Inquiring minds are watching an excellent exposé by Max Keiser on how the bad debts of the Irish banks were transferred to the balance sheets of Irish taxpayers.
Hot Spots with Max Keiser - Ireland Part 1
Link if above video does not play: Ireland Hot Spots 1
Hot Spots with Max Keiser - Ireland Part 2
Max Keiser: "The people of Ireland have been carpet-bombed with debt. An IMF loan has been forced on them to pay off the government debt forced on the to pay off bankers' debt. Most of the bankers have fled the country but their bad debts continue to explode like financial roadside bombs across Ireland."
"The IMF is raising money to do what could be called a hostile raid of Ireland. They are putting up Ireland's own assets including the national electric company as collateral for the money to do the hostile raid to pay off banks that made tragically poor investment decisions."
One interviewee said, "We are borrowing from tomorrow to pay for yesterday, forgetting about today".
The key question is: How long will the citizens of Ireland put up with this criminal behavior?
For more videos or to leave a comment for Max, please see Hotspots with Max Keiser: Ireland
Mike "Mish" Shedlock
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.