Is Dublin Cooking the Books?

January 23, 2010 by Infowars Ireland

blog.antilisbontreaty.com

Let us have a quick look at the latest scam from Dublin. Shall we?

The Irish Independent reports that taxpayers who forked out billions to rescue the banks will be kept in the dark for at least a year over the reasons for the financial crisis. Taoiseach Brian Cowen, senior Fianna Fail and a host of other apparently corrupt politicians announced their plans for a commission of inquiry, which will be largely conducted in private. The Government is modeling the inquiry on the Murphy commission that started out with a timeline of 18 months and reported back after three years. A defensive Brian Lenihan said, “Government policy in response to the crisis is not being examined in this inquiry.”

The inquiry’s remit will stop at September 2008, the time of the bank guarantee scheme, so it will look at the causes of the crisis, but not the Government’s subsequent actions. Major decisions such as the nationalization of Anglo Irish Bank and the recapitalization of AIB, Bank of Ireland and Anglo will not be included. It should be noted that a similar probe into National Irish Bank began in 1998 and lasted six years!

So, it seems that superficial and laughable “inquiries” will be undertaken by the corrupt government. Do you think they might be trying to hide something? Let us examine just a very little bit of what is hidden in the bog called our banking system.

In September 2008, Ireland’s government guaranteed about 440 billion euros of deposits and some bank debts. It has also pumped about 11 billion euros into Allied Irish, Bank of Ireland Plc and the now nationalized Anglo Irish Bank Corp.

According to a research paper dated 21 December 2009 by Morgan Kelly, an economics professor at University College Dublin, “The Irish banks remain as zombies whose only priority is to reduce their debt, and who face complete destruction from mortgage losses…The Irish state can do nothing but watch as the second wave of the mortgage defaults sweeps in and drowns them.”

Kelly was named Ireland’s Dr. Doom by newspapers including the New York Times after he forecast in 2006 that Irish property prices may decline as much as 80 percent. The subsequent collapse of the construction boom in 2007 sent Ireland into its worst recession in modern history, and forced the government to save the banks. Read more…