Ireland’s Debt What You’re Not Being Told

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Directed and edited by Marcus Howard. On December 23rd 2014 €500 Million of Irish money was destroyed yet there was hardly a mention on mainstream media. This was the sale of the first bond in the new Promissory Note deal hatched by Michael Noonan.

What started in 2009/10 Ireland was forced to put a noose around the people of over €30 Billion so the Eurosystem could lend to a busted bank to redeem speculators on secondary markets according to Peter Mathews. In 2010 the then Fianna Fáil-Green Party coalition Government issued notes carrying massive Central Bank funding of Anglo Irish Bank (€25.3 Billion) and Irish Nationwide (€5.3 Billion) even though those banks were known to be insolvent yet that money was drawn down from the EU’s Emergency Liquidity Assistance Fund with the full knowledge and approval of the ECB..The Central Bank of Ireland printed €31 Billion to bail out the bondholders and to bail out the Euro currency. This existed in the form of Promissory Notes which were held in The Central Bank of Ireland.

Michael Noonan rushed through legislation in 2013 which turned the Promissory Notes into Promissory Bonds which means The State and people of Ireland now own that debt.This short-term gain for long-term expense is even admitted to be illegal by Michael Noonan.Ireland has mortgaged it’s children’s their children’s futures for the next 40 years to bail out bondholders. on international markets to venture capitalists.Patrick Honohan, The Governor of The Central Bank of Ireland has admitted the Promissory Note Bonds are being “extinguished” and the first €500 Million happened on the 23rd December 2014. So over the next 40 years the Irish people will pay more than €70 Billion in interest and in principal. By swamping the individual with debt you have taken away a person’s freedom. Numerous national and international respected economist’s like Constantin Gurgiev, Max Keiser, William Black and Joseph Stiglitz have argued that Ireland should have burned the bondholders.

What could be done about this? This €64 Billion odious debt is the reason we can’t fund adequately our schools and hospitals the way they should be run. According to Stephen Donnelly “in an ideal world we could get the Promissory Notes torn up or if they were not sold onto the markets and allowed to hold them at 0% interest forever and to let time bury them” . However the first payment has already begun. Diarmuid O’Flynn of the Ballyhea Bondholder Bailout protest group, a non-political group who have been marching for over 200 weeks argues that it is more important than ever for groups to unite and to bury their petty differences to fight the bank debt: “We either have to change the minds of those who are making those laws and if we can’t do that then we change those who are making the laws”.

This €500 Million is just the start.
Every year for the next 5 years, another €500 Miilion or €2.5 Billion (2014-2018)
Every year for the following 5 years €1000 Million or €5 Billion
(2019-2023)
Every year for the following 8 years €2000 Million or €16 Billion (2024-2031)
In 2032 the final bond worth €1,500 Million or €1.5 Billion
We will be paying with interest until 2053.
In total that is 19 Bonds which is €25 Billion borrowed and burned.
Published on 9 Jan 2015
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