Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
The Connection Between Stocks and the Economy is not What Most Investors Think - 19th Sep 20
A Virus So Deadly, The Government Has to Test You to See If You Have It - 19th Sep 20
Will Lagarde and Mnuchin Push Gold Higher? - 19th Sep 20
RTX 3080 Mania, Ebay Scalpers Crazy Prices £62,000 Trollers Insane Bids for a £649 GPU! - 19th Sep 20
A Greater Economic Depression For The 21st Century - 19th Sep 20
The United Floor in Stocks - 19th Sep 20
Mobile Gaming Market Trends And The Expected Future Developments - 19th Sep 20
The S&P 500 appears ready to correct, and that is a good thing - 18th Sep 20
It’s Go Time for Gold Price! Next Stop $2,250 - 18th Sep 20
Forget AMD RDNA2 and Buy Nvidia RTX 3080 FE GPU's NOW Before Price - 18th Sep 20
Best Back to School / University Black Face Masks Quick and Easy from Amazon - 18th Sep 20
3 Types of Loans to Buy an Existing Business - 18th Sep 20
How to tell Budgie Gender, Male or Female Sex for Young and Mature Parakeets - 18th Sep 20
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Dot.com Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20
Does the Stock Market Really "See" the Future? - 12th Sept 20
Basel III and Gold, Silver and Platinum - 12th Sept 20
Tech Stocks FANG Index Nearing Critical Support – Could Breakout At Any Moment - 12th Sept 20
The Tech Stocks Quantum AI EXPLOSION is Coming! - 12th Sept 20
AMD Zen 3 Ryzen 4000 Questions Answered on Cores, Prices, Benchmarks and Threadripper Launch - 12th Sept 20
The Inflation Mega-trend is Going Hyper! - 11th Sep 20
Gold / Silver Ratio: Slowly I Toined… - 11th Sep 20
Stock Market Correction or Reversal? The Jury Isn't Out! - 11th Sep 20
Crude Oil – The Bearish Outlook Remains - 11th Sep 20
Crude Oil Breaks Lower – Sparking Fears Of Another Sub $30 Price Collapse - 11th Sep 20
Inflation by Fiat - 10th Sep 20
Unemployment Rate Drops. Will It Drag Gold Down? - 10th Sep 20
How Does The Global Economy Recover After This Global Pandemic? - 10th Sep 20
The Best Mobile Casino - 10th Sep 20
QE4EVER! - 9th Sep 20
AMD Ryzen Zen 3 4800x 10 Core 5ghz CPU, Cinebench Benchmark Scores (Est.) - 9th Sep 20
Stock Traders’ Dreams Come True – Big Technical Price Swings Pending on SP500 - 9th Sep 20
Should You Be Concerned About The Stock Market Big Downside Rotation? - 9th Sep 20
Options Traders Keep "Opting" for Even Higher Stock Market Prices - 8th Sep 20
Gold Stocks in Correction Mode - 8th Sep 20
The law of long-term time preference and Gold ownership - 8th Sep 20
Gold Bull Markets: History and Prospects Ahead - 8th Sep 20
Sheffield City Centre Coronavirus Shopping Opera Ahead of Second Covid-19 Peak - 8th Sep 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Banksters Responsible for Irish Crash

Politics / Banksters Jun 23, 2015 - 08:48 AM GMT

By: Antonius_Aquinas

Politics

In testimony before the Oireachtas Banking Inquiry, Thomas O’Connell, the ex-head economist of Ireland’s central bank, attempted to deflect blame for the part he played in the financial crisis of 2008 and the subsequent bust that occurred.

O’Connell had the nerve to say that “[It] should never have been allowed to happen with all the consequences of huge increases in unemployment, rising emigration, enormous debt, suicides . . . that we have seen.”* No kidding, Sherlock!


O’Connell believes that the financial crisis occurred not because of the policies of the central bank per se, but because it was the failure of the government and “regulators” to curb the excesses and bubbles that were forming mostly in the real estate sector, “any concerns or issues raised by staff for airing in the public arena were invariably watered down so as not to reflect adversely on matter of concern to Government.” He added that it was “difficult to get views through that might impinge on vested interests.”

Naturally, since O’Connell was a paid employee of the central bank, he would want to divert attention or critiques of its role in the calamity. O’Connell wisely (for his sake) focused on periphery issues, but failed to discuss the actual genesis of the crisis which rests in the explosive expansion of the money supply generated by the European Central Bank (ECB). The “new” money and credit was then facilitated by the Irish central bank and funneled through the country’s banking system that ignited the boom.

The graph below shows the dramatic growth in the money supply during the boom period. Unfortunately, Ireland adopted the Euro in 1999, but it did not begin to circulate internally until 2002.

From 2002 to the onset of the financial panic, the money supply almost doubled from €5 ½ trillion to nearly €10 trillion. The new “liquidity” drove up asset prices and inflated real estate markets, especially in Spain and Ireland. Despite this fact, O’Connell remained silent on the ECB’s reckless monetary policy in his address.

When asked about how the crisis could have been avoided, O’Connell suggested (apparently with a straight face) that there were too few economists employed by the regulatory agencies and the government and that those that were on staff were largely ignored: “This would have been less of an issue if there was a willingness to listen to the view of economists. In addition, the Financial Regulator employed very few economists.”

Yeah, right, that is definitely what Ireland needed – more economists such as the likes of O’Connell who are nothing but apologists and spinmeisters for the global financial elite who enable them to continue their endless rounds of money printing for their own enrichment and power to the detriment of the poor and middle classes!

Instead of more economists as O’Connell ridiculously recommends, the financial crisis could have been avoided, or more accurately would have never taken place, had Ireland and the rest of Europe followed sound economic theory long spoken of and taught by real economists, and ignored monetary cranks like O’Connell, Benjamin Bernanke, Mario Draghi and Janet Yellen. The financial crisis of 2008, and the far greater one to come, would never have occurred if Ireland was devoid of the plague of central banking, and money was once again a commodity.

If Ireland ever wants to get out of the financial quagmire it now finds itself in, it must stop listening to or give any credence to the very people that are responsible for the creation of the mess in the first place. Instead of recognition, the likes of Thomas O’Connell should be ignored, ridiculed, or, better yet, prosecuted for the incalculable economic and social damage that he and his fellow banksters have perpetrated.

Before economic recovery can occur, there must first take place intellectual change and the acceptance of policies and institutions that have stood the test of time. Gold and silver have been monies for some five thousand years, their re-adoption as the medium of exchange in Ireland will go a long way in the Emerald Isle’s economic and social restoration.

*Claran Hancock, “Banking and Economic Crash ‘Should not Have Happened.'”  The Irish Times. 10 June 2015.

By Antonius Aquinas

http://antoniusaquinas.com

© 2015 Copyright Antonius Aquinas - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules