T Nation

Ambrose Evans-Pritchard: Ireland's Debt Servitude


Bankers have used debt to turn the Irish into serfs.

"Given this, why should the Irish people accept the current terms? As Citigroup said in a note today, the EU part of the package will come at around 7pc â?? higher than the fee paid by Greece. This is pena

By 2014, interest payments on Irelandâ??s public debt (then 120pc of GDP) will be â?¬10bn, while tax revenues will be â?¬36bn. This ratio is well above the average default trigger of 22pc, as calculated in a Moodyâ??s study.

Nominal Irish GNP has contracted by 26pc since the peak. It is nominal, not real, that matters for debt dynamics.

Ireland is in a classic debt-deflation trap , as described by Irving Fisher in his 1933 Economica paper."


We're next, my fellow Americans...slaves to the bankers.


Already there. It's called a mortgage.