relations between us and them. Fortunately, their country is a stone-age shit-heap, and of no consequence, so with immediate effect we should pull all our troops/advisers out of the Afghan cesspit and not let anyone with an Afghan passport come anywhere near our borders.

    Will Camoron do that?..

  26. 26
    Some Geezer wot's gonna call it as he sees it says:

    Before your makeover, Tommy Boy, you looked like B!lly Bunter, and after your makeover, you look like…well, B!lly Bunter…

  27. 27
    (I've been renamed) DA-Notice says:

    When is the upcoming Irish referendum on EU fiscal matters then?

  28. 28
    james says:

    So, the ECB are actually aware of what was happening?
    Quelle Suprise!

    Other commentators/economists were as good as suggesting that the ECB were well – clueless.

    Anyway, we were broke so must obey anyone with a purse.

  29. 29
    (I've been renamed) DA-Notice says:


  30. 30
    Mr Helpful says:

    Why?? Londonistan deserves to get f*cked. Let Livingstone turn it into a “beacon of Islam” and it can serve as a great big reminder to anyone elsewhere in the UK that voting Labour isn’t a great idea. Unless you want an Islamified Britain.

    So let NewtMan turn it into an Islamic ‘paradise’ such as Faluja or Mogadishu. We can always nuke it when it gets out of hand.

  31. 31
    buy one crock of shite get one free says:

    Remember the 90’s when they were net beneficiaries of EU money? Then it seemed like a pot ‘o gold. Now the awful reality has set in that they signed up to a crock of shit. That’s EU Marxism for ya.

  32. 32
    There's Trouble at Mill! says:

  33. 33
    Bob Geldof (super-rich taxdodger in a mansion) says:

    “The whinging and gurning from the Republic of Ireland has no match anywhere…except for somewhere like Liverpool.”

    Even Liverpool didn’t produce a whining little shit like Sinead O’Conner*

    *”I really am retiring this time, honest, I know I’ve said I’m retiring for good about a hundred times already, but I really really mean it this time, damn the English they caused the potato famine so they did (which didn’t really happen, it was the English) blah blah blah.”

  34. 34
    B Geldof (filthy-rich taxdodger in a mansion) says:

    “The whinging and gurning from the Republic of Ireland has no match anywhere…except for somewhere like Liverpool.”

    Even Liverpool didn’t produce a whining little shit like Sinead O’Conner*

    *”I really am retiring this time, honest, I know I’ve said I’m retiring for good about a hundred times already, but I really really mean it this time, damn the English they caused the potato famine so they did (which didn’t really happen, it was the English) blah blah blah.”

  35. 35
    bitter tears says:

    I would like to see Ken crying again to be perfectly honest.

  36. 36
    Astonished of cyberspace says:

    Bloody hell, it’s uncanny!

  37. 37
    SandyJamieson says:

    Where Germany is mentioned, xenophobia is a natural reaction

  38. 38
    Kerry Katona says:

    Thanks to Iceland I’ve been able to afford another useless husband.

  39. 39
    Plastic Paddy says:

    My mum and dad moved back to Ireland over 15 years ago and i have watched the whole fucking stupidity of my family fuck their lifes up by greed. All uncles, aunts & cousins taking loans out from the credit union just because they could. Buying a new car every year. New tv’s every few months because the old one had dust on it. My sister went over for good to join the fucking madness and is now in debt to the tune of 88,000 euros give or take a few. Had a phone call from mum yesterday to tell me my cousin tried to commit suicide due to being in debt. She has 4 small kids but was more ashamed of being labeled a failure with money. Being born british i used to be proud of my Irish heritage. Now i keep my mouth shut if asked

  40. 40
    when in a hole, just dig deeper says:

    Anybody would think the Irish had a reputation for being really thick.

  41. 41
    illogical says:

    What’s new Guido? Who in power in this world does not have their own agenda, their own personal axe to grind to promote or cover up transactions that are of benefit to themselves or their own nearest and dearest.
    In this instance it is sad for the average Mick to be shafted by a German, but then the UK citizen has been led down the same road by foreign representatives in kilts for longer than I dare to remember.
    The greatest shame around lies in the fact that where any World / Europe@n population as a whole can vote to refuse the recommendations on offer, their objections are ignored until they toe the line and the required positive vote eventually emerges.

  42. 42
    Sid the Socialist says:

    Pfffff! “Xenophobia” is like so 2009 comrade, all the trendy Fabians are using the latest common purpose buzz word of “EU denier”.

    FFS get with the program, Mr square Blair!

  43. 43
    Fake Blood says:

    indeed it will. Before 2020 for sure. Islam and post-enlightenment democracy go together like a spoilt toddler and a Stradivarius.

  44. 44
    Cromwell says:

    Well said sir!

  45. 45
    Liarpoliticians says:

    The Germans saving themselves.

  46. 46
    Liarpoliticians says:

    Saving the collapsing Euro, it’s all like “Carry On Up The Kyber”.

  47. 47
    Innocent Bystander says:

    So what’s all this babble been about for the last hundred years or so? – Irish independence?

    EUSSR put a stop to that pdq, – and not a bullet fired or a bomb exploded!

  48. 48
    Crock of Shit says:

    Do you mind!

  49. 49
    AC1 says:

    House prices would have fallen, but as this directly lowers the cost of living, it would be good for the economy.

    Would be a stomach pump for the poison of non-productive debt.

  50. 50
    Sophie says:

    Proud Ireland fought for its freedom from British rule for a century – only to see their country meekly handed over to European socialists by weak small time opportunists who will cause the emerald isle & its future generations far more pain than Britain ever did.

    Where is Gerry & his semtex & armalite now?

  51. 51
    AC1 says:

    Why are you
    So fucking wrong?

  52. 52
  53. 53
    Nick says:

    The Irish Republic has squandered its independence.

  54. 54
    Simply the best says:

    BZ Guido. When you are good, you are extremely good.

  55. 55
    Money Money Money says:

    The Irish population aren’t that thick. They did vote no until the EUSSR said that was the wrong vote and grabbed them by the balls. Unfortunately their politicians are just as corrupt as ours. The EUSSR gravy train is the one that most politicians want to board.

  56. 56
    Seth the pig farmer says:

    They should have defaulted and moved back to Sterling. No need to even issue a new currency, just let QE 1/2/3 whatever do the work for them.

  57. 57
    Gordon Brown says:

    The Icelanders are terrorists. And I taught them a lesson they would never forget.

  58. 58
    Pissed off of Portland says:

    Listening to Brillo’s politics show this lunchtime when it cuts away to the regions. Dorset is about to be covered with Windmills to comply with our EUSSR obligations and although some MPs said we should use PV cells or geothermal not one of the fuckers said Europe should keep out of a sovereign country’s energy policy. We are goverened by a corrupt political class, from now on I am voting UKIP as they are the only party offering a withdrawal from a political union and back to a common market with Europe.

  59. 59
    I just don't get it. says:

    I’m confused Why has a country that has only recently gained it’s hard won freedom surrendered that freedom to a non democratic super state?

    No doubt Salmond will do the same.

  60. 60
    The British Public says:

    Did you get our money back?

  61. 61
    A Caber says:

    Salmond is a phoney – he is no more interested in living in an independent Scotland than Sean Connery is in repatriating all his wealth and paying full taxes.

  62. 62
    dry yer eyes says:

    ,,,because hatred of the Brits is so strong and so ingrained in the national psyche that being ruled by anyone else and owing your future to an unelected EU politburo is deemed better.

    Yet, the UK pretends that we are ‘friends’. No fucking way are we friends, we’d be sunk in a spittle by that lot if they were given the opportunity. Nothing would please the Republic of Ireland more than to see the UK sink like a stone.

  63. 63
    Labourunionsbbc we are one says:

    Seem’s to me the only thing that is changed is his parting and glasses.

  64. 64
    Let's be reasonable now says:

    I would like to agree with you but the fact is that we are all very much intertwined on these here islands. Yes, the Orish were insufferable when they were busy maxing out thier credit cards, and there is a load of bollox they tell themselves about the evils of the English, but let’s just extend them a few words of kindness and civility during what hopefully won’t be a difficulty lasting more than a century or so.

  65. 65
    Benny the Ball says:

    STFU u twac

  66. 66
    Stand by your man. The BBC says:

    I note the BBC is full on behind their man for proposing changes in party funding.

    Seems to me, first union members should opt in and second if they do opt in declare which party they want to sub. Not many union members are rabid Labour supporters and if they do opt out of supporting a political party their subs should be reduced accordingly.

  67. 67
    The Public says:

    Where is the money you owe us then?

  68. 68
    Benny the Ball says:

    The green, green glass of Londonistan

  69. 69
    Nothing to see says:

  70. 70
    The Pope says:

    That would be an ecumenical matter.

  71. 71
    The Public says:

    It should be a criminal offence to belong to any organisation which pays the election expenses of a member of Parliament. Party politics is a curse that needs to be ended.

  72. 72
    Benny the Ball says:

    800 Years of ‘occupation’.then 80years of independence, sold the pass for German gold

  73. 73
    Sid the Socialist says:

    Bloody far-right nutters and nationalists, If we’ve of had those moon boot wearing frosty twats shackled in to the EUtopia and Euro they wouldn’t have got away so damn easily. Oh no!
    They’d of been burning their own homes down just to stay warm, much like the good old USSR days. Oh those wonderful USSR days, just thinking about them brings a warm glow to an old comrades heart.

    Up the revolution brothers!

  74. 74
    BBC NEWS says:

    Well we won’t be reporting on that!

  75. 75
    Nick says:

    Labour put some odd people in the Lords.

  76. 76
    Benny the Ball says:

    +1 Sophie

  77. 77
    jgm2 says:

    I had a similar experience when I went back to Ir*el*and for the first time in a loooong time about eight years ago.

    My cousin’s wife explaining to me, the simple Englishman, how it was that Ir*el*and was so prosperous on account of them all being so much better educated, you see, than the English. How all the previous 10 or 20 years of education investment had paid off and wasn’t it marvellous there were so many graduates now. And wasn’t it proof that Ir*el*and was so prosperous that they had to have Polish chaps around the farm now to do all the work because the graduates were all working at call centres.

    Looking at me like I was some kind of simpleton when I questioned who was buying all these fucking over-pr*ic*ed houses and what sort of money AOL was paying all these graduates in their call-centres and how did that square away with houses costing more than the south of England.

    Ahhh, you see, she said, looking at me with pity. It’s because we’re all so much better educated, you see, than the English.

    It was the same experience I was having at the time with Labour supporter the Imbecile’s cheerleaders. It seems I just didn’t understand the nature of the miracle. Everybody really was so much cleverer than they were last year and the proof was…. houses had increased in pr*i*ce by 20% last year. What more proof did anybody need of the robust state of the economy?

    The experience was like when your kids are four or five and they’re earnestly explaining some nonsense to you that ‘Silly Daddy’ doesn’t understand. It’s one thing for kids to ‘Silly Daddy’ you. It’s another thing entirely to have to sit through utter fuckwits who haven’t the IQ of a fucking fish talking to you like you’re the stupid one. ‘Better educated’, ‘Economic miracle’. Fucking imbeciles.

    Where’s your ‘better education’ now you thick c*unts? Where’s your ‘economic miracle’ now you thick c*unts?

  78. 78
    c says:

    Too many vested political, corporate and banking interests are making sure this story and the domino effect of a Eurozone default are kept from the front pages of the dead trees press.

    It is no coincidence that the majority bondholders of these Eurobonds (that are still being made good at our expense when they should be in default) are also the share holders of the US Federal Reserve Banks that is privately owned and not a government agency.

    History will record the Euro experiment and the global credit insurance era as the greatest swindle ever perpetrated

  79. 79
    WVM says:

    A fair and reasonable proposal.

    I’ll second that!

  80. 80
    Business Cat (Specializing in yarns, Cdn owned & op) says:

    They’ve forgotten already!

  81. 81
    WVM says:

    very good +10

  82. 82
    Business Cat (Specializing in yarns, Cdn owned & op) says:

    Down the memory hole. Never happened.

  83. 83
    Ah! Monika says:

    BBC Tweet
    Labour peer suspended from the party after accusations he called for a £10m bounty for the capture of Presidents Obama and Bush

  84. 84
    Madness says:

    Much like New Gordon. Who thought he had ended boom to bust, that printing money was better than holding Gold and asking private firms to write their own pay cheques in return for building a hospital or a school.

    And as for renaming polytechnics as universities ————WHAT A STUPID THING TO DO!!!!!!!

  85. 85
    Sir Aston Martin says:

    You’d have been better off with a bargain pack of frozen chicken nuggets.

  86. 86
    I can't be arsed to think up a new pseudonym says:

    Vote UKIP then.

  87. 87
    Jóhanna Sigurðardóttir Prime minister of Iceland says:

    Gordon who?

  88. 88
    Foghorn Leghorn says:

  89. 89
    Jimmy says:

    So in other words Krugman was right?

  90. 90
    Ken Livingstone says:

    I am so last decade. Boo hoos.

  91. 91
    Jimmy says:

    How many times do they have to be told? No uncosted spending commitments.

  92. 92
    OnTablets says:

    Which euro big wigs are on the run?

  93. 93
    iceland, standing up for their own says:

    Get stuffed, charity begins at home.

  94. 94
    Drop a daisy cutter on the BBC says:

    Breaking news…. Labour peer offers bounty for the capture of bush and Obama. Lord Ahmed, BBC already on the defensive for him.

    “A colourful character” says beeboid mong on News 24. Other beeboid mong says its ” a flipant comments”

    Yer fucking right arseholes.

  95. 95
    Laughing hangman says:

    A couple of dozen buckets of instant sunshine would solve the problem permenantly, any survivors, plenty left in stock to use.

  96. 96
    Drop a daisy cutter on the BBC says:

    They are reporting it but already spinning his comments as harmless or flippant.

  97. 97
    EuroMong says:

    The only nation to prosper from the Euro-fascist regime is Germany. They have made billions from other nations misery. This is how fascism works in peacetime. The Tories must call a referendum and soon.

  98. 98
    screw the lot of them says:

    Well said Sophie!

  99. 99
  100. 100
    Kat & Alfie Khan says:

    Get owwwwwwwt of our Mosque.

  101. 101
    The Tuscan Kid says:

    Could it be that a Labour peer is due for a spell in Guantanamo?

    Labour peer Lord Ahmed put a bounty on the president of the USA

    “Labour peer Lord Ahmed has been suspended by the party while it investigates reports that he offered a £10 million “bounty” for the capture of US President Barack Obama.”

    Try not to laugh too much.

  102. 102
    London Olympics = Fucking Scam says:

    Fucking London 2012 tickets are a fucking scam.

    The UK has the least amount allocated and we’re the fucking host country.

    What a piss take.

    You can’t even legally resale them currently either and if you try on Ebay they come down on you like a ton of bricks.

    What a fucking farce. I bet all the MP’s and BBC twats have got their tickets sorted though.

  103. 103

    The only reasonable people that Labour have are regarded by their own party as aberrants (at best.)

  104. 104
    lol! says:

    You craic me up.

  105. 105
    BBC Mong says:

    I’ve got mine and a shit load of Cocaine

  106. 106

    You mean inasmuch as he has, by his own admission, moved somewhat from the left?

  107. 107
    Drop a daisy cutter on the BBC says:

    Enjoy the opening ceremony which is being produced by Danny Boyle. You thought the one we did in China was shit?

    Wait until you see the marching nurses (just like north Korea) the Trade Unions and of course the thousands who will all be carrying pictures of Chairman Brown.

    No doubt there will be some reference to ‘Fatchur’ in the opening ceremony, probably showing Tories ripping off the heads of babies in the centre of the stadium.

  108. 108
    EuroMong says:

    Germany has made billions from other nations stupidity.

  109. 109
    Madison Bumgarner says:

    As some Oirish poof once said : You’d have to have a heart of stone not to laugh.

  110. 110

    It is Sunday

    Praise be to the Lord

  111. 111
    Drop a daisy cutter on the BBC says:

    Yasmin fucking Alibi fucking mong face wanking on about “the betrayal of girls in Afghanistan”

    Like I give a fuck, the life of one of our soldiers is worth more than every fucking Muslim bitch on the planet.

    If Alibai Brown wants to help them, why doesn’t she go fight there herself and take her feminist hags with her?

    Our soldiers are dying for fuck all, fucking Guardian and Independent twats. Piss off the lot of you.

  112. 112

    Economics as written by James Joyce.

  113. 113
    Drop a daisy cutter on the BBC says:

    Who wants to bet by the morning the BBC will have come up with a spin line to protect Lord Ahmed?

    Think about how the BBC tore into Cameron over a fucking pasty or Francis Maude and a Jerrycan comment. Yet this Labour wankstain says put a bounty on Bush and Obama and you can just bet the BBC will defend him.

    Nick Robinson’s Blackberry will be vibrating all night as he’s given his script from the Labour party.

  114. 114

    Those whom the gods wish to destroy they first make mad.

  115. 115
    not a machine says:

    mmm Celtic Zepplelin , you can perhaps look back at Irelands business investment headlines from 6yrs ago and see how the hustle took hold , prime redevelopement overpriced , some big eu capital investments and then the necessary credit to make it all pay out , and transfer to personal credit .
    It was perhaps a more regional action on what the ruin did to the UK , different mouth pieces for credit growth boom , but fairly similar charactures behind the desks of the tally counter and in government .
    Even now they dont admit it was a sort of public fraud to allow a debt bubble to be cast across so much of the economy .

    I think Mr Schapps captured the interpretation of Eds Andrew Marr interview quite well , if the only thing he has to promote on a TV interview is more public expense for elections , still only 5k donations cap , not quite the same as 25k worth of debt for every man woman and child in the UK “I think we have to learn form this” mmmm how about just pay it back and tell the unions about how useless strikes are when you are broke .

    mmm £10bn fund to IMF , given we have already bailed out our own banks and struggled with it , (saved IMF the trouble) , the cure for debt seems to be more liquidity to soak up the previous debts . I think (even though I do blame labour and EU wonks for the problem) we have done more to help stabalise the EU finances than any other country . The question is are the other countries making the adjsutments or is it just defferement or even displacement . Perhaps we should redefine the word growth so that all this complex deskbound , overpricing , spiv palace , doesnt happen again . “endrogenous growth ” anyone , or prgressive creation of debt ?

  116. 116
    The Beast Of the Talmud says:

    Buffett looks to me to be the sort of chap who runs home on a friday before killing a Christian boy child and mixing the sacrifial boys blood with Jacobs cream crackers

  117. 117

    Fred the Shed lost his job and a few minor Labour numbers went to clink.

    What more do you want from the establishment ffs?

  118. 118
    cyclepaths r us says:

    Click on c and you have the perfect description of Gordon Brown, despoiler of UK international.

  119. 119
    Please Sir says:

    How can a person born in P@kistan become an English Lord?

  120. 120
    not a machine says:

    Fighting season has re started , jail break in Pakistan and some fierce fighting in NW pakistan and Syria on a knife edge . You tell me do any of them want to even try and run country for its people ……..

  121. 121

    Have you tried Stobbart’s Buffet Pork Pies?

  122. 122

    The same way as anyone ever has….

  123. 123
    John Smith says:

    And that way is?

  124. 124

    Ah, the religion of p38ce.

  125. 125
  126. 126

    In days of yore it involved being strained though a blanket at conception stage.

    It has barely evolved from there…

  127. 127
    Lord Cashpoint says:

    Shhhhhhhhhhhhhhhhhhhhhhhhhhhhhh !!!!!!!!

  128. 128
    Some Geezer wot goes straight for Godwin's Law when appropriate says:

    “I’ll even sell my house to come up with the money!”

    At this point, Your Lordship, who’d buy it? I mean, do you even think, at all, before running that ugly face of yours? Yeah, I’m sure SOMEONE will want to come along and say, “Right! I’ll buy that house from that bugger, knowing what he plans to do with the dosh– nothing like being charged with complicity in solicitation of kidnap and murder, I always say! Gets the vital juices flowing, don’t you know!”

    I’d call you a blowhard nutter, Baron Ahmed, as many in the media are doing, except I really believe you would if you could. Even “blowhard nutters” have been known on occasion to actually do what they threaten. A German gentleman with a Charlie Chaplin moustache comes to mind.

  129. 129

    I support him. Get Bush/Obama and you net Blair.

  130. 130
  131. 131
    Yasmin Ali Baba says:

    You don’t have to go to a stadium to see them ripping the heads off innocent, vulnerable babies. All Tories do that, usually at home or at the Conservative Club while eating kittens.

  132. 132
    London Olympics = Fucking Scam says:

    A suitcase or three filled with used 50’s and 20’s

  133. 133
    The Beast Of the Talmud says:

    Always Fox off with the shell fish and meat plus bottles

  134. 134
    I prefer a Twix says:

    Just came home to the Sky News strapline that Lord Ahmed’s been suspended from Labour “over bounty allegations”. Eh? What did he do, buy a ton of Bounty bars and put them on expenses?

  135. 135

    But shell fish are not kosher ;-)

  136. 136
    He also served 16 days for killing someone while texting says:

    He put £10,000,000 on the head of Obama.

  137. 137
  138. 138
    Drop a daisy cutter on the BBC says:

    If Ahmed were going after Bliar, Brown and Campbell he might have a point, but of course they are the three wankers who run HIS party.

  139. 139
    The religion of piss says:

    Labour’s Lord Ahmed says the American government’s $10m bounty on a wanted muslim terrorist from pakistan is an insult to all muslims. Does he realise he’s inadvertantly said all muslims are terrorists?

  140. 140
    Democracy Please says:

    Thanks to Tony Blair, the jerk gets to vote on legislation. He should have been stripped of his peerage when convicted for killing Martin Gombar- actually he should never have been made a peer in the first place.

  141. 141
    The religion of piss says:

    I’d like to offer a five quid bounty to whoever pisses in Lord Ahmed’s tea.

  142. 142
    Babe Alert says:

    I don’t know her name but the blonde newsreader on Sky News right now can give me head…lines anytime.

  143. 143
    Ed says:

    Fluffy kittens, surely

  144. 144

    Blair followed Bush blindly. Therefore whatever Bush can be charged with…

  145. 145
    The Poet Laureate Writes says:

    Subject: German economic control

    Papademus was praying at mass
    When his boss called ‘Komme hier, das ist das!’
    Bent over and tied,
    ‘Eureka !’ he cried,
    As the Bundesbank rogered his ass.

  146. 146
    Technomist says:

    Can you hear drones, or is that just the sound of the Labour party trying to spin itself out of this one?


    Warsi doesn’t do too well out of being his bestest nmate either, of course

  147. 147
    Ed Miliband says:

    Look, what Lord Ahmed thaid wath very wrong. Thatcher. But we muthn’t let thith dithtract uth from what the coalition ith doing. Thatcher. They are, Thatcher, eating babieth and putting poithon in penthionerth’ tea. Thatcher. Thtop talking about what Lord Ahmed thaid. Thatcher. And Thatcher.

  148. 148
    Blogger says:

    No fan of the EU but the Brits were little different to the Germans or Belgians in the Congo. Shockingly brutal.

  149. 149
    Enforce The Royal Charter says:

    No shame whatsoever, they simply don’t give a fuck any more on even pretending to be unbiased.

  150. 150
    Ethel Saied says:

    Where’s my little burka?

  151. 151
    Harpy Harperson says:

    Will someone take that fuckin’ ball-gag out of his mouth!

  152. 152
    D L George says:


  153. 153
    John says:

    Denmark and Iceland are not members of the Euro. Consequently they have more flexibility and are not beholden to ECB. However it is not all sunshine in Iceland unfortunately. Much has been made of concessions won by Greece with its partial default. Pity the poor Greeks who now face a minimum wage of €2.20 and 150,000 job losses in the public service. Throw in the shocking tax impositions and cuts and you have a recipe for another Greek crisis

  154. 154
    D L George says:

    Aunty Beeb interviewing Alibaba Brown earlier on Ahmed.
    Interviewer “You’ve been a friend of Ahmed for years haven’t you?”
    Alibaba “Oh Yes, many many years, well, more of an associate really, well, I, er, could never work out how He made it into the Lords actually”

    Nice backpedalling. FAIL.

  155. 155
    albacore says:

    Drop everything, Dave, with great expedition
    Them yanks’ll be yelling for extradition
    Who you gonna kow-tow to? It’s getting late
    Your pal Obama or your chairman’s good mate?
    Still, there’s no need to sweat it. If things go too far
    As ever, devolve it to the ECHR

  156. 156
    Disgruntled Sheffielder says:

    I have known Lord Ahmed since he bought his first chipshop. He’s known as Lord Superfry in Rotherham. Typical of the rotten Labour boroughs in the North Wonder how much he donated for that title?

  157. 157
    Marmite says:

    That picture of Twatson should carry some sort of warning for people of a nervous disposition. He is ugly on the outside and ugly on the inside.

  158. 158
    Marmite says:

    Me too.

  159. 159
    bald old git says:


    No party should be allowed to have debts; no party should be allowed anywhere near Westminster if it cannot legitimately fund its own activities. No organisation – business or union – should be allowed to donate to a political party or to fund a member of parliament. No individual should be able to donate more than £10k to a party in any one year. No lobby group should be allowed near Westminster unless it publishes minutes and transcripts of meetings with MPs and officials.

  160. 160
    bald old git says:

    Come on Guido – where’s your take on this?

    So much for being a 24/7 operation ….

  161. 161
    Blitz Kreig says:

    That is because of the way Germany conducts itself. Getting into any alliance with them, will ultimately lead to a position of subordination.

  162. 162
    jgm2 says:

    So that’s why Ireland destroyed its own economy. To teach the Belgiums and German’s a lesson over the Congo.

  163. 163
    jgm2 says:

    Pity the poor Greeks who now face a minimum wage of €2.20 and 150,000 job losses in the public service

    No. Fuck ‘em.

    They voted for decades for this unsustainable system of patronage and pretend jobs and deficit spending.

    Fuck ‘em. This is no less than they deserve. In fact they’re getting off lightly.

  164. 164
    jgm2 says:


    The single biggest thing holding back the UK economy (might be a tie with fuel tax) is our collective madness that insanely high house pr*ic*es are a good thing. They’re not. They tie up a massively disproportionate percentage of our spending power. Imagine if your house cost only half what you paid for it. Your mortgage was only half what you’re paying.

    How much more fun could you have with the left-over money? How much sooner could you pay the fucking thing off? How much less overtime need you work? How much more time could you spend with your family?

    But no. As a nation we’re all utterly in love with being in hock to the banks for the maximum amount possible. And who do we blame when it all goes tits up and our houses don’t’ increase in value? The banks. Because they won’t lend some other imbecile even more money to buy our house off us! It’s suddenly their fault because they won’t lend more money. Not our fault because we borrowed too much money in the first fucking place.

    National fucking madness.

    And the I*r*ish were even worse. When it wasn’t houses it was land pr*ic*es back in the 1970s.

  165. 165
    jgm2 says:

    Indeed. Ahmed is right about Bush but I think it’s unfair to bring Obama into it. He, like Cameron, is just trying to sort out the clusterfuck that was landed in his lap.

  166. 166
    jgm2 says:

    If he’d put it on Blair’s head his missus would hand him in.

  167. 167
    Ned Balls says:

    I think we’ve been talking about Lord Ahmed too fast and too deep.

  168. 168
    Peter 'Orange' Hain tweets... says:

    A strong and assured statement from Ed Miliband.

  169. 169
    ladybard says:

    Nothing I haven’t been saying for years. In 2003 Rothschild Bank of Zurich held a little gathering of ireland’s dodgiest tax dodgers offering them shelter from the storms to come in their bank.

    Is it redundant to say that Brian and Brian (Cowan Teasack) and Lenihan (yours is mine FinMin) were paying Rothschild Financial Services E1.9 million a year for Financial Advice leading up to the financial tsunami. Money back please with punitive and compensatory damages!

    Why were German banks in trouble in the first place? DUBAI’S DEFAULT? Mentioned once then whisked off the front pages!!!

  170. 170
    No wonder Idi had the hump says:

    Rather ironic that Yasmin Alibai Brown wants the white native Britons who are doing the fighting and dying in Afghanistan to be an ‘extinct species’ within a hundred years.

  171. 171
    Ivor Tapeworm says:

    Crucial point though: Iceland was not, and is not, in the Eurozone. The constraints on Ireland are different, they could not truly default nor devalue without leaving the Euro and creating their own currency, not something that could happen overnight.

  172. 172
    David laws Lib Dem fiddler says:

    Osborne is about to give away another £10 billion to the IMF. Money that the country will need to borrow and us taxpayers will suffer even more for his stupidity. Vote UKIP on 3May to show that we do not want any more of this borrow,spend and taxation just to be thrown away by Boy Blunder. Clarke, Heseltine, Huhne, Clegg, Cameron and Osborne all Europhile loonies. The first three still want the UK in the Euro!!!!

  173. 173
    Ivor Tapeworm says:

    People are too dense to realise that when a house price doubles in relation to take-home pay, it essentially means that the value of their pay has halved, not that they have somehow created wealth out of nothing from their house.

    This is in part because property prices are a significant part of the real cost of living, and are also factored into everything the UK produces.

    Thus a housing bubble is plain inflation, and inflation is essentially a tax on cash and savings.

    Buying at the right time is only half of it. You have to sell at the right time to make any tangible profit. All those canny investors owning BTLs have been slow to grasp this, and now have depreciating assets with higher interest rates looming.

    Most people live in the home they buy, and are not in a position to take advantage of any arbitrage in the housing market that true property investors do to make money. Adding a few twigs in a vase is not property development, whatever you see on TV.

    Why on earth the feckless population of the UK thinks high house prices are a good thing is a mystery. They must read the Daily Fail and little else.

  174. 174
    Ivor Tapeworm says:

    I think the German technocrats should be called ‘Rational Socialists’. Or something similar.

  175. 175
    Widescreen2010 says:

    No, just the usual whining and bleating that someone else isn’t paying their way. Looking for someone else to blame for their own mess.
    That so-called country is an embarrassment.

  176. 176
    David laws Lib Dem fiddler says:

    We [theUK] are still giving the EU £45 million each day rising to £50 million with the increase Cameron gave them and £35 million each day to overseas aid!! What does the country get in return? EU strangled the life out of our fishing industry, it is doing the same for farming and all other industries. HRA is preventing real justice and deporting terrorists from the UK. MPs rubber stamp EU law each day, why do we need 1400 politicians in the HoC and HoL?? On top of this we pay for the EU gravy train MEPs and pensions for non-elected bureaucrats. Overseas aid still used for corrupt practices and some countries like India and Pakistan do not need it. Immigration is still rising and out of control costing the taxpayer more from their disposable income. The squeezed middle has been squeezed enough. TEA-Taxed Enough Already.

    There was meant to be a 80-20 split for spending cuts and tax increases. Anyone know what percentage of spending cuts has been made and what tax increases have been implemented? Certainly not the 80-20 split. Borrowing and spending is higher than it was under Gordon Brown!!However taxes rise each day, QE is devaluing pensions by £74 billion, historic low interest rates for savers/pensioners.

    Pensioners wake up. The Tories are robbing you for their socialist schemes ie welfare lifers get a 5.2% pay rise this month when you have seen a decrease in your living standards.

  177. 177
    Ivor Tapeworm says:

    Where does Bono bank? I think we should be told.

  178. 178
    Widescreen2010 says:

    music to my ears!

  179. 179
    Ivor Tapeworm says:

    …and explained by Stanley Unwin.

  180. 180
    Alex says:

    Bondholders bailed out by equity: and this is news for what reason?

  181. 181
    Anon. says:

    Does that make Mr Van Rumpoy the Khasi of Kalibar?

  182. 182
    MPs - Massive Parasites says:

    Steady on there old bean. You’ll be upsetting that nice Mr Quango if you go on like that!

  183. 183
    Anonymous says:

    The Irish had a referandum – they could have escaped the EU. They decided not to so they deserve all they get. Fuck the lot of them.

  184. 184
    Anonymous says:

    i say your mother is proud

  185. 185
    Anonymous says:

    No sympathy – the Irish had the chance to keep out of this, but they fell for the lies and rhetoric.

    ‘Yes to jobs, Yes to Europe’ – how’s that working out for you all?

  186. 186

    In the areas where the sand is of good quality, once the secondary radiation has died down, we could use the resulting huge areas of fused glass to make photovoltaic cells, so not all bad news.

  187. 187

    I have spent the last year walking the roads around my house, trying to snort all the white lines down the middle.

  188. 188

    It will take a while for the people to realise that the jackboot of British occupation has been replaced after 300 years by the jackboot of New Germanys’ accountants – same feudal serfdom, new mechanism of control.

  189. 189

    Sorry, please read 800 years – I was trying to minimise the f.ucking suffering.

  190. 190
    jrand says:

    … and executed by McBruin

  191. 191

    Huge amounts of bollocks, I’m afraid – Take WW2 – Ireland neutral, yet 70,000 came and fought WITH US, and 200,000 moved to the UK to help with running the wartime economy. Yes, they may “hate” what was done in the past to them, and don’t shy away from the fact that the Potato Famine was tacitly used as ethnic cleansing by a UK government to rid itself of between 1m & 1.5 million dead, and another 1m emigrated so that our Lords and Masters could benefit financially.
    Much the same in Scotland, with regards “land reform” and destruction of the crofts.

    They may not “love” our political masters, but they tolerate the people, which is pretty f.ucking good under the circumstances of our bloody past relations and failure to protect them.

  192. 192

    Motion carried – and there are some huge motions who should be carried – out of both houses by their f.ucking necks!

  193. 193
    Anonymous says:

    Irish people are a hell of alot smarter than ye english Hunts if ye compared graduates per million!!ye cant even use your own language properly INIT mate??number free??muggy Hunts!enjoy blowing up yer own Olympics and then heading off to Iran for oil ye sheep!!The Irish wer thick during the tiger wont deny it!! I wasn or either was my close family not everyone here has a fucking brain but we have alot more brain cells on our tiny island than yer pakie infested shit hole!! so fack off ye geordie shore looking mofos

  194. 194

    Can I have the last word on this subject? Slangwhanger.

  195. 195
    Anonymous says:

    Well maybe we should just colonise a country, bleed it of its natural resources and leave the natives to sort out the mess after we’ve left. The good ol’ British way!

  196. 196
    jgm2 says:

    No. I don’t want my dr*i*ve tarmaced. Fuck off pikey.

  197. 197
    cider drinker says:

    Along with the global warming/climate change robbery

  198. 198
    inside- out says:

    So thats 3 Euro countries run by unelected Eurocrats.Not a squeak from our Liberal elite ruling class about this,prehaps we should have a Euro Spring uprising,the elite could offer to free the Irish,Greeks and Italians,by offering guns and air cover.

  199. 199
    Marion the cat says:

    Upto to 1066, at least, the european & scandinavian intruders, presumably the best they could offer at the time, have been coming here winning skirmishes and impregnating our females.
    Little bloody wonder that the English race are the most agressive bastards in europe, its much the same in the animal kindom.
    Witness also any war that is going or the fighting on the football terraces, no good the Europeans complaining about what they started years back.

  200. 200
    Conrad says:

    Aren’t the scousers largely descended from Irish rejects in any case?

  201. 201
    Archie says:

    ++++++ several!

  202. 202
    Archie says:

    You mean we didn’t? Why the same old shower of shit political parties?

  203. 203
    The Tuscan Kid says:

    To be fair, they answered NO the first time, but the EuroDicatorship didn’t like that answer so they had to do it again until they got it right.

  204. 204
    Fencesitter says:

    Nobody forced the UK to sign up to EU climate commitments. There was an opt-out.

  205. 205
    Bloke says:

    When ‘bailout’ is used as a verb, it’s two seperate words. Come on Guido for fuck’s sake.

  206. 206
    British Citizen says:

    but still let bygones be bygones and the British brutality in Ireland will not come between us eh?

  207. 207
    British Citizen says:

    British Ireland the so called country is a £7 billion a year subsidy junky in the UK the Republic of Ireland is a separate entity.

  208. 208
    British Citizen says:

    British Ireland the £7 billion a year subsidy junky can teach anyone about whinging.

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