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Why Ireland Will Destroy the Euro
CNBC
Thursday, October 2, 2008
Ireland’s decision to guarantee all bank deposits will contribute to the demise of the single European currency, because it will erode the euro’s credibility if it’s allowed to go ahead, Hugh Hendry, chief investment officer and Partner at Eclectica Fund, told CNBC on Thursday.
The plan pledges to guarantee the liabilities of six Irish-owned banks totaling some 400 billion euros ($565 billion), more than twice the country’s annual gross domestic product.
“The decision, if left to stand … my prophecy is it will bring down the currency. The euro is not a tenable currency if you have politicians making such decisions. The reality is there is no such thing as a free lunch,” Hendry told “Squawk Box Europe.”
“If I was German, I would say give me back my Deutschmarks,” he added.
(ARTICLE CONTINUES BELOW)
(Watch Hugh Hendry and Charles McKinnon, CIO of Thurleigh Investment Management, on CNBC above).
On Thursday, Irish lawmakers backed the plan and the government said it may be extended to foreign banks with retail units in Ireland, but it has raised questions in Brussels and London about competition and state-aid rules.
Promises of lavish spending such as this and others being discussed in Europe will erode investors’ confidence, Hendry warned.
“McDonalds has got less chance of going bust than the British government,” he said. “When our government comes to issue this sea of money they’re going to pay through the nose … if we can’t constrain that behavior, we’re going to pay for it.”
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18 Responses to “Why Ireland Will Destroy the Euro”
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| By N2H | |||||||||||||||||||||||||||||||||||||||||
October 2nd, 2008 at 11:18 am
And just at the time when I have come accustomed of the euro.
October 2nd, 2008 at 1:48 pm
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 2nd, 2008 at 2:37 pm
Trying to saw the legs underneath the Euro? Being the chief investment officer and Partner at Eclectica Fund has nothing to do with this commentary…
October 2nd, 2008 at 2:57 pm
Yeah sure, scare the irish.
Maybe they will vote YES next time.
We need to support the Irish, keep the No vote !!
October 2nd, 2008 at 4:15 pm
Ireland destroy the Euro? Seriously folks, Hendry must be taking too many mushrooms.
October 2nd, 2008 at 10:17 pm
it doesnt matter what the currency is… given enough time and banks+central government will bring about its downfall.
October 3rd, 2008 at 5:51 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
—The Cornbread Mafia
October 3rd, 2008 at 7:03 am
we irish voted no in the referendum.the irish attorney general attends the 2008 bilderburg meeting.meetings behind closed doors,french prime minister comes to ireland,our politicans offered sweetners,our government guarantees the banks money,our country will go broke and the european union can only help if we vote yes in the next referendum. hmm i wonder
October 3rd, 2008 at 10:00 am
MONEY IS AN IDEA SUPORTED BY TRUST.
WITHOUT TRUST. Dollars, Euros, Pesos non of it is worth what it is said to be worth. !!!
AS LONG AS WE ALL TRUST IN A PIECE OF PAPER TO BE WORTH 20 DOLLARS OR 20 EUROS. MONEY WILL EXIST.
there is nothing wrong with money. !!
ITS SIMPLY THAT THE CREATION OF MONEY HAS FALLEN INTO THE WRONG SUPRESIVE HANDS. AND MONEY, AS IT IS NOW IS SIMPLY NOT WORTH OUR TRUST ANYMORE.
AND WITHOUT TRUST IT COMES BACK TO BE ONLY A PIECE OF PAPER. !!!!
SOLUTION::::: IF WE DONT TRUST THAT PIECE OF PAPER WE DONT TRUST IT THATS WHY MANY PEOPLE HAVE SUGESTED USING GOLD, SILVER, EVEN INTERCHANGE OF GOODS AS THE BEST WAY TO DO BUISNESS THIS DAYS. !!! SO UNTIL THERE IS NOT MONEY WORTH OF TRUST AGAIN, WE CANNOT BE WORKING ALL THAT MUCH TO GAIN THOSE 100 DOLLARS THAT ARE REALLY NOT TRUSTY OF BEING WORTH 100 DOLLARS. WHY ??
BECAUSE BANKS HAVE ALREADY PUTTED SO MUCH MONEY OUT THERE THAT IT HAS BECOME NOT WORTHY OF WHAT IT WAS BEFORE, THEREFORE THE FINANTIAL CRISIS. !!! WE SIMPLY CANOT TRUST OUR GOVERMENTS ANYMORE, NEITHER THE MONEY THEY MAKE…
SO WHAT WOULD WE TRUST ????.
GOLD, SILVER, INTERCHANGE OF GOODS. .. IF WE ALL DIRECTED OUR ATENTION AND MOST IMPORTANT OUR TRUST TO A NEW CURRENCY CREATED BY WHOEVER IS NOT THE ACTUAL SUPRESIVE ?? THEN FEDERAL RESERVE CRASHES, AND WE GIVE WAY TO A NEW CURRENCY WORTH OF TRUST… . OFCOURSE ???? NOT THE AMERO DONT BE STUPID THATS CREATED BY THE SAME PEOPLE. !!! …. WE SIMPLY NEED SOMETHING CREATED NOOOOT BY THOSE SUPRESIVE BASTARDS ROCKEFELLER ETC ETC. !
SO HERE IS A METHOD TO SOLVE INFLATION BY RONALD.
STOPPING INFLATION, MEANS INCREASING PRODUCTION OF GOODS AND REDUCING THE GOVERMENT SPENT OF MONEY. !!!…..
THE PROBLEM IS THAT LAST PART. AS GOVERMENT AND PEOPLE HAVE BECOME DIFFERENT THINGS IN MOST PARTS OF THE WORLD. !!! .. SO YES WE NEED TO DO SOMETHING. !! NO MORE MONEY FOR THE WAR.. SHITT?? WHY WHERE WE THERE IN THE FIRST PLACE, ?? WHAT DO YOU MEAN WEE ??. I DIDNT DECIDED ANYTHING, IT WAS OUR GOVERMENT. OOOH IT WAS YOUR GOVERMENT. YOU MEAN YOURS ??? THE ONE THAT YOU PUTTED THERE IN ORDER TO REPRESENT YOU BUT ITS DOING A SHITTY JOB. !! .. SHITTTTTT. RESPONSABILITY PEOPLEEEE. !!! HOW CAN SOMEONE ELSE BE MAKING SUCH IMPORTANT DECISIONS ON WHAT TO DO WITH TAX MONEY. ???…… I BEGGGG CONGRESSMANS, SENATORS. !! . .REVOLUTION IS CHANGEEEEE… FREEE YOUR ATENTION FROM MONEEEEEEYYY………………DONT BE PAYED OFF. !!!!….. THAT CURRENCY IS NO LONGER WORTHY OF TRUST SO WHY BE PAYED .. WHY KEEP THAT FILTHY MONEY BEFORE YOURSELF BEFORE YOUR VALUES, AND WHAT YOU KNOW IS REALLY GOOD. !!!..
COME ON PEOPLEEEEEE. !!! WE NEED TO DO IT TOGETHER. !!! WE NEED TO INFORM. !! WE NEED TO ACT. !! AND YES, THERE IS A BIG NEEEEEEEEEEEEEEEED THERE. !!!.. ITS NO LONGER THEORIES. ITS NEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEDDDD. !!!!!!!!!!!!!!!!!!!!!
October 3rd, 2008 at 10:08 am
The article is crap. The Irish government isn’t proposing a bailout in the US meaning, it is guarenteeing the deposits in Irish banks. There is no spending involved, and the Irish tax payer actually makes an instant profit on the deal.
This move was needed because the Irish banks, which are solvent (unlike UK or US banks) couldn’t get short term credit on the international markets and couldn’t insure their deposits because of the collapse of AIG. The gov rightly stepped in and took the place of the insurance companies, and charged the banks a hefty fee for the favour.
This move will actually strengthen the euro.
October 4th, 2008 at 7:29 am
Seabhcan is right on the money… (moan). Since when did prison planet start reprinting cnbc stories without a reality check?
October 6th, 2008 at 7:17 am
WELL WELL IRELAND IS A THORN IN THE SIDE OF THE EU ONCE AGAIN. ALTHOUGH IT TIES IN WITH LONG TERM NWO WORLD CURRENCY PLANS, I JUST HOPE ENOUGH EUROPEANS DECIDE THE EURO WAS CRAP AND GET RID OF BRUSSELS WHEN THE WHOLE SYSTEM COMES CRASHING DOWN.
October 6th, 2008 at 8:05 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 6th, 2008 at 3:58 pm
ive been to ireland
October 6th, 2008 at 8:33 pm
arghhh just when im in the US for a weeks vacation.
Found out today that walking down the street in West Palm beach in a infowars 911 shirt is NOT a good idea. good thing i watch alex’s video’s so that was some intresting conversations, i was utterly surprised how few the american people know bout whats going on…..compleet ignorance and stupidity.
Hate to say it but if the people simply dont care…….the saying that you can bring a horse to water but you cant MAKE then drink comes to mind.
My hope for this country is getting smaller and smaller….
Wake the fuck up people….please, for all our sakes.
What’s a Dutch guy doing in Florida educating Americans bout the state of their country ?? why would I even Care ?? Simple….even if 100% of the dutch population would gather in front of the American embassy in The Hague it wouldnt make damn bit of difference, you guys have to start it, once you get the ball rolling we’ll take it from there in Europe.
October 6th, 2008 at 8:41 pm
http://www.thereignofchrist.org http://www.veritas144k.com
The Money Grabbers of the world today are the
Zionists who have the power to create and restrict
the supply of money, who allow the Freemasons to
administer the governments.
The Zionists are a very small number of people in
high places, and control all the money of the world.
The financial crises of 2008 is the result of their
encouraging precipitous lending and banking
practices in the past, administered by Masonry.
The result of their action will be to have all the
governments of the world declare ‘emergencies’
and so shift the defaults in money from the banks
and financial institutions, which they do or will
own, to the citizens of the world. They are then in
position to have all world citizens submissive to
their dictates. Then will come the ‘mark of the
beast.’ “And he shall make all, both little and
great, rich and poor, freemen and bondmen, to
have a character in their right hand or on their
foreheads: and that no man might buy or sell, but
he that has the character, or the name of the beast,
or the number of his name. Here is wisdom. He
that has understanding, let him count the number
of the beast, for it is the number of a man: and the
number of him is six hundred sixty-six” Apoc 13:16-18.
This character is more subtle than the micro-chip,
and is accepted by the academic and blue-collar
alike, that the proposed economic tyranny is the
only solution. I do not discount the ‘chip,’ but it
comes only after the population is brainwashed
into accepting the ‘necessary bailout.’
The Zionist (who include Jews, Atheists, and
Christians), will have a short lived day – three and
a half years.
October 7th, 2008 at 9:48 am
I think you guys here, from the youtube spammers to Alex (who by the way maintains a great & interesting site, thx), you aren`t thinking & you aren`t doing the homework you should.
I ask, please: take a piece of paper, a pen, turn off the TV/Radio/MP3/*, stare at the wall for a minute and then ponder the following that you have written down on the top of that paper:
“Where is private investment capital most profitable.”
If you fail to have any ideas in the next 4 minutes insert this:
“Why are we in favor of democracy in the world, yet we accept as a society that all our businesses are dictatorships, where is the right of the majority in a business.”
Then combine both and ask youselve: for a business dictator, is an employee a goal in and off itself, or merely an expensive tool. You know the answer to that. Why do you accept this ?
Then come back to the first sentense and try to answer it: where is private capital most profitable ?
In a decently payed local democratically run company, or in a slave farm half way around the Earth in some shit-hole dictatorship ? Now you see why your jobs are being outsourced ?
Then when you lay in bed tonight, ask yourselve this: how can it be different.
How can it be different.
You do the work, maybe you`ll live to see it work. You don`t, all the more change of disasters and dictatorship and all that. The kind of thing that makes people think. So do the thinking now before you are forced to, take the easy route.
It is all so simple, high school stuff. If they don`t teach it, most of you should still be able to make it up from scratch.
March 3rd, 2009 at 4:16 am
Nice piece, friend. Easily your best effort, to date.