New hero!

“With all due respect…” oh, yes, with all the respect that is due. Chuckled for an age, the very idea of something like this happening in the UK Parliament… oh, it would be a wonderful day.

I’ve voted in exactly one election in my lifetime (concluded many years ago that it would only encourage them), a european election (maybe this one). Obviously the green candidate got my vote.

Edit: in case it wasn’t obvious the above was in reference to the Irish bailout. Seems to me that the game will now move on to the next of the PIIGS. My guess is Portugal. As long as it’s guaranteed that bond holders will be made whole this is going to rumble on and on.

Looking at Ireland, a country with too much debt, to which has just been added ~$30k per capita (~$70k, if you count only privately paid workers), it’s hard to see how yet more debt is going to do much more than postpone the inevitable. Yes, of course there would hardship if Ireland defaulted. Yes, the repercussions in  Europe would be horrendous. Yes, it would probably bankrupt other countries. …but where does this end? Can the Irish (let alone the Greeks) really pay off all this debt? Really?!

Somewhere down the line one of these countries is going to grow a pair and do an Iceland. Then maybe we’ll start to see some progress in actually writing down / off the debt, rather than the continuing delusion of it being paid back.

The bond holders took a risk, for which they may be rewarded. Or they might lose everything. Take away one side of that transaction and you’re well on the road to modern capitalism – aka a clusterfuck of epic proportions.