Oh. My F**king God! $164 Billion for a country of less than 5 million people! That’s

[Agorism]

Oh. My F**king God! $164 Billion for a country of less than 5 million people! That’s $32,000 per person, or the equivalent of $10 Trillion in the US. (http://investmentwatchblog.com/oh-my-fking-god-164-billion-for-a-country-of-less-than-5-million-people-thats-32000-per-person-or-the-equivalent-of-10-trillion-in-the-us)


The International Monetary Fund, European Union and European Central Bank are preparing a 120-billion-euro ($164 billion) bailout of Ireland, requiring the country to raise taxes and nationalize more banks, the Sunday Times of London reported.

The plan, which would exceed the 110-billion-euro bailout created for Greece, could be unveiled as early as Monday morning, the paper reported.

Ireland’s cabinet is meeting in an emergency session this weekend to complete a four-year budget, the paper reported. The budget is also set for release this week, the Sunday Times reported.

A property tax of 500 euros a house plus more public-sector cuts are expected to be part of the plan, the paper said.
A team that is figuring out how to restructure Ireland’s banks is also developing a proposal for a wealth tax on the country’s richest citizens, the Sunday Times reported.

France and Germany are pressuring Ireland to raise its 12.5% corporate-tax rate, the paper reported.

[puppetmaster]

Oh. My F**king God! $164 Billion for a country of less than 5 million people! That’s $32,000 per person, or the equivalent of $10 Trillion in the US. (http://investmentwatchblog.com/oh-my-fking-god-164-billion-for-a-country-of-less-than-5-million-people-thats-32000-per-person-or-the-equivalent-of-10-trillion-in-the-us)
can you say....inflation!

[Travlyr]

The Daily Bell refers to The World Bank and The IMF as a "tag-team." Full article here (http://www.thedailybell.com/1538/Elite-Eye-on-Africa.html).


The World Bank of course does not do developing countries any favors by lending to governments or even the resident ruling class. It is true that the World Bank has grown into a rather complex institution with at least five subsidiaries under its World Bank Group (and one is supposed to lend directly to the "private sector.") But nonetheless, the larger mandate remains government-oriented, and thus World Bank money is provided in ways that almost guarantee its misuse. Once a country – or government – gets in trouble with the World Bank because loans are due and the revenue to pay them is not available, the IMF is likely called in.

Now things may go downhill rapidly. The IMF is willing to provide either loans or an outright funding stream to the country in question, but there are inevitably provisions to be followed. The IMF will likely insist on higher taxes, cuts in services and often privatization of industries. The IMF has gotten a bad reputation with developing countries because its solutions often eviscerate the middle class while the privatizations end up involving fire-sales bid out to Anglo-American corporations.

The "tag-team" mechanism of the World Bank and IMF seems to work to the advantage of the Anglosphere in other ways as well that may be considered even more important – and involve the larger (surprisingly rapid) development of the whole country. With the World Bank leading the way, the Anglo-American elite may decide to pour additional funds into a given country or region. This is what has happened most recently in the BRICs, with varying degrees of efficiency.

[Heimdallr]

The Daily Bell refers to The World Bank and The IMF as a "tag-team." Full article here (http://www.thedailybell.com/1538/Elite-Eye-on-Africa.html).

Read my sig.

[Aratus]

tis to be almost $33,ooo per irish person?

[txaslftist]

To understand what this bail out is about, you have to review "confessions of an economic hit man".

Ireland is not being punished for its profligacy. It's liberty is being attacked.

[AuH2O]

Not enough whiskey in the world to satisfy the demand spike.

[HOLLYWOOD]

So the IMF/Central Bank... NWO money system just had $164 Billion sitting in the vault for Ireland?

Don't forget, Ireland denied ANY BAILOUTS needed for 2 weeks! Shows yah all governments are LIARS.

Dialog with Roubini on Twitter... wait, here comes the bailouts for Portugal and Spain next.

[fisharmor]

Wow.
I was there in 2000, and their economic boom was making things happen - you could see that sidewalks that were broken for decades were getting fixed. Stuff like that.
Maybe after they spend another decade as a smoking ruin, they'll stop and think about things a little better.
Certainly can't pin this one on the Brits.

[reagle]

SDR Allocations and Holdings for all members as of October 31, 2010

The SDR is an international reserve asset created by the IMF in 1969 to supplement to existing reserve assets. An SDR allocation is a distribution of SDRs to members by decision of the IMF. A "general" allocation requires a finding by the IMF that there is a global need to additional liquidity. Members and prescribed holders may use their SDR holdings to conduct transactions with the IMF.

(in SDRs)
Members | SDR Holdings | SDR Allocations

United States | 36,891,686,687 | 35,315,680,813
Japan | 13,386,317,430 | 12,284,969,838
Germany | 12,184,922,753 | 12,059,166,873
France | 9,738,042,973 | 10,134,203,762
United Kingdom | 9,150,602,705 | 10,134,203,762
China | 8,031,180,518 | 6,989,668,494
Saudi Arabia | 6,914,110,337 | 6,682,495,468
Italy | 6,096,835,501 | 6,576,111,210
Canada | 5,878,062,147 | 5,988,080,401
Russian Federation | 5,676,988,272 | 5,671,802,571
Netherlands | 4,870,082,426 | 4,836,632,109
Belgium | 4,407,454,206 | 4,323,343,606
India | 3,296,746,149 | 3,978,258,337
Switzerland | 3,377,505,758 | 3,288,037,190
Australia | 3,093,213,183 | 3,083,171,021
Brazil | 2,888,546,751 | 2,887,077,827
Mexico | 2,807,825,747 | 2,851,195,262
Spain | 2,908,468,646 | 2,827,557,226
Venezuela | 2,239,653,138 | 2,543,255,876
Korea | 2,298,252,353 | 2,404,445,224
Sweden | 2,286,818,249 | 2,248,964,456
Argentina | 2,022,182,745 | 2,020,039,967
Indonesia | 1,762,307,522 | 1,980,438,720
South Africa | 1,788,150,323 | 1,785,415,141
Austria | 1,747,257,603 | 1,736,313,856
Nigeria | 1,675,211,073 | 1,675,375,490
Norway | 1,594,262,807 | 1,563,069,795
Denmark | 1,521,128,728 | 1,531,473,364
Iran, Islamic Republic of | 1,535,723,733 | 1,426,059,814
Malaysia | 1,355,446,840 | 1,346,143,721
Kuwait | 1,443,098,332 | 1,315,573,695
Ukraine | 58,356,364 | 1,309,443,407
Poland, Republic of | 1,302,740,743 | 1,304,639,688
Algeria | 1,073,264,642 | 1,198,184,979
Finland | 1,195,171,334 | 1,189,510,793
Iraq | 1,153,224,183 | 1,134,495,508
Libya | 1,605,165,054 | 1,072,695,711
Turkey | 987,802,751 | 1,071,329,729
Hungary | 798,287,645 | 991,051,670
Pakistan | 828,637,015 | 988,564,251
Romania | 749,833,941 | 984,767,719
Thailand | 971,842,374 | 970,266,384
Egypt | 817,115,471 | 898,452,369
Israel | 859,200,467 | 883,385,541
New Zealand | 854,829,452 | 853,757,690
Philippines | 727,811,129 | 837,964,699
Chile | 789,860,004 | 816,891,579
Portugal | 833,092,254 | 806,476,958
Greece | 609,181,755 | 782,357,540
Czech Republic | 794,721,296 | 780,201,010
Ireland | 752,423,340 | 775,422,027
Singapore | 991,514,779 | 744,212,963
Colombia | 751,277,190 | 738,323,308
Bulgaria | 610,887,406 | 610,875,636
Peru | 524,159,657 | 609,893,068
United Arab Emirates | 541,183,378 | 568,406,413
Morocco | 484,528,677 | 561,422,053
Congo, Democratic Republic of | 353,325,879 | 510,856,857
Bangladesh | 433,308,030 | 510,404,987
Zambia | 406,030,429 | 469,137,515
Serbia, Republic of | 6,584,489 | 445,035,749
Sri Lanka | 3,417,114 | 395,460,206
Belarus, Republic of | 381,691,217 | 368,643,579
Ghana | 291,360,472 | 353,868,577
Croatia, Republic of | 303,193,664 | 347,342,312
Kazakhstan, Republic of | 344,556,137 | 343,653,571
Slovak Republic | 341,732,811 | 340,477,093
Trinidad and Tobago | 275,511,552 | 321,134,936
Vietnam | 267,892,154 | 314,792,001
Cote d'Ivoire | 273,076,156 | 310,904,156
Uruguay | 245,590,657 | 293,259,926
Ecuador | 16,404,126 | 288,358,161
Syrian Arab Republic | 279,184,579 | 279,182,398
Angola | 268,066,024 | 273,008,626
Tunisia | 241,768,217 | 272,775,783
Zimbabwe1/ | 165,002,390 | 272,178,883
Uzbekistan, Republic of | 263,250,852 | 262,789,980
Jamaica | 215,757,354 | 261,643,650
Kenya | 209,336,541 | 259,647,163
Qatar | 268,272,325 | 251,404,103
Luxembourg | 243,306,029 | 246,622,459
Myanmar | 1,879,515 | 245,759,346
Yemen, Republic of | 182,205,246 | 232,251,303
Slovenia, Republic of | 198,161,672 | 215,881,743
Dominican Republic | 103,626,282 | 208,826,188
Brunei Darussalam | 216,366,619 | 203,503,552
Guatemala | 173,663,644 | 200,911,003
Panama | 171,020,791 | 197,011,025
Lebanon | 209,156,945 | 193,286,941
Tanzania | 158,355,395 | 190,511,413
Oman | 185,576,148 | 178,817,153
Sudan1/ | 125,664,826 | 177,992,273
Cameroon | 17,732,915 | 177,266,861
Uganda | 143,398,057 | 173,060,260
Bolivia | 164,910,246 | 164,131,156
El Salvador | 163,805,522 | 163,807,000
Jordan | 146,622,923 | 162,070,636
Bosnia and Herzegovina | 1,185,546 | 160,886,223
Costa Rica | 132,604,603 | 156,534,727
Afghanistan, Islamic Republic of | 128,408,007 | 155,314,267
Senegal | 130,338,399 | 154,800,399
Azerbaijan | 153,628,075 | 153,576,220
Gabon | 132,807,229 | 146,719,417
Georgia | 149,301,175 | 143,959,389
Lithuania, Republic of | 137,309,988 | 137,238,714
Cyprus | 122,075,306 | 132,802,637
Namibia | 130,406,415 | 130,387,314
Ethiopia | 57,361,142 | 127,930,540
Papua New Guinea | 10,157,890 | 125,494,317
Nicaragua | 104,871,782 | 124,542,747
Bahamas, The | 114,168,955 | 124,413,351
Bahrain, Kingdom of | 127,733,882 | 124,350,296
Liberia | 132,232,947 | 123,979,015
Honduras | 103,648,279 | 123,849,618
Latvia, Republic of | 128,473,806 | 120,822,030
Moldova, Republic of | 1,380,439 | 117,713,577
Madagascar | 96,515,618 | 117,089,531
Iceland | 79,991,236 | 112,184,400
Mozambique | 108,481,969 | 108,838,056
Guinea | 77,521,026 | 102,465,806
Sierra Leone | 120,973,836 | 99,505,615
Mauritius | 99,794,415 | 96,805,549
Malta | 95,835,014 | 95,401,757
Paraguay | 110,413,255 | 95,193,533
Mali | 73,450,782 | 89,362,782
Suriname | 80,653,417 | 88,092,106
Armenia, Republic of | 24,783,885 | 87,988,659
Guyana | 1,397,087 | 87,085,271
Kyrgyz Republic | 112,660,606 | 84,736,994
Cambodia | 68,475,339 | 83,919,870
Tajikistan, Republic of | 69,828,574 | 82,083,426
Congo, Republic of | 70,057,629 | 79,688,651
Haiti | 68,889,497 | 78,507,957
Rwanda | 83,465,838 | 76,821,809
Burundi | 73,224,587 | 73,849,486
Togo | 59,355,612 | 70,330,612
Turkmenistan, Republic of | 69,817,506 | 69,818,076
Nepal | 62,272,979 | 68,099,599
Fiji | 67,085,851 | 67,094,447
Malawi | 1,105,974 | 66,368,637
Macedonia, former Yugoslav Republic of | 831,774 | 65,616,876
Barbados | 56,334,636 | 64,373,832
Niger | 54,283,913 | 62,937,711
Estonia, Republic of | 62,026,671 | 61,965,241
Mauritania | 103,887 | 61,665,351
Benin | 49,758,129 | 59,167,129
Burkina Faso | 48,175,429 | 57,584,429
Botswana | 92,943,477 | 57,432,096
Kosovo | 55,222,764 | 55,368,413
Chad | 2,732,964 | 53,620,770
Central African Republic | 2,781,017 | 53,369,061
Lao People's Democratic Republic | 51,071,744 | 50,677,761
Mongolia | 47,643,440 | 48,757,089
Swaziland | 44,408,755 | 48,284,670
Somalia1/ | 18,534,727 | 46,462,893
Albania | 51,135,765 | 46,450,260
Lesotho | 34,508,900 | 32,878,186
Equatorial Guinea | 25,937,882 | 31,290,436
Gambia, The | 24,600,561 | 29,768,051
Montenegro, Republic of | 26,157,299 | 25,822,346
Belize | 20,134,830 | 17,894,255
Vanuatu | 1,559,970 | 16,266,741
San Marino, Republic of | 16,694,881 | 15,533,846
Djibouti | 11,686,700 | 15,158,142
Eritrea | 3,634,962 | 15,158,142
St. Lucia | 15,529,657 | 14,566,777
Guinea-Bissau | 12,393,749 | 13,604,757
Antigua and Barbuda | 375,301 | 12,499,524
Grenada | 10,644,677 | 11,165,167
Samoa | 12,600,328 | 11,091,036
Solomon Islands | 9,259,624 | 9,908,306
Cape Verde | 7,107,330 | 9,168,679
Comoros | 8,225,017 | 8,503,183
St. Kitts and Nevis | 8,493,093 | 8,503,183
Seychelles | 7,700,295 | 8,282,473
St. Vincent and the Grenadines | 748,944 | 7,911,818
Dominica | 6,518,962 | 7,837,687
Timor-Leste, The Democratic Republic of | 7,727,845 | 7,727,908
Maldives | 7,702,854 | 7,691,108
Sao Tome & Principe | 3,781,283 | 7,098,061
Tonga | 7,075,312 | 6,580,827
Bhutan | 6,420,672 | 5,989,462
Kiribati | 5,335,307 | 5,323,967
Micronesia, Federated States of | 6,203,311 | 4,806,733
Marshall Islands | 3,327,452 | 3,327,479
Palau | 2,957,642 | 2,957,665
Tuvalu | 1,688,713 | 1,688,713

Prescribed Holders | SDR Holdings | SDR Allocations

European Central Bank | 358,090,414 | 0
Bank for International Settlements | 232,487,655 | 0
Bank of Central African States | 215,245,153 | 0
Islamic Development Bank | 3,573,494 | 0
Arab Monetary Fund | 1,709,686 | 0
SFF SUBSIDY | 1,023,371 | 0
Central Bank of West Africa | 27,243 | 0

Other Holders | SDR Holdings | SDR Allocations

General Resources Account | 3,450,285,035 | 0

Total | 203,985,273,773 | 203,985,273,773



http://www.imf.org/external/np/fin/tad/extsdr2.aspx?date1key=2010-10-31

[Toureg89]

Oh. My F**king God! $164 Billion for a country of less than 5 million people! That’s $32,000 per person, or the equivalent of $10 Trillion in the US. (http://investmentwatchblog.com/oh-my-fking-god-164-billion-for-a-country-of-less-than-5-million-people-thats-32000-per-person-or-the-equivalent-of-10-trillion-in-the-us)

wikipedia is saying the population is about 6.2M, which would come out to 26, 500$ per citizen.

[DjLoTi]

SDR Allocations and Holdings for all members as of October 31, 2010

The SDR is an international reserve asset created by the IMF in 1969

Wow, seems as though the one-world currency has been here since 1969...

Does this mean America 'invested' in these bailouts? or how does that work? or is it bad to have the highest number of holdings?

[HOLLYWOOD]

$35 Billion?

Didn't Obama send our money to the IMF? YEAP!

What's Another $108 Billion?
Your latest donation to the IMF.



http://online.wsj.com/article/SB124259862298228133.html

Ah, transparency. Perhaps you've read that the new era of candor in government spending has arrived. Except, apparently, when it comes to the $750 billion that the Obama Administration and other nations have agreed to provide the International Monetary Fund. In this case, it's all opacity all the time.
At the G-20 meeting in April, the world's big shots promised to provide $500 billion under credit lines to the IMF known as "new arrangements to borrow." The U.S. share was said to be $100 billion, which last week we learned is actually $108 billion. The Obama Administration is now asking Congress to appropriate the cash, except that the Congressional Budget Office is only scoring the cost at $5 billion. How so? Because the transaction is being called an "exchange of assets," which means the U.S. gives the IMF the $108 billion and the IMF gives the U.S. a promissory note. Which raises a question: If it costs so little, why not make it $200 billion. Or a trillion? It's free!
Of course it is not. The loan carries risk and that risk may be higher than in the past. IMF rules have long been clear that the IMF's "new arrangement" funds can only be used in an emergency that threatens the stability of the "international monetary system." There has also been an understanding that the money will be repaid in short order.

But in April the G-20 announced that the credit line is to be "expanded and more flexible." An IMF spokesman says the idea of increasing flexibility is that the "money becomes part of the general resources of the fund and if the managing director decides that the fund needs to step in somewhere, it can." This makes it less like an emergency credit line and more like a general contribution to the IMF's overall money pot.
But look on the bright side: At least there's a chance this money will be repaid. Not so with the other big commitment President Obama made in London. We refer to the U.S. portion of the eight-fold increase in the IMF's special drawing rights, or SDRs. SDRs are IMF credit allocations redeemable for subsidized loans from hard-currency fund countries. These loans are almost never repaid.

Prior to last week, there were about $32 billion in SDRs, the U.S. portion of which costs American taxpayers more than $300 million a year.

For 12 years Congress has refused to go along with an IMF request to double the SDR account, but Mr. Obama swept all that debate under the carpet in London and agreed to take the total to $250 billion.

The U.S. exposure? A cool $40 billion. And since all IMF members are eligible, Iran, Zimbabwe, Sudan, Venezuela and Burma are all candidates for Mr. Obama's generosity.

Speaking of inmates running the asylum, certain "emerging-market" members -- such as China, Brazil, Russia and India -- announced they would not join the U.S. in providing more IMF resources via credit lines for countries in crisis. Instead, they want the fund to issue short-term notes to finance their "contribution," which they could later oh-so-conveniently off-load in the secondary market. These notes will have the implicit guarantee of the U.S., adding one more liability to Washington's balance sheet.
The wheels are greased in Congress to pass this before the public notices, but South Carolina Republican Jim DeMint is trying to force a Senate floor vote on the $108 billion. He'll lose, but at least he's honoring Mr. Obama's pledge of transparency.

[Zippyjuan]

Not sure about the conversion factor for those units on the allocation chart, but the IMF reports that the total value of all SDRs in the world is about $300 billiion using their conversion factor as of August, 2010. That is not $36 trillion that the US holds.
http://www.imf.org/external/np/exr/facts/sdr.htm

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to SDR 204 billion (equivalent to about $308 billion, converted using the rate of August 31, 2010).


The US has an allocation of roughly eighteen percent (I used the table of allocations and calculated the US total as a percent of the global amount) which would put a value on their holding of about $53 billion using those figures.

[mczerone]

This money is owed to somebody. Some corporation or State is expected to be paid these debts, but the debtor cannot pay. So instead of a bankruptcy plan that imposes some restructuring or forcing out of business of the debtor and a pro-rata restructuring of the debt to the creditors, the EU sees it fit to fully compensate creditors with resources that don't exist, allow the bankrupt debtor to continue unimpeded by their bad decisions, and steal from each individual household their own unrelated wealth to compensate the EU.

Sounds awfully destructive to me. The parasites are adopting a policy that will lead either to killing their host, or at least provoke the host to treat them as a pest and eradicate their infestation.

[nate895]

wikipedia is saying the population is about 6.2M, which would come out to 26, 500$ per citizen.

That figure includes Northern Ireland, which part of the United Kingdom. we are just talking about the Republic.

[Toureg89]

That figure includes Northern Ireland, which part of the United Kingdom. we are just talking about the Republic.
lol, i fail.

[Aratus]

the north and the south, yep

my kin and my kin! someone is

sorta U.K hoping the money spills

over the mutual border again!!!

yes, $33,ooo verses $26,ooo!

[Vessol]

And the Irish become slaves once again. They were free from foreign tyrants for less than a hundred years.

[Aratus]

if lucking into this E.U windfall as if its
an irish sweepstakes payout ...dare i
surmise this is the ONE and only tyme
theobald wolfe tone's noble ideas on
IRISH unity are NOT being talked about
in the south? if they do get the money,
they may not want to share it at all with
ANY of the subjects of the british crown!

[nate895]

And the Irish become slaves once again. They were free from foreign tyrants for less than a hundred years.

That's a misconception amongst Americans in particular. The Celtic independence movements are like 90% Socialist. It was tyranny from day one.

[Aratus]

the noble republican point is... in the latter half of the roaring twenties
the south THOUGHT they were free... we then have the Great Depression
hitting one and all with a sad finality. again when we are seeing a prosperity,
again its the troubles... we then must wait as "the troubles" take 30 years
to resolve, somewhat. there is a boom. there is a bust. here we are now!

[fisharmor]

That's a misconception amongst Americans in particular. The Celtic independence movements are like 90% Socialist. It was tyranny from day one.

If they could go back to their 8th century model of government, I'd become a fourth-generation repatriate. :D

[Vessol]

That's a misconception amongst Americans in particular. The Celtic independence movements are like 90% Socialist. It was tyranny from day one.

Note I said foreign tyrants, not free from all tyranny :\.

[nate895]

Note I said foreign tyrants, not free from all tyranny.

It's also a stretch to call the arrangement upon Irish independence "foreign" tyranny. A good percentage of the island's population were (and still are) English or Scottish. Also, Ireland was fairly represented in the Parliament and was going to receive its own parliament with devolved powers. Ireland and Great Britain have always had a close relationship, to the point to call each other "foreigners," even under present circumstances, is a bit of a stretch.

[james1906]

Is it going directly to the people? Might be a good time to invest in Guinness.

[EndDaFed]

There is a reason why the European Union was trying hard to get Ireland to join right before the financial crisis.