from Antonius Aquinas:
If Ireland is ever going to leave PIIGS status (the acronym for Europe’s most indebted and financially challenged economies – Portugal, Italy, Ireland, Greece, Spain), it must stop listening to, and then criminally prosecute the monetary authorities which have brought the country to financial ruin. It can start this most necessary process with the nation’s central bank governor, Patrick Honohan. Not only must Professor Honohan be hauled away, preferably in chains, but the sinister institution in which he heads, Ireland’s central bank, Banc Ceannais na hÉireann, must be eradicated.
In comments before the Irish finance committee (Oireachtas) on the European Central Bank’s (ECB) latest round of “bond buying” (in actuality, the monetization of debt), Honohan praised the ECB’s action saying “it has been an unmitigated plus for the Irish economy.”* He added that the ECB’s money printing extravaganza had a “broad distributive impact” throughout the economy. In his most accurate statement (unbeknownst to Honohan) the ECB’s money printing would be of great benefit to Irish public finances.
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