I thought you guys might like this. Timothy Geithner preventing the Irish government from burning the bond holders.
http://www.rte.ie/news/2012/0111/bailout.html
'' The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.'' Stephen Hawking
One the most interesting thing in the article is the preoccupation about "lack of government spending". It seems to be a growing concern in Europe: amid calls for "austerity", government spending remains untouchable.
Couple it with opposition to "giving a haircut" to bond holders and you get a brace of Shire horses pulling the carriage slowly but steadily towards the edge of the cliff.
I know; we now have several socialist in parliament who want to cap the income of anyone living in the country at €200,000 per annum. Not only that, but the last government cut the minimum wage to something lie €7.50 per hour only to have this government reverse the decision and increas the minimum wage to something like €8.50. But the new government also got elected under the promise of burning the bond holders which they have failed to do. They refuse to even burn unguaranteed subordinated bondholders of private sector debt.
Is it too soon for a motion of no confidence?
The keyboard is mightier than the gun.
Non parit potestas ipsius auctoritatem.
Voluntaryism Forum
We had dozens with the last government because they had a slim majority. Our new government is a coalistion of Labour and Fine Gael and it makes up about two thirds of the parliament.
So you think it's too soon for another one?
Well I think there's not a hope in hell of it passing, and since under our parliament rules we are only allowed two a year, it would be a bit of a waste.