From Mike “Mish” Shedlock, in his Global Economic Analysis blog entry – and very apt cartoon – To Ireland with Love – “IMF’s Trojan Horse Gift to Ireland – I believe we have all heard the story and know how it ends…”. Mr. Shedlock refers to the Bloomberg interview of Iceland’s President, who pointed out how much better off they are by:
- Defaulting on Debt that can’t and won’t be paid back anyway;
- Devaluing an independent currency to reset the economy;
- not taking “Trojan Horses” from the IMF/EU;
Mr. Shedlock offers his own view:
Unfortunately, the idiots running Ireland’s government, especially Minister Brian Cowen, don’t see it the way Iceland’s president does.
However, Iceland’s government did not see it that way either, but the citizens of Iceland took matters into their own hands and voted the bums out, rejecting “Icesave”.
Regardless of what deal Cowen signs, I see no reason it need be binding on the next Irish Parliament. Indeed, I recommend to to citizens of Ireland that they firmly tell their representatives that if they vote for Cowen’s proposed budget, they will be voted out of office.
That may be all it will take to stop this nonsense right here right now. Should I be wrong, the remedy is simple: Vote the bums out and vote in a Prime Minister and Parliament who will tell the IMF and EU to go to hell.
Mr. Shedlock points out that “Ireland does need structural reforms. Those reforms must include some sacrifices…”. But voting the bums out is certainly a sweetener…
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management.