Bloody Friday

Today the world's great gambling dens, known as the 'financial markets', have gone crazy once more and share prises have lost much of their value.

Most of the main stock exchanges experienced the worst declines in their history, with drops of around 10% in most indices.
In New York the Dow Jones industrial average index fell 3.6%, not falling as much as other markets.
The bankers and stock brokers have dubbed today 'Bloody Friday', which is even worse than the infamous 'Black Friday'.

Whatever next? How far can a share price fall?
Well, I suppose until it reaches 0.00 ... but given the shenanigans the banks have invented, this might not be the end after all. Perhaps shares can have 'negative equity', like houses.

Both the US Dollar and Japanese Yen soared today against other major currencies, particularly the British Pound Sterling and the Canadian Dollar, as world investors sought safe havens for their money.

Yes, there is no shortage of money on this planet.
Quite the opposite. There's loads of it. But it is usually in the wrong hands and pockets.

Those who have too much know nothing better to do with it than to gamble on the 'financial markets' and thus create perpetual turmoil for the world's economies. And neither governments nor their central banks seem to be able to stop the dangerous nonsense.

Why? Because most governments are in the pockets of big business and the wealthiest people on the planet. They are the 'untouchables' of our time, untouchable by the law of any country, and controlling what ever they chose to control.

Today the deputy governor of the Bank of England, Charles Bean, made a frank statement, very unusual for a central banker like him.
"This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history," he said.

And he's probably right. The super-rich are playing cat-and -mouse with the rest of us, and we have to pay ever higher prices for everything, while we also earn less - to keep 'competitive' - and have to pay more taxes to bail the nearly bankrupt government out.

The joke's gone too far, and it's not funny in the first place.
It's time the ordinary people get their acts together, organise themselves and put an end to the plague of our time: uncontrolled and unregulated rampant capitalism.
If we want to survive, we need a revolution!

Three Cheers for the Old Folks !

Ireland is not (yet) a racist country, but we are the world champions in ageism.

More than half of our population is under 25, so once you get into the higher numbers, you are supposed to disappear and not spoil the show for the 'youth orchestra'.

Once you pass 40 they look at you with suspicion. What's he still doing here?

If you manage to hold on past the 50 line, the looks will become more annoying. Unbelievable - he's still about. Shouldn't he be well dead by now?

Anything after that is just a mixture of neglect, ignorance and hostility. Nobody takes any longer any notice of you once you pass 60, and at 65 they give you a free national travel pass and a free TV licence. That way they hope you'll either get lost on the buses up the country, or you may die of boredom in front of the dumb-box.

Seven years ago Fianna Fail was short of votes, so they decided to win over the 'grey power' by giving everyone over the age of 70 a free medical card.
The old folks liked that. They'd been ignored for decades, and now they felt that someone was in a sensible way looking after them.
But now the government wants to take these medical cards back, in order to save € 100 million a year. Apart from the fact that it's wrong to rob the elderly of their health care security, it's also a most idiotic political move. Only an imbecile of great incompetence and no political talent at all could come up with such an idea.

But the Irish are no fools, even though the government treats us like such. We are not playing ball with the little bully boy from Offaly and his piggy-bank carrier from Dublin!

Yesterday they tried to undo the damage with a 30-minute press conference that told us nothing but the fact that even the Taoiseach and some of his senior ministers have not a clue about this matter and how to get out of the hole they have dug for themselves and the country.

But then the people took over and completely sidelined the press conference at government buildings.

More than 5000 senior citizens, including quite a few sitting in wheelchairs or walking with Zimmerframes, crutches or sticks, assembled outside Leinster House and demonstrated against the government and the threat to their medical cards. On Monday 1800 elderly people had already voiced their anger at a meeting in Dublin, which was organised by 'Age Action', the 'trade union of the elderly'.

This is a level of activity the government never expected. And indeed such an amount of elderly people on a protest march was a novelty, never to be seen before in the Republic, or anywhere in Ireland.
The old folks did not just march, they also carried placards and shouted slogans. One of the large placards carried said: "Why don't you just shoot us? It would be cheaper!" And that sums up the general feeling of anger, fear, disappointment and distrust that the government has spread in the elderly population.

None of the senior government ministers had the guts to come out and face the demonstrators. Not only are they mean and cruel, they have also exposed themselves as spineless cowards.

Eventually a woman called Máire Hoctor was sent out. Nobody had ever heard of her before, but apparently she's one of four junior ministers in Mary Harney's Health Department, responsible for "older people". Not for old people, mind, but for "older people"... whatever that means.

But the angry pensioners were not in the mood to be lectured and patronised by a second class Fianna Fail apparatchik and told her to shut up. On Monday Hoctor's colleague John Maloney had a similar experience. He was sent to the meeting of 1800 eldery people in a Dublin church, but also was told to get lost when he tried to patronise the gathering. Selecting him as an official government representative to 'Age Action' Ireland was in fact an insult, as Maloney is junior minister for Mental Health and Disability, commonly known as 'minister for the mad and lame'.

The only mad people in this affair are the members of the government, which is a 'lame duck' administration without precedence in Ireland.

It needed the older people to come out and expose the government as the incompetent bunch of nitwits they are. Well done!

Let's have three cheers for the old folks!

They built this country, demonstrated against the Vietnam War and in support of the hunger strikes in the North, worked hard to survive and bring up children. They paid taxes all their lives and are the backbone of the state.
That they have shown once again with the meeting on Monday and the demonstration yesterday morning. Well done, indeed! I salute everyone who was there and showed great courage.

And well done also the 10,000 students who demonstrated two hours later in protest against the government and it's education policy. Next week there will be another march by angry teachers, and in the meantime the farmers have come out of the woodwork as well and contemplate a demonstration, too.

It's early days yet, but when the books will be written on our era, this day - October 22nd, 2008 - might be recognised as the first day of the second Irish Revolution.

The Banks are still run by Criminals

Today I met two old friends for lunch. Liam and Mary are a happily married couple, have children and belong to the small portion of Irish people who did not go crazy during the time of the 'Celtic Tiger'.
They both have a good job and are reasonably well-off. Nevertheless they are now struggling to pay their mortgage, as they told me.
"We still can manage the monthly payments," Liam said, "but in order to do so we have to cut back on other things. No more second holidays, and less sweets for the children, for example."
I listened with interest, and I know they will manage somehow. They are both resourceful people.
But then I was very surprised when Mary told something else. Her bank had just rang her and asked if she wanted an extra loan. Liam, who has a small business, had a similar call from a different bank a few days earlier.
"They must know that we have a mortgage," Mary said, "and when they look at our account details, they can see that we are not big spenders. So why are they trying to push loans into our face, even after the big disaster they got themselves into and nearly busted the banks?"
"Yes," Liam agreed, "they nearly went down, if the state had not bailed them out with the taxpayers' money."

I am as baffled as Liam and Mary. But what they told me is not an exception, it is rather the rule. Over the past couple of weeks I had several people telling me the same. Their bank rang them and asked if they wanted an extra loan.
What is going on? Do the banks not have enough trouble? All of the Irish banks are vastly under-capitalised, badly managed and at the brink of collapse. You would expect them to be tight now and lend less than before. But that's not the case. They seem to carry on as before, and in some cases even more aggressively.

Makes no sense, unless you see behind the scenes. Now, that the state has guaranteed the banks' eternal existence with our money, they are save and have no more worries at all. If they recover from the crisis - great. And if not - well, the state will pick up the tab, which means you and me.

By pushing ever more loans onto people, they also hope to make more money from interest and - in case the borrower gets into arrears - nice extra fees they are so quick to add in such cases to the amount owed. The other day I read about a widow who had borrowed a small sum from her bank to make repairs on her house. Then she got sick, could not continue with the agreed repayments, and now the amount the bank demands from her has risen astronomically. They are looking for more than five times the sum she had borrowed from them!

That's criminal behaviour, and should not happen at all. And now, that the state and we - the people - are guaranteeing the banks' existence with our money, the banks should change their behaviour, and do it quickly.
If they don't do that, the day will come when the people will tear them apart and applaud when they go down. They are playing with fire very close to the fuel tank. They have learned nothing from the crisis. And they are still run by the same old criminals who caused the crisis in the first place.

Heads need to roll, especially the heads of the top bankers and their fancy 'traders' who do nothing else but gamble our money away in big international casinos, called 'stock exchanges' and 'financial markets'. These people never produce anything, never buy or sell anything real, and don't give a hoot for the rest of us. They award themselves with huge 'bonuses' for their criminal gambling, and we all are supposed to pick up the tab when they mess up.

It is ever more clear to me that all this crisis can only be overcome in one way: With a big revolution!